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0001535929false00015359292024-04-302024-04-300001535929us-gaap:CommonStockMember2024-04-302024-04-300001535929voya:DepositarySharesMember2024-04-302024-04-30


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):
April 30, 2024
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 April 30, 2024, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months ended March 31, 2024. 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 1, 2024 at 10:00 am ET to discuss its first-quarter 2024 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, 2024, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended March 31, 2024 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 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 forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
On April 30, 2024, 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 filing.
 
Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1    Press release of Voya Financial, Inc., dated April 30, 2024 (furnished and not filed)
99.2    Quarterly Investor Supplement for the quarter ended March 31, 2024 (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: April 30, 2024


EX-99.1 2 a2024q1pressrelease.htm EX-99.1 Document
Exhibit 99.1
newsreleaseheadera07a.jpg

Voya Financial announces first-quarter 2024 results

NEW YORK, April 30, 2024 — Voya Financial, Inc. (NYSE: VOYA), announced today its first-quarter 2024 financial results:
•First-quarter 2024 net income available to common shareholders of $234 million, or $2.24 per diluted share, and after-tax adjusted operating earnings1 of $185 million, or $1.77 per diluted share.
•Results reflect strong fee-based revenue growth across all businesses and continued expense management.
•Continued strength in excess capital generation and focus on returning capital to shareholders:
–Generated and returned approximately $0.2 billion of capital in first-quarter 2024, including $172 million in share repurchases and $41 million in common stock dividends.
–Board of directors authorizes repurchase of an additional $500 million of common stock.

“In the first quarter of 2024, adjusted operating EPS grew 23% compared with the prior-year period, reflecting the strength of our diversified revenues and expense discipline,” said Heather Lavallee, chief executive officer, Voya Financial. “We executed on our strategic priorities, delivered record sales in Health Solutions, drove sequential improvement in Wealth Solutions full-service net flows and returned Investment Management to positive flows. Diligent expense management reduced our administrative expenses compared with the prior-year period, while we continued to invest in the future growth of our businesses. Our high free-cash flow businesses generated approximately $200 million of excess capital in the quarter, and we returned more than that amount to our shareholders in the form of dividends and share repurchases.

“Voya's purpose and vision continue to define the principles by which Voya's more than 9,000 employees carry out our business every day. With a relentless focus on our customers, we continue to build on our leading market positions in retirement, group benefits and investment management; the scale and breadth of our distribution across markets, channels and geographies; and our culture of service to clients and communities,” 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 "Use of Non-GAAP Financial Measures" and 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.
1





First-Quarter 2024 Consolidated Results
First-quarter 2024 net income available to common shareholders was $234 million, or $2.24 per diluted share, compared with $69 million, or $0.63 per diluted share, in first-quarter 2023. The increase was primarily due to investment gains, lower acquisition and integration costs, a tax benefit associated with an exited business, and higher after-tax adjusted operating earnings.

First-quarter 2024 after-tax adjusted operating earnings were $185 million, or $1.77 per diluted share, compared with $158 million, or $1.44 per diluted share, in first-quarter 2023. The increase was largely due to higher fee-based revenues and expense management.

Business Segment Results
Wealth Solutions
Wealth Solutions first-quarter 2024 pre-tax adjusted operating earnings were $186 million, up from $132 million in the prior-year period. The increase was primarily due to favorable equity market impacts to fee-based revenues, higher alternative investment income and lower administrative expenses, partially offset by lower spread-based revenues.

Total client assets as of March 31, 2024, were $574 billion, up 15% compared with March 31, 2023, due to higher equity market levels and growth in the business year over year.

Net revenues for the trailing twelve months (TTM) ended March 31, 2024, grew 5.8% compared with the prior-year period due to an increase in fee-based revenues and higher alternative investment income, partially offset by lower spread-based revenues. Adjusted operating margin for the TTM ended March 31, 2024, was 35.7% compared with 33.1% in the prior-year period. The improvement reflects net revenue growth and expense management, partially offset by reinvestments into the business. Excluding alternative investment income and prepayment fees below our long-term expectations, net revenue growth for the TTM was 1.8% and Adjusted operating margin for the TTM was 38.6%.

Health Solutions
Health Solutions first-quarter 2024 pre-tax adjusted operating earnings were $59 million, down from $94 million in the prior-year period. The decline was largely attributable to Stop Loss net underwriting gains normalizing after favorable results in the prior-year period.

Health Solutions first-quarter 2024 annualized in-force premiums and fees grew 17% to $3.9 billion compared with the prior-year period. The increase reflects growth across all product lines due to strong sales and favorable retention.

Net revenues for the TTM ended March 31, 2024, grew 12.8% compared with the prior-year period due to the positive impact of diversifying into fee-based revenue through acquired benefits administration capabilities and in-force premium growth, partially offset by favorable loss ratios in the prior-year period, including a favorable reserve adjustment related to our annual assumption update. Adjusted operating margin for the TTM ended March 31, 2024, was 23.9% compared with 36.2% in the prior-year period. The decline reflects the integration of Benefitfocus, which has a lower margin profile consistent with benefits administration peers, the favorable reserve adjustment in the prior-year period, and higher loss ratios primarily in Stop Loss. Excluding the favorable reserve adjustment in the prior-year period, alternative investment income and prepayment fees below our long-term expectations, and other notable items, net revenue growth for the TTM was 20.0% and Adjusted operating margin for the TTM was 25.4%.
2






Investment Management
Investment Management first-quarter 2024 pre-tax adjusted operating earnings, excluding Allianz's noncontrolling interest, were $42 million, up from $33 million in the prior-year period. The increase was due to higher net revenue reflecting the benefit of positive capital markets, strong sales in Retail and insurance as well as lower administrative expenses.

Investment Management had net inflows of $0.6 billion (excluding divested businesses) during the three months ended March 31, 2024, driven by Retail flows and the insurance channel within Institutional.

Net revenues for the TTM ended March 31, 2024, grew 14.1% compared with the prior-year period due to an increase in fee-based revenues and higher investment capital returns. Adjusted operating margin for the TTM ended March 31, 2024, was 25.7% compared with 23.4% in the prior-year period. The improvement reflects the impact of positive capital markets and expense management, partially offset by reinvestments into the business. Excluding the investment capital returns below our long-term expectations net of variable compensation, net revenue growth for the TTM was 10.9% and Adjusted operating margin for the TTM was 26.1%.

Corporate
Corporate first-quarter 2024 pre-tax adjusted operating losses, excluding Allianz's noncontrolling interest, were $63 million, improved from $68 million of losses in the prior-year period. The improvement was largely due to lower interest expense due to debt extinguishment.

Capital
For the first-quarter 2024, the company generated approximately $0.2 billion of excess capital reflecting capital generation of over 90% of after-tax adjusted operating earnings. The company also deployed approximately $0.2 billion of excess capital in the first quarter, including $172 million in share repurchases and $41 million in common stock dividends. As of March 31, 2024, Voya had approximately $0.4 billion of excess capital.

The company 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, which is in addition to the remaining repurchase capacity of approximately $225 million available as of March 31, 2024, pursuant to the board's prior authorization.

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 1, 2024, at 10 a.m. ET, to discuss the company’s first-quarter 2024 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 May 1, 2024.


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Media Contact:                            Investor Contact:
Donna Sullivan                         Michael Katz
860-580-2980                            212-309-8999
Donna.Sullivan@voya.com                    IR@voya.com

About Voya Financial
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.

Use of Non-GAAP Financial Measures
We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. 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;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment;
•Income (loss) attributable to noncontrolling interests 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 include items which are not indicative of normal operations, performance of our segments, current Operating expense fundamentals, or do not reflect cash-settled expenses. 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. These may include:
◦Income (loss) related to early extinguishment of debt;
◦Impairment of goodwill and intangible assets;
◦Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;
◦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; and
◦Other items such as capital or organizational restructurings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

4





Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors 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.
•Fee-based margin.
•Net underwriting gain (loss).
•Administrative expenses.
•Net commissions.
•DAC/VOBA and other intangibles amortization.

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).
•We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations.
•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.

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 availability of funds through 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 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 December 31, 2023, as filed with the SEC on February 23, 2024, and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2024, to be filed with the SEC on or before May 10, 2024.

