Exhibit 99.2

Quarterly Investor Supplement

March 31, 2019

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, 2019. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

Corporate Offices:	Media Contact:	Investor Contact:
Voya Financial	Christopher Breslin	Michael Katz
230 Park Avenue	212-309-8941	212-309-8999
New York, New York 10169	Christopher.Breslin@voya.com	IR@voya.com
NYSE Ticker:		Web Site:
VOYA		investors.voya.com

Table of Contents

	Page		Page
Consolidated		Individual Life
Explanatory Note on Non-GAAP Financial Information	3 - 5	Sources of Adjusted Operating Earnings	27
Key Metrics	6	Key Metrics	28
Consolidated Statements of Operations	7	Corporate
Consolidated Adjusted Earnings Before Income Taxes	8	Adjusted Operating Earnings	30
Adjusted Operating Earnings by Segment (QTD)	9	Investment Information
Consolidated Balance Sheets	10	Portfolio Composition	32
DAC/VOBA Segment Trends	11	Portfolio Results	33
Consolidated Capital Structure	12	Alternative Investment Income	34
Consolidated Assets Under Management, Assets Under Administration		Reconciliations
and Advisement	13	Reconciliation of Consolidated Statements of Operations	36
Retirement		Reconciliation of Adjusted Operating Revenues	37
Sources of Adjusted Operating Earnings and Key Metrics	15	Reconciliation of Adjusted Operating Earnings - excluding Unlocking;
Client Assets Rollforward by Product Group	16 - 17	Adjusted Return on Capital	38 - 39
Investment Management		Prepayments and Alternative Income Above (Below) Long-Term
Sources of Adjusted Operating Earnings	19	Expectations	40
Analysis of AUM and AUA	20	Reconciliation of Normalized Adjusted Operating Earnings and Earnings
Account Value Rollforward by Source	21	Per Common Share (Diluted) (QTD)	41
Account Value by Asset Type	22	Reconciliation of Book Value Per Common Share, Excluding AOCI	42
Employee Benefits		Reconciliation of Investment Management Adjusted Operating Margin,
Sources of Adjusted Operating Earnings	24	Excluding Investment Capital	43
Key Metrics	25

Voya Financial Page 3 of 43

Explanatory Note on Non-GAAP Financial Information

On September 12, 2018, we issued 325,000 shares of 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A, with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $319 million. Dividend payments will be made semi-annually in arrears on the 15th day of March and September of each year, commencing on March 15, 2019.

On June 1, 2018, we closed a transaction that resulted in the disposition of substantially all of our Closed Block Variable Annuity (“CBVA”) and annuities businesses (the "Transaction"). As a result, the assets and liabilities of the businesses sold were classified as held for sale in prior periods and the results of operations have been classified as discontinued operations for all periods presented in this Quarterly Investor Supplement. Pursuant to the Transaction, we evaluated our segments and determined that the retained CBVA and annuities policies that are not components of the disposed businesses described above ("Retained Business") have insignificant impacts to Adjusted operating earnings before taxes. As such, we have recorded the results of these retained businesses in Corporate. In the first quarter of 2019, income (loss) from discontinued operations included a $79 million charge related to a proposed settlement of purchase price true-up amounts. We do not anticipate further material charges in connection with the Transaction.

Adjusted Operating Earnings Before Income Taxes

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

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

▪ Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;

• Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread;

• Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manages our segments;

• Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled;

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

• Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;

• Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

• Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and

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

Voya Financial Page 4 of 43

Explanatory Note on Non-GAAP Financial Information

Adjusted operating earnings before income taxes for Corporate includes Net investment gains (losses) and Net guaranteed benefit hedging gains (losses) associated with the Retained Business in periods prior to 2018. These retained amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.

Income (loss) related to businesses exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions) is excluded from the results of operations from Adjusted operating earnings before income taxes. When we present the adjustments to Income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited through reinsurance or divestment.

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

Normalized Adjusted Operating Earnings

Normalized adjusted operating earnings excludes from Adjusted operating earnings before income taxes the following items:

• DAC/VOBA and other intangibles unlocking;

• Investment income from prepayment fees and alternative investments to the extent such income exceeds or is less than our long-term expectations for such amounts; and

• For periods ended on or prior to June 30, 2018, Investment Management adjusted operating earnings related to our fixed and variable annuities businesses, which we sold in a transaction that closed on June 1, 2018.

Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability.

Adjusted Operating Earnings per Common Share (Diluted) and Normalized Adjusted Operating Earnings per Common Share (Diluted)

In addition to Net income (loss) per common share, we report Adjusted operating earnings per common share (diluted) and Normalized adjusted operating earnings per common share (diluted) because we believe that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the "Reconciliation of Normalized Adjusted Operating Earning and Earnings Per Common Share" page of this document.

Shareholders' Equity/Book Value per Common Share, Excluding AOCI

In addition to book value per common share including Accumulated other comprehensive income (AOCI), we also report book value per common share excluding AOCI and shareholders' equity excluding AOCI and preferred stock. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per common share excluding AOCI and common shareholders' equity excluding AOCI provide a measure consistent with that view. The Adjusted debt to capital ratio includes a 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI. For a reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures, refer to the "Reconciliation of Book Value Per Common Share, Excluding AOCI" page of this document.

Adjusted Return on Capital

We report Adjusted return on capital ("ROC") because we believe this measure is a useful indicator of how effectively we use capital resources allocated to our segments apart from corporate and closed block activities, which include our Retirement, Investment Management, Individual Life and Employee Benefits segments. 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. Statutory surplus in excess of target statutory capital and certain corporate assets and liabilities, such as certain deferred tax assets and liabilities for unfunded pension plans, are allocated to Corporate.

Adjusted Operating Effective Tax Rate and Normalized Adjusted Operating Effective Tax Rate

We assumed a 32% tax rate on adjusted operating earnings and all components of adjusted operating earnings described as "after tax" for 2017. Beginning in 2018, the adjusted operating effective tax rate is based on the actual income tax expense for the current period related to Income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law, including the Tax Cuts and Jobs Act. For non-operating items, we apply a 21% tax rate beginning in 2018. The 32% tax rate for 2017 adjusted operating earnings and components reflects the estimated benefit of the dividends received deduction related to the company's Retirement, Investment Management, Employee Benefits and Individual Life segments.

Stranded Costs

As a result of the Transaction, certain costs that relate to activities for which we continue to provide transitional services for businesses sold and for which we are reimbursed under a transition services agreement ("TSA"), are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold, and other expenses that do not meet the foregoing criteria are reported within continuing operations. These costs reported within continuing operations ("Stranded Costs") are included in Adjusted operating earnings before income taxes and Income (loss) from continuing operations for all periods presented. Because we do not believe that TSA revenues and Stranded Costs are representative of the future run-rate of revenues and expenses of our continuing operations, they are recorded in Corporate. We plan to address the Stranded Costs through a cost reduction strategy.

Voya Financial Page 5 of 43

Explanatory Note on Non-GAAP Financial Information

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 realized investment gains (losses) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue;

• Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in nonperformance spread;

• Revenues related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Operating revenues with how we manages our segments;

• Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; and

• Other adjustments to total revenues 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 operating revenues.

Adjusted operating revenues for Corporate includes Net investment gains (losses) and Gains (losses) on change in fair value of derivatives related to guaranteed benefits associated with the Retained Business in the periods prior to 2018. These retained amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.

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 in this document.

Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Adjusted operating earnings before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of Adjusted operating earnings (loss) before income taxes. The sources of earnings are defined as such:

• Investment spread and other investment income consists of net investment income and net realized investment gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.

• Fee based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), and transaction based recordkeeping fees.

• Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal life contracts, and that portion of traditional life insurance premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC.

• Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses and fees on letters of credit.

• Net commissions are commissions paid that are not deferred and thus recorded directly to expense.

• For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see “Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles” in our SEC filings.

Other Information

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

Voya Financial Page 6 of 43

Key Metrics

	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Net income (loss) available to Voya Financial, Inc.'s common shareholders	64		121		142		166		446		64		446
Per common share (basic)	0.44		0.78		0.89		1.00		2.59		0.44		2.59
Per common share (diluted)	0.42		0.76		0.87		0.96		2.50		0.42		2.50
Adjusted operating earnings: (1)
Before income taxes	194		238		163		238		163		194		163
After income taxes	163		209		139		195		137		163		137
Effective tax rate	16.3	%	12.2	%	14.9	%	17.9	%	16.2	%	16.3	%	16.2	%
Per common share (diluted)	1.07		1.32		0.84		1.13		0.77		1.07		0.77
Normalized adjusted operating earnings: (1)
Before income taxes	223		255		265		247		215		223		215
After income taxes	186		222		220		202		178		186		178
Effective tax rate	16.9	%	12.7	%	17.8	%	17.0	%	17.9	%	16.9	%	17.9	%
Per common share (diluted)	1.22		1.40		1.34		1.17		0.99		1.22		0.99
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity	8,746		7,894		8,204		8,460		9,378		8,746		9,378
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)	6,780		7,287		7,427		7,517		7,867		6,780		7,867
Net Deferred Tax Asset (DTA and AMT receivables) (net of valuation allowance) (2)	1,985		1,925		1,811		1,942		1,843		1,985		1,843
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI & DTA (2)	4,795		5,362		5,616		5,575		6,024		4,795		6,024
Book value per common share (including AOCI)	59.13		52.28		52.22		52.22		54.65		59.13		54.65
Book value per common share (excluding AOCI) (1)	45.84		48.26		47.28		46.40		45.84		45.84		45.84
Debt to Capital:
Debt to Capital	25.7	%	27.6	%	28.9	%	29.0	%	26.9	%	25.7	%	26.9	%
Adjusted Debt to Capital (1) (4)	28.0	%	26.6	%	28.4	%	29.0	%	28.1	%	28.0	%	28.1	%
Shares:
Weighted-average common shares outstanding
Basic	147		154		160		167		172		147		172
Diluted	151		158		164		173		178		151		178
Adjusted Diluted (1) (3)	151		158		164		173		178		151		178
Ending shares outstanding	148		151		157		162		172		151		172
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	200		275		250		500		100		200		100
Dividends to common shareholders	1		1		2		1		2		1		2
Total cash returned to common shareholders	201		276		252		501		102		201		102
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer 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 35 of this document.
(2) Deferred Tax Asset (DTA) related to Federal Net Operating Loss Carry Forwards (“Federal NOLs”), Life Subgroup Deferred Losses, Alternative Minimum Tax refundable in the short term under new tax legislation, and Non-Life Subgroup Deferred Losses related to tax-based goodwill, net of $446 million tax valuation allowance related to Federal NOLs for the period ended March 31, 2019.
(3) For an explanation of the diluted weighted-average common share measures used for Adjusted operating earnings per share (diluted) and Normalized adjusted operating earnings per share (diluted) please refer to "Reconciliation of Book Value per Common Share, excluding AOCI" on page 42 of this document.
(4) Includes a 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.

