Exhibit 99.2

Quarterly Investor Supplement

December 31, 2022

This report should be read in conjunction with Voya Financial, Inc.'s Annual Report on Form 10-K for the Twelve Months Ended December 31, 2022. 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		Investment Information
Explanatory Note on Non-GAAP Financial Information	3 - 5	Portfolio Results GAAP Book Value, Gross Investment Income, and
Key Metrics	6	Earned Rate by Asset Class	35
Consolidated Statements of Operations	7	Portfolio Results Statutory Carrying Values by Asset Class and NAIC
Consolidated Adjusted Operating Earnings Before Income Taxes	8	Ratings	36
Adjusted Operating Earnings by Segment (QTD)	9	Alternative Investment Income	37
Adjusted Operating Earnings by Segment (YTD)	10	Alternative Income and Prepayments Above (Below) Long-Term
Consolidated Balance Sheets	11	Expectations	38
DAC/VOBA Segment Trends	12	Reconciliations
Consolidated Capital Structure	13	Reconciliation of Consolidated Statements of Operations	40
Consolidated Assets Under Management, Assets Under Administration		Reconciliation of Adjusted Operating Revenues	41
and Advisement	14	Reconciliation of Net Revenues by Segment	42 - 43
Wealth Solutions		Reconciliation of Adjusted Operating Earnings by Segment	44
Sources of Adjusted Operating Earnings and Key Metrics	16	Reconciliation of Adjusted Operating Earnings and Earnings
Client Assets Rollforward by Product Group	17 - 18	Per Common Share (Diluted) (QTD)	45
Health Solutions		Reconciliation of Adjusted Operating Earnings and Earnings
Sources of Adjusted Operating Earnings	20	Per Common Share (Diluted) (YTD)	46
Key Metrics	21	Reconciliation of Book Value Per Common Share, Excluding AOCI,
Investment Management		Leverage Ratio, and Adjusted Diluted Shares	47
Sources of Adjusted Operating Earnings	23
Analysis of AUM and AUA	24
Account Value Rollforward by Source	25
Account Value by Asset Type	26
Corporate
Adjusted Operating Earnings	28
Net Revenue, Adjusted Operating Margin, Administrative
Expenses, and Adjusted Operating Return on Capital
Net Revenue and Adjusted Operating Margin	30
Administrative Expenses	31
Adjusted Operating Return on Allocated Capital Excluding Unlocking	32 - 33

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Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

We believe that Adjusted operating earnings before income taxes provides a meaningful measure of our 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 gains (losses) associated with swap settlements and accrued interest;

•Net guaranteed benefit 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 or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, 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, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains and (losses) of consolidated entities, such as Allianz SE's ("Allianz") stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) 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 are 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 (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 adjustments 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, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.

Income (loss) related to businesses exited or to be exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions, and insignificant number of Individual Life, and non-Wealth Solutions annuities policies that were not part of the divested businesses) are excluded 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 or to be 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.

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Explanatory Note on Non-GAAP Financial Information

Stranded Costs

As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we ceased to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those relating to activities for which we provide transitional services and for which we are reimbursed under transition services agreements (“TSAs”) 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 or divested via reinsurance, are reported within continuing operations. These costs ("Stranded Costs") and the associated revenues from the TSAs are reported within continuing operations in Corporate, since we do not believe that they are representative of the future run-rate of revenues and expenses of the continuing operations of our business segments. We have implemented a cost reduction strategy to address Stranded Costs and completed the removal of Stranded Costs during the third quarter of 2022. Some transformation initiatives related to TSAs will continue beyond the third quarter of 2022, however, they are not expected to result in any net Stranded Costs.

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) 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 Adjusted Operating Earnings 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. 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 Wealth Solutions, Investment Management and Health Solutions 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

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. For non-operating items, we apply a 21% tax rate.

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) 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 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;

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Explanatory Note on Non-GAAP Financial Information

•Revenues related to businesses exited or to be exited through reinsurance or divestment, which include revenues associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity (including an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in our core business and more closely aligns Adjusted operating revenues with how we manage our segments;

•Revenues attributable to noncontrolling interests, which represent the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interests represent such shareholders' interests in the revenues 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 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.

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 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, 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.

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

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 it provides the main drivers for adjusted operating earnings 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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Key Metrics

	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021		12/31/2022		12/31/2021
Net income (loss) available to Voya Financial, Inc.'s common shareholders	190		193		64		27		403		474		2,090
Per common share (basic)	1.95		1.98		0.62		0.26		3.66		4.71		17.92
Per common share (diluted)	1.77		1.82		0.57		0.24		3.36		4.30		16.61
Adjusted operating earnings: (1)
Before income taxes	214		299		223		209		279		944		1,292
After income taxes	233		245		185		172		229		835		1,053
Effective tax rate	(9.1)	%	18.1	%	17.1	%	17.4	%	18.0	%	11.5	%	18.5	%
Per common share (Adjusted diluted)	2.18		2.30		1.67		1.47		1.90		7.58		8.37
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity	3,857		3,481		3,904		5,586		7,641		3,857		7,641
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI (1)	5,651		5,467		4,867		5,059		5,541		5,651		5,541
Book value per common share (including AOCI)	39.68		35.81		39.88		54.66		70.88		39.68		70.88
Book value per common share (excluding AOCI) (1)	58.14		56.24		49.71		49.50		51.40		58.14		51.40
Leverage Ratios:
Debt to Capital	33.3	%	35.3	%	34.6	%	28.0	%	23.9	%	33.3	%	23.9	%
Financial Leverage excluding AOCI (1)	29.9	%	30.2	%	33.3	%	33.6	%	33.0	%	29.9	%	33.0	%
Shares:
Weighted-average common shares outstanding
Basic	97		98		102		106		110		101		117
Dilutive effect of warrants	7		6		7		8		8		7		7
Other dilutive effects (2)	2		2		2		3		3		2		2
Diluted	107		106		111		117		120		110		126
Adjusted Diluted (1)	107		106		111		117		120		110		126
Ending shares outstanding	97		97		98		102		108		97		108
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	—		50		255		445		310		750		1,143
Dividends to common shareholders	19		20		20		21		21		80		80
Total cash returned to common shareholders	19		70		275		466		331		830		1,223
(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 39 of this document.
(2) 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)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Revenues (1)
Net investment income	548	522	581	630	673	2,281	2,774
Fee income	452	435	411	433	446	1,731	1,827
Premiums	610	607	595	613	544	2,425	(3,354)
Net gains (losses)	(50)	(123)	(227)	(285)	(179)	(685)	1,423
Other revenues	31	33	44	40	49	148	579
Income (loss) related to consolidated investment entities	(40)	(136)	115	83	142	22	981
Total revenues	1,551	1,338	1,519	1,514	1,675	5,922	4,230
Benefits and expenses (1)
Interest credited and other benefits to contract owners/policyholders	(715)	(550)	(643)	(665)	(627)	(2,573)	2,163
Operating expenses	(673)	(632)	(605)	(632)	(636)	(2,542)	(2,586)
Net amortization of DAC/VOBA	(30)	(10)	(67)	(80)	(40)	(187)	(795)
Interest expense	(30)	(31)	(33)	(40)	(59)	(134)	(186)
Operating expenses related to consolidated investment entities	(20)	(14)	(18)	(6)	(13)	(58)	(49)
Total benefits and expenses	(1,468)	(1,237)	(1,366)	(1,423)	(1,375)	(5,494)	(1,453)
Income (loss) from continuing operations before income taxes	83	101	153	91	300	428	2,777
Less:
Net investment gains (losses) and related charges and adjustments	(16)	(5)	(52)	(87)	(86)	(161)	(20)
Net guaranteed benefit gains (losses) and related charges and adjustments	3	(8)	3	(22)	(3)	(23)	(1)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment (2)	(30)	(14)	(50)	(47)	14	(141)	812
Income (loss) attributable to noncontrolling interests	(57)	(138)	75	43	100	(77)	761
Income (loss) on early extinguishment of debt	—	1	1	(5)	(21)	(3)	(31)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	1	—	—	4	33	5	33
Dividend payments made to preferred shareholders	4	14	4	14	4	36	36
Other adjustments	(35)	(47)	(51)	(17)	(19)	(151)	(105)
Adjusted operating earnings before income taxes (3)	214	299	223	209	279	944	1,292
(1) Year-to-Date 2021 results include impacts related to the Individual Life and the Non-Wealth Solution Annuities businesses that were ceded at the close of the Individual Life Transaction on January 4 ,2021: Premiums and Interest credited and other benefits include the FAS 60 reserves that were ceded at closing; Net gains (losses), Interest credited and other benefits, and Net amortization of DAC/VOBA include the investment gains and related intangible amortization and charges due to the transfer of assets to a comfort trust at closing; all Revenue and Benefit and expense lines are lower than prior periods due to the revenue and expenses related to the businesses ceded that ceased at closing.
(2) Year-to-Date 2021 results include the investment gains, net of related intangible amortization and charges, due to the transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the Individual Life Transaction.
(3) 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 39 of this document.

