NEW YORK, Feb. 6, 2024 — Voya Financial, Inc. (NYSE: VOYA), announced today its fourth-quarter and full-year 2023 financial results:

•Fourth-quarter 2023 net income available to common shareholders of $118 million, or $1.10 per diluted share, and after-tax adjusted operating earnings1 of $174 million, or $1.63 per diluted share.

•Full-year 2023 net income available to common shareholders of $589 million, or $5.42 per diluted share, and after-tax adjusted operating earnings of $763 million, or $7.02 per diluted share.

•Full-year 2023 results reflect record after-tax adjusted operating earnings in Health Solutions, expense discipline, and significant excess capital generation.

•Voya expects additional commercial momentum, healthy margins, strong cash generation, and further return of excess capital to shareholders in 2024.

“Our fourth-quarter and full-year 2023 results demonstrate our commitment to execution; discipline in managing expenses while continuing to reinvest in our businesses; and the benefits of Voya’s diversified, capital-light business mix,” said Heather Lavallee, chief executive officer, Voya Financial. “We are optimistic about our continued commercial momentum in 2024, including strong pipelines in Wealth Solutions and Investment Management, as well as a record-setting start of the year in Health Solutions. We continue to focus on the growing needs of our customers, who look to us for guidance in addressing their workplace benefits, savings and investment solutions needs. This focus — along with the multiple ways we support our colleagues and communities — continues to set Voya apart in the marketplace.

“Looking ahead, our diversified revenue sources and prudent expense-management track record give us confidence in our ability to consistently generate strong free cash flows, and our capital deployment focus in 2024 will be on share repurchases and dividends,” 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.

Fourth-quarter 2023 net income available to common shareholders was $118 million, or $1.10 per diluted share, compared with $190 million, or $1.78 per diluted share, in fourth-quarter 2022. The decrease was primarily due to lower after-tax adjusted operating earnings and higher losses within businesses exited.

Fourth-quarter 2023 after-tax adjusted operating earnings were $174 million, or $1.63 per diluted share, compared with $227 million, or $2.13 per diluted share, in fourth-quarter 2022. The decrease was largely due to the absence of favorable tax adjustments primarily related to foreign tax credits in fourth-quarter 2022.

Full-year 2023 net income available to common shareholders was $589 million, or $5.42 per diluted share, compared with $474 million, or $4.30 per diluted share, in full-year 2022. The increase was primarily due to lower investment losses and lower losses within businesses exited, partially offset by higher integration and severance costs and lower after-tax adjusted operating earnings.

Full-year 2023 after-tax adjusted operating earnings were $763 million, or $7.02 per diluted share, compared with $807 million, or $7.32 per diluted share, in full-year 2022. Net revenue growth across all businesses and record earnings in Health Solutions in full-year 2023 were more than offset by the absence in 2023 of favorable foreign tax credit adjustments and annual assumption updates in Health Solutions that occurred in full-year 2022.

Wealth Solutions

Wealth Solutions fourth-quarter 2023 pre-tax adjusted operating earnings were $147 million, up from $145 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, partially offset by lower spread-based revenues.

For the year ended Dec. 31, 2023, full-service recurring deposits grew 10.4% to $14.7 billion compared with the prior-year period, reflecting growth in both Corporate and Tax-Exempt markets. Total client assets as of Dec. 31, 2023, were $544 billion, up 14% compared with Dec. 31, 2022, due to higher equity market levels and growth in the business year over year.

Excluding notables, net revenues for the year ended Dec. 31, 2023, grew 1.2% compared with the prior-year period as an increase in fee-based margins due to favorable equity markets, growth in the participant base, and recordkeeping net inflows was partially offset by lower spread-based revenues. Adjusted operating margin for the year ended Dec. 31, 2023, excluding notables, was 37.3%, compared with 39.3% in the prior-year period as higher administrative expenses due to growth in the business, including an increase in plan counts and recurring deposit growth, more than offset higher fee-based revenues and cost saving initiatives implemented in 2023.

Health Solutions

Health Solutions fourth-quarter 2023 pre-tax adjusted operating earnings were $44 million, down from $78 million in the prior-year period. The decline was largely attributable to the prior-year period benefiting from exceptionally strong underwriting results in Voluntary and Stop Loss.

Health Solutions fourth-quarter 2023 annualized in-force premiums and fees grew 19.8% 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 notables, net revenues for the year ended Dec. 31, 2023, grew 35.9% compared with the prior-year period due to the Benefitfocus acquisition, in-force premium growth and favorable Stop Loss experience. Adjusted operating margin for the year ended Dec. 31, 2023, excluding notables, was 28.1% compared with 33.0% in the prior-year period. The decline reflects the integration of Benefitfocus, which has a lower margin profile consistent with benefits administration peers.