Voya Financial Page 7 of 43

Consolidated Statements of Operations

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Revenues
Net investment income	815		816		855		813		823		815		823
Fee income	665		668		704		660		676		665		676
Premiums	582		537		550		533		539		582		539
Net realized capital gains (losses)	17		(52	)	(46	)	(120	)	(181	)	17		(181	)
Other revenues	113		120		127		101		99		113		99
Income (loss) related to consolidated investment entities	5		93		62		126		11		5		11
Total revenues	2,197		2,182		2,252		2,113		1,967		2,197		1,967
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(1,186	)	(1,129	)	(1,268	)	(1,088	)	(1,090	)	(1,186	)	(1,090	)
Operating expenses	(702	)	(690	)	(656	)	(645	)	(700	)	(702	)	(700	)
Net amortization of DAC/VOBA	(85	)	(108	)	(86	)	(74	)	(100	)	(85	)	(100	)
Interest expense	(42	)	(79	)	(47	)	(46	)	(49	)	(42	)	(49	)
Operating expenses related to consolidated investment entities	(5	)	(14	)	(9	)	(19	)	(7	)	(5	)	(7	)
Total benefits and expenses	(2,020	)	(2,020	)	(2,066	)	(1,872	)	(1,946	)	(2,020	)	(1,946	)
Income (loss) from continuing operations before income taxes	177		162		186		241		21		177		21
Less:
Net investment gains (losses) and related charges and adjustments	23		(37	)	11		(40	)	(61	)	23		(61	)
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(2	)	38		14		2		(14	)	(2	)	(14	)
Income (loss) related to businesses exited through reinsurance or divestment	(21	)	(23	)	—		(8	)	(45	)	(21	)	(45	)
Income (loss) attributable to noncontrolling interests	(1	)	56		23		58		—		(1	)	—
Income (loss) on early extinguishment of debt	—		(37	)	—		—		(3	)	—		(3	)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	66		(47	)	—		—		—		66		—
Dividend payments made to preferred shareholders	10		—		—		—		—		10		—
Other adjustments	(92	)	(26	)	(25	)	(9	)	(19	)	(92	)	(19	)
Adjusted operating earnings before income taxes (1)	194		238		163		238		163		194		163
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer 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 35 of this document.

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Consolidated Adjusted Operating Earnings Before Income Taxes

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net realized gains (losses)	711		773		783		756		741		711		741
Fee income	678		696		726		706		708		678		708
Premiums	581		535		547		532		537		581		537
Other revenue	53		49		52		39		37		53		37
Adjusted operating revenues (1)	2,023		2,053		2,108		2,033		2,023		2,023		2,023
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(1,108	)	(1,120	)	(1,260	)	(1,101	)	(1,115	)	(1,108	)	(1,115	)
Operating expenses	(591	)	(562	)	(557	)	(569	)	(578	)	(591	)	(578	)
Net amortization of DAC/VOBA	(75	)	(91	)	(83	)	(77	)	(118	)	(75	)	(118	)
Interest expense	(55	)	(42	)	(45	)	(48	)	(49	)	(55	)	(49	)
Adjusted operating benefits and expenses	(1,829	)	(1,815	)	(1,945	)	(1,795	)	(1,860	)	(1,829	)	(1,860	)
Adjusted operating earnings before income taxes (1)	194		238		163		238		163		194		163

Adjusted Operating Revenues and Adjusted Operating Earnings by Segment
Adjusted operating revenues
Retirement	648		690		705		670		662		648		662
Investment Management	148		159		168		171		185		148		185
Employee Benefits	508		467		469		460		453		508		453
Individual Life	626		643		660		641		631		626		631
Corporate	93		94		106		91		92		93		92
Adjusted operating revenues (1)	2,023		2,053		2,108		2,033		2,023		2,023		2,023
Adjusted Operating Earnings
Retirement	129		170		253		169		109		129		109
Investment Management	34		44		48		52		61		34		61
Employee Benefits	38		43		50		35		32		38		32
Individual Life	48		43		(134	)	41		17		48		17
Corporate	(55	)	(62	)	(54	)	(59	)	(56	)	(55	)	(56	)
Adjusted operating earnings before income taxes (1)	194		238		163		238		163		194		163
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer 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 35 of this document.

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Adjusted Operating Earnings by Segment

	Three Months Ended March 31, 2019
(in millions USD)	Retirement		Investment Management		Employee Benefits		Individual Life		Corporate		Consolidated
Adjusted operating revenues
Net investment income and net realized gains (losses)	415		(2	)	26		215		57		711
Fee income	199		145		16		308		10		678
Premiums	1		—		467		98		15		581
Other revenue	33		5		(1	)	5		11		53
Adjusted operating revenues (1)	648		148		508		626		93		2,023
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(231	)	—		(364	)	(458	)	(55	)	(1,108	)
Operating expenses	(268	)	(114	)	(102	)	(71	)	(36	)	(591	)
Net amortization of DAC/VOBA	(20	)	—		(4	)	(49	)	(2	)	(75	)
Interest expense	—		—		—		—		(55	)	(55	)
Adjusted operating benefits and expenses	(519	)	(114	)	(470	)	(578	)	(148	)	(1,829	)
Adjusted operating earnings before income taxes (1)	129		34		38		48		(55	)	194
	Three Months Ended March 31, 2018
	Retirement		Investment Management		Employee Benefits		Individual Life		Corporate		Consolidated
Adjusted operating revenues
Net investment income and net realized gains (losses)	423		11		27		218		61		741
Fee income	212		165		16		305		11		708
Premiums	2		—		411		105		20		537
Other revenue	25		9		(1	)	3		—		37
Adjusted operating revenues (1)	662		185		453		631		92		2,023
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(237	)	—		(326	)	(495	)	(56	)	(1,115	)
Operating expenses	(248	)	(124	)	(91	)	(74	)	(41	)	(578	)
Net amortization of DAC/VOBA	(68	)	—		(4	)	(45	)	(2	)	(118	)
Interest expense	—		—		—		—		(49	)	(49	)
Adjusted operating benefits and expenses	(553	)	(124	)	(421	)	(614	)	(148	)	(1,860	)
Adjusted operating earnings before income taxes (1)	109		61		32		17		(56	)	163
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer 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 35 of this document.

Voya Financial Page 10 of 43

Consolidated Balance Sheets

	Balances as of
(in millions USD)	3/31/2019		12/31/2018			9/30/2018		6/30/2018		3/31/2018
Assets
Total investments	65,625		63,566			63,873		63,857		64,608
Cash and cash equivalents	1,033		1,538			1,789		1,534		1,411
Assets held in separate accounts	77,649		71,228			80,937		78,642		77,949
Premium receivable and reinsurance recoverable	6,753		6,860		R	7,068		7,617		7,601
Short term investments under securities loan agreement and accrued investment income	2,585		2,334			2,490		2,353		2,170
Deferred policy acquisition costs, Value of business acquired	3,600		4,116			4,061		4,008		3,769
Deferred income taxes	864		1,157			1,122		1,266		1,022
Other assets (1)	1,575		1,573			1,473		1,175		1,388
Assets related to consolidated investment entities	2,301		2,310			2,223		2,288		2,826
Assets held for sale	—		—			—		—		57,080
Total Assets	161,985		154,682			165,036		162,740		219,824
Liabilities
Future policy benefits and contract owner account balances	65,366		65,489		R	65,523		65,980		65,732
Liabilities related to separate accounts	77,649		71,228			80,937		78,642		77,949
Payables under securities loan agreements, including collateral held	1,978		1,821			2,097		1,957		1,719
Short-term debt	1		1			1		1		—
Long-term debt	3,136		3,136			3,459		3,458		3,458
Other liabilities (2)	2,849		2,838			2,632		2,339		2,752
Liabilities related to consolidated investment entities	1,200		1,228			1,187		1,121		1,347
Liabilities held for sale	—		—			—		—		56,458
Total Liabilities	152,179		145,741			155,836		153,498		209,415
Shareholders' Equity
Preferred stock	—		—			—		—		—
Common stock	3		3			3		3		3
Treasury stock	(5,203	)	(4,981	)		(4,705	)	(4,442	)	(3,936	)
Additional paid-in capital	24,310		24,316			24,301		23,951		23,961
Retained earnings (deficit)	(12,011	)	(11,732	)		(11,853	)	(11,995	)	(12,161	)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	7,099		7,606			7,746		7,517		7,867
Accumulated other comprehensive income	1,966		607			777		943		1,511
Total Voya Financial, Inc. Shareholders' Equity	9,065		8,213			8,523		8,460		9,378
Noncontrolling interest	741		728			677		782		1,031
Total Shareholders' Equity	9,806		8,941			9,200		9,242		10,409
Total Liabilities and Shareholders' Equity	161,985		154,682			165,036		162,740		219,824
(1) Includes Other assets, Sales inducements to contract holders, Current income taxes, Goodwill and other intangible assets.
(2) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.
R  Amounts revised to reflect the change in reserves related to the business reinsured. There was no impact on Net income (loss) available to shareholders. Premium receivable and reinsurance recoverable amount filed was $6,567. Future policy benefits and contract owner account balances amount filed was $65,196.