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Consolidated Adjusted Operating Earnings Before Income Taxes

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	460	413	486	536	571	1,896	2,387
Fee income	455	451	418	440	467	1,765	1,791
Premiums	601	599	588	591	539	2,378	2,168
Other revenue	31	31	42	35	41	137	171
Adjusted operating revenues (1)	1,547	1,494	1,534	1,601	1,618	6,176	6,516
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(652)	(565)	(667)	(694)	(650)	(2,579)	(2,564)
Operating expenses	(606)	(580)	(564)	(594)	(611)	(2,344)	(2,342)
Net amortization of DAC/VOBA	(26)	11	(41)	(52)	(34)	(107)	(116)
Interest expense (2)	(37)	(49)	(40)	(52)	(44)	(177)	(201)
Adjusted operating benefits and expenses	(1,321)	(1,183)	(1,311)	(1,393)	(1,339)	(5,207)	(5,224)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	226	311	223	209	279	969	1,292
Less: Earnings (loss) attributable to Allianz noncontrolling interest	13	12	—	—	—	25	—
Adjusted operating earnings before income taxes (1)	214	299	223	209	279	944	1,292

Adjusted Operating Revenues and Adjusted Operating Earnings by Segment
Adjusted operating revenues
Wealth Solutions	668	643	706	754	791	2,772	3,238
Health Solutions	649	646	640	647	599	2,582	2,395
Investment Management	215	192	171	178	201	756	783
Corporate	15	13	17	22	27	67	100
Adjusted operating revenues (1)	1,547	1,494	1,534	1,601	1,618	6,176	6,516
Adjusted operating earnings
Wealth Solutions	148	168	186	205	241	707	1,110
Health Solutions	74	149	47	22	33	291	204
Investment Management	57	51	40	39	59	186	239
Corporate	(52)	(57)	(49)	(58)	(54)	(215)	(261)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	226	311	223	209	279	969	1,292
Less: Earnings (loss) attributable to Allianz noncontrolling interest	13	12	—	—	—	25	—
Adjusted operating earnings before income taxes (1)	214	299	223	209	279	944	1,292
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.

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Adjusted Operating Earnings by Segment

	Three Months Ended December 31, 2022
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	423	31	(1)	7	460
Fee income	228	18	209	—	455
Premiums	—	601	—	—	601
Other revenue	18	(1)	6	8	31
Adjusted operating revenues (1)	668	649	215	15	1,547
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(225)	(427)	—	—	(652)
Operating expenses	(278)	(140)	(158)	(30)	(606)
Net amortization of DAC/VOBA	(19)	(7)	—	—	(26)
Interest expense (2)	—	—	—	(37)	(37)
Adjusted operating benefits and expenses	(521)	(575)	(158)	(67)	(1,321)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	148	74	57	(52)	226
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	14	(2)	13
Adjusted operating earnings before income taxes (1)	148	74	42	(50)	214
	Three Months Ended December 31, 2021
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	508	42	20	1	571
Fee income	270	19	178	—	467
Premiums	—	540	—	—	539
Other revenue	12	(2)	3	26	41
Adjusted operating revenues (1)	791	599	201	27	1,618
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(223)	(427)	—	—	(650)
Operating expenses	(298)	(133)	(142)	(37)	(611)
Net amortization of DAC/VOBA	(28)	(6)	—	—	(34)
Interest expense (2)	—	—	—	(44)	(44)
Adjusted operating benefits and expenses	(549)	(566)	(142)	(82)	(1,339)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	241	33	59	(54)	279
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	—	—	—
Adjusted operating earnings before income taxes (1)	241	33	59	(54)	279
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.

Voya Financial Page 10 of 47

Adjusted Operating Earnings by Segment

	Twelve Months Ended December 31, 2022
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,751	134	3	8	1,896
Fee income	953	76	736	—	1,765
Premiums	—	2,378	—	—	2,378
Other revenue	68	(6)	17	59	137
Adjusted operating revenues (1)	2,772	2,582	756	67	6,176
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(888)	(1,691)	—	—	(2,579)
Operating expenses	(1,100)	(569)	(570)	(105)	(2,344)
Net amortization of DAC/VOBA	(77)	(30)	—	—	(107)
Interest expense (2)	—	—	—	(177)	(177)
Adjusted operating benefits and expenses	(2,064)	(2,291)	(570)	(282)	(5,207)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	707	291	186	(215)	969
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	27	(2)	25
Adjusted operating earnings before income taxes (1)	707	291	158	(213)	944
	Twelve Months Ended December 31, 2021
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	2,114	165	103	4	2,387
Fee income	1,056	69	667	—	1,791
Premiums	—	2,168	—	—	2,168
Other revenue	68	(7)	13	96	171
Adjusted operating revenues (1)	3,238	2,395	783	100	6,516
Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(891)	(1,674)	—	—	(2,564)
Operating expenses	(1,146)	(492)	(544)	(160)	(2,342)
Net amortization of DAC/VOBA	(91)	(25)	—	—	(116)
Interest expense (2)	—	—	—	(201)	(201)
Adjusted operating benefits and expenses	(2,128)	(2,191)	(544)	(361)	(5,224)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	1,110	204	239	(261)	1,292
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	—	—	—
Adjusted operating earnings before income taxes (1)	1,110	204	239	(261)	1,292
(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 39 of this document.
(2) Includes dividend payments made to preferred shareholders.