VOYA-IR VOYA-CF











5












Consolidated Statement of Operations
Three Months Ended
(in millions USD, except per share) 3/31/2024 3/31/2023
Revenues
Net investment income $ 529  $ 545 
Fee income 513  464 
Premiums 800  685 
Net gains (losses) 43  (16)
Other revenues 88  78 
Income (loss) related to consolidated investment entities 78  79 
Total revenues 2,051  1,835 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders (851) (751)
Operating expenses (799) (836)
Net amortization of DAC/VOBA (56) (59)
Interest expense (30) (32)
Operating expenses related to consolidated investment entities (28) (16)
Total benefits and expenses (1,764) (1,694)
Income (loss) before income taxes 287  141 
Income tax expense (benefit) (1) 12 
Net income (loss) 288  129 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 37  46 
Net income (loss) available to Voya Financial, Inc. 251  83 
Less: Preferred stock dividends 17  14 
Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 234  $ 69 
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic $ 2.29 $ 0.70
Diluted $ 2.24 $ 0.63
6





Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
Three Months Ended
(in millions USD, except per share) 3/31/2024 3/31/2023
After-tax (1)
Per share
After-tax (1)
Per share
Net Income (loss) available to Voya Financial, Inc.'s common shareholders $ 234  $ 2.24  $ 69  $ 0.63 
Less:
Net investment gains (losses) 50  0.48  (7) (0.06)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)
13  0.12  (26) (0.23)
Other adjustments (3)
(14) (0.13) (56) (0.51)
Adjusted operating earnings $ 185  $ 1.77  $ 158  $ 1.44 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (12) (0.11) (27) (0.25)
Adjusted operating earnings excluding notable items $ 197  $ 1.88  $ 185  $ 1.69 
Note: Totals may not sum due to rounding.
(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) Includes a tax benefit of $38 million related to a divested business for the three months ended March 31, 2024.
(3) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets.

Adjusted Operating Earnings and Notable Items
Three Months Ended March 31, 2024
(in millions USD, except per share) Amounts Including
Notable Items
Alternative investment income and prepayment fees above (below) long-term expectations (1)
Amounts Excluding
Notable Items
a b c = a - b
Adjusted operating earnings
Wealth Solutions $ 186 $ (14) $ 200
Health Solutions 59 60
Investment Management 42 (1) 42
Corporate (63) (63)
Adjusted operating earnings before income taxes 224 (15) 238
Income taxes (2)
38 (3) 42
Adjusted operating earnings after income taxes $ 185 $ (12) $ 197
Adjusted operating earnings per share 1.77 (0.11) 1.88
Note: Totals may not sum due to rounding.
(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 2024 was approximately $45 million to $47 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 2024 was approximately $8 million to $9 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.
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Adjusted Operating Earnings and Notable Items
Three Months Ended March 31, 2023
(in millions USD, except per share) Amounts Including
Notable Items
Alternative investment income and prepayment fees above (below) long-term expectations (1)
Amounts Excluding
Notable Items
a b c = a - b
Adjusted operating earnings
Wealth Solutions $ 132 $ (33) $ 166
Health Solutions 94 (2) 97
Investment Management 33 2 31
Corporate (68) (68)
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
Note: Totals may not sum due to rounding.
(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.

Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended March 31, 2024
(in millions USD) Amounts Including Notable Items
Alternative investment income and prepayment fees above (below) long-term expectations (1)
Other (2)
Amounts Excluding Notable Items
a b c d = a - b - c
Net revenue
Wealth Solutions $ 1,922 $ (91) $ $ 2,013
Health Solutions 1,172 (8) (16) 1,196
Investment Management 921 (5) 927
Total net revenue $ 4,015 $ (104) $ (16) $ 4,136
Adjusted operating margin
Wealth Solutions 35.7  % (2.9) % 38.6  %
Health Solutions 23.9  % (0.5) % (1.0) % 25.4  %
Investment Management 25.7  % (0.4) % 26.1  %
Adjusted operating margin, excluding Corporate 29.9  % (1.8) % (0.3) % 32.0  %
Note: Totals may not sum due to rounding.
(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 2024 and 2023 was approximately $45 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 2024 and 2023 was approximately $8 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.

8





Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended March 31, 2023
(in millions USD) Amounts Including Notable Items
Alternative investment income and prepayment fees above (below) long-term 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  %
Note: Totals may not sum due to rounding.
(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 and 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 2023 and 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.

9
EX-99.2 3 a2024q1voyainvestorsupplem.htm EX-99.2 Document
Exhibit 99.2



voyrfinrgbgrdpos1567a07.jpg
Quarterly Investor Supplement


March 31, 2024


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, 2024. 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: Investor Contact:
Voya Financial Michael Katz
230 Park Avenue 212-309-8999
New York, New York 10169 IR@voya.com
NYSE Ticker: Web Site:
VOYA investors.voya.com
voyasupplementfootera03.jpg


Table of Contents
Page Page
Consolidated Net Revenue, Adjusted Operating Margin, Administrative
Explanatory Note on Non-GAAP Financial Information 3 - 4 Expenses, and Adjusted Operating Return on Capital
Key Metrics Net Revenue and Adjusted Operating Margin
Consolidated Statements of Operations Administrative Expenses
Consolidated Adjusted Operating Earnings Before Income Taxes Adjusted Operating Return on Allocated Capital
Adjusted Operating Earnings Before Income Taxes by Segment (QTD) Investment Information
Consolidated Balance Sheets Portfolio Results GAAP Book Value, Gross Investment Income, and
DAC/VOBA Segment Trends   Earned Rate by Asset Class
Consolidated Capital Structure Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Assets Under Management, Assets Under Administration   Ratings
  and Advisement Alternative Investment Income
Wealth Solutions Alternative Income and Prepayments Above (Below) Long-Term
Sources of Adjusted Operating Earnings Before Income Taxes   Expectations
 and Key Metrics Reconciliations
Client Assets Rollforward by Product Group 15 - 16 Reconciliation of Adjusted Operating Earnings Before Income Taxes and
Health Solutions   Earnings Per Common Share (Diluted) (QTD)
Sources of Adjusted Operating Earnings Before Income Taxes Reconciliation of Adjusted Operating Revenues
Key Metrics Reconciliation of Net Revenues by Segment 39 - 40
Investment Management Reconciliation of Adjusted Operating Earnings Before Income Taxes
Sources of Adjusted Operating Earnings Before Income Taxes  Excluding Notable Items by Segment 41 - 42
Analysis of AUM and AUA Reconciliation of Book Value Per Common Share, Excluding AOCI,
Account Value Rollforward by Source Leverage Ratio, and Adjusted Diluted Shares
Account Value by Asset Type
Corporate
Adjusted Operating Earnings Before Income Taxes
voyasupplementfootera03.jpg