Voya Financial Page 11 of 43

DAC/VOBA Segment Trends

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Retirement
Balance as of Beginning-of-Period	1,271		1,251		1,167		1,057		882		1,271		882
Deferrals of commissions and expenses	17		19		17		18		19		17		19
Amortization	(33	)	(23	)	(25	)	(20	)	(13	)	(33	)	(13	)
Unlocking (1)	25		(19	)	50		(8	)	(59	)	25		(59	)
Change in unrealized capital gains/losses	(251	)	43		42		120		228		(251	)	228
Balance as of End-of-Period	1,029		1,271		1,251		1,167		1,057		1,029		1,057
Deferred Sales Inducements as of End-of-Period (2)	32		34		34		33		33		32		33
Individual Life
Balance as of Beginning-of-Period	2,679		2,648		2,687		2,566		2,366		2,679		2,366
Deferrals of commissions and expenses	43		34		28		25		26		43		26
Amortization	(69	)	(61	)	(58	)	(38	)	(1	)	(69	)	(1	)
Unlocking	(2	)	1		(46	)	(2	)	(21	)	(2	)	(21	)
Change in unrealized capital gains/losses	(230	)	57		37		136		196		(230	)	196
Balance as of End-of-Period	2,421		2,679		2,648		2,687		2,566		2,421		2,566
Other (3)
Balance as of Beginning-of-Period	166		162		154		146		126		166		126
Deferrals of commissions and expenses	7		9		7		8		6		7		6
Amortization	(6	)	(5	)	(5	)	(6	)	(6	)	(6	)	(6	)
Unlocking	—		(1	)	(2	)	—		—		—		—
Change in unrealized capital gains/losses	(17	)	1		8		6		20		(17	)	20
Balance as of End-of-Period	150		166		162		154		146		150		146
Total
Balance as of Beginning-of-Period	4,116		4,061		4,008		3,769		3,374		4,116		3,374
Deferrals of commissions and expenses	67		62		52		51		51		67		51
Amortization	(108	)	(89	)	(88	)	(64	)	(20	)	(108	)	(20	)
Unlocking	23		(19	)	2		(10	)	(80	)	23		(80	)
Change in unrealized capital gains/losses	(498	)	101		87		262		444		(498	)	444
Balance as of End-of-Period	3,600		4,116		4,061		4,008		3,769		3,600		3,769
(1) During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the three months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $9 million, which was included in the results of the annual review of assumptions.
(2) Deferred sales inducements in other segments are insignificant.
(3) Includes Employee Benefits, Investment Management and closed blocks, including remaining annuities businesses.

Voya Financial Page 12 of 43

Consolidated Capital Structure

	Balances as of
(in millions USD)	3/31/2019		12/31/2018		9/30/2018			6/30/2018		3/31/2018
Financial Debt
Senior bonds	2,035		2,035		2,358			2,357		2,357
Subordinated bonds	1,097		1,097		1,097			1,097		1,096
Other debt	5		5		5			5		5
Total Debt	3,137		3,137		3,460			3,459		3,458
Equity
Preferred equity (Excluding AOCI) (1)	319		319		319			—		—
Common equity (Excluding AOCI)	6,780		7,287		7,427		R	7,517		7,867
Total Equity (Excluding AOCI) (2)	7,099		7,606		7,746			7,517		7,867
Accumulated other comprehensive income (AOCI)	1,966		607		777			943		1,511
Total Voya Financial, Inc. Shareholders' Equity	9,065		8,213		8,523			8,460		9,378
Capital
Total Capitalization	12,202		11,350		11,983			11,919		12,836
Total Capitalization (Excluding AOCI) (2)	10,236		10,743		11,206			10,976		11,325
Debt to Capital
Debt to Capital	25.7	%	27.6	%	28.9	%		29.0	%	26.9	%
Adjusted Debt to Capital (2) (3)	28.0	%	26.6	%	28.4	%		29.0	%	28.1	%
(1) Includes Preferred stock par value and additional paid-in-capital.
(2) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer 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 35 of this document.
(3) Includes 25% equity treatment afforded to subordinated debt, 100% equity treatment afforded to preferred stock and excludes AOCI.
R Amount revised to exclude Preferred equity (Excluding AOCI). There was no change to Total Equity (excluding AOCI) and Total Voya Financial, Inc. Shareholders' Equity. The previously filed amount was $7,746.

Voya Financial Page 13 of 43

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of March 31, 2019
(in millions USD)	General Account		Separate Account		Institutional/Mutual Funds		Total AUM - Assets Under Management		AUA - Assets Under Administration & Advisement (3)		Total AUM + AUA
Retirement (1)	32,784		71,008		46,623		150,415		241,441		391,856
Investment Management	56,021		25,553		128,107		209,681		49,929		259,610
Employee Benefits	1,753		14		—		1,767		—		1,767
Individual Life (2)	12,845		2,685		—		15,530		—		15,530
Eliminations/Other	(47,382	)	(21,611	)	(10,220	)	(79,213	)	(42,167	)	(121,380	)
Total AUM and AUA	56,021		77,649		164,510		298,180		249,203		547,383
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) Includes assets backing interest and non-interest sensitive products.
(3) Starting Q1 2019, AUA includes Assets Under Advisement. Retirement 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, General Account and Stable Value assets where only administrative or ancillary services are performed.

Retirement

Voya Financial Page 15 of 43

Retirement Sources of Adjusted Operating Earnings and Key Metrics

	Three Months Ended or As of										Year-to-Date or As of
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Sources of operating earnings before income taxes:
Fixed income	390		391		387		385		381		390		381
Limited partnership and Prepayment fee income	6		9		12		6		5		6		5
Total gross investment income	396		400		399		391		386		396		386
Investment expenses	(19	)	(17	)	(18	)	(19	)	(17	)	(19	)	(17	)
Credited interest	(229	)	(233	)	(233	)	(231	)	(228	)	(229	)	(228	)
Net margin	148		150		148		141		141		148		141
Other investment income (1)	34		59		70		54		46		34		46
Investment spread and other investment income	182		209		218		195		187		182		187
Full service fee based revenue	124		127		136		132		133		124		133
Recordkeeping and Other fee based revenue	108		114		111		105		108		108		108
Total fee based margin	232		240		247		237		241		232		241
Net underwriting gain (loss) and other revenue	3		1		—		—		(3	)	3		(3	)
Administrative expenses	(215	)	(190	)	(179	)	(185	)	(194	)	(215	)	(194	)
Net Commissions	(52	)	(50	)	(52	)	(52	)	(53	)	(52	)	(53	)
DAC/VOBA and other intangibles amortization, excluding unlocking	(25	)	(27	)	(31	)	(29	)	(28	)	(25	)	(28	)
DAC/VOBA and other intangibles unlocking (2)	4		(13	)	50		3		(41	)	4		(41	)
Adjusted operating earnings before income taxes	129		170		253		169		109		129		109
Adjusted Return on Capital (3)	13.6	%	14.1	%	13.4	%	12.0	%	11.1	%	13.6	%	11.1	%
Full Service Revenue (4)
Full Service Investment Spread and other investment income	170		197		205		183		176		170		176
Full Service Fee Based Revenue	124		127		136		132		133		124		133
Total Full Service Revenue	294		324		340		315		309		294		309
Client Assets
Spread Based	32,784		33,006		32,468		32,519		32,480		32,784		32,480
Fee Based	265,861		240,976		309,278		297,787		294,386		265,861		294,386
Retail Client Assets	58,244		53,515		58,543		56,619		55,815		58,244		55,815
Defined Contribution Investment-only Stable Value	34,967		34,078		34,573		33,957		34,326		34,967		34,326
Total Client Assets	391,856		361,575		434,862		420,882		417,007		391,856		417,007
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.
(2) During 2018, we have updated our assumptions related to the GMIR initiative to reflect higher expected consents based on company experience. For the three months ended September 30, 2018, unfavorable unlocking of DAC / VOBA related to GMIR provisions was $9 million, which was included in the results of the annual review of assumptions.
(3) Adjusted Return on Capital calculated using trailing twelve months.
(4) Excludes Net underwriting gain (loss) and other revenue.

Voya Financial Page 16 of 43

Retirement Client Assets Rollforward by Product Group

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Full service - Corporate markets
Client Assets, beginning of period	58,705		64,380		61,888		60,650		60,495		58,705		60,495
Transfers / Single deposits	1,352		1,679		927		986		1,066		1,352		1,066
Recurring deposits	1,850		1,372		1,442		1,512		1,670		1,850		1,670
Total Deposits	3,202		3,051		2,369		2,498		2,736		3,202		2,736
Surrenders, benefits, and product charges	(2,309	)	(2,448	)	(1,999	)	(2,261	)	(2,465	)	(2,309	)	(2,465	)
Net Flows	893		602		370		237		271		893		271
Interest credited and investment performance	5,768		(6,278	)	2,122		1,001		(116	)	5,768		(116	)
Client Assets, end of period - Corporate markets	65,366		58,705		64,380		61,888		60,650		65,366		60,650
Full service - Tax-exempt markets
Client Assets, beginning of period	60,514		64,261		62,814		61,954		62,070		60,514		62,070
Transfers / Single deposits	399		1,286		451		283		280		399		280
Recurring deposits	953		801		825		864		857		953		857
Total Deposits	1,352		2,087		1,276		1,147		1,137		1,352		1,137
Surrenders, benefits, and product charges	(1,660	)	(1,373	)	(1,547	)	(1,257	)	(1,361	)	(1,660	)	(1,361	)
Net Flows	(309	)	713		(271	)	(110	)	(224	)	(309	)	(224	)
Interest credited and investment performance	4,405		(4,460	)	1,718		970		108		4,405		108
Client Assets, end of period - Tax-exempt markets	64,610		60,514		64,261		62,814		61,954		64,610		61,954
Full Service - Total
Client Assets, beginning of period	119,219		128,641		124,702		122,604		122,565		119,219		122,565
Transfers / Single deposits	1,751		2,965		1,378		1,269		1,346		1,751		1,346
Recurring deposits	2,803		2,173		2,267		2,376		2,527		2,803		2,527
Total Deposits	4,554		5,138		3,645		3,645		3,873		4,554		3,873
Surrenders, benefits, and product charges	(3,969	)	(3,821	)	(3,546	)	(3,518	)	(3,826	)	(3,969	)	(3,826	)
Net Flows	584		1,315		99		127		47		584		47
Interest credited and investment performance	10,173		(10,738	)	3,840		1,971		(8	)	10,173		(8	)
Client Assets, end of period - Full Service Total	129,976		119,219		128,641		124,702		122,604		129,976		122,604
Full Service - Client Assets
Fee-based	99,083		88,139		98,130		94,201		92,160		99,083		92,160
Spread-based	30,893		31,080		30,511		30,501		30,444		30,893		30,444
Client Assets, end of period - Full Service Total	129,976		119,219		128,641		124,702		122,604		129,976		122,604

