NEW YORK, Oct. 31, 2023 — Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company, announced today its third-quarter 2023 financial results:

•Net income available to common shareholders of $2.29 per diluted share.

•After-tax adjusted operating earnings1 of $1.74 per diluted share (EPS), which reflects the continued benefit of Voya's diversified revenue streams and strong margins.

•Strong cash generation and balanced excess capital return:

◦Approximately $0.3 billion in excess capital deployed in third-quarter 2023, including $140 million in debt redemption; approximately $50 million to acquire interest in India joint venture; and $96 million in share repurchases and common stock dividends.

◦Approximately $0.8 billion of excess capital generated during the trailing 12 months (TTM) ended Sept. 30, 2023.

◦As of Sept. 30, 2023, Voya had approximately $0.4 billion of excess capital, reflecting capital generation of over 90% of after-tax adjusted operating earnings in third-quarter 2023 and for the TTM ended Sept. 30, 2023.

"In the third quarter of 2023, we continued to execute on our strategic priorities and delivered $1.74 per diluted share of after-tax adjusted operating EPS, which reflects the benefit of our diversified revenue streams and prudent expense management," said Heather Lavallee, chief executive officer, Voya Financial. "During the quarter, we drove further commercial momentum in each of our businesses; we maintained a strong focus on margins; and we deployed further excess capital generated by our high free-cash-flow businesses. Despite macroeconomic headwinds, we continue to execute on our strategy and — as a result of our strong client relationships and engagement — we are confident in our ability to continue to drive commercial momentum, while also closely managing spending and prudently deploying capital. These elements give us confidence in our Investor Day target of 12% to 17% EPS growth through the three-year period ending in 2024.

"Underpinning our accomplishments are our purpose and vision, which we activate by serving the needs of our clients, as well as supporting our colleagues and our communities. For example, in the third quarter, we expanded our critical illness and accident insurance products to offer new benefits and coverage that focus on mental health; we earned further recognition as a best place to work; and Voya employees positively impacted our communities by raising more than $1.5 million for 1,900 charitable causes through our annual Employee Giving Campaign," 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.

Third-quarter 2023 net income available to common shareholders was $248 million, or $2.29 per diluted share, compared with $166 million, or $1.57 per diluted share, in third-quarter 2022. The increase was primarily due to gains within businesses exited, net investment gains and lower acquisition and integration costs, partially offset by lower after-tax adjusted operating earnings.

Third-quarter 2023 after-tax adjusted operating earnings were $189 million, or $1.74 per diluted share, compared with $210 million, or $1.97 per diluted share, in third-quarter 2022. The decrease was largely due to lower net underwriting results, partially offset by higher fee income.

Wealth Solutions

Wealth Solutions third-quarter 2023 pre-tax adjusted operating earnings were $179 million, up from $128 million in the prior-year period. The increase was primarily due to higher alternative investment income as well as favorable equity market impacts to fee-based margins — all partially offset by lower investment spreads.

For the TTM ended Sept. 30, 2023, full-service recurring deposits grew 10.2% to $14.4 billion compared with the prior-year period, largely due to growth in Corporate markets. Total client assets as of Sept. 30, 2023, were $510 billion, up 12% compared with Sept. 30, 2022, due to growth in the business and higher equity market levels year over year.

Excluding notables, net revenues for the TTM ended Sept. 30, 2023, grew 1.4% compared with the prior-year period as an increase in spread-based revenues more than offset a decline in fee-based margins. Adjusted operating margin for the TTM ended Sept. 30, 2023, excluding notables, was 37.8%, compared with 37.9% in the prior-year period.

Health Solutions

Health Solutions third-quarter 2023 pre-tax adjusted operating earnings were $53 million, down from $154 million in the prior-year period. The decline was largely attributable to the prior-year period benefiting from exceptionally strong underwriting results and a favorable reserve adjustment.

Health Solutions third-quarter 2023 annualized in-force premiums and fees grew 21.1% to $3.3 billion compared with the prior-year period. The increase reflects growth across all product lines, favorable retention and the positive impact of the Benefitfocus acquisition, which closed in January 2023. Excluding Benefitfocus, annualized in-force premiums and fees grew 14.7% compared with the prior-year period.

Excluding notables, net revenues for the TTM ended Sept. 30, 2023, grew 35.8% compared with the prior-year period due to the Benefitfocus acquisition, premium growth across all product lines and a favorable aggregate loss ratio. (Excluding Benefitfocus, net revenues, excluding notables, grew 17.7%.) Adjusted operating margin for the TTM ended Sept. 30, 2023, excluding notables, was 32.2%, compared with 31.2% in the prior-year period.

Investment Management

Investment Management third-quarter 2023 pre-tax adjusted operating earnings, excluding Allianz's noncontrolling interest, were $49 million, up from $38 million in the prior-year period. The increase was largely due to higher fee revenues resulting from the Allianz Global Investors (AllianzGI) transaction, which closed in July 2022, and positive investment capital returns.

Investment Management had net outflows (excluding divested businesses) of $8.4 billion during the TTM ended Sept. 30, 2023 — positive Retail net flows and momentum resulting from the company's international distribution through AllianzGI were more than offset by macroeconomic headwinds impacting the industry and the unwinding of the company's former international distribution partnership.

Excluding notables, net revenues for the TTM ended Sept. 30, 2023, grew 21.8% 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 Sept. 30, 2023, excluding notables, was 25.5%, compared with 26.0% in the prior-year period.

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, Nov. 1, 2023, at 10 a.m. ET, to discuss the company’s third-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, investors.voya.com starting at 1 p.m. ET on Nov. 1, 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 approximately 9,000 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 Ethisphere; 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) interest rates, (iv) the frequency and severity of insured loss events, (v) the effects of natural or man-made disasters, including pandemic events, (vi) mortality and morbidity levels, (vii) persistency and lapse levels, (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 AllianzGI and Benefitfocus. 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 Sept. 30, 2023, to be filed with the SEC on or before Nov. 9, 2023.

VOYA-IR VOYA-CF

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.

(2) Net investment gains include a $45 million revaluation gain on the Voya India investment for the three months ended September 30, 2023. There was no tax expense associated with this gain.

(3) Income related to businesses exited or to be exited through reinsurance or divestment includes a one-time tax benefit of $92 million related to a divested business for the three months ended September 30, 2023.

(4) Includes changes in certain legal and 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, net of variable and incentive compensation. Long-term expectation for alternative investments is a 9% annual return and the long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which is roughly $9 million per quarter for Wealth Solutions.

(2) Includes changes in certain legal and other reserves not expected to recur at the same level.

(3) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings.

(1) The amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations. Long-term expectation for alternative investments is a 9% annual return and the long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which is roughly $9 million per quarter for Wealth Solutions.

(2) Includes changes in certain legal and 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. Long-term expectation for alternative investments is a 9% annual return and the long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which is roughly $9 million per quarter for Wealth Solutions.

(2) Includes changes in certain other reserves not expected to recur at the same level.

September 30, 2023

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