Voya Financial
Page 3 of 43
Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes
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
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.
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Explanatory Note on Non-GAAP Financial Information
Sources of Earnings
We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help 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.
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 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.
Other Information    
Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
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Voya Financial
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Key Metrics
Three Months Ended or As of Year-to-Date or As of
(in millions USD, unless otherwise indicated) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Net income (loss) available to Voya Financial, Inc.'s common shareholders 234 118 248 154 69 234 69
Per common share (basic) 2.29 1.13 2.35 1.50 0.70 2.29 0.70
Per common share (diluted) 2.24 1.10 2.29 1.41 0.63 2.24 0.63
Adjusted operating earnings: (1)
Before income taxes 224 202 229 294 192 224 192
After income taxes 185 174 189 243 158 185 158
Effective tax rate 17.2  % 13.8  % 17.2  % 17.5  % 17.9  % 17.2  % 17.9  %
Per common share (Adjusted diluted) 1.77 1.63 1.74 2.21 1.44 1.77 1.44
Per common share excluding notable items 1.88 1.97 2.07 2.31 1.69 1.88 1.69
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity 3,541 3,581 2,515 3,085 3,342 3,541 3,342
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI 6,010 5,981 6,048 5,876 5,887 6,010 5,887
Book value per common share (including AOCI) 34.96 34.80 23.93 29.19 34.03 34.96 34.03
Book value per common share (excluding AOCI) (2)
59.33 58.12 57.55 55.59 59.95 59.33 59.95
Leverage Ratios:
Debt-to-Capital 33.6  % 33.3  % 40.1  % 37.7  % 36.1  % 33.6  % 36.1  %
Financial Leverage - excluding AOCI (2)
28.1  % 27.8  % 27.8  % 29.2  % 29.5  % 28.1  % 29.5  %
Shares:
Weighted-average common shares outstanding
Basic (3)
102 104 106 103 98 102 98
Dilutive effect of warrants (3)
4 9 9
Other dilutive effects (4)
2 3 3 3 3 2 3
Diluted 105 107 108 110 110 105 110
Adjusted Diluted (2)
105 107 108 110 110 105 110
Ending shares outstanding 101 103 105 106 98 101 98
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions 172 158 54 162 172
Dividends to common shareholders 41 42 42 21 20 41 20
Total cash returned to common shareholders 213 200 96 183 20 213 20
(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 36 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.
(3) On May 10th, 2023, we issued 9.6 million shares to settle the outstanding warrants issued in connection with our IPO. For the second quarter of 2023, the impact of these issued shares on Diluted shares outstanding is split between Basic and Dilutive effect of warrants due to the mid-quarter issuance. Beginning in the third quarter of 2023, the shares are included in Basic shares outstanding.
(4) 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) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Revenues
Net investment income 529  522  547  545  545  529  545 
Fee income 513  489  489  474  464  513  464 
Premiums 800  673  682  677  685  800  685 
Net gains (losses) 43  (7) (56) (16) 43  (16)
Other revenues 88  82  81  86  78  88  78 
Income (loss) related to consolidated investment entities 78  46  31  145  79  78  79 
Total revenues 2,051  1,819  1,823  1,871  1,835  2,051  1,835 
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders (851) (804) (799) (682) (751) (851) (751)
Operating expenses (799) (773) (717) (770) (836) (799) (836)
Net amortization of DAC/VOBA (56) (57) (57) (57) (59) (56) (59)
Interest expense (30) (30) (31) (39) (32) (30) (32)
Operating expenses related to consolidated investment entities (28) (53) (47) (60) (16) (28) (16)
Total benefits and expenses (1,764) (1,717) (1,651) (1,608) (1,694) (1,764) (1,694)
Income (loss) before income taxes 287  102  172  263  141  287  141 
Income tax expense (benefit) (1) (17) (74) 28  12  (1) 12 
Net income (loss) 288  119  246  235  129  288  129 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 37  (3) (16) 77  46  37  46 
Net income (loss) available to Voya Financial, Inc. 251  122  262  158  83  251  83 
Less: Preferred stock dividends 17  14  14  17  14 
Net income (loss) available to Voya Financial, Inc.'s common shareholders 234  118  248  154  69  234  69 
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Consolidated Adjusted Operating Earnings Before Income Taxes
Three Months Ended Year-to-Date
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses) 488  463  489  498  482  488  482 
Fee income 509  487  489  478  468  509  468 
Premiums 797  666  663  669  675  797  675 
Other revenue 69  70  76  76  73  69  73 
Adjusted operating revenues (1)
1,863  1,686  1,717  1,721  1,697  1,863  1,697 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (829) (715) (730) (656) (689) (829) (689)
Operating expenses (724) (694) (671) (691) (731) (724) (731)
Net amortization of DAC/VOBA (29) (30) (29) (30) (31) (29) (31)
Interest expense (2)
(45) (33) (44) (37) (47) (45) (47)
Adjusted operating benefits and expenses (1,629) (1,471) (1,475) (1,414) (1,498) (1,629) (1,498)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
235  215  242  307  200  235  200 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 11  13  14  13  11 
Adjusted operating earnings before income taxes (1)
224  202  229  294  192  224  192 
Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions 719  686  702  705  684  719  684 
Health Solutions 905  764  768  775  774  905  774 
Investment Management 234  228  233  226  229  234  229 
Corporate 14  15  11  11 
Adjusted operating revenues (1)
1,863  1,686  1,717  1,721  1,697  1,863  1,697 
Adjusted operating earnings before income taxes
Wealth Solutions 186  147  179  174  132  186  132 
Health Solutions 59  44  53  124  94  59  94 
Investment Management 42  45  49  50  33  42  33 
Corporate (63) (34) (52) (53) (68) (63) (68)
Adjusted operating earnings before income taxes (1)
224  202  229  294  192  224  192 
(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 36 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, 2024
(in millions USD) Wealth Solutions Health Solutions Investment Management Corporate Consolidated
Adjusted operating revenues
Net investment income and net gains (losses) 437  38  488 
Fee income 263  18  227  —  509 
Premiums —  797  —  —  797 
Other revenue 19  51  (1) —  69 
Adjusted operating revenues (1)
719  905  234  1,863 
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (216) (613) —  —  (829)
Operating expenses (296) (224) (181) (23) (724)
Net amortization of DAC/VOBA (21) (8) —  —  (29)
Interest expense (2)
—  —  —  (45) (45)
Adjusted operating benefits and expenses (534) (846) (181) (68) (1,629)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)
186  59  53  (64) 235 
Less: Earnings (loss) attributable to Allianz noncontrolling interest —  —  12  (1) 11 
Adjusted operating earnings before income taxes (1)
186  59  42  (63) 224 
Three Months Ended March 31, 2023
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 
(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 36 of this document.
(2) Includes dividend payments made to preferred shareholders.
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Consolidated Balance Sheets
Balances as of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Assets
Total investments 35,687  36,600  36,257  37,561  38,703 
Cash and cash equivalents 995  937  829  1,195  724 
Assets held in separate accounts 98,636  93,133  85,491  88,851  84,569 
Premium receivable and reinsurance recoverable, net 11,828  11,982  11,765  12,131  12,438 
Short term investments under securities loan agreement and accrued investment income 1,435  1,426  1,349  1,506  1,691 
Deferred policy acquisition costs, Value of business acquired 2,222  2,250  2,278  2,304  2,333 
Current and deferred income taxes 2,193  2,170  2,448  2,171  2,126 
Other assets (1)
4,012  3,967  4,217  4,170  4,191 
Assets related to consolidated investment entities 4,623  4,620  4,631  4,727  4,433 
Total Assets 161,631  157,085  149,265  154,616  151,208 
Liabilities
Future policy benefits and contract owner account balances 47,869  48,734  49,506  50,583  51,493 
Liabilities related to separate accounts 98,636  93,133  85,491  88,851  84,569 
Payables under securities loan agreements, including collateral held 1,220  1,121  1,190  1,301  1,328 
Short-term debt 393  143  143 
Long-term debt 1,707  2,097  2,095  2,095  2,094 
Other liabilities (2)
3,198  3,327  3,397  3,394  3,350 
Liabilities related to consolidated investment entities 2,737  2,619  2,625  2,721  2,544 
Total Liabilities 155,760  151,032  144,306  149,088  145,521 
Mezzanine Equity
Allianz noncontrolling interest 174  175  173  171  166 
Shareholders' Equity
Preferred stock —  —  —  —  — 
Common stock
Treasury stock (263) (56) (307) (248) (77)
Additional paid-in capital 6,187  6,143  6,664  6,695  6,693 
Retained earnings (deficit) 697  505  302  40  (118)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI 6,622  6,593  6,660  6,488  6,499 
Accumulated other comprehensive income (2,469) (2,400) (3,533) (2,791) (2,545)
Total Voya Financial, Inc. Shareholders' Equity 4,153  4,193  3,127  3,697  3,954 
Noncontrolling interest 1,544  1,685  1,659  1,660  1,567 
Total Shareholders' Equity 5,697  5,878  4,786  5,357  5,521 
Total Liabilities, Mezzanine Equity and Shareholders' Equity 161,631  157,085  149,265  154,616  151,208 
(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 or As of Year-to-Date or As of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Wealth Solutions
Balance as of Beginning-of-Period 1,064  1,068  1,075  1,082  1,088  1,064  1,088 
Deferrals of commissions and expenses 16  16  15  15  16  16  16 
Amortization (21) (21) (22) (22) (22) (21) (22)
Balance as of End-of-Period 1,059  1,064  1,068  1,075  1,082  1,059  1,082 
Deferred Sales Inducements as of End-of-Period 22  22  22  22  22  22  22 
Health Solutions
Balance as of Beginning-of-Period 211  208  201  194  190  211  190 
Deferrals of commissions and expenses 12  12  15  14  13  12  13 
Amortization (8) (9) (7) (8) (8) (8) (8)
Balance as of End-of-Period 215  211  208  201  194  215  194 
Total
Balance as of Beginning-of-Period 1,275  1,276  1,275  1,276  1,279  1,275  1,279 
Deferrals of commissions and expenses 29  29  30  29  29  29  29 
Amortization (29) (30) (29) (30) (31) (29) (31)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment 1,274  1,275  1,276  1,275  1,276  1,274  1,276 
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)
948  975  1,002  1,029  1,057  948  1,057 
Balance as of End-of-Period, including businesses exited through reinsurance or divestment 2,222  2,250  2,278  2,304  2,333  2,222  2,333 
(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) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Financial Debt
Senior bonds 1,749 1,747 1,746 1,887 1,498
Subordinated bonds 349 349 349 349 737
Other debt 2 2 2 2 2
Total Financial Debt 2,100 2,098 2,097 2,238 2,237
Other financial obligations (1)
309 312 325 326 335
Total Financial Obligations 2,409 2,410 2,422 2,564 2,572
Mezzanine Equity
Allianz noncontrolling interest 174 175 173 171 166
Equity
Preferred equity (2)
612 612 612 612 612
Common equity (Excluding AOCI) 6,010 5,981 6,048 5,876 5,887
Total Equity (Excluding AOCI)
6,622 6,593 6,660 6,488 6,499
Accumulated other comprehensive income (AOCI) (2,469) (2,400) (3,533) (2,791) (2,545)
Total Voya Financial, Inc. Shareholders' Equity 4,153 4,193 3,127 3,697 3,954
Noncontrolling interest 1,544 1,685 1,659 1,660 1,567
Total Shareholders' Equity 5,697 5,878 4,786 5,357 5,521
Capital
Capitalization (3)
6,253 6,291 5,224 5,935 6,191
Adjusted Capitalization excluding AOCI (4)
10,749 10,863 10,914 10,883 10,804
Leverage Ratios
Debt-to-Capital (5)
33.6  % 33.3  % 40.1  % 37.7  % 36.1  %
Financial Leverage excluding AOCI (6)
28.1  % 27.8  % 27.8  % 29.2  % 29.5  %
(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.
(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 43 of this document.
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Consolidated Assets Under Management, Assets Under Administration and Advisement
As of March 31, 2024
(in millions USD) General Account Separate Account
Institutional/Mutual Funds (2)
Total AUM - Assets Under Management
AUA - Assets Under Administration & Advisement (2)(3)
Total AUM and AUA
Wealth Solutions (1)
30,746  94,729  93,036  218,511  355,350  573,861 
Health Solutions 1,843  17  —  1,860  —  1,860 
Investment Management 34,138  28,482  268,717  331,337  52,942  384,278 
Eliminations/Other (4)
(32,589) (24,592) (11,419) (68,600) (42,770) (111,370)
Total AUM and AUA 34,138  98,636  350,334  483,108  365,522  848,629 
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Investment Management Institutional/Mutual Funds includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.
(3) 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.
(4) 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