Voya Financial Page 17 of 43

Retirement Client Assets Rollforward by Product Group

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Recordkeeping
Client Assets, beginning of period	152,837		211,149		203,561		202,226		220,191		152,837		220,191
Transfers / Single deposits	999		1,552		1,754		544		510		999		510
Recurring deposits	3,835		3,250		3,291		3,563		4,273		3,835		4,273
Total Deposits	4,834		4,802		5,045		4,107		4,782		4,834		4,782
Surrenders, benefits, and product charges	(5,165	)	(41,969	)	(6,064	)	(6,747	)	(21,529	)	(5,165	)	(21,529	)
Net Flows	(331	)	(37,167	)	(1,019	)	(2,639	)	(16,747	)	(331	)	(16,747	)
Interest credited and investment performance	14,272		(21,145	)	8,607		3,974		(1,218	)	14,272		(1,218	)
Client Assets, end of period - Recordkeeping	166,778		152,837		211,149		203,561		202,226		166,778		202,226
Total Defined Contribution (1)
Client Assets, beginning of period	272,056		339,789		328,288		324,830		342,756		272,056		342,756
Transfers / Single deposits	2,750		4,517		3,132		1,814		1,856		2,750		1,856
Recurring deposits	6,637		5,423		5,559		5,939		6,799		6,637		6,799
Total Deposits	9,387		9,940		8,691		7,752		8,655		9,387		8,655
Surrenders, benefits, and product charges	(9,134	)	(45,790	)	(9,611	)	(10,265	)	(25,356	)	(9,134	)	(25,356	)
Net Flows	253		(35,850	)	(920	)	(2,513	)	(16,700	)	253		(16,700	)
Interest credited and investment performance	24,445		(31,883	)	12,421		5,972		(1,226	)	24,445		(1,226	)
Client Assets, end of period - Total Defined Contribution	296,754		272,056		339,789		328,288		324,830		296,754		324,830
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period	34,078		34,573		33,957		34,326		35,000		34,078		35,000
Transfers / Single deposits	861		348		607		798		779		861		779
Recurring deposits	118		208		87		279		105		118		105
Total Deposits	979		556		694		1,077		884		979		884
Surrenders, benefits, and product charges	(765	)	(1,111	)	(269	)	(1,563	)	(1,242	)	(765	)	(1,242	)
Net Flows	214		(555	)	425		(486	)	(358	)	214		(358	)
Interest credited and investment performance	675		60		191		118		(316	)	675		(316	)
Assets, end of period - Defined Contribution Investment-only SV	34,967		34,078		34,573		33,957		34,326		34,967		34,326
Retail Client Assets (3)(4)	58,244		53,515		58,543		56,619		55,815		58,244		55,815
Other Assets (5)	1,891		1,926		1,957		2,018		2,036		1,891		2,036
Total Client Assets	391,856		361,574		434,862		420,882		417,007		391,856		417,007
(1) Total of Full Service and Recordkeeping
(2) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(3) Includes assets of our Retail Wealth Management business, as well as assets in a proprietary IRA mutual fund product that is distributed by both VFA (affiliated) and non-affiliated advisors.
(4) During the Q1 2018, results from certain investment-only products were moved from Corporate to the Retirement segment.
(5) Includes other guaranteed payout products.

Investment Management

Voya Financial Page 19 of 43

Investment Management Sources of Adjusted Operating Earnings

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Sources of operating earnings before income taxes:
Investment capital and other investment income	(2	)	5		8		5		11		(2	)	11
Fee based margin	150		154		160		166		174		150		174
Administrative expenses	(114	)	(115	)	(120	)	(119	)	(124	)	(114	)	(124	)
Adjusted operating earnings before income taxes	34		44		48		52		61		34		61
Fee based margin
Investment advisory and administrative revenue	145		152		157		161		165		145		165
Other fee based margin	5		2		3		5		9		5		9
Fee based margin	150		154		160		166		174		150		174

Voya Financial Page 20 of 43

Investment Management Analysis of AUM and AUA

	Three Months Ended					Year-to-Date
(in millions USD)	3/31/2019	12/31/2018	9/30/2018	6/30/2018	3/31/2018	3/31/2019	3/31/2018
Client Assets:
External Clients
Institutional	88,147	85,918	85,258	83,641	72,544	88,147	72,544
Retail	65,512	61,257	69,295	67,894	68,014	65,512	68,014
Subtotal External Clients	153,660	147,176	154,553	151,535	140,558	153,660	140,558
General Account	56,021	56,288	55,862	55,617	81,893	56,021	81,893
Total Client Assets (AUM)	209,681	203,464	210,415	207,152	222,451	209,681	222,451
Administration Only Assets (AUA)	49,929	47,004	48,990	49,378	49,008	49,929	49,008
Total AUM and AUA	259,610	250,468	259,405	256,530	271,459	259,610	271,459
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional	62	65	65	64	62	62	62
Retail	52	54	59	58	58	52	58
Subtotal External Clients	113	120	124	122	120	113	120
General Account	28	28	28	36	40	28	40
Total Investment Advisory and Administrative Revenues (AUM)	141	148	152	158	160	141	160
Administration Only Fees	4	4	5	3	5	4	5
Total Investment Advisory and Administrative Revenues	145	152	157	161	165	145	165
Revenue Yield (bps) (1)
External Clients
Institutional	28.5	30.3	30.9	33.6	34.0	28.5	34.0
Retail	32.2	33.9	34.2	33.1	33.3	32.2	33.3
Revenue Yield on External Clients	30.1	31.9	32.4	33.4	33.7	30.1	33.7
General Account	19.9	19.9	20.0	19.7	19.5	19.9	19.5
Revenue Yield on Client Assets (AUM)	27.3	28.6	29.1	28.8	28.5	27.3	28.5
Revenue Yield on Administration Only Assets (AUA)	3.0	3.5	3.8	2.9	4.1	3.0	4.1
Total Revenue Yield on AUM and AUA (bps)	22.7	23.9	24.3	24.1	24.0	22.7	24.0
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.

Voya Financial Page 21 of 43

Investment Management Account Rollforward by Source

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Institutional AUM:
Beginning of period AUM	85,918		85,258		83,641		72,544		72,468		85,918		72,468
Inflows	3,335		4,278		2,771		3,141		1,851		3,335		1,851
Outflows	(1,867	)	(2,699	)	(1,832	)	(1,741	)	(1,559	)	(1,867	)	(1,559	)
Subtotal Investment Management Sourced Institutional Net Flows	1,468		1,579		938		1,399		292		1,468		292
Affiliate Sourced Institutional Inflows	1,269		587		786		432		421		1,269		421
Affiliate Sourced Institutional Outflows	(1,632	)	(1,471	)	(332	)	(541	)	(699	)	(1,632	)	(699	)
Subtotal Affiliate Sourced Net Flows	(363	)	(884	)	454		(109	)	(278	)	(363	)	(278	)
Net flows- Institutional AUM	1,105		694		1,392		1,291		14		1,105		14
Net Money Market Flows	—		—		—		—		—		—		—
Change in Market Value	1,124		(360	)	551		80		(49	)	1,124		(49	)
Other (Including Acquisitions / Divestitures) (1)	—		325		(325	)	9,727		110		—		110
End of period AUM- Institutional	88,147		85,918		85,258		83,641		72,544		88,147		72,544
Organic Growth (Net Flows/Beginning of period AUM)	1.3	%	0.8	%	1.7	%	1.8	%	0.0	%	1.3	%	0.0	%
Market Growth %	1.3	%	-0.4	%	0.7	%	0.1	%	-0.1	%	1.3	%	-0.1	%
Retail AUM:
Beginning of period AUM	61,257		69,295		67,894		68,014		69,812		61,257		69,812
Inflows	1,924		1,777		1,391		1,560		1,680		1,924		1,680
Outflows	(2,004	)	(2,142	)	(1,087	)	(1,372	)	(1,499	)	(2,004	)	(1,499	)
Sub-advised Retail Net Flows	(223	)	(382	)	(289	)	(436	)	(416	)	(223	)	(416	)
Subtotal Investment Management Sourced Retail Net Flows (2)	(303	)	(747	)	15		(248	)	(235	)	(303	)	(235	)
Affiliate Sourced Retail Inflows	684		579		537		479		592		684		592
Affiliate Sourced Retail Outflows	(875	)	(952	)	(943	)	(778	)	(822	)	(875	)	(822	)
Subtotal Affiliate Sourced Retail Net Flows (2)	(191	)	(373	)	(406	)	(300	)	(230	)	(191	)	(230	)
Variable Annuity Net Flows	(550	)	(578	)	(600	)	(627	)	(714	)	(550	)	(714	)
Inflows from Sub-advisor Replacements	—		—		76		—		—		—		—
Net flows- Retail AUM	(1,044	)	(1,699	)	(915	)	(1,175	)	(1,179	)	(1,044	)	(1,179	)
Net Money Market Flows	(122	)	158		(1	)	(28	)	(84	)	(122	)	(84	)
Change in Market Value	5,690		(6,434	)	2,549		946		(363	)	5,690		(363	)
Other (Including Acquisitions / Divestitures) (1)	(269	)	(63	)	(233	)	137		(172	)	(269	)	(172	)
End of period AUM- Retail	65,512		61,257		69,295		67,894		68,014		65,512		68,014
Retail Organic Growth Excluding Variable Annuity Net Flows and Sub-advisor	-0.8	%	-1.6	%	-0.6	%	-0.8	%	-0.7	%	-0.8	%	-0.7	%
Replacements (Net Flows / Beginning of period AUM)
Market Growth %	9.3	%	-9.3	%	3.8	%	1.4	%	-0.5	%	9.3	%	-0.5	%
Total Investment Management Sourced Net Flows (2)	1,165		830		953		1,152		56		1,165		56
Total Affiliate Sourced Net Flows (2)	(554	)	(1,256	)	48		(409	)	(507	)	(554	)	(507	)
Total Variable Annuity Net Flows (1)	(550	)	(578	)	(600	)	(627	)	(714	)	(550	)	(714	)
Total Inflows from Sub-advisor Replacements	—		—		76		—		—		—		—
Total Net Flows	61		(1,004	)	477		116		(1,165	)	61		(1,165	)
Net Flows excluding sub-advisor replacement and Variable Annuity net flows	611		(426	)	1,001		743		(451	)	611		(451	)
Total External Clients Organic Growth (Net Flows (excludes VA) / Beginning of period AUM) (2)	0.4	%	-0.3	%	0.7	%	0.5	%	-0.3	%	0.4	%	-0.3	%
(1) Includes Assets Under Management and Net Flows associated with the Variable Annuities business divested in June 2018.
(2) For the three months ending March 31, 2019, December 31, 2018 and September 30, 2018, Affiliate Sourced Net Flows include Retirement distribution of Voya Investment Management retail funds.