Investment Management

Investment Management fourth-quarter 2023 pre-tax adjusted operating earnings, excluding Allianz's noncontrolling interest, were $45 million, up from $42 million in the prior-year period. The increase was largely due to higher fee revenues resulting from the cumulative effect of 2023 Retail net inflows driven by international distribution, positive capital markets and positive investment capital returns.

For the year ended Dec. 31, 2023, Investment Management had $14 billion (excluding divested businesses) of net outflows. These were driven by macroeconomic headwinds impacting the industry, particularly Institutional net flows, and the unwinding of the company's former international distribution partnership, which were partially offset by net inflows in the U.S. insurance channel and Retail.

Excluding notables, net revenues for the year ended Dec. 31, 2023, grew 16.9% largely due to higher fee revenues resulting from the Allianz Global Investors transaction, which closed in July 2022. Adjusted operating margin for the year ended Dec. 31, 2023, excluding notables, was 24.9% compared with 26.8% in the prior-year period. The lower margin in 2023 reflects the impact of net outflows on revenues; several expense items not expected to reoccur; and reinvestments into the business – all of which were partially offset by cost saving initiatives implemented in 2023.

For full-year 2023, Voya generated approximately $0.8 billion of excess capital, reflecting capital generation of over 90% of after-tax adjusted operating earnings. Voya also deployed approximately $1.3 billion of excess capital in full-year 2023, of which approximately $200 million was deployed in the fourth quarter, including $158 million in share repurchases and $42 million in common stock dividends. As of Dec. 31, 2023, Voya had approximately $0.4 billion of excess capital.

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, Feb. 7, 2024, at 10 a.m. ET, to discuss the company’s fourth-quarter and full-year 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 Feb. 7, 2024.

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 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with over 12 million employees in the U.S. 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) global market risks, including general economic conditions, our ability to manage such risks and interest rates; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and whether funds will be available to us through either dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use our deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. 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, 2023, to be filed with the SEC on or before Feb. 29, 2024.

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) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the three months ended December 31, 2023, also includes $20 million, after-tax, of severance costs and a $17 million, after-tax, net favorable adjustment to certain acquisition-related assets and liabilities.

(3) Includes favorable tax adjustments primarily related to foreign tax credits in 2022.

(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 twelve months ended December 31, 2023. There was no tax expense associated with this gain.

(3) Includes a one-time tax benefit of $92 million related to a divested business for the twelve months ended December 31, 2023.

(4) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the twelve months ended December 31, 2023, also includes $27 million, after-tax, of severance costs and a $17 million, after-tax, net favorable adjustment to certain acquisition-related assets and liabilities.

(5) In 2023, includes changes in certain legal and other reserves not expected to recur at the same level. In 2022, includes changes in certain other reserves not expected to recur at the same level, favorable tax adjustments primarily related to foreign tax credits, and COVID-19 Impacts.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for 2023 was approximately $47 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2023 was approximately $9 million to $10 million per quarter, pre-tax and before variable compensation.

(2) 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) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for 2022 was approximately $47 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2022 was approximately $9 million to $10 million per quarter, pre-tax and before variable compensation.

(2) Includes favorable tax adjustments primarily related to foreign tax credits in 2022.

(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) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for 2023 was approximately $47 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2023 was approximately $9 million to $10 million per quarter, pre-tax and before variable compensation.

(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) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for 2022 was approximately $47 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2022 was approximately $9 million to $10 million per quarter, pre-tax and before variable compensation.

(2) Includes changes in certain other reserves not expected to recur at the same level, favorable tax adjustments primarily related to foreign tax credits, and COVID-19 Impacts.

(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) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for 2023 was approximately $47 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2023 was approximately $9 million to $10 million per quarter, pre-tax and before variable compensation.

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

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for 2022 was approximately $47 million to $48 million per quarter, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for 2022 was approximately $9 million to $10 million per quarter, pre-tax and before variable compensation.

(2) Includes changes in certain other reserves not expected to recur at the same level and COVID-19 Impacts.

December 31, 2023

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, 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 or other factors. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes.

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

▪Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity. Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments;

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

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

•Other adjustments may include the following items:

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

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

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

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

•Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as among companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.

The most directly comparable U.S. GAAP measure to Adjusted operating earnings before income taxes is Income (loss) before income taxes. For a reconciliation of Adjusted operating earnings before income taxes to Income (loss) before income taxes, refer to the "Reconciliations" section in this document.

Adjusted operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues for the following items:

•Net investment gains (losses);

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

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

•Other adjustments that primarily reflect fee income earned by our broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

The most directly comparable U.S. GAAP measure to Adjusted operating revenues is Total revenues. For a reconciliation of Adjusted operating revenues to Total revenues, refer to the "Reconciliations" section of this document.

We analyze our segment performance based on the sources of earnings. We believe that 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 they provide the main drivers for adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

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