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Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics
Three Months Ended or As of Twelve Months Ended or As of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income 403  413  422  427  430  1,665  1,700 
Investment expenses (17) (17) (18) (19) (19) (71) (79)
Credited interest (213) (221) (223) (221) (218) (879) (875)
Net margin 173  175  181  187  192  715  745 
Other investment income (1)
63  60  57  52  57  232  238 
Investment spread and other investment income, excluding alts/prepays above/below expectations
236  234  238  239  249  947  983 
Alternative investment income and prepayment fees above (below) long-term expectations (14) (39) (24) (14) (33) (91) (161)
Investment spread and other investment income 222  195  214  225  216  856  822 
Full service fee based revenue 162  150  150  143  136  605  552 
Recordkeeping and other fee based revenue 116  113  109  109  107  447  426 
Total fee based margin 278  262  259  252  243  1,051  978 
Net underwriting gain (loss) and other revenue 15  16 
Net revenue (2)
504  462  475  481  463  1,922  1,817 
Administrative expenses (234) (236) (216) (228) (251) (914) (895)
Net commissions (62) (58) (58) (57) (56) (235) (226)
DAC/VOBA and other intangibles amortization (22) (21) (23) (23) (23) (88) (94)
Adjusted operating earnings before income taxes 186  147  179  174  132  686  602 
Adjusted Operating Margin TTM 35.7  % 33.6  % 33.8  % 31.9  % 33.1  %
Adjusted Operating Margin Excluding Notables TTM 38.6  % 37.3  % 37.8  % 37.7  % 38.6  %
Full Service Revenue (3)
Full Service Investment Spread and other investment income 205  187  206  214  206  812  788 
Full Service Fee Based Revenue 162  150  150  143  136  605  552 
Total Full Service Revenue 367  336  356  357  343  1,416  1,340 
Client Assets
Fee Based 486,196 457,089 423,118 429,958 408,688 486,196  408,688 
Spread Based (4)
30,746 31,327 32,136 32,699 33,242 30,746  33,242 
Investment-only Stable Value 34,814 35,188 35,450 37,354 37,781 34,814  37,781 
Retail Client Assets 29,492 27,923 25,867 26,570 25,757 29,492  25,757 
Eliminations (7,387) (7,208) (6,998) (7,639) (7,574) (7,387) (7,574)
Total Client Assets 573,861 544,319 509,572 518,941 497,895 573,861  497,895 
(1) Includes investment income on assets backing surplus, investment income on cash balances, 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) Spread Based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
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Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended or As of Twelve Months Ended or As of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Full Service - Corporate markets
Client Assets, beginning of period 102,522  94,059  96,492  91,615  85,965  91,615  94,424 
Transfers / Single deposits 1,745  1,630  1,431  1,343  1,770  6,149  5,623 
Recurring deposits 3,144  2,430  2,549  2,587  2,850  10,710  9,486 
Total Deposits 4,889  4,060  3,980  3,930  4,621  16,859  15,109 
Surrenders, benefits, and product charges (4,194) (4,537) (3,368) (3,244) (3,477) (15,343) (11,764)
Net Flows 695  (477) 612  686  1,144  1,516  3,345 
Interest credited and investment performance 6,589  8,939  (3,044) 4,191  4,506  16,675  (6,153)
Client Assets, end of period - Corporate markets 109,806  102,522  94,059  96,492  91,615  109,806  91,615 
Full Service - Tax-exempt markets
Client Assets, beginning of period 82,858  79,663  81,906  79,022  76,672  79,022  83,703 
Transfers / Single deposits 409  453  273  271  323  1,406  1,992 
Recurring deposits 1,111  1,050  1,036  1,079  1,100  4,276  4,153 
Total Deposits 1,520  1,502  1,309  1,350  1,424  5,681  6,147 
Surrenders, benefits, and product charges (2,193) (4,482) (1,793) (1,633) (2,586) (10,101) (7,003)
Net Flows (673) (2,980) (484) (283) (1,162) (4,420) (856)
Interest credited and investment performance 4,616  6,175  (1,758) 3,167  3,513  12,200  (3,825)
Client Assets, end of period - Tax-exempt markets 86,801  82,858  79,663  81,906  79,022  86,801  79,022 
Full Service - Total
Client Assets, beginning of period 185,379  173,723  178,398  170,637  162,636  170,637  178,126 
Transfers / Single deposits 2,154  2,083  1,704  1,615  2,094  7,556  7,615 
Recurring deposits (1)
4,255  3,480  3,585  3,666  3,951  14,986  13,640 
Total Deposits 6,409  5,562  5,289  5,281  6,044  22,541  21,254 
Surrenders, benefits, and product charges (6,386) (9,020) (5,162) (4,877) (6,062) (25,445) (18,765)
Net Flows 22  (3,457) 127  403  (18) (2,905) 2,489 
Interest credited and investment performance 11,205  15,114  (4,803) 7,358  8,019  28,874  (9,978)
Client Assets, end of period - Full Service Total 196,607  185,379  173,723  178,398  170,637  196,607  170,637 
Full Service - Client Assets
Fee-based 166,190  154,394  141,947  146,077  137,792  166,190  137,792 
Spread-based 30,417  30,985  31,776  32,321  32,845  30,417  32,845 
Client Assets, end of period - Full Service Total 196,607  185,379  173,723  178,398  170,637  196,607  170,637 
(1) For the first quarter of 2024, recurring deposits exclude certain participants’ last paycheck contribution due to the last weekday of the quarter falling on a holiday. These deposits will be recognized in the second quarter of 2024.