Voya Financial Page 22 of 43

Investment Management Account Value by Asset Type

	Balances as of
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018
Institutional
Equity	22,517		21,169		23,712		23,188		23,037
Fixed Income	65,630		64,061		61,396		60,363		49,507
Real Estate	—		—		—		—		—
Money Market	—		688		150		90		—
Total	88,147		85,918		85,258		83,641		72,544
Retail
Equity	40,591		37,107		44,441		43,075		43,003
Fixed Income	22,370		21,298		21,685		21,326		21,257
Real Estate	1,128		1,307		1,800		2,118		2,353
Money Market	1,424		1,545		1,369		1,375		1,401
Total	65,513		61,257		69,295		67,894		68,014
General Account
Equity	169		121		139		205		240
Fixed Income	54,917		55,108		54,904		54,581		80,011
Real Estate	—		—		—		—		—
Money Market	935		1,059		819		831		1,642
Total	56,021		56,288		55,862		55,617		81,893
Combined Asset Type
Equity	63,276		58,397		68,292		66,468		66,280
Fixed Income	142,918		140,468		137,985		136,270		150,775
Real Estate	1,128		1,307		1,800		2,118		2,353
Money Market	2,359		3,292		2,338		2,296		3,043
Total	209,681		203,464		210,415		207,152		222,451
Total Specialty Assets	67,260		66,423		66,600		66,950		72,212
% of Specialty Assets / Total AUM	32.1	%	32.6	%	31.7	%	32.3	%	32.5	%
Total Retirement and Wealth Management Assets	98,480		94,440		101,319		98,298		98,238
% of Retirement and Wealth Management Assets / Total AUM	47.0	%	46.4	%	48.2	%	47.5	%	44.2	%

Employee Benefits

Voya Financial Page 24 of 43

EmployeeBenefits Sources of Adjusted Operating Earnings

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Sources of operating earnings before income taxes:
Fixed income	23		23		23		23		23		23		23
Limited partnership income and Prepayment fee income	—		—		1		1		—		—		—
Total gross investment income	23		23		24		24		23		23		23
Investment expenses	(1	)	(1	)	(1	)	(1	)	(1	)	(1	)	(1	)
Credited interest	(14	)	(14	)	(14	)	(14	)	(14	)	(14	)	(14	)
Net margin	8		8		9		9		8		8		8
Other investment income	4		6		7		5		5		4		5
Investment spread and other investment income	12		14		16		14		13		12		13
Net underwriting gain (loss) and other revenue	132		120		123		112		113		132		113
Administrative expenses	(62	)	(54	)	(53	)	(53	)	(55	)	(62	)	(55	)
Net commissions	(40	)	(34	)	(35	)	(35	)	(35	)	(40	)	(35	)
DAC/VOBA and other intangibles amortization, excluding unlocking	(4	)	(2	)	(2	)	(3	)	(3	)	(4	)	(3	)
DAC/VOBA and other intangibles unlocking	—		(1	)	1		—		(1	)	—		(1	)
Adjusted operating earnings before income taxes	38		43		50		35		32		38		32
Adjusted Return on Capital (1)	28.0	%	28.2	%	26.9	%	29.0	%	28.3	%	28.0	%	28.3	%
Group life:
Premiums	130		125		124		125		123		130		123
Benefits	(104	)	(98	)	(97	)	(102	)	(98	)	(104	)	(98	)
Other (2)	(2	)	(2	)	(2	)	(2	)	(2	)	(2	)	(2	)
Total Group life	24		25		25		21		23		24		23
Group Life Loss Ratio (Interest adjusted)	79.5	%	78.7	%	78.6	%	81.5	%	79.3	%	79.5	%	79.3	%
Group stop loss:
Premiums	254		236		233		232		226		254		226
Benefits	(196	)	(183	)	(180	)	(189	)	(181	)	(196	)	(181	)
Other (2)	(1	)	(1	)	(1	)	(1	)	(1	)	(1	)	(1	)
Total Group stop loss	57		52		52		42		44		57		44
Stop loss Loss Ratio	77.3	%	77.5	%	77.0	%	81.7	%	80.2	%	77.3	%	80.2	%
Voluntary Benefits, Disability, and Other	51		43		45		49		46		51		46
Net underwriting gain (loss) and other revenue
Premiums	484		441		438		435		431		484		431
Benefits	(349	)	(318	)	(311	)	(321	)	(314	)	(349	)	(314	)
Other (2)	(3	)	(3	)	(4	)	(2	)	(4	)	(3	)	(4	)
Total Net underwriting gain (loss) and other revenue	132		120		123		112		113		132		113
Total Aggregate Loss Ratio (1)	72.3	%	72.5	%	73.1	%	72.6	%	72.9	%	72.3	%	72.9	%
(1) Adjusted Return on Capital and Total Aggregate Loss Ratio are calculated using Trailing twelve months.
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.

Voya Financial Page 25 of 43

Employee Benefits Key Metrics

	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	3/31/2019	12/31/2018	9/30/2018	6/30/2018	3/31/2018	3/31/2019	3/31/2018
Sales by Product Line:
Group life and Disability	104	15	12	12	60	104	60
Stop loss	236	25	36	15	179	236	179
Voluntary	69	10	9	10	65	69	65
Total sales by product line	409	50	57	37	304	409	304
Total gross premiums and deposits	521	473	468	469	462	521	462
Annualized In-force Premiums by Product Line:
Group life and Disability	720	659	654	664	663	720	663
Stop loss	1,053	969	953	938	925	1,053	925
Voluntary	390	311	309	312	303	390	303
Total annualized in-force premiums	2,163	1,939	1,916	1,914	1,891	2,163	1,891
Assets Under Management by Fund Group
General account	1,753	1,775	1,823	1,807	1,779	1,753	1,779
Separate account	14	13	15	14	15	14	15
Total AUM	1,767	1,788	1,838	1,821	1,794	1,767	1,794

Individual Life

Voya Financial Page 27 of 43

Individual Life Sources of Adjusted Operating Earnings

											Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Sources of operating earnings before income taxes:
Fixed income	204		206		205		204		203		204		203
Limited partnership income	6		9		9		10		4		6		4
Prepayment fee income	2		3		2		3		2		2		2
Total gross investment income	212		218		216		217		209		212		209
Investment expenses	(8	)	(7	)	(7	)	(7	)	(8	)	(8	)	(8	)
Credited interest	(147	)	(153	)	(150	)	(150	)	(149	)	(147	)	(149	)
Net margin	57		58		59		60		52		57		52
Other investment income (1)	9		16		19		13		14		9		14
Investment spread and other investment income	66		74		78		73		66		66		66
Fee based margin	3		3		3		3		3		3		3
Net underwriting gain (loss) and other revenue	89		98		89		93		69		89		69
Administrative expenses	(56	)	(54	)	(51	)	(51	)	(58	)	(56	)	(58	)
Net commissions	(6	)	(4	)	(5	)	(5	)	(7	)	(6	)	(7	)
DAC/VOBA and other intangibles amortization, excluding unlocking	(45	)	(53	)	(48	)	(41	)	(27	)	(45	)	(27	)
DAC/VOBA and other intangibles unlocking	(3	)	(21	)	(200	)	(31	)	(29	)	(3	)	(29	)
Adjusted operating earnings before income taxes	48		43		(134	)	41		17		48		17
Adjusted Return on Capital (2)	9.3	%	9.1	%	9.8	%	10.6	%	10.8	%	9.3	%	10.8	%
Net underwriting gain (loss) and other revenue
Fee revenue / Premiums	418		428		427		427		417		418		417
Net mortality, including Reinsurance	(334	)	(329	)	(319	)	(331	)	(371	)	(334	)	(371	)
Reserve change / Other	5		(1	)	(19	)	(3	)	23		5		23
Total net underwriting gain (loss) and other revenue	89		98		89		93		69		89		69
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.
(2) Adjusted Return on Capital calculated using trailing twelve months.