Voya Financial Page 11 of 47

Consolidated Balance Sheets

	Balances as of
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021
Assets
Total investments	39,110	39,519	40,913	42,950	45,581
Cash and cash equivalents	919	840	954	1,011	1,402
Assets held in separate accounts	80,174	75,980	80,017	93,108	100,433
Premium receivable and reinsurance recoverable, net	13,341	13,561	13,079	13,261	13,635
Short term investments under securities loan agreement and accrued investment income	1,604	1,623	1,536	1,507	1,536
Deferred policy acquisition costs, Value of business acquired	2,822	2,894	2,480	1,921	1,378
Current and deferred income taxes (1)	1,929	1,931	1,795	1,405	986
Other assets (2)	3,549	3,505	2,581	2,710	2,532
Assets related to consolidated investment entities	4,204	4,195	4,165	3,933	3,779
Total Assets	147,652	144,048	147,520	161,806	171,262
Liabilities
Future policy benefits and contract owner account balances	52,573	53,501	53,151	52,765	52,758
Liabilities related to separate accounts	80,174	75,980	80,017	93,108	100,433
Payables under securities loan agreements, including collateral held	1,302	1,378	1,220	1,124	1,183
Short-term debt	141	141	1	1	1
Long-term debt	2,094	2,094	2,385	2,406	2,595
Other liabilities (3)	2,817	2,797	2,379	2,596	2,578
Liabilities related to consolidated investment entities	2,434	2,319	2,154	2,102	1,893
Total Liabilities	141,535	138,210	141,307	154,102	161,441
Mezzanine Equity
Allianz noncontrolling interest	166	155	—	—	—
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(39)	(873)	(821)	(565)	(80)
Additional paid-in capital	6,643	7,945	7,500	7,504	7,542
Retained earnings (deficit)	(342)	(994)	(1,201)	(1,269)	(1,310)
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,263	6,079	5,479	5,671	6,153
Accumulated other comprehensive income	(1,794)	(1,986)	(963)	527	2,100
Total Voya Financial, Inc. Shareholders' Equity	4,469	4,093	4,516	6,198	8,253
Noncontrolling interest	1,482	1,590	1,697	1,506	1,568
Total Shareholders' Equity	5,951	5,683	6,213	7,704	9,821
Total Liabilities, Mezzanine Equity and Shareholders' Equity	147,652	144,048	147,520	161,806	171,262
(1) Current and deferred income taxes:
Deferred Tax Asset primarily related to Federal NOL's	1,546	1,510	1,507	1,520	1,504
Deferred Tax Asset (Liability) related to Unrealized Capital Gains and Losses	511	561	290	(106)	(525)
Other Net Deferred Tax Asset (Liability) related to DAC, reserves, acquisition intangibles, and other temporary differences	(128)	(140)	(2)	(9)	7
Total Current and deferred income taxes	1,929	1,931	1,795	1,405	986
Gross Unrealized Gains (losses) reflected in AOCI	(2,431)	(2,673)	(1,379)	507	2,499
21% Tax Effect	511	561	290	(106)	(525)
(2) Includes Other assets, Sales inducements to contract holders, Goodwill and other intangible assets.
(3) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, Funds held under reinsurance agreements, and Current income taxes.

Voya Financial Page 12 of 47

DAC/VOBA Segment Trends

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Wealth Solutions
Balance as of Beginning-of-Period	1,943	1,530	975	430	381	430	207
Deferrals of commissions and expenses	17	15	16	17	17	65	67
Amortization	(30)	(33)	(12)	(9)	(12)	(84)	(92)
Unlocking	19	41	(35)	(51)	(8)	(26)	12
Change in unrealized capital gains/losses	(70)	389	586	588	53	1,493	236
Balance as of End-of-Period	1,878	1,943	1,530	975	430	1,878	430
Deferred Sales Inducements as of End-of-Period (1)	25	26	26	25	23	25	23
Other (2)
Balance as of Beginning-of-Period	191	180	163	152	148	152	134
Deferrals of commissions and expenses	15	13	17	10	9	55	39
Amortization	(7)	(7)	(8)	(8)	(6)	(30)	(28)
Unlocking	—	—	—	—	—	—	—
Change in unrealized capital gains/losses	(2)	6	8	8	2	20	7
Balance as of End-of-Period	197	191	180	163	152	197	152
Total
Balance as of Beginning-of-Period	2,135	1,710	1,138	582	528	582	341
Deferrals of commissions and expenses	32	29	33	27	26	120	106
Amortization	(37)	(40)	(20)	(17)	(18)	(114)	(120)
Unlocking	19	41	(35)	(51)	(8)	(26)	12
Change in unrealized capital gains/losses	(72)	395	594	596	55	1,513	243
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	2,075	2,135	1,710	1,138	582	2,075	582
Balance as of End-of-Period, businesses exited through reinsurance or divestment (3)	748	760	771	783	796	747	796
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,822	2,894	2,480	1,921	1,378	2,822	1,378
(1) Deferred sales inducements in other segments are insignificant.
(2) Primarily includes Health Solutions.
(3) 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.

Voya Financial Page 13 of 47

Consolidated Capital Structure

	Balances as of
(in millions USD)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021
Financial Obligations
Senior bonds	1,496		1,495		1,495		1,495		1,495
Subordinated bonds	737		737		888		909		1,098
Other debt	2		3		3		3		3
Total Financial Debt	2,235		2,235		2,386		2,407		2,596
Other financial obligations (1)	265		269		282		301		300
Total Financial Obligations	2,500		2,504		2,668		2,708		2,896
Mezzanine Equity
Allianz noncontrolling interest	166		155		—		—		—
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	5,651		5,467		4,867		5,059		5,541
Total Equity (Excluding AOCI) (3)	6,263		6,079		5,479		5,671		6,153
Accumulated other comprehensive income (AOCI)	(1,794)		(1,986)		(963)		527		2,100
Total Voya Financial, Inc. Shareholders' Equity	4,469		4,093		4,516		6,198		8,253
Noncontrolling interest	1,482		1,590		1,697		1,506		1,568
Total Shareholders' Equity	5,951		5,683		6,213		7,704		9,821
Capital
Capitalization (4)	6,704		6,328		6,902		8,605		10,849
Adjusted Capitalization (5)	8,617		8,342		8,881		10,412		12,717
Adjusted Capitalization excluding AOCI (6)	10,411		10,328		9,844		9,885		10,617
Leverage Ratios
Debt to Capital (7)	33.3	%	35.3	%	34.6	%	28.0	%	23.9	%
Financial Leverage (3)(8)	36.1	%	37.4	%	36.9	%	31.9	%	27.6	%
Financial Leverage excluding AOCI (3)(9)	29.9	%	30.2	%	33.3	%	33.6	%	33.0	%
(1) Includes operating leases, capital leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.
(3) 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 39 of this document.
(4) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.
(5) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity.
(6) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(7) Total Financial Debt divided by Capitalization.
(8) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization.
(9) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI.