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Wealth Solutions Client Assets Rollforward by Product Group
Three Months Ended or As of Twelve Months Ended or As of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Recordkeeping
Client Assets, beginning of period 298,120  276,869  279,669  267,038  254,957  267,038  274,065 
Transfers / Single deposits 1,338  2,662  4,683  4,590  2,332  13,273  8,479 
Recurring deposits (1)
6,428  4,446  4,964  4,857  5,504  20,695  17,919 
Total Deposits 7,766  7,108  9,646  9,447  7,836  33,967  26,399 
Surrenders, benefits, and product charges (8,077) (6,352) (6,653) (5,847) (7,747) (26,929) (24,650)
Net Flows (312) 756  2,993  3,600  89  7,037  1,748 
Interest credited and investment performance 17,326  20,495  (5,794) 9,030  11,993  41,057  (8,774)
Client Assets, end of period - Recordkeeping 315,134  298,120  276,869  279,669  267,038  315,134  267,038 
Total Defined Contribution (2)
Client Assets, beginning of period 483,499  450,591  458,068  437,675  417,593  437,675  452,191 
Transfers / Single deposits 3,492  4,745  6,386  6,205  4,425  20,828  16,093 
Recurring deposits (1)
10,682  7,925  8,548  8,523  9,455  35,678  31,560 
Total Deposits 14,174  12,670  14,935  14,728  13,880  56,507  47,653 
Surrenders, benefits, and product charges (14,464) (15,371) (11,814) (10,724) (13,810) (52,373) (43,417)
Net Flows (289) (2,701) 3,120  4,004  70  4,134  4,236 
Interest credited and investment performance 28,531  35,609  (10,596) 16,389  20,012  69,933  (18,752)
Client Assets, end of period - Total Defined Contribution 511,741  483,499  450,591  458,068  437,675  511,741  437,675 
Defined Contribution Investment-only Stable Value (SV) (3)
Assets, beginning of period 35,188  35,450  37,354  37,781  38,148  37,781  40,391 
Transfers / Single deposits 209  290  90  345  323  934  1,565 
Recurring deposits 355  1,232  109  70  112  1,766  924 
Total Deposits 564  1,522  199  416  435  2,701  2,489 
Surrenders, benefits, and product charges (1,483) (2,311) (2,043) (1,338) (1,146) (7,175) (3,130)
Net Flows (919) (788) (1,844) (923) (710) (4,474) (639)
Interest credited and investment performance 545  526  (60) 496  344  1,507  (1,970)
Assets, end of period - Defined Contribution Investment-only SV 34,814  35,188  35,450  37,354  37,781  34,814  37,781 
Retail Client Assets (4)
29,497  27,928  25,872  26,575  25,762  29,497  25,762 
Other Assets (5)
5,197  4,912  4,657  4,584  4,250  5,197  4,250 
Eliminations (7,387) (7,208) (6,998) (7,639) (7,574) (7,387) (7,574)
Total Client Assets 573,861  544,319  509,572  518,941  497,895  573,861  497,895 
(1) For the first quarter of 2024, recurring deposits exclude certain participants’ last paycheck contribution due to the last weekday of the quarter falling on a holiday. These deposits will be recognized in the second quarter of 2024.
(2) Total of Full Service and Recordkeeping.
(3) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(4) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(5) Includes other guaranteed payout products and Non-qualified Retirement Plans.
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Health Solutions







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Health Solutions Sources of Adjusted Operating Earnings before income taxes
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income 24  25  25  25  24  99  97 
Investment expenses (1) (1) (1) (1) (1) (4) (4)
Credited interest (12) (12) (12) (12) (12) (49) (50)
Net margin 11  12  12  12  11  46  43 
Other investment income 16  12  14  12  12  53  51 
Investment spread and other investment income, excluding alts/prepays above/below expectations
26  24  25  24  23  100  93 
Alternative investment income and prepayment fees above (below) long-term expectations —  (5) (2) —  (2) (8) (15)
Investment spread and other investment income 26  20  23  23  21  92  79 
Fee based margin (1)
59  56  57  58  53  230  64 
Net underwriting gain (loss) and other revenue 208  197  184  261  233  850  896 
Net revenue (2)
293  272  264  342  306  1,172  1,039 
Administrative expenses (134) (131) (122) (128) (124) (515) (328)
Premium taxes, fees and assessments (41) (37) (37) (37) (35) (152) (133)
Net commissions (51) (51) (45) (46) (44) (192) (170)
DAC/VOBA and other intangibles amortization (8) (9) (7) (8) (8) (32) (31)
Adjusted operating earnings before income taxes 59  44  53  124  94  280  376 
Adjusted Operating Margin TTM 23.9  % 26.6  % 30.6  % 38.0  % 36.2  %
Adjusted Operating Margin Excluding Notables TTM 25.4  % 28.1  % 32.2  % 35.8  % 33.5  %
Group life:
Premiums 168  152  150  157  157  627  606 
Benefits (136) (122) (118) (135) (134) (511) (441)
Other (3)
(3) (2) (4) (2) (3) (11) (7)
Total Group life 29  28  29  20  21  105  159 
Group Life Loss Ratio (Interest adjusted) (4)
81.0  % 80.5  % 78.4  % 86.1  % 84.9  % 81.5  % 82.0  %
Group stop loss:
Premiums 454  368  368  359  358  1,549  1,285 
Benefits (382) (281) (307) (225) (251) (1,195) (953)
Other (3)
(2) (2) (10) (1) (1) (15) (4)
Total Group stop loss 70  85  51  133  106  339  328 
Stop loss Loss Ratio 84.2  % 76.4  % 83.3  % 62.6  % 70.1  % 77.1  % 74.2  %
Voluntary Benefits, Disability, and Other 109  84  104  108  106  405  409 
Net underwriting gain (loss) and other revenue
Premiums 810  689  692  689  688  2,879  2,542 
Benefits (597) (487) (494) (423) (450) (2,000) (1,626)
Other (3)
(4) (6) (14) (5) (4) (29) (19)
Total Net underwriting gain (loss) and other revenue 208  197  184  261  233  850  896 
Total Aggregate Loss Ratio 73.8  % 70.7  % 71.4  % 61.3  % 65.5  % 69.5  % 66.3  %
Total Aggregate Loss Ratio TTM (4)
69.5  % 67.2  % 66.3  % 63.9  % 66.3  %
(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 calculation excludes $57M of favorable reserve release in third quarter of 2022 related to our annual assumption update.
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Health Solutions Key Metrics
Three Months Ended or As of Twelve Months Ended or As of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Sales by Product Line:
Group life and Disability 130  14  14  104  161  145 
Stop loss 537  25  67  25  343  654  429 
Voluntary and Other (1)
142  11  12  43  90  208  135 
Total sales by product line 809  50  83  82  538  1,023  710 
Total gross premiums and deposits 900  766  762  765  761  3,193  2,826 
Annualized In-force Premiums and Fees by Product Line:
Group life and Disability 989  905  917  925  912  989  912 
Stop loss 1,839  1,500  1,490  1,461  1,457  1,839  1,457 
Voluntary and Other (1)
1,033  926  936  941  930  1,033  930 
Total annualized in-force premiums and fees by product line 3,861  3,331  3,343  3,327  3,300  3,861  3,300 
Assets Under Management by Fund Group:
General account 1,843  1,817  1,854  1,870  1,829  1,843  1,829 
Separate account 17  16  15  15  15  17  15 
Total AUM 1,860  1,833  1,869  1,886  1,844  1,860  1,844 
(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 21 of 43
Investment Management Sources of Adjusted Operating Earnings Before Income Taxes
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations
10  37  32 
Alternative investment income and prepayment fees above (below) long-term expectations (1) (2) (2) —  (5) (30)