Voya Financial Page 28 of 43

Individual Life Key Metrics

						Year-to-Date or As of
(in millions USD)	3/31/2019	12/31/2018	9/30/2018	6/30/2018	3/31/2018	3/31/2019	3/31/2018
Sales by Product Line:
Indexed	33	24	19	16	16	33	16
Accumulation	1	1	1	1	1	1	1
Total Universal life	34	25	20	17	17	34	17
Variable life	—	1	—	1	—	—	—
Term	—	—	—	—	—	—	—
Total sales by product line	34	26	20	18	17	34	17
Gross Premiums and Deposits by Product: (1)
Interest sensitive	337	336	320	314	318	337	318
Non - interest sensitive	122	128	130	130	131	122	131
Total gross premiums and deposits	459	464	450	444	449	459	449
Applications
New business policy count (Paid)	1,909	1,274	1,292	1,069	1,060	1,909	1,060
End of Period:
In-Force Face Amount by Product: (1)
Universal life	83,512	82,334	81,634	81,266	81,150	83,512	81,150
Variable life	19,846	20,146	20,626	21,016	21,330	19,846	21,330
Term (2)	225,966	230,212	206,189	212,572	218,586	225,966	218,586
Whole life	1,613	1,653	1,683	1,720	1,743	1,613	1,743
Total in-force face amount	330,937	334,345	310,132	316,574	322,809	330,937	322,809
In-Force Policy Count (in whole numbers): (1)
Universal life	235,521	237,435	239,742	241,992	244,740	235,521	244,740
Variable life	48,043	48,803	49,517	50,387	51,112	48,043	51,112
Term (2)	413,394	421,571	389,242	400,397	411,474	413,394	411,474
Whole life	103,240	104,860	106,381	107,995	109,841	103,240	109,841
Total in-force policy count	800,198	812,669	784,882	800,771	817,167	800,198	817,167
Assets Under Management by Fund Group: (1)
General account	12,845	12,848	12,902	12,899	12,833	12,845	12,833
Separate account	2,685	2,439	2,826	2,774	2,755	2,685	2,755
Total AUM	15,530	15,287	15,728	15,673	15,588	15,530	15,588
(1) Excludes amounts transferred to third parties through reinsurance transactions.
(2) Q4 2018 and forward balances include adjustments related to business exited through reinsurance agreements; periods prior to Q4 2018 have not been updated

Corporate

Voya Financial Page 30 of 43

Corporate Adjusted Operating Earnings

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Interest expense (excluding Preferred stock dividends)	(45	)	(44	)	(49	)	(49	)	(49	)	(45	)	(49	)
Preferred stock dividends	(10	)	—		—		—		—		(10	)	—
Amortization of intangibles	(9	)	(9	)	(9	)	(9	)	(9	)	(9	)	(9	)
Other (1)	9		(9	)	4		(1	)	2		9		2
Adjusted operating earnings before income taxes	(55	)	(62	)	(54	)	(59	)	(56	)	(55	)	(56	)
(1) Includes results from Retained Business and other closed blocks, and revenues and expenses not allocated to our segments, including TSA revenues and Stranded costs. Also includes DAC/VOBA and other intangibles unlocking related to the Retained Business. Unlocking was not material during the three months ended March 31, 2019 and December 31, 2018. During the three months ended September 30, 2018, the favorable unlocking impact of the annual review of assumptions was $5 million.

Investment Information

Voya Financial Page 32 of 43

Portfolio Composition

	Balances as of
(in millions USD)	3/31/2019				12/31/2018				9/30/2018				6/30/2018				3/31/2018
Composition of Investment Portfolio	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Fixed maturities, available for sale, at fair value, after consolidation	47,923		73.0	%	46,298		72.9	%	46,185		72.4	%	46,104		72.3	%	47,274		73.2	%
Fixed maturities, at fair value using the fair value option	3,159		4.8	%	2,956		4.7	%	2,886		4.5	%	2,983		4.7	%	2,903		4.5	%
Equity securities, available for sale, at fair value	355		0.5	%	273		0.4	%	323		0.5	%	385		0.6	%	382		0.6	%
Short-term investments	192		0.3	%	168		0.3	%	86		0.1	%	102		0.2	%	193		0.3	%
Mortgage loans on real estate	8,516		13.0	%	8,676		13.6	%	8,862		13.8	%	8,904		13.8	%	8,837		13.6	%
Policy loans	1,827		2.8	%	1,833		2.9	%	1,832		2.9	%	1,849		2.9	%	1,863		2.9	%
Limited partnerships/corporations, before consolidation	1,525		N/M		1,511		N/M		1,482		N/M		1,453		N/M		1,267		N/M
CLO/VOEs Adjustments (1)	(359	)	N/M		(353	)	N/M		(359	)	N/M		(383	)	N/M		(447	)	N/M
Limited partnerships/corporations, after consolidation	1,166		1.8	%	1,158		1.8	%	1,123		1.8	%	1,070		1.7	%	820		1.3	%
Derivatives	314		0.5	%	247		0.4	%	422		0.7	%	376		0.6	%	390		0.6	%
Other investments	89		0.1	%	90		0.1	%	91		0.1	%	90		0.1	%	77		0.1	%
Securities pledged to creditors	2,084		3.2	%	1,867		2.9	%	2,063		3.2	%	1,994		3.1	%	1,869		2.9	%
Total investments, after consolidation	65,625		100.0	%	63,566		100.0	%	63,873		100.0	%	63,857		100.0	%	64,608		100.0	%
Fixed Maturity Securities - Security Sector (2)
U.S. Government agencies and authorities	2,449		4.6	%	2,537		5.0	%	2,327		4.6	%	2,419		4.8	%	2,522		4.8	%
U.S. Corporate - Public	20,187		38.0	%	19,848		38.7	%	20,381		39.8	%	20,577		40.2	%	22,083		42.5	%
U.S. Corporate - Private	6,620		12.5	%	6,232		12.2	%	6,418		12.6	%	6,261		12.3	%	5,665		10.9	%
Foreign Government / Agency	875		1.6	%	851		1.7	%	855		1.7	%	848		1.7	%	785		1.5	%
Foreign Corporate - Public	4,839		9.1	%	4,604		9.0	%	4,687		9.1	%	4,552		8.9	%	4,851		9.3	%
Foreign Corporate - Private	5,273		9.9	%	5,094		10.0	%	5,103		10.0	%	5,252		10.3	%	5,204		10.0	%
State, municipalities and political subdivisions	1,715		3.2	%	1,659		3.2	%	1,631		3.2	%	1,659		3.2	%	1,815		3.5	%
CMO-B	3,294		6.3	%	3,197		6.3	%	3,016		5.9	%	3,199		6.3	%	3,016		5.9	%
Agency	885		1.7	%	818		1.6	%	827		1.6	%	823		1.6	%	1,004		1.9	%
Non-Agency (3)	1,078		2.0	%	937		1.8	%	910		1.8	%	831		1.6	%	801		1.5	%
Total Residential mortgage-backed securities	5,257		10.0	%	4,952		9.7	%	4,753		9.3	%	4,853		9.5	%	4,821		9.3	%
Commercial mortgage-backed securities	3,827		7.2	%	3,416		6.7	%	3,116		6.1	%	2,932		5.7	%	2,871		5.5	%
Other asset-backed securities (3)	2,124		3.9	%	1,928		3.8	%	1,863		3.6	%	1,728		3.4	%	1,429		2.7	%
Total fixed maturities, including securities pledged (4)	53,166		100.0	%	51,121		100.0	%	51,134		100.0	%	51,081		100.0	%	52,046		100.0	%
Fixed Maturity Securities - Contractual Maturity Dates, Due to mature:
Due in one year or less	1,306		2.5	%	1,089		2.1	%	1,070		2.1	%	865		1.7	%	1,061		2.0	%
Due after one year through five years	6,961		13.1	%	7,406		14.5	%	7,313		14.3	%	7,817		15.3	%	8,245		15.8	%
Due after five years through ten years	9,746		18.3	%	9,715		19.0	%	9,993		19.5	%	9,943		19.5	%	10,279		19.8	%
Due after ten years	23,945		45.0	%	22,615		44.2	%	23,026		45.1	%	22,943		44.9	%	23,340		44.9	%
CMO-B	3,294		6.3	%	3,197		6.3	%	3,016		5.9	%	3,199		6.3	%	3,016		5.9	%
Mortgage-backed securities	5,790		10.9	%	5,171		10.1	%	4,853		9.5	%	4,586		8.9	%	4,676		8.9	%
Other asset-backed securities (3)	2,124		3.9	%	1,928		3.8	%	1,863		3.6	%	1,728		3.4	%	1,429		2.7	%
Total fixed maturities, including securities pledged (4)	53,166		100.0	%	51,121		100.0	%	51,134		100.0	%	51,081		100.0	%	52,046		100.0	%
Fixed Maturity Securities - NAIC Quality Designation
1	29,805		56.1	%	28,405		55.6	%	28,525		55.7	%	28,817		56.5	%	29,831		57.4	%
2	21,080		39.6	%	20,216		39.5	%	20,036		39.2	%	19,675		38.5	%	19,696		37.8	%
3	1,698		3.2	%	1,798		3.5	%	1,783		3.5	%	1,803		3.5	%	1,822		3.5	%
4	380		0.7	%	504		1.0	%	570		1.1	%	584		1.1	%	488		0.9	%
5	118		0.2	%	120		0.2	%	143		0.3	%	123		0.2	%	87		0.2	%
6	85		0.2	%	78		0.2	%	77		0.2	%	79		0.2	%	122		0.2	%
Total fixed maturities, including securities pledged (4) (5)	53,166		100.0	%	51,121		100.0	%	51,134		100.0	%	51,081		100.0	%	52,046		100.0	%
Fixed Maturity Securities - ARO Quality Rating
AAA	9,518		17.9	%	9,112		17.8	%	8,750		17.1	%	8,885		17.4	%	9,267		17.8	%
AA	3,660		6.9	%	3,526		6.9	%	3,466		6.8	%	3,510		6.9	%	3,543		6.8	%
A	15,125		28.5	%	14,113		27.7	%	14,828		29.1	%	14,887		29.2	%	15,628		30.1	%
BBB	21,611		40.6	%	20,826		40.7	%	20,565		40.1	%	20,191		39.5	%	19,987		38.3	%
BB	2,117		4.0	%	2,297		4.5	%	2,221		4.3	%	2,170		4.2	%	2,224		4.3	%
B and below	1,135		2.1	%	1,247		2.4	%	1,304		2.6	%	1,438		2.8	%	1,397		2.7	%
Total fixed maturities, including securities pledged (5)	53,166		100.0	%	51,121		100.0	%	51,134		100.0	%	51,081		100.0	%	52,046		100.0	%
(1) Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds.
(2) Fixed Maturity Securities includes fixed maturities,available for sale , fixed maturities at fair value using the fair value option and securities pledged to creditors.
(3) Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.
(4) Includes fixed maturities securities related to businesses exited through reinsurance where assets are retained on the Company's balance sheet.
(5) ARO ratings do not directly translate into NAIC ratings.