Voya Financial Page 14 of 47

Consolidated Assets Under Management, Assets Under Administration and Advisement

As of December 31, 2022
(in millions USD)	General Account	Separate Account	Institutional/Mutual Funds	Total AUM - Assets Under Management	AUA - Assets Under Administration & Advisement(2)	Total AUM and AUA
Wealth Solutions(1)	33,881	76,348	73,427	183,656	290,621	474,277
Health Solutions	1,866	14	—	1,880	—	1,880
Investment Management	38,028	24,849	258,486	321,363	55,601	376,963
Eliminations/Other	(35,747)	(21,037)	(11,151)	(67,935)	(43,958)	(111,893)
Total AUM and AUA	38,028	80,174	320,762	438,964	302,264	741,227
(1) Includes wrapped funds as well as unwrapped Voya-managed funds.
(2) 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.

Wealth Solutions

Voya Financial Page 16 of 47

Wealth Solutions Sources of Adjusted Operating Earnings and Key Metrics

	Three Months Ended or As of										Year-to-Date or As of
(in millions USD)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021		12/31/2022	12/31/2021
Sources of operating earnings before income taxes:
Gross investment income	432		427		411		397		387		1,667	1,565
Investment expenses	(20)		(20)		(20)		(19)		(20)		(79)	(80)
Credited interest	(220)		(218)		(219)		(215)		(222)		(873)	(878)
Net margin	192		189		172		163		145		716	607
Other investment income (1)	57		57		61		54		58		229	205
Investment spread and other investment income, excluding alts/prepays above/below expectations	249		246		233		217		202		944	812
Alternative investment income and prepayment fees above (below) long-term expectations	(50)		(70)		(7)		52		82		(76)	406
Investment spread and other investment income	199		176		226		269		285		869	1,218
Full service fee based revenue	134		137		145		156		171		571	663
Recordkeeping and other fee based revenue	108		107		112		112		112		439	474
Total fee based margin	241		244		257		268		283		1,009	1,138
Net underwriting gain (loss) and other revenue	4		3		4		1		—		13	(9)
Net revenue (2)	444		423		486		538		568		1,891	2,346
Administrative expenses	(223)		(214)		(207)		(223)		(232)		(867)	(885)
Net commissions	(55)		(57)		(58)		(63)		(66)		(232)	(257)
DAC/VOBA and other intangibles amortization, excluding unlocking	(33)		(33)		(32)		(31)		(30)		(128)	(124)
DAC/VOBA and other intangibles unlocking	14		50		(4)		(16)		1		44	29
Adjusted operating earnings before income taxes	148		168		186		205		241		707	1,110
Adjusted Operating Margin TTM	37.4	%	39.7	%	42.7	%	45.7	%	47.3	%
Adjusted Operating Margin Excluding Notables TTM	37.5	%	36.4	%	36.2	%	35.5	%	35.5	%
Full Service Revenue (3)
Full Service Investment Spread and other investment income	194		170		218		258		272		840	1,166
Full Service Fee Based Revenue	134		137		145		156		171		571	663
Total Full Service Revenue	327		307		363		414		443		1,412	1,829
Client Assets
Fee Based	379,706		356,102		369,705		414,597		434,340		379,706	434,340
Spread Based	33,881		34,358		34,220		33,759		33,359		33,881	33,359
Investment-only Stable Value	38,148		38,944		39,622		40,391		40,246		38,148	40,246
Retail Client Assets	22,543		21,315		22,592		26,226		28,300		22,543	28,300
Total Client Assets	474,277		450,718		466,139		514,972		536,246		474,277	536,246
(1) Includes investment income on assets backing surplus and income from policy loans.
(2) Please see 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.

Voya Financial Page 17 of 47

Wealth Solutions Client Assets Rollforward by Product Group

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Full service - Corporate markets
Client Assets, beginning of period	80,135	83,329	94,434	99,698	95,456	99,698	86,581
Transfers / Single deposits	1,603	1,074	1,176	1,676	1,575	5,529	6,578
Recurring deposits	2,108	2,231	2,297	2,558	1,938	9,194	8,161
Total Deposits	3,710	3,305	3,473	4,234	3,514	14,722	14,740
Surrenders, benefits, and product charges	(2,900)	(2,589)	(2,798)	(3,623)	(3,941)	(11,910)	(13,709)
Net Flows	811	716	674	612	(427)	2,812	1,031
Interest credited and investment performance	5,029	(3,910)	(11,779)	(5,875)	4,669	(16,535)	12,086
Client Assets, end of period - Corporate markets	85,975	80,135	83,329	94,434	99,698	85,975	99,698
Full service - Tax-exempt markets
Client Assets, beginning of period	73,119	75,627	83,727	88,004	84,929	88,004	78,831
Transfers / Single deposits	887	248	534	374	399	2,043	2,344
Recurring deposits	1,061	986	1,006	1,046	980	4,100	3,895
Total Deposits	1,948	1,235	1,540	1,420	1,379	6,143	6,239
Surrenders, benefits, and product charges	(1,807)	(1,395)	(1,215)	(1,586)	(1,836)	(6,002)	(6,694)
Net Flows	141	(161)	326	(165)	(457)	141	(455)
Interest credited and investment performance	3,429	(2,347)	(8,426)	(4,112)	3,533	(11,456)	9,628
Client Assets, end of period - Tax-exempt markets	76,690	73,119	75,627	83,727	88,004	76,690	88,004
Full Service - Total
Client Assets, beginning of period	153,254	158,956	178,161	187,702	180,385	187,702	165,412
Transfers / Single deposits	2,489	1,322	1,710	2,050	1,974	7,571	8,922
Recurring deposits	3,169	3,217	3,303	3,604	2,918	13,294	12,056
Total Deposits	5,658	4,540	5,013	5,654	4,893	20,865	20,979
Surrenders, benefits, and product charges	(4,706)	(3,984)	(4,013)	(5,209)	(5,777)	(17,912)	(20,403)
Net Flows	952	555	1,000	446	(884)	2,953	576
Interest credited and investment performance	8,458	(6,257)	(20,205)	(9,987)	8,202	(27,991)	21,714
Client Assets, end of period - Full Service Total	162,664	153,254	158,956	178,161	187,702	162,664	187,702
Full Service - Client Assets
Fee-based	129,199	119,325	125,206	144,888	154,839	129,199	154,839
Spread-based	33,466	33,929	33,749	33,273	32,864	33,466	32,864
Client Assets, end of period - Full Service Total	162,664	153,254	158,956	178,161	187,702	162,664	187,702