Investment spread and other investment income 10  31 
Fee based margin (1)
226  221  226  217  218  890  803 
Net revenue (2)
234  228  233  226  229  921  807 
Administrative expenses (3)
(181) (170) (170) (163) (186) (684) (617)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
53  57  63  63  42  236  190 
Adjusted Operating Margin TTM 25.7  % 24.6  % 24.9  % 24.7  % 23.4  %
Adjusted Operating Margin Excluding Notables TTM 26.1  % 24.9  % 25.5  % 26.4  % 25.4  %
Fee based margin (1)
Investment advisory and administrative revenue 227  222  224  218  216  891  787 
Other fee based margin (1) —  (1) —  16 
Fee based margin 226  221  226  217  218  890  803 
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
53  57  63  63  42  236  190 
Less: Earnings (loss) attributable to Allianz noncontrolling interest 12  13  14  14  51  36 
Adjusted operating earnings before income taxes 42  45  49  50  33  185  153 
(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 or as of Twelve Months Ended or As of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Client Assets:
External Clients
Institutional 148,489  148,722  147,904  156,435  164,443  148,489  164,443 
Retail (1)
148,710  138,239  128,120  131,391  126,212  148,710  126,212 
Subtotal External Clients 297,199  286,961  276,024  287,826  290,654  297,199  290,654 
General Account 34,138  34,740  35,792  36,154  36,934  34,138  36,934 
Total Client Assets (AUM) 331,337  321,701  311,816  323,980  327,589  331,337  327,589 
Assets under Advisement and Administration (AUA) (1)
52,942  56,043  55,066  57,326  56,310  52,942  56,310 
Total AUM and AUA 384,278  377,744  366,882  381,306  383,899  384,278  383,899 
Investment Advisory and Administrative Revenues (2)
External Clients
Institutional 85  87  90  91  92  353 357
Retail 120  112  111  103  99  446 331
Subtotal External Clients 205  199  201  194  191  799 687
General Account 18  18  19  19  20  74 80
Total Investment Advisory and Administrative Revenues (AUM) 223  217  219  213  211  872 767
Administration Only Fees 19 20
Total Investment Advisory and Administrative Revenues 227  222  224  218  216  891 787
Revenue Yield (bps) (2)
External Clients
Institutional 22.9  23.9  23.5  22.7  22.6  23.2  21.5 
Retail 33.4  34.1  33.7  32.1  31.6  33.3  25.9 
Revenue Yield on External Clients 28.1  28.7  28.2  26.8  26.5  27.9  23.4 
General Account 20.3  20.3  20.6  20.8  20.8  20.5  21.0 
Revenue Yield on Client Assets (AUM) 27.2  27.8  27.4  26.2  25.8  27.1  23.1 
Revenue Yield on Advisement and Administrative Only Assets (AUA) 3.1  3.4  3.2  3.5  3.7  3.3  3.6 
Total Revenue Yield on AUM and AUA (bps) 23.8  24.1  23.7  22.8  22.6  23.6  20.4 
Revenue Yield on Client Assets (AUM) TTM 27.1  26.8  26.2  25.8  23.1  27.1  23.1 
(1) Retail AUM includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.
(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
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Investment Management Account Rollforward by Source
Three Months Ended or as of Twelve Months Ended or As of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Institutional AUM:
Beginning of period AUM 148,722  147,904  156,435  164,443  161,503  164,443  143,580 
Inflows 4,854  4,197  4,258  4,911  5,739  18,220  24,247 
Outflows (6,080) (9,588) (9,620) (8,694) (6,683) (33,982) (23,737)
Net flows - Institutional (1,225) (5,390) (5,361) (3,783) (945) (15,759) 509 
Change in Market Value 1,874  8,269  (2,178) 2,829  5,171  10,794  (7,106)
Other (Including Acquisitions / Divestitures) (881) (2,060) (991) (7,054) (1,286) (10,986) 27,459 
End of period AUM - Institutional 148,489  148,722  147,904  156,435  164,443  148,489  164,443 
Organic Growth (Net Flows/Beginning of period AUM) -0.8  % -3.6  % -3.4  % -2.3  % -0.6  % -9.6  % 0.4  %
Market Growth % 1.3  % 5.6  % -1.4  % 1.7  % 3.2  % 6.6  % -4.9  %
Retail AUM:
Beginning of period AUM 138,239  128,120  131,391  126,212  121,833  126,212  71,579 
Inflows 9,282  8,409  9,138  7,894  8,361  34,723  24,537 
Outflows (7,482) (8,444) (8,093) (7,773) (8,019) (31,792) (25,901)
Net flows - Retail (1)
1,800  (36) 1,046  122  342  2,932  (1,366)
Net Money Market Flows (29) 190  56  64  (36) 281  180 
Change in Market Value 6,491  10,935  (3,369) 7,013  4,242  21,070  (7,210)
Net Flows from Divested Businesses (651) (536) (490) (516) (515) (2,193) (2,004)
Other (Including Acquisitions / Divestitures) (2)
2,860  (435) (513) (1,503) 346  409  65,033 
End of period AUM - Retail 148,710  138,239  128,120  131,391  126,212  148,710  126,212 
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM) 1.3  % —  % 0.8  % 0.1  % 0.3  % 2.3  % -1.9  %
Market Growth % 4.7  % 8.5  % -2.6  % 5.6  % 3.5  % 16.7  % -10.1  %
Net Flows:
Institutional Net Flows (1,225) (5,390) (5,361) (3,783) (945) (15,759) 509 
Retail Net Flows 1,800  (36) 1,046  122  342  2,932  (1,366)
Net Flows from Divested Businesses (651) (536) (490) (516) (515) (2,193) (2,004)
Total Net Flows (76) (5,962) (4,806) (4,178) (1,118) (15,021) (2,861)
Net Flows excluding Net Flows from Divested Businesses 574  (5,426) (4,316) (3,662) (602) (12,828) (856)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM) 0.2  % -2.0  % -1.5  % -1.3  % -0.2  % -4.4  % -0.4  %
(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024, which were $0.3 billion for the first quarter of 2024.
(2) Includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection. Effective January 1st, 2024, Retail net flows prospectively include cash flows related to these funds, which were $0.5 billion for the first quarter of 2024.
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Investment Management Account Value by Asset Type
Balances as of
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Institutional
Equity 23,650  22,789  21,164  23,803  24,470 
Fixed Income - Public 48,913  49,128  49,486  54,186  59,786 
Fixed Income - Privates 63,037  63,899  64,516  65,795  67,126 
Alternatives 12,890  12,907  12,738  12,651  13,060 
Money Market —  —  —  —  — 
Total 148,489  148,722  147,904  156,435  164,443 
Retail
Equity 77,207  68,711  62,420  67,759  63,429 
Fixed Income - Public 67,493  65,612  62,126  60,278  59,638 
Fixed Income - Privates 366  365  396  437  455 
Alternatives 1,457  1,368  1,217  1,042  902 
Money Market 2,187  2,183  1,961  1,875  1,788 
Total 148,710  138,239  128,120  131,391  126,212 
General Account
Equity 129  129  226  237  237 
Fixed Income - Public 17,344  17,815  18,181  18,696  19,286 
Fixed Income - Privates 14,463  14,634  14,976  14,886  14,826 
Alternatives 1,675  1,707  1,815  2,003  2,226 
Money Market 527  456  593  333  360 
Total 34,138  34,740  35,792  36,154  36,934 
Combined Asset Type
Equity 100,986  91,628  83,810  91,799  88,136 
Fixed Income - Public 133,750  132,554  129,794  133,160  138,710 
Fixed Income - Privates 77,866  78,898  79,887  81,118  82,406 
Alternatives 16,021  15,981  15,770  15,696  16,189 
Money Market 2,714  2,639  2,554  2,207  2,148 
Total 331,337  321,701  311,816  323,980  327,589 
Total Private and Alternative Assets 93,887  94,879  95,657  96,814  98,595 
% of Private and Alternative Assets / Total AUM 28.3  % 29.5  % 30.7  % 29.9  % 30.1  %
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Corporate