Voya Financial Page 33 of 43

Portfolio Results

	Three Months Ended																				Year-to-Date
(in millions USD)	3/31/2019				12/31/2018				9/30/2018				6/30/2018				3/31/2018				3/31/2019				3/31/2018
Operating investment income and annualized yield (1)	Net Investment Income		Annualized Yield		Net Investment Income		Annualized Yield		Net Investment Income		Annualized Yield		Net Investment Income		Annualized Yield		Net Investment Income		Annualized Yield		Net Investment Income		Annualized Yield		Net Investment Income		Annualized Yield
Fixed maturity securities (2)	594		5.12	%	598		5.19	%	575		5.05	%	593		5.18	%	584		5.07	%	594		5.12	%	584		5.07	%
Equity securities	3		3.94	%	3		5.52	%	3		5.48	%	3		4.33	%	3		3.96	%	3		3.94	%	3		3.96	%
Mortgage loans	90		4.36	%	94		4.41	%	94		4.39	%	95		4.39	%	94		4.39	%	90		4.36	%	94		4.39	%
Limited partnerships	2		0.42	%	46		12.94	%	74		22.17	%	43		13.87	%	43		15.12	%	2		0.42	%	43		15.12	%
Policy loans	23		5.22	%	23		5.15	%	23		5.12	%	25		5.43	%	25		5.41	%	23		5.22	%	25		5.41	%
Short-term investments	4		0.74	%	4		0.71	%	7		1.20	%	5		0.85	%	4		0.59	%	4		0.74	%	4		0.59	%
Derivatives (2)	4		N/A		10		N/A		10		N/A		10		N/A		10		N/A		4		N/A		10		N/A
Prepayment fee income	11		0.07	%	15		0.09	%	16		0.10	%	9		0.06	%	7		0.04	%	11		0.07	%	7		0.04	%
Other assets	11		N/A		12		N/A		19		N/A		4		N/A		1		N/A		11		N/A		1		N/A
Gross investment income before expenses and fees	742		4.89	%	805		5.33	%	821		5.48	%	787		5.22	%	771		5.10	%	742		4.89	%	771		5.10	%
Expenses and fees	(31	)	-0.21	%	(32	)	-0.22	%	(38	)	-0.26	%	(31	)	-0.21	%	(30	)	-0.20	%	(31	)	-0.21	%	(30	)	-0.20	%
Total investment income and annualized yield	711		4.68	%	773		5.11	%	783		5.22	%	756		5.01	%	741		4.90	%	711		4.68	%	741		4.90	%
Trading gains/losses (1)
Fixed maturities	10				(24	)			17				(9	)			(17	)			10				(17	)
Equity securities	—				2				—				1				(3	)			—				(3	)
Mortgage loans	—				—				—				8				—				—				—
Other investments	1				7				(4	)			(4	)			9				1				9
Total trading gains/losses	11				(15	)			13				(4	)			(11	)			11				(11	)
Impairments (1)
Fixed maturities	(31	)			(8	)			(7	)			(1	)			(14	)			(31	)			(14	)
Equity securities	—				—				—				—				—				—				—
Mortgage loans	(2	)			—				—				—				—				(2	)			—
Other investments	—				—				—				—				—				—				—
Total impairments	(33	)			(8	)			(7	)			(1	)			(14	)			(33	)			(14	)
Fair value adjustments (3)	96				91				(37	)			(46	)			(74	)			96				(74	)
Derivatives, including change in fair value of derivatives related to guaranteed benefits	(67	)			(66	)			41				7				22				(67	)			22
Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses) (1)	7				2				10				(44	)			(77	)			7				(77	)
Businesses exited through reinsurance (4)	80				3				13				(14	)			(36	)			80				(36	)
Consolidation/eliminations (5)	34				(14	)			3				(5	)			14				34				14
Total investment income and realized capital gains (losses)	832				764				809				693				642				832				642
(1) Investment results related to businesses exited through reinsurance are excluded.
(2) Operating income from CMO-B portfolio assets, including derivatives, is included in fixed maturity securities.
(3) Fair value adjustments include adjustments related to CMO-B assets carried at fair value, among other income sources.
(4) Income related to reinsurance transactions, in which investment results are passed directly to the reinsurers pursuant to contracted terms of the reinsurance agreement.
(5) Includes i) the impact of consolidation of investment entities into the Consolidated Statements of Operations, net of the elimination of the Company's management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company, ii) the elimination of intersegment expenses, primarily consisting of asset-based management and administration fees charged by our Investment Management Segment, iii) and other intersegment eliminations.

Voya Financial Page 34 of 43

Alternative Investment Income

	Three Months Ended						Year-to-Date
(in millions USD)	3/31/2019		12/31/2018	9/30/2018	6/30/2018	3/31/2018	3/31/2019		3/31/2018
Retirement
Average alternative investments	705		643	646	558	536	705		536
Alternative investment income	(1	)	23	38	20	18	(1	)	18
Investment Management
Average alternative investments	208		204	214	250	262	208		262
Alternative investment income	(2	)	4	8	5	11	(2	)	11
Employee Benefits
Average alternative investments	81		63	63	53	51	81		51
Alternative investment income	—		2	4	2	2	—		2
Individual Life
Average alternative investments	463		412	387	348	312	463		312
Alternative investment income	6		14	19	16	9	6		9
The table above excludes alternative investments and income that are a component of Assets held for sale and Income (loss) from discontinued operations, net of tax, respectively, and alternative investments and income in Corporate.

Reconciliations

Voya Financial Page 36 of 43

Reconciliation of Consolidated Statements of Operations

	Three Months Ended										Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Revenues
Net investment income	815		816		855		813		823		815		823
Fee income	665		668		704		660		676		665		676
Premiums	582		537		550		533		539		582		539
Net realized capital gains (losses)	17		(52	)	(46	)	(120	)	(181	)	17		(181	)
Other revenues	113		120		127		101		99		113		99
Income (loss) related to consolidated investment entities	5		93		62		126		11		5		11
Total revenues	2,197		2,182		2,252		2,113		1,967		2,197		1,967
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(1,186	)	(1,129	)	(1,268	)	(1,088	)	(1,090	)	(1,186	)	(1,090	)
Operating expenses	(702	)	(690	)	(656	)	(645	)	(700	)	(702	)	(700	)
Net amortization of DAC/VOBA	(85	)	(108	)	(86	)	(74	)	(100	)	(85	)	(100	)
Interest expense	(42	)	(79	)	(47	)	(46	)	(49	)	(42	)	(49	)
Operating expenses related to consolidated investment entities	(5	)	(14	)	(9	)	(19	)	(7	)	(5	)	(7	)
Total benefits and expenses	(2,020	)	(2,020	)	(2,066	)	(1,872	)	(1,946	)	(2,020	)	(1,946	)
Income (loss) from continuing operations before income taxes	177		162		186		241		21		177		21
Less:
Net investment gains (losses) and related charges and adjustments	23		(37	)	11		(40	)	(61	)	23		(61	)
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(2	)	38		14		2		(14	)	(2	)	(14	)
Income (loss) related to businesses exited through reinsurance or divestment	(21	)	(23	)	—		(8	)	(45	)	(21	)	(45	)
Income (loss) attributable to noncontrolling interests	(1	)	56		23		58		—		(1	)	—
Income (loss) on early extinguishment of debt	—		(37	)	—		—		(3	)	—		(3	)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	66		(47	)	—		—		—		66		—
Dividend payments made to preferred shareholders	10		—		—		—		—		10		—
Other adjustments	(92	)	(26	)	(25	)	(9	)	(19	)	(92	)	(19	)
Adjusted operating earnings before income taxes	194		238		163		238		163		194		163

Voya Financial Page 37 of 43

Reconciliation of Adjusted Operating Revenues

	Three Months Ended									Year-to-Date
(in millions USD)	3/31/2019		12/31/2018		9/30/2018	6/30/2018		3/31/2018		3/31/2019		3/31/2018
Total revenues	2,197		2,182		2,252	2,113		1,967		2,197		1,967
Less Adjustments
Net realized investment gains (losses) and related charges and adjustments	10		(48	)	—	(49	)	(73	)	10		(73	)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	(3	)	45		12	4		(7	)	(3	)	(7	)
Revenues (losses) related to business exited through reinsurance or divestment	76		4		22	(18	)	(40	)	76		(40	)
Revenues (loss) attributable to noncontrolling interests	4		70		34	76		6		4		6
Other adjustments (1)	87		58		76	67		58		87		58
Total adjusted operating revenues	2,023		2,053		2,108	2,033		2,023		2,023		2,023
Adjusted operating revenues by segment
Retirement	648		690		705	670		662		648		662
Investment Management	148		159		168	171		185		148		185
Employee Benefits	508		467		469	460		453		508		453
Individual Life	626		643		660	641		631		626		631
Corporate	93		94		106	91		92		93		92
Total adjusted operating revenues	2,023		2,053		2,108	2,033		2,023		2,023		2,023
(1) Includes fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues.

Voya Financial Page 38 of 43

Reconciliation of Adjusted Operating Earnings - excluding Unlocking; Adjusted Return on Capital⁽¹⁾ 

	Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018
Retirement
Adjusted operating earnings before income taxes	721		701		699		553		417
Less:
DAC/VOBA and other intangibles unlocking	44		(1	)	19		(75	)	(191	)
Adjusted Operating Earnings - excluding Unlocking before interest	677		702		680		628		608
Income tax expense	106		116		137		150		170
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	571		586		543		478		438
Adjusted Operating effective tax rate, excluding Unlocking(2)	11.1	%	16.7	%	17.1	%	16.3	%	15.8	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	15.7	%	16.5	%	20.1	%	23.9	%	28.0	%
Average Capital	4,180		4,156		4,063		3,987		3,946
Ending Capital	4,126		4,289		4,218		4,100		4,096
Adjusted Return on Capital	13.6	%	14.1	%	13.4	%	12.0	%	11.1	%
Investment Management
Adjusted Operating Earnings - excluding Unlocking before interest	178		205		221		227		259
Income tax expense	37		43		53		60		76
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	141		162		168		167		183
Adjusted Operating effective tax rate, excluding Unlocking(2)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	21.0	%	21.0	%	24.0	%	26.5	%	29.4	%
Average Capital	304		305		306		309		309
Ending Capital	301		300		297		310		319
Adjusted Return on Capital	46.4	%	53.3	%	55.2	%	54.0	%	59.3	%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters
(2) Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assume a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.