Voya Financial Page 18 of 47

Wealth Solutions Client Assets Rollforward by Product Group

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Recordkeeping
Client Assets, beginning of period	236,776	244,499	269,708	279,501	274,265	279,501	247,309
Transfers / Single deposits	979	3,573	1,595	1,955	812	8,101	8,431
Recurring deposits	3,778	4,278	4,359	5,217	3,892	17,632	16,531
Total Deposits	4,758	7,851	5,954	7,172	4,705	25,734	24,962
Surrenders, benefits, and product charges	(5,327)	(5,846)	(5,730)	(8,065)	(12,451)	(24,967)	(31,692)
Net Flows	(569)	2,004	224	(893)	(7,747)	766	(6,731)
Interest credited and investment performance	14,300	(9,726)	(25,435)	(8,900)	12,982	(29,761)	38,923
Client Assets, end of period - Recordkeeping	250,507	236,776	244,499	269,708	279,501	250,507	279,501
Total Defined Contribution (1)
Client Assets, beginning of period	390,031	403,454	447,870	467,203	454,650	467,203	412,721
Transfers / Single deposits	3,469	4,895	3,304	4,005	2,786	15,673	17,354
Recurring deposits	6,947	7,495	7,663	8,822	6,811	30,926	28,587
Total Deposits	10,416	12,390	10,967	12,827	9,597	46,599	45,941
Surrenders, benefits, and product charges	(10,033)	(9,831)	(9,743)	(13,273)	(18,229)	(42,879)	(52,095)
Net Flows	383	2,559	1,224	(446)	(8,632)	3,719	(6,154)
Interest credited and investment performance	22,758	(15,983)	(45,640)	(18,887)	21,184	(57,752)	60,636
Client Assets, end of period - Total Defined Contribution	413,171	390,031	403,454	447,870	467,203	413,171	467,203
Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period	38,944	39,622	40,390	40,246	41,329	40,246	42,864
Transfers / Single deposits	435	177	630	1,500	280	2,742	1,169
Recurring deposits	440	169	203	190	103	1,002	525
Total Deposits	875	346	833	1,690	382	3,744	1,694
Surrenders, benefits, and product charges	(1,269)	(431)	(284)	(545)	(1,112)	(2,529)	(3,802)
Net Flows	(394)	(84)	549	1,144	(730)	1,215	(2,108)
Interest credited and investment performance	(402)	(593)	(1,319)	(1,000)	(353)	(3,314)	(509)
Assets, end of period - Defined Contribution Investment-only SV	38,148	38,944	39,622	40,390	40,246	38,148	40,246
Retail Client Assets (3)	22,548	21,320	22,598	26,232	28,306	22,548	28,306
Other Assets (4)	410	423	465	480	490	410	490
Total Client Assets	474,277	450,718	466,139	514,972	536,246	474,277	536,246
(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) Includes other guaranteed payout products and Non-qualified Retirement Plans.

Health Solutions

Voya Financial Page 20 of 47

Health Solutions Sources of Adjusted Operating Earnings

	Three Months Ended										Year-to-Date
(in millions USD)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021		12/31/2022		12/31/2021
Sources of operating earnings before income taxes:
Gross investment income	24		24		25		23		23		96		92
Investment expenses	(1)		(1)		(1)		(1)		(1)		(4)		(4)
Credited interest	(12)		(13)		(13)		(13)		(13)		(52)		(54)
Net margin	11		11		10		9		9		41		34
Other investment income	14		13		12		12		10		50		36
Investment spread and other investment income, excluding alts/prepays above/below expectations	24		24		22		20		20		90		70
Alternative investment income and prepayment fees above (below) long-term expectations	(5)		(7)		—		5		9		(7)		41
Investment spread and other investment income	19		17		22		25		28		83		111
Net underwriting gain (loss) and other revenue	202		286		173		146		144		807		611
Net revenue (1)	221		303		195		171		172		890		722
Administrative expenses	(71)		(66)		(67)		(72)		(66)		(276)		(237)
Premium taxes, fees and assessments	(27)		(39)		(32)		(28)		(29)		(126)		(109)
Net commissions	(43)		(41)		(42)		(42)		(38)		(167)		(147)
DAC/VOBA and other intangibles amortization, excluding unlocking	(7)		(7)		(8)		(8)		(6)		(30)		(25)
Adjusted operating earnings before income taxes	74		149		47		22		33		291		204
Adjusted Operating Margin TTM	32.8	%	29.8	%	23.4	%	25.8	%	28.3	%
Adjusted Operating Margin Excluding Notables TTM	31.9	%	30.5	%	29.5	%	31.7	%	33.5	%
Group life:
Premiums	151		151		148		143		140		593		550
Benefits	(125)		(49)		(133)		(167)		(136)		(473)		(525)
Other (2)	(2)		(2)		(2)		(2)		(2)		(9)		(10)
Total Group life	23		100		13		(26)		1		111		15
Group Life Loss Ratio (Interest adjusted) (3)	82.9	%	71.3	%	89.9	%	116.4	%	97.5	%	89.8	%	95.5	%
Group stop loss:
Premiums	314		311		302		303		288		1,230		1,165
Benefits	(226)		(238)		(238)		(232)		(224)		(934)		(901)
Other (2)	(1)		(1)		(1)		(1)		(1)		(5)		(5)
Total Group stop loss	87		72		63		70		63		292		260
Stop loss Loss Ratio	72.0	%	76.4	%	78.9	%	76.5	%	77.7	%	75.9	%	77.3	%
Voluntary Benefits, Disability, and Other	92		114		98		101		79		405		335
Net underwriting gain (loss) and other revenue
Premiums	626		620		609		602		562		2,457		2,248
Benefits	(422)		(334)		(433)		(458)		(419)		(1,647)		(1,630)
Other (2)	(2)		1		(3)		1		1		(3)		(8)
Total Net underwriting gain (loss) and other revenue	202		286		173		146		144		807		611
Total Aggregate Loss Ratio TTM (3)(4)	69.4	%	71.1	%	73.1	%	73.1	%	72.5	%	69.4	%	72.5	%
(1) Please see the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(3) Loss ratios excludes $59M of favorable reserve release in 3Q'22 related to the company's annual assumption update.
(4) Total Aggregate Loss Ratio is calculated using trailing twelve months.

Voya Financial Page 21 of 47

Health Solutions Key Metrics

	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Sales by Product Line:
Group life and Disability	23	4	14	86	12	126	110
Stop loss	20	42	24	323	14	409	355
Voluntary	13	12	20	104	6	149	128
Total sales by product line	56	58	58	513	31	684	593
Total gross premiums and deposits	687	707	671	660	610	2,724	2,429
Annualized In-force Premiums by Product Line:
Group life and Disability	833	817	811	807	752	833	752
Stop loss	1,258	1,259	1,231	1,220	1,181	1,258	1,181
Voluntary	689	684	681	678	576	689	576
Total annualized in-force premiums	2,780	2,760	2,722	2,705	2,510	2,780	2,510
Assets Under Management by Fund Group:
General account	1,866	1,938	1,981	1,886	1,869	1,866	1,869
Separate account	14	14	15	17	18	14	18
Total AUM	1,880	1,952	1,996	1,903	1,887	1,880	1,887

Investment Management

Voya Financial Page 23 of 47

Investment Management Sources of Adjusted Operating Earnings

	Three Months Ended										Year-to-Date
(in millions USD)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021		12/31/2022	12/31/2021
Sources of operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations	8		8		8		8		8		33	28
Alternative investment income and prepayment fees above (below) long-term expectations	(9)		(20)		(3)		3		12		(29)	75
Investment spread and other investment income	(1)		(12)		6		11		20		3	103
Fee based margin (1)	216		204		165		167		181		753	680
Net revenue (2)	215		192		171		178		201		756	783
Administrative expenses (3)	(158)		(142)		(131)		(139)		(142)		(570)	(544)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	57		51		40		39		59		186	239
Adjusted Operating Margin TTM	24.7	%	25.5	%	26.8	%	29.4	%	30.7	%
Adjusted Operating Margin Excluding Notables TTM	26.8	%	26.0	%	24.1	%	25.2	%	25.1	%
Fee based margin (1)
Investment advisory and administrative revenue	209		202		160		165		178		736	667
Other fee based margin	6		2		6		2		3		17	13
Fee based margin	216		204		165		167		181		753	680
Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	57		51		40		39		59		186	239
Less: Earnings (loss) attributable to Allianz noncontrolling interest	14		13		—		—		—		27	—
Adjusted operating earnings before income taxes	42		38		40		39		59		158	239
(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Please see 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.