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Voya Financial
Page 26 of 43


Corporate Adjusted Operating Earnings Before Income Taxes
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Interest expense (excluding Preferred stock dividends) (1)
(29) (29) (30) (33) (33) (121) (137)
Preferred stock dividends (17) (4) (14) (4) (14) (39) (36)
Stranded costs net of TSA revenue —  —  —  —  —  —  (5)
Pension expense (2)
(12) (11) (11) (11) (11) (45) (42)
Other (3)
(6) 11  (6) (11) (35)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
(64) (33) (52) (54) (69) (203) (255)
Less: Earnings (loss) attributable to Allianz noncontrolling interest (1) —  —  (1) —  (2)
Adjusted operating earnings before income taxes (63) (34) (52) (53) (68) (202) (252)
(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, investment income on assets backing surplus in excess of amounts held at the segment level, 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
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Net Revenue and Adjusted Operating Margin
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income 236  234  238  239  249  947  983 
Fee based margin 278  262  259  252  243  1,051  978 
Net underwriting gain (loss) and other revenue 15  16 
Wealth Solutions Net Revenue 517  502  499  495  496  2,013  1,978 
Health Solutions
Investment spread and other investment income 26  24  25  24  23  100  93 
Fee based margin 59  56  57  58  53  230  64 
Net underwriting gain (loss) and other revenue 208  197  200  261  233  866  839 
Health Solutions Net Revenue 293  277  283  343  309  1,196  997 
Investment Management
Investment capital and other investment income 10  37  32 
Fee based margin 226  221  226  217  218  890  803 
Investment Management Net Revenue 236  230  235  226  227  927  836 
Total Net Revenue Excluding Notable Items (1)
1,045  1,008  1,016  1,064  1,032  4,136  3,811 
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions 200  187  202  188  166  777  763 
Health Solutions 60  48  71  125  97  304  335 
Investment Management 54  60  66  62  41  242  212 
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)
313  295  339  375  303  1,323  1,310 
Corporate (64) (33) (52) (54) (69) (203) (255)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest
249  261  287  321  234  1,119  1,055 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 11  13  14  13  51  34 
Total Adjusted Operating Earnings Excluding Notable Items (1)
238  248  273  308  226  1,067  1,022 
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions 38.6  % 37.2  % 40.5  % 38.0  % 33.4  % 38.6  % 38.6  %
Health Solutions 20.4  % 17.5  % 25.2  % 36.3  % 31.3  % 25.4  % 33.5  %
Investment Management 22.9  % 25.9  % 27.9  % 27.4  % 18.0  % 26.1  % 25.4  %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
30.0  % 29.2  % 33.3  % 35.2  % 29.4  % 32.0  % 34.4  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
23.8  % 25.9  % 28.2  % 30.2  % 22.7  % 27.1  % 27.7  %
Adjusted Operating Margin Excluding Notable Items TTM
Wealth Solutions 38.6  % 37.3  % 37.8  % 37.7  % 38.6  %
Health Solutions 25.4  % 28.1  % 32.2  % 35.8  % 33.5  %
Investment Management 26.1  % 24.9  % 25.5  % 26.4  % 25.4  %
Total Adjusted Operating Margin Excluding Corporate and Notable Items
32.0  % 31.8  % 33.4  % 34.6  % 34.4  %
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items
27.1  % 26.8  % 27.7  % 28.5  % 27.7  %
(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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Voya Financial
Page 29 of 43
Administrative Expenses
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Wealth Solutions (234) (236) (216) (228) (251) (914) (895)
Health Solutions (134) (131) (122) (128) (124) (515) (328)
Investment Management (181) (170) (170) (163) (186) (684) (617)
Stranded costs net of TSA revenue (1)
—  —  —  —  —  —  (5)
Total Administrative Expenses (1)(2)
(549) (537) (508) (519) (561) (2,113) (1,845)
(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 30 of 43
Adjusted Operating Return on Allocated Capital
Twelve Months Ended
(in millions USD, unless otherwise indicated) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Wealth Solutions
Adjusted operating earnings before income taxes - before interest 686  632  630  579  602 
Income tax expense 90  79  80  71  77 
Adjusted Operating Earnings - before interest and after income taxes 596  553  550  508  525 
Adjusted Operating effective tax rate (1)
13.5  % 11.9  % 13.5  % 13.3  % 10.9  %
Adjusted Operating effective tax rate TTM 13.1  % 12.5  % 12.7  % 12.2  % 12.8  %
Average Capital 3,441  3,496  3,557  3,619  3,679 
Ending Capital (2)
3,360  3,395  3,460  3,470  3,520 
Adjusted Return on Capital 17.3  % 15.8  % 15.4  % 14.0  % 14.2  %
Health Solutions
Adjusted operating earnings before income taxes - before interest 280  315  349  450  376 
Income tax expense 59  66  73  95  79 
Adjusted Operating Earnings - before interest and after income taxes 221  249  275  355  297 
Adjusted Operating effective tax rate (1)
21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate TTM 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 1,228  1,172  1,039  877  698 
Ending Capital (2)
1,219  1,153  1,230  1,289  1,263 
Adjusted Return on Capital 18.0  % 21.2  % 26.5  % 40.5  % 42.6  %
Investment Management
Adjusted operating earnings before income taxes - before interest 185  177  174  163  153 
Income tax expense 39  37  37  34  32 
Adjusted Operating Earnings - before interest and after income taxes 146  140  137  129  121 
Adjusted Operating effective tax rate (1)
21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Adjusted Operating effective tax rate TTM 21.0  % 21.0  % 21.0  % 21.0  % 21.0  %
Average Capital 817  809  800  757  673 
Ending Capital (2)
828  847  798  806  810 
Adjusted Return on Capital 17.9  % 17.3  % 17.2  % 17.0  % 17.9  %
(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 32 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) 3/31/2024 12/31/2023 3/31/2024
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 10,558  29.0  % 131  4.9  % 10,872  29.0  % 150  5.5  % 10,558  29.0  % 131  4.9  %
Private credit 7,821  21.0  % 91  4.8  % 7,894  21.0  % 78  4.0  % 7,821  21.0  % 91  4.8  %
Securitized (2)(3)
9,788  27.0  % 149  6.1  % 10,036  27.0  % 151  6.2  % 9,788  27.0  % 149  6.1  %
Commercial mortgage loans 5,092  14.0  % 61  4.8  % 5,190  14.0  % 61  4.7  % 5,092  14.0  % 61  4.8  %
Municipals 773  2.0  % 3.2  % 859  2.0  % 3.9  % 773  2.0  % 3.2  %
Short-term / Treasury 445  1.0  % 4.4  % 436  1.0  % 4.7  % 445  1.0  % 4.4  %
Equity securities 176  —  % 5.7  % 175  —  % 8.4  % 176  —  % 5.7  %
Policy loans 349  1.0  % 6.4  % 353  1.0  % 5.1  % 349  1.0  % 6.4  %
Derivatives (12) —  % N/A (9) —  % N/A (12) —  % N/A
Book Values and Gross Investment Income before variable components 34,990  95.0  % 454  5.2  % 35,806  96.0  % 464  5.2  % 34,990  95.0  % 454  5.2  %
Book Values and Gross Investment Income on variable components
Limited partnership 1,740  5.0  % 30  7.3  % 1,662  4.0  % 0.8  % 1,740  5.0  % 30  7.3  %
Prepayment / Other fee income  N/A N/A —  % N/A N/A —  %  N/A N/A —  %
Book Values and Gross Investment Income (variable) 1,740  5.0  % 33  —  % 1,662  4.0  % —  % 1,740  5.0  % 33  —  %
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings 36,730  100.0  % 487  5.3  % 37,469  100.0  % 469  5.0  % 36,730  100.0  % 487  5.3  %
(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 33 of 43
Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings
Three Months Ended or As of (1)
(in millions USD) 12/31/2023 09/30/2023 06/30/2023 03/31/2023
Statutory Carrying Value Statutory Value SV % Statutory Value SV % Statutory Value SV % Statutory Value SV %
Public corporate 11,003  30.0  % 11,196  29.0  % 11,576  30.0  % 11,983  30.0  %
Private credit 7,770  21.0  % 7,981  21.0  % 7,968  21.0  % 7,944  20.0  %
Securitized 9,889  27.0  % 10,035  26.0  % 10,305  27.0  % 10,647  27.0  %
Municipals 859  2.0  % 862  2.0  % 911  2.0  % 921  2.0  %
Short-term / Treasury 624  2.0  % 772  2.0  % 483  1.0  % 485  1.0  %
Total Fixed maturities 30,144  81.0  % 30,846  81.0  % 31,243  81.0  % 31,979  81.0  %
Commercial mortgage loans 5,186  14.0  % 5,336  14.0  % 5,335  14.0  % 5,315  13.0  %
Limited partnership 1,662  4.0  % 1,625  4.0  % 1,620  4.0  % 1,794  5.0  %
Equity securities 278  1.0  % 396  1.0  % 425  1.0  % 462  1.0  %
Total 37,270  100.0  % 38,204  100.0  % 38,624  100.0  % 39,549  100.0  %
NAIC Ratings
Fixed Maturities:
NAIC 1 15,928  53.0  % 16,226  53.0  % 16,248  52.0  % 16,413  51.0  %
NAIC 2 12,927  43.0  % 13,335  43.0  % 13,788  44.0  % 14,337  45.0  %
NAIC 3 and below 1,289  4.0  % 1,285  4.0  % 1,207  4.0  % 1,229  4.0  %
Total Fixed maturities 30,144  100.0  % 30,846  100.0  % 31,243  100.0  % 31,979  100.0  %
Commercial Mortgage Loans:
CML 1 3,714  72.0  % 3,793  71.0  % 3,866  72.0  % 3,993  75.0  %
CML 2 1,066  21.0  % 1,117  21.0  % 1,054  20.0  % 905  17.0  %
CML 3 and below 406  8.0  % 426  8.0  % 415  8.0  % 417  8.0  %
Total Commercial mortgage loans 5,186  100.0  % 5,336  100.0  % 5,335  100.0  % 5,315  100.0  %
(1) Presented one quarter in arrears based on the timing of our statutory filings.
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Voya Financial
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Alternative Investment Income
Three Months Ended Year-to-Date
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Wealth Solutions
Average alternative investments 1,459  1,537  1,613  1,615  1,659  1,459  1,659 
Alternative investment income 24  21  30  11  24  11 
Health Solutions
Average alternative investments 243  171  199  179  125  243  125 
Alternative investment income — 
Investment Management
Average alternative investments 312  318  326  325  318  312  318 
Alternative investment income
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Voya Financial
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Alternative Income and Prepayments Above (Below) Long-Term Expectations
Three Months Ended Twelve Months Ended
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions (9) (31) (16) (7) (26) (63) (135)
Health Solutions —  (5) (2) —  (2) (8) (14)
Investment Management (1) (2) (2) —  (5) (30)
Total (10) (38) (20) (7) (26) (76) (179)
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions (5) (8) (8) (7) (7) (28) (26)
Health Solutions —  —  —  —  —  —  — 
Investment Management —  —  —  —  —  —  — 
Total (5) (8) (8) (7) (7) (28) (26)
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions (14) (39) (24) (14) (33) (91) (161)
Health Solutions —  (5) (2) —  (2) (8) (15)
Investment Management (1) (2) (2) —  (5) (30)
Total (15) (46) (28) (14) (34) (104) (206)
(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation. Long-term expectation for alternative investments is a 9% annual return, which for 2024, 2023 and 2022 was approximately $45 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 2024, 2023 and 2022 was approximately $8 million to $10 million per quarter, pre-tax and before variable compensation.
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Reconciliations