Voya Financial Page 39 of 43

Reconciliation of Adjusted Operating Earnings - excluding Unlocking; Adjusted Return on Capital⁽¹⁾

	Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018
Employee Benefits
Adjusted operating earnings before income taxes	166		160		148		156		148
Less:
DAC/VOBA and other intangibles unlocking	—		(1	)	—		(2	)	(3	)
Adjusted Operating Earnings - excluding Unlocking before interest	166		161		148		158		151
Income tax expense	35		34		34		43		45
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	131		127		114		115		106
Adjusted Operating effective tax rate, excluding Unlocking(2)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	21.0	%	21.0	%	23.3	%	27.2	%	29.6	%
Average Capital	468		449		424		398		375
Ending Capital	507		470		466		463		441
Adjusted Return on Capital	28.0	%	28.2	%	26.9	%	29.0	%	28.3	%
Individual Life
Adjusted operating earnings before income taxes	(2	)	(33	)	(12	)	56		77
Less:
DAC/VOBA and other intangibles unlocking	(255	)	(281	)	(268	)	(211	)	(181	)
Adjusted Operating Earnings - excluding Unlocking before interest	253		248		256		267		258
Income tax expense	53		52		62		72		78
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	200		196		194		195		180
Adjusted Operating effective tax rate, excluding Unlocking(2)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	21.0	%	21.0	%	24.1	%	27.1	%	30.0	%
Average Capital	2,145		2,137		1,977		1,823		1,666
Ending Capital	2,176		2,170		2,102		2,150		2,141
Adjusted Return on Capital	9.3	%	9.1	%	9.8	%	10.6	%	10.8	%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) Beginning in 2018, we assume a 21% tax rate on segment Adjusted operating earnings, excluding Unlocking, less the estimated benefit of the dividends received deduction in our Retirement segment. For periods before 2018, we assumed a 32% tax rate on Adjusted operating earnings and all components of Adjusted operating earnings described as after-tax, which reflects the estimated benefit of the dividends received deduction related to our segments.

Voya Financial Page 40 of 43

Prepayments and Alternative Income Above (Below) Long-Term Expectations ⁽²⁾⁽³⁾ 

	Three Months Ended								Twelve Months Ended
(in millions USD)	3/31/2019		12/31/2018	9/30/2018	6/30/2018		3/31/2018		3/31/2019		3/31/2018
Prepayments Above (Below) Long-term Expectations (1)
Retirement	—		2	4	(2	)	(3	)	—		(3	)
Investment Management	—		—	—	—		—		—		—
Employee Benefits	—		—	—	—		—		—		—
Individual Life	(1	)	—	—	—		(1	)	(1	)	(1	)
Alternatives Above (Below) Long-term Expectations (1)
Retirement	(16	)	9	23	8		6		(16	)	6
Investment Management	(7	)	—	3	(1	)	5		(7	)	5
Employee Benefits	(2	)	1	2	1		1		(2	)	1
Individual Life	(4	)	6	10	7		2		(4	)	2
Prepayments and Alternative Income Above (Below) Long-Term Expectations (1)
Retirement	(16	)	11	27	6		3		(16	)	3
Investment Management	(7	)	—	3	(1	)	5		(7	)	5
Employee Benefits	(2	)	1	2	1		1		(2	)	1
Individual Life	(5	)	6	10	7		1		(5	)	1
(1) Impacts are pre-DAC and pre-tax.
(2) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(3) Corporate segment impacts are immaterial.

Voya Financial Page 41 of 43

Reconciliation of Normalized Adjusted Operating Earnings and Earnings Per Common Share (Diluted)

	Three Months Ended
(in millions except per share in whole dollars)	3/31/2019								12/31/2018								9/30/2018								6/30/2018								3/31/2018
	Pre-tax		After-tax			Per share(1)			Pre-tax		After-tax			Per share(1)			Pre-tax		After-tax			Per share(1)			Pre-tax		After-tax			Per share(1)			Pre-tax		After-tax			Per share(1)
Income (loss) available to Voya Financial, Inc.'s common shareholders			$	64		$	0.42				$	121		$	0.76				$	142		$	0.87				$	166		$	0.96				$	446		$	2.50
Plus: Net income (loss) attributable to noncontrolling interest			(1		)	(0.01		)			56			0.35					23			0.14					58			0.34					—			—
Less: Preferred stock dividends			(10		)	(0.07		)			—			—					—			—					—			—					—			—
Less: Income (loss) from discontinued operations			(79		)	(0.52		)			—			—					—			—					28			0.16					429			2.40
Income (loss) from continuing operations	177		152			1.00			162		177			1.11			186		165			1.01			241		196			1.14			21		17			0.10
Less:
Net investment gains (losses) and related charges and adjustments	23		18			0.12			(37	)	(29		)	(0.19		)	11		9			0.05			(40	)	(32		)	(0.18		)	(61	)	(48		)	(0.27		)
Net guaranteed benefit hedging gains (losses) and related charges and adjustments	(2	)	(2		)	(0.01		)	38		30			0.19			14		11			0.07			2		2			0.01			(14	)	(11		)	(0.06		)
Income (loss) related to businesses exited through reinsurance or divestment	(21	)	(17		)	(0.11		)	(23	)	(18		)	(0.11		)	—		—			—			(8	)	(6		)	(0.04		)	(45	)	(36		)	(0.20		)
Net income (loss) attributable to noncontrolling interest	(1	)	(1		)	(0.01		)	56		56			0.35			23		23			0.14			58		58			0.34			—		—			—
Income (loss) on early extinguishment of debt	—		—			—			(37	)	(29		)	(0.18		)	—		—			—			—		—			—			(3	)	(2		)	(0.01		)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	66		52			0.34			(47	)	(37		)	(0.24		)	—		—			—			—		—			—			—		—			—
Dividend payments made to preferred shareholders	10		10			0.07			—		—			—			—		—			—			—		—			—			—		—			—
Other adjustments	(92	)	(71		)	(0.47		)	(26	)	(5		)	(0.03		)	(25	)	(17		)	(0.09		)	(9	)	(21		)	(0.12		)	(19	)	(23		)	(0.13		)
Adjustment due to antidilutive effect of net loss in the current period	—		—			—			—		—			—			—		—			—			—		—			—			—		—			—
Adjusted operating earnings	194		163			1.07			238		209			1.32			163		139			0.84			238		195			1.13			163		137			0.77
Less:
DAC, VOBA and other intangibles unlocking	1		1			0.01			(35	)	(27		)	(0.18		)	(144	)	(114		)	(0.70		)	(28	)	(22		)	(0.13		)	(71	)	(56		)	(0.31		)
Prepayment fees and alternative investment income above (below) long-term expectations	(30	)	(24		)	(0.16		)	18		14			0.10			42		33			0.20			13		10			0.06			10		8			0.05
Investment Management earnings related to annuities business sold on 6/1/2018	—		—			—			—		—			—			—		—			—			6		5			0.03			9		7			0.04
Normalized adjusted operating earnings	223		186			1.22			255		222			1.40			265		220			1.34			247		202			1.17			215		178			0.99
(1) Per share calculations are based on un-rounded numbers.

Voya Financial Page 42 of 43

Reconciliation of Book Value Per Common Share, Excluding AOCI

	Three Months Ended or As of										Year-to-Date or As of
(in whole dollars)	3/31/2019		12/31/2018		9/30/2018		6/30/2018		3/31/2018		3/31/2019		3/31/2018
Book value per common share, including AOCI	59.13		52.28		52.22		52.22		54.65		59.13		54.65
Per share impact of AOCI	(13.29	)	(4.02	)	(4.94	)	(5.82	)	(8.81	)	(13.29	)	(8.81	)
Book value per common share, excluding AOCI	45.84		48.26		47.28		46.40		45.84		45.84		45.84
Debt to capital	25.7	%	27.6	%	28.9	%	29.0	%	26.9	%	25.7	%	26.9	%
Capital impact of AOCI	4.9	%	1.6	%	2.0	%	2.5	%	3.6	%	4.9	%	3.6	%
Impact of 25% equity treatment afforded to subordinate debt	(2.6	)%	(2.6	)%	(2.5	)%	(2.5	)%	(2.4	)%	(2.6	)%	(2.4	)%
Adjusted Debt to capital	28.0	%	26.6	%	28.4	%	29.0	%	28.1	%	28.0	%	28.1	%
Reconciliation of shares used in Normalized adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Diluted	151.3		157.9		164.0		172.8		178.4		151.3		178.4
Dilutive effect of the exercise or issuance of stock-based awards (1)	—		—		—		—		—		—		—
Weighted average common shares outstanding - Adjusted Diluted (1)	151.3		157.9		164.0		172.8		178.4		151.3		178.4
(1) For periods in which there is a Net loss in Income from continuing operations, Normalized adjusted operating earnings per common share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the Normalized adjusted operating earnings per common share calculation.

Voya Financial Page 43 of 43

Reconciliation of Investment Management Adjusted Operating Margin, Excluding Investment Capital

	Three Months Ended						Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2019		12/31/2018		3/31/2018		3/31/2019		12/31/2018		3/31/2018
Adjusted operating revenues	148		159		185		646		683		745
Adjusted operating expenses	(114	)	(115	)	(124	)	(468	)	(478	)	(486	)
Adjusted operating earnings before income taxes	34		44		61		178		205		259
Adjusted operating margin	22.7	%	27.7	%	32.9	%	27.7	%	30.1	%	34.8	%
Adjusted operating revenues	148		159		185		646		683		745
Less:
Investment Capital Results	(2	)	5		11		16		29		59
Adjusted operating revenues excluding Investment Capital	150		154		174		630		654		686
Adjusted operating expenses	(114	)	(115	)	(124	)	(468	)	(478	)	(486	)
Adjusted operating earnings excluding Investment Capital	36		39		50		162		176		200
Adjusted operating margin excluding Investment Capital	23.9	%	25.5	%	28.6	%	26.0	%	27.1	%	29.1	%