Voya Financial Page 24 of 47

Investment Management Analysis of AUM and AUA

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Client Assets:
External Clients
Institutional	161,502	160,720	136,596	143,581	148,921	161,502	148,921
Retail	121,833	118,016	61,070	71,578	76,908	121,833	76,908
Subtotal External Clients	283,335	278,735	197,666	215,159	225,829	283,335	225,829
General Account	38,028	38,614	38,686	38,049	38,004	38,028	38,004
Total Client Assets (AUM)	321,363	317,349	236,352	253,208	263,832	321,363	263,832
Assets under Advisement and Administration (AUA)	55,601	51,862	53,359	57,187	59,823	55,601	59,823
Total AUM and AUA	376,963	369,210	289,710	310,395	323,656	376,963	323,656
Investment Advisory and Administrative Revenues (1)
External Clients
Institutional	90	89	86	87	92	352	334
Retail	95	88	49	53	59	284	227
Subtotal External Clients	185	177	134	140	151	636	561
General Account	20	20	20	20	20	80	82
Total Investment Advisory and Administrative Revenues (AUM)	205	197	154	160	171	717	643
Administration Only Fees	5	5	5	5	6	20	22
Total Investment Advisory and Administrative Revenues	209	202	160	165	178	736	667
Revenue Yield (bps) (1)
External Clients
Institutional	22.1	21.4	24.5	23.7	25.3	20.7	23.9
Retail	31.1	28.0	29.4	29.1	30.6	22.1	29.7
Revenue Yield on External Clients (2)	26.0	24.3	26.1	25.5	27.1	21.3	25.9
General Account	20.8	21.1	21.1	21.1	21.0	21.0	21.4
Revenue Yield on Client Assets (AUM)	25.3	23.9	25.3	24.8	26.2	21.3	25.2
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.7	3.4	3.8	3.5	4.1	3.6	3.7
Total Revenue Yield on AUM and AUA (bps)	22.3	21.0	21.3	20.9	22.1	18.8	21.1
Revenue Yield on Client Assets (AUM) - trailing twelve months (2)	21.3	25.2	25.8	25.4	25.2	21.3	25.2
(1) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.
(2) Year-to-date and trailing twelve month External client yields do not reflect a full year of revenues resulting from the Allianz transaction.

Voya Financial Page 25 of 47

Investment Management Account Rollforward by Source

	Three Months Ended										Year-to-Date
(in millions USD)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021		12/31/2022		12/31/2021
Institutional AUM:
Beginning of period AUM	160,720		136,595		143,580		148,921		138,332		148,921		111,964
Inflows	8,249		4,759		5,500		5,963		12,899		24,470		27,317
Outflows	(7,904)		(5,648)		(3,502)		(3,742)		(3,383)		(20,796)		(18,242)
Net flows- Institutional	345		(889)		1,998		2,221		9,516		3,675		9,075
Change in Market Value	2,341		(5,815)		(8,803)		(7,411)		1,028		(19,689)		2,371
Other (Including Acquisitions / Divestitures)	(1,903)		30,828		(180)		(151)		45		28,595		25,511
End of period AUM - Institutional	161,503		160,720		136,595		143,580		148,921		161,502		148,921
Organic Growth (Net Flows/Beginning of period AUM)	0.2	%	-0.7	%	1.4	%	1.5	%	6.9	%	2.5	%	8.1	%
Market Growth %	1.5	%	-4.3	%	-6.1	%	-5.0	%	0.7	%	-13.2	%	2.1	%
Retail AUM:
Beginning of period AUM	118,016		61,070		71,579		76,908		75,352		76,908		75,116
Inflows	7,203		6,683		2,290		2,609		2,207		18,783		9,456
Outflows	(7,400)		(6,754)		(3,728)		(3,502)		(2,727)		(21,384)		(10,760)
Net flows- Retail	(198)		(71)		(1,439)		(893)		(520)		(2,601)		(1,304)
Net Money Market Flows	51		45		120		(18)		11		197		(290)
Change in Market Value	3,232		(6,332)		(8,352)		(4,181)		3,001		(15,633)		8,709
Net Flows from Divested Businesses	(497)		(467)		(525)		(668)		(761)		(2,156)		(2,974)
Other (Including Acquisitions / Divestitures)	1,229		63,771		(313)		431		(174)		65,119		(2,348)
End of period AUM - Retail	121,833		118,016		61,070		71,579		76,908		121,834		76,908
Retail Organic Growth excluding Net Flows from Divested Businesses and Sub-advisor Replacements (Net Flows / Beginning of period AUM)	-0.2	%	-0.1	%	-2.0	%	-1.2	%	-0.7	%	-3.4	%	-1.7	%
Market Growth %	2.7	%	-10.4	%	-11.7	%	-5.4	%	4.0	%	-20.3	%	11.6	%
Net Flows:
Institutional Net Flows	345		(889)		1,998		2,221		9,516		3,675		9,075
Retail Net Flows	(198)		(71)		(1,439)		(893)		(520)		(2,601)		(1,304)
Net Flows from Divested Businesses	(497)		(467)		(525)		(668)		(761)		(2,156)		(2,974)
Total Net Flows	(350)		(1,427)		34		660		8,234		(1,082)		4,796
Net Flows excluding Net Flows from Divested Businesses and Sub-advisor Replacements	147		(960)		559		1,328		8,995		1,074		7,770
Total External Clients Organic Growth (Net Flows excluding Divested Businesses and Sub-advisor Replacement / Beginning period AUM) (1)	0.1	%	-0.5	%	0.3	%	0.6	%	4.2	%	0.5	%	4.2	%
(1) Includes net flows related to Allianz transaction as of July 25, 2022.

Voya Financial Page 26 of 47

Investment Management Account Value by Asset Type

	Balances as of
(in millions USD)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021
Institutional
Equity	22,943		22,835		12,086		14,830		14,994
Fixed Income - Public	57,532		59,752		62,378		67,693		72,550
Fixed Income - Privates	67,809		63,361		47,177		45,985		46,631
Alternatives	13,218		14,771		14,955		15,073		14,746
Money Market	—		—		—		—		—
Total	161,502		160,720		136,596		143,581		148,921
Retail
Equity	60,244		57,343		36,100		44,128		47,583
Fixed Income - Public	58,480		57,714		22,124		24,749		26,676
Fixed Income - Privates	483		499		547		611		634
Alternatives	822		724		611		542		470
Money Market	1,803		1,736		1,688		1,548		1,546
Total	121,833		118,016		61,070		71,578		76,908
General Account
Equity	237		241		242		216		308
Fixed Income - Public	19,748		20,701		20,416		20,217		20,000
Fixed Income - Privates	14,942		14,877		14,764		14,500		14,601
Alternatives	2,378		2,450		2,732		2,628		2,645
Money Market	724		344		532		488		449
Total	38,028		38,614		38,686		38,049		38,004
Combined Asset Type
Equity	83,424		80,419		48,429		59,174		62,884
Fixed Income - Public	135,760		138,166		104,917		112,659		119,225
Fixed Income - Privates	83,234		78,737		62,488		61,097		61,867
Alternatives	16,418		17,945		18,298		18,243		17,861
Money Market	2,527		2,080		2,220		2,036		1,995
Total	321,363		317,349		236,352		253,208		263,832
Total Private and Alternative Assets	99,652		96,683		80,786		79,340		79,728
% of Private and Alternative Assets / Total AUM	31.0	%	30.5	%	34.2	%	31.3	%	30.2	%
Total Wealth Assets	162,355		158,900		101,885		110,305		112,905
% of Wealth Assets / Total AUM	50.5	%	50.1	%	43.1	%	43.6	%	42.8	%