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Voya Financial
Page 37 of 43
Reconciliation of Adjusted Operating Earnings Before Income Taxes and Earnings Per Common Share (Diluted)
Three Months Ended
(in millions USD, except per share) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
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 234  2.24  118  1.10  248  2.29  154  1.41  69  0.63 
Plus: Net income (loss) attributable to noncontrolling interests
37  0.35  (3) (0.03) (16) (0.14) 77  0.70  46  0.42 
Less: Preferred stock dividends
(17) 0.16  (4) 0.04  (14) (0.13) (4) (0.04) (14) (0.13)
Income (loss) 287  288  2.75  102  119  1.11  172  246  2.28  263  235  2.14  141  129  1.18 
Less:
Net investment gains (losses) (3)
63  50  0.48  (10) (8) (0.08) 42  43  0.40  (38) (30) (0.27) (9) (7) (0.06)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)
(32) 13  0.12  (60) (38) (0.36) (68) 38  0.35  (21) (17) (0.15) (33) (26) (0.23)
Net income (loss) attributable to noncontrolling interests 37  37  0.35  (3) (3) (0.03) (16) (16) (0.14) 77  77  0.70  46  46  0.42 
Dividend payments made to preferred shareholders 17  17  (0.16) (0.04) 14  14  0.13  0.04  14  14  0.13 
Other adjustments (5)
(22) (14) (0.13) (30) (10) (0.09) (28) (21) (0.19) (52) (41) (0.38) (70) (56) (0.51)
Adjusted operating earnings 224  185  1.77  202  174  1.63  229  189  1.74  294  243  2.21  192  158  1.44 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (15) (12) (0.11) (46) (36) (0.34) (29) (23) (0.21) (14) (11) (0.10) (34) (27) (0.25)
Other (6)
—  —  —  —  —  —  (16) (13) (0.12) —  —  —  —  —  — 
Adjusted operating earnings excluding notable items 238  197  1.88  248  210  1.97  273  224  2.07  308  253  2.31  226  185  1.69 
(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) Per share calculations are based on un-rounded numbers.
(3) Includes 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.
(4) Includes tax benefits of $38 million and $92 million related to a divested business for the three months ended March 31, 2024 and September 30, 2023, respectively.
(5) 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. For the three months ended June 30, 2023, also includes a $13 million, after-tax, impairment related to a vacated leased building.
(6) Includes changes in certain legal and other reserves not expected to recur at the same level.


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Voya Financial
Page 38 of 43
Reconciliation of Adjusted Operating Revenues
Three Months Ended Year-to-Date
(in millions USD) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Total revenues 2,051  1,819  1,823  1,871  1,835  2,051  1,835 
Less:
Net investment gains (losses) 47  (23) 40  (46) (14) 47  (14)
Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment 24  60  21  30  24  30 
Revenues (loss) attributable to noncontrolling interests 65  37  22  128  60  65  60 
Other adjustments 52  59  24  67  60  52  60 
Total adjusted operating revenues 1,863  1,686  1,717  1,721  1,697  1,863  1,697 
Adjusted operating revenues by segment
Wealth Solutions 719  686  702  705  684  719  684 
Health Solutions 905  764  768  775  774  905  774 
Investment Management 234  228  233  226  229  234  229 
Corporate 14  15  11  11 
Total adjusted operating revenues 1,863  1,686  1,717  1,721  1,697  1,863  1,697 
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Voya Financial
Page 39 of 43
Wealth Solutions and Health Solutions Reconciliation of Net Revenues
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Wealth Solutions
Adjusted operating revenues
page 8
719  686  702  705  684  2,812  2,707 
Interest credited and other benefits to contract owners/policyholders (216) (223) (226) (224) (222) (889) (890)
Net revenue
page 14
504  462  475  481  463  1,922  1,817 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (14) (39) (24) (14) (33) (91) (161)
Net revenue excluding notable items
page 28
517  502  499  495  496  2,013  1,978 
Health Solutions
Adjusted operating revenues
page 8
905  764  768  775  774  3,212  2,709 
Interest credited and other benefits to contract owners/policyholders (613) (491) (504) (433) (467) (2,041) (1,669)
Net revenue
page 18
293  272  264  342  306  1,172  1,039 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations —  (5) (2) —  (2) (8) (15)
Other adjustments to net underwriting gain (loss) and other revenue (1)
—  —  (16) —  —  (16) 57 
Net revenue excluding notable items
page 28
293  277  283  343  309  1,196  997 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.








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Voya Financial
Page 40 of 43
Investment Management and Consolidated Reconciliation of Net Revenues
Page Three Months Ended Twelve Months Ended
(in millions USD) Reference 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Investment Management
Adjusted operating revenues
page 8
234  228  233  226  229  921  807 
Net revenue
page 21
234  228  233  226  229  921  807 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (1) (2) (2) —  (5) (30)
Net revenue excluding notable items
page 28
236  230  235  226  227  927  836 
Consolidated
Total Adjusted operating revenues
page 8
1,863  1,686  1,717  1,721  1,697  6,987  6,276 
Interest credited and other benefits to contract owners/policyholders (829) (715) (730) (656) (689) (2,930) (2,559)
Corporate Adjusted operating revenues (1)
(4) (9) (14) (15) (11) (42) (56)
Net revenue
pages 14/18/21
1,031  962  972  1,050  998  4,015  3,663 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations (15) (46) (28) (14) (34) (104) (206)
Other adjustments —  —  (16) —  —  (16) 57 
Net revenue excluding notable items
page 28
1,045  1,008  1,016  1,064  1,032  4,136  3,811 
(1) Includes primarily TSA Revenue.
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Voya Financial
Page 41 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 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Wealth Solutions
Adjusted operating earnings before income taxes
page 14
186  147  179  174  132  686  602 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (14) (39) (24) (14) (33) (91) (161)
Adjusted operating earnings excluding notable items
page 28
200  187  202  188  166  777  763 
Health Solutions
Adjusted operating earnings before income taxes
page 18
59  44  53  124  94  280  376 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation —  (5) (2) —  (2) (8) (15)
Other (1)
—  —  (16) —  —  (16) 57 
Adjusted operating earnings excluding notable items
page 28
60  48  71  125  97  304  335 
Investment Management
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 21
53  57  63  63  42  236  190 
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation (1) (2) (3) (5) (24)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
page 28
54  60  66  62  41  242  212 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 12  13  14  14  51  36 
Adjusted operating earnings excluding notable items 42  47  52  49  31  190  177 
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.


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 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Corporate
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 26
(64) (33) (52) (54) (69) (203) (255)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
page 28 (64) (33) (52) (54) (69) (203) (255)
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items (1) —  —  (1) —  (2)
Adjusted operating earnings excluding notable items (63) (34) (52) (53) (68) (202) (252)
Consolidated
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest
page 7
235  215  242  307  200  999  914 
Less:
Total Notable Items Adjustments (15) (46) (45) (14) (34) (119) (142)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest
249  261  287  321  234  1,119  1,055 
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items 11  13  14  13  51  34 
Adjusted operating earnings excluding notable items
page 28
238  248  273  308  226  1,067  1,022 
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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) 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 3/31/2024 3/31/2023
Book value per common share, including AOCI 34.96 34.80 23.93 29.19 34.03 34.96 34.03
Per share impact of AOCI 24.37 23.32 33.62 26.40 25.92 24.37 25.92
Book value per common share, excluding AOCI 59.33 58.12 57.55 55.59 59.95 59.33 59.95
 
Debt to capital ratio 33.6  % 33.3  % 40.1  % 37.7  % 36.1  % 33.6  % 36.1  %
Capital impact of adding noncontrolling interest
-7.2  % -7.6  % -10.3  % -8.9  % -7.3  % -7.2  % -7.3  %
Impact of adding other financial obligations and treatment of preferred stock (1)
10.1  % 10.0  % 11.3  % 10.4  % 9.8  % 10.1  % 9.8  %
Capital impact of excluding AOCI -8.4  % -7.9  % -13.3  % -10.0  % -9.1  % -8.4  % -9.1  %
Financial leverage ratio excluding AOCI 28.1  % 27.8  % 27.8  % 29.2  % 29.5  % 28.1  % 29.5  %
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic 102.1 104.0 105.8 103.0 97.7 102.1 97.7
Dilutive effect of warrants 4.0 8.9 8.9
Other dilutive effects (2)
2.5 2.8 2.7 2.8 2.9 2.5 2.9
Weighted-average common shares outstanding - Diluted 104.5 106.9 108.4 109.8 109.6 104.5 109.6
Dilutive effect of the exercise or issuance of stock-based awards (3)
Weighted average common shares outstanding - Adjusted Diluted (3)
104.5 106.9 108.4 109.8 109.6 104.5 109.6
(1) Includes operating leases, finance 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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