Corporate

Voya Financial Page 28 of 47

Corporate Adjusted Operating Earnings

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Interest expense (excluding Preferred stock dividends) (1)	(33)	(35)	(36)	(38)	(40)	(142)	(165)
Preferred stock dividends	(4)	(14)	(4)	(14)	(4)	(36)	(36)
Amortization of intangibles	(4)	(3)	(2)	(2)	(2)	(11)	(8)
Stranded costs net of TSA revenue	—	(1)	(4)	(4)	3	(9)	(15)
Other	(11)	(4)	(3)	—	(11)	(17)	(37)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	(52)	(57)	(49)	(58)	(54)	(215)	(261)
Less: Earnings (loss) attributable to Allianz noncontrolling interest	(2)	(1)	—	—	—	(2)	—
Adjusted operating earnings before income taxes	(50)	(56)	(49)	(58)	(54)	(213)	(261)
(1) Includes interest expense related to intercompany loans and other operating expenses related to financing agreements.

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital

Voya Financial Page 30 of 47

Net Revenue and Adjusted Operating Margin

	Three Months Ended										Twelve Months Ended
(in millions USD)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021		12/31/2022		12/31/2021
Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income	249		246		233		217		202		944		809
Fee based margin	241		244		257		268		283		1,009		1,112
Net underwriting gain (loss) and other revenue	4		3		4		1		—		13		(9)
Wealth Solutions Net Revenue	494		493		494		486		485		1,966		1,912
Health Solutions
Investment spread and other investment income	24		24		22		20		20		90		70
Net underwriting gain (loss) and other revenue	202		227		173		186		178		788		707
Health Solutions Net Revenue	226		251		195		206		198		878		777
Investment Management
Investment capital and other investment income	8		8		8		8		8		33		28
Fee based margin	216		204		165		167		181		753		680
Investment Management Net Revenue	224		212		173		175		189		785		708
Total Net Revenue Excluding Notable Items (1)	944		956		862		867		872		3,629		3,397
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions	184		188		197		169		158		738		678
Health Solutions	79		97		47		57		58		280		259
Investment Management	64		67		42		37		49		210		178
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)	327		352		286		263		265		1,228		1,115
Corporate	(52)		(57)		(49)		(58)		(38)		(215)		(205)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest	275		295		237		205		227		1,012		910
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items	13		12		—		—		—		25		—
Total Adjusted Operating Earnings Excluding Notable Items	262		283		237		205		227		987		910
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions	37.2	%	38.1	%	39.9	%	34.8	%	32.6	%	37.5	%	35.5	%
Health Solutions	35.0	%	38.6	%	24.1	%	27.7	%	29.3	%	31.9	%	33.5	%
Investment Management	28.6	%	31.6	%	24.3	%	21.1	%	25.9	%	26.8	%	25.1	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	34.6	%	36.8	%	33.2	%	30.3	%	30.4	%	33.8	%	32.9	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	29.1	%	30.9	%	27.5	%	23.6	%	26.0	%	27.9	%	26.8	%
Adjusted Operating Margin Excluding Notable Items Trailing Twelve Months
Wealth Solutions	37.5	%	36.4	%	36.2	%	35.5	%	35.5	%
Health Solutions	31.9	%	30.5	%	29.5	%	31.7	%	33.5	%
Investment Management	26.8	%	26.0	%	24.1	%	25.2	%	25.1	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	33.8	%	32.8	%	32.3	%	32.5	%	32.9	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	27.9	%	27.1	%	26.7	%	26.7	%	26.8	%
(1) 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.

Voya Financial Page 31 of 47

Administrative Expenses

	Three Months Ended					Twelve Months Ended
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Wealth Solutions	(223)	(214)	(207)	(223)	(232)	(867)	(885)
Health Solutions	(71)	(66)	(67)	(72)	(66)	(276)	(237)
Investment Management	(158)	(142)	(131)	(139)	(142)	(570)	(544)
Stranded costs net of TSA revenue(1)	—	(1)	(4)	(4)	3	(9)	(15)
Total Administrative Expenses(2)	(452)	(423)	(409)	(438)	(437)	(1,722)	(1,681)
(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 above (below) target performance, pension, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.

Voya Financial Page 32 of 47

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

	Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021
Wealth Solutions
Adjusted operating earnings before income taxes	707		800		951		1,060		1,110
Less:
DAC/VOBA and other intangibles unlocking	44		31		(12)		10		29
Adjusted Operating Earnings - excluding Unlocking before interest	663		769		964		1,050		1,082
Income tax expense	102		124		164		182		188
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	561		645		800		868		894
Adjusted Operating effective tax rate, excluding Unlocking (2)	14.1	%	13.2	%	16.1	%	16.9	%	16.9	%
Adjusted Operating effective tax rate, excluding Unlocking - Trailing Twelve Months	15.4	%	16.1	%	17.0	%	17.3	%	17.3	%
Average Capital	3,742		3,753		3,761		3,755		3,775
Ending Capital	3,730		3,731		3,765		3,738		3,740
Adjusted Return on Capital	15.0	%	17.2	%	21.3	%	23.1	%	23.7	%
Health Solutions
Adjusted operating earnings before income taxes	291		250		173		189		204
Less:
DAC/VOBA and other intangibles unlocking	—		—		—		—		—
Adjusted Operating Earnings - excluding Unlocking before interest	291		250		173		189		204
Income tax expense	61		53		36		40		43
Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes	230		198		137		149		161
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	%	21.0	%	21.0	%	21.0	%
Average Capital	585		551		525		509		503
Ending Capital	649		640		571		546		516
Adjusted Return on Capital	39.3	%	35.8	%	26.0	%	29.3	%	32.1	%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.

Voya Financial Page 33 of 47

Adjusted Operating Return on Allocated Capital Excluding Unlocking (1)

	Twelve Months Ended (1)
(in millions USD, unless otherwise indicated)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021
Investment Management
Adjusted operating earnings before income taxes - excludingUnlocking before interest	158		176		201		227		239
Income tax expense	33		37		42		48		50
Adjusted Operating Earnings -excluding Unlocking before interest and after income taxes	125		139		159		179		189
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	%	21.0	%	21.0	%	21.0	%
Average Capital	582		488		427		403		387
Ending Capital	797		778		486		458		420
Adjusted Return on Capital	21.5	%	28.3	%	37.0	%	44.3	%	48.7	%
(1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters.
(2) We assume a 21% tax rate on segment Adjusted operating earnings, excluding unlocking, less the estimated benefit of the dividends received deduction in our Wealth Solutions segment.

Investment Information

Voya Financial Page 35 of 47

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)	12/31/2022						9/30/2022						12/31/2022
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	12,179	30.0	%	163	5.2	%	13,093	32.0	%	162	5.0	%	12,179	30.0	%	641	5.0	%
Private credit	8,222	20.0	%	84	4.2	%	8,233	20.0	%	84	4.2	%	8,222	20.0	%	333	4.2	%
Securitized(2)(3)	10,654	26.0	%	157	6.0	%	10,651	26.0	%	147	5.7	%	10,654	26.0	%	556	5.5	%
Commercial mortgage loans	5,413	13.0	%	59	4.5	%	5,376	13.0	%	56	4.2	%	5,413	13.0	%	223	4.2	%
Municipals	952	2.0	%	10	4.0	%	966	2.0	%	10	4.0	%	952	2.0	%	38	4.0	%
Short-term / Treasury	627	2.0	%	7	4.4	%	728	2.0	%	8	4.4	%	627	2.0	%	33	4.3	%
Equity securities	290	1.0	%	4	5.5	%	298	1.0	%	4	5.9	%	290	1.0	%	17	5.7	%
Policy loans	363	1.0	%	5	5.3	%	368	1.0	%	5	5.5	%	363	1.0	%	21	5.8	%
Derivatives	(11)	—	%	3	N/A		(11)	—	%	4	N/A		(11)	—	%	14	N/A
Book Values and Gross Investment Income before variable components	38,689	96.0	%	491	5.1	%	39,703	97.0	%	480	4.9	%	38,689	96.0	%	1,875	4.8	%
Book Values and Gross Investment Income on variable components
Limited partnership	1,774	4.0	%	(7)	-1.5	%	1,778	4.0	%	(29)	-6.2	%	1,774	4.0	%	101	5.9	%
Prepayment / Other fee income	N/A	N/A		—	—	%	N/A	N/A		2	—	%	N/A	N/A		16	—	%
Book Values and Gross Investment Income (variable)	1,774	4.0	%	(6)	N/A		1,778	4.0	%	(27)	N/A		1,774	4.0	%	116	N/A
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	40,464	100.0	%	485	4.8	%	41,481	100.0	%	452	4.4	%	40,464	100.0	%	1,992	4.9	%
(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.

Voya Financial Page 36 of 47

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings

	Three Months Ended or As of (1)
(in millions USD)	9/30/2022			06/30/2022			03/31/2022			12/31/2021
Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	13,187	32.0	%	13,145	32.0	%	13,151	32.0	%	13,256	33.0	%
Private credit	7,958	19.0	%	7,989	19.0	%	7,773	19.0	%	7,754	19.0	%
Securitized	10,663	26.0	%	10,469	25.0	%	10,024	25.0	%	9,878	24.0	%
Municipals	966	2.0	%	964	2.0	%	957	2.0	%	965	2.0	%
Short-term / Treasury	802	2.0	%	891	2.0	%	935	2.0	%	897	2.0	%
Total Fixed maturities	33,577	81.0	%	33,458	81.0	%	32,840	81.0	%	32,750	81.0	%
Commercial mortgage loans	5,375	13.0	%	5,381	13.0	%	5,490	14.0	%	5,581	14.0	%
Limited partnership	1,777	4.0	%	1,813	4.0	%	1,793	4.0	%	1,687	4.0	%
Equity securities	475	1.0	%	486	1.0	%	476	1.0	%	487	1.0	%
Total	41,204	100.0	%	41,138	100.0	%	40,599	100.0	%	40,504	100.0	%
NAIC Ratings
Fixed Maturities:
NAIC 1	17,312	52.0	%	17,208	51.0	%	16,619	51.0	%	16,745	51.0	%
NAIC 2	14,970	45.0	%	14,850	44.0	%	14,699	45.0	%	14,524	44.0	%
NAIC 3 and below	1,295	4.0	%	1,400	4.0	%	1,522	5.0	%	1,481	5.0	%
Total Fixed maturities	33,577	100.0	%	33,458	100.0	%	32,840	100.0	%	32,750	100.0	%
Commercial Mortgage Loans:
CML 1	4,220	79.0	%	4,224	78.0	%	4,400	80.0	%	4,624	83.0	%
CML 2	1,045	19.0	%	1,030	19.0	%	966	18.0	%	876	16.0	%
CML 3 and below	110	2.0	%	127	2.0	%	125	2.0	%	81	1.0	%
Total Commercial mortgage loans	5,375	100.0	%	5,381	100.0	%	5,490	100.0	%	5,581	100.0	%
(1) Presented one quarter in arrears based on the timing of our statutory filings.

Voya Financial Page 37 of 47

Alternative Investment Income

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Wealth Solutions
Average alternative investments	1,614	1,650	1,634	1,534	1,508	1,608	1,360
Alternative investment income	(5)	(26)	33	89	115	91	511
Health Solutions
Average alternative investments	160	163	162	170	152	164	134
Alternative investment income	(1)	(3)	3	9	12	8	50
Investment Management
Average alternative investments	316	333	347	351	337	337	309
Alternative investment income	(2)	(13)	5	11	20	1	104

Voya Financial Page 38 of 47

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

	Three Months Ended					Twelve Months Ended
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions	(41)	(63)	(4)	55	81	(54)	388
Health Solutions	(5)	(7)	—	5	8	(7)	38
Investment Management	(9)	(20)	(3)	3	12	(29)	75
Total	(55)	(90)	(7)	63	101	(90)	501
Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(9)	(7)	(3)	(3)	1	(22)	18
Health Solutions	—	—	—	—	1	—	3
Investment Management	—	—	—	—	—	—	—
Total	(9)	(7)	(3)	(3)	2	(22)	21
Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(50)	(70)	(7)	52	82	(76)	406
Health Solutions	(5)	(7)	—	5	9	(7)	41
Investment Management	(9)	(20)	(3)	3	12	(29)	75
Total	(64)	(97)	(10)	60	103	(112)	522
(1) The amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectations reported on a pre-DAC basis.

Reconciliations

Voya Financial Page 40 of 47

Reconciliation of Consolidated Statements of Operations

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Revenues
Net investment income	548	522	581	630	673	2,281	2,774
Fee income	452	435	411	433	446	1,731	1,827
Premiums	610	607	595	613	544	2,425	(3,354)
Net gains (losses)	(50)	(123)	(227)	(285)	(179)	(685)	1,423
Other revenues	31	33	44	40	49	148	579
Income (loss) related to consolidated investment entities	(40)	(136)	115	83	142	22	981
Total revenues	1,551	1,338	1,519	1,514	1,675	5,922	4,230
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(715)	(550)	(643)	(665)	(627)	(2,573)	2,163
Operating expenses	(673)	(632)	(605)	(632)	(636)	(2,542)	(2,586)
Net amortization of DAC/VOBA	(30)	(10)	(67)	(80)	(40)	(187)	(795)
Interest expense	(30)	(31)	(33)	(40)	(59)	(134)	(186)
Operating expenses related to consolidated investment entities	(20)	(14)	(18)	(6)	(13)	(58)	(49)
Total benefits and expenses	(1,468)	(1,237)	(1,366)	(1,423)	(1,375)	(5,494)	(1,453)
Income (loss) from continuing operations before income taxes	83	101	153	91	300	428	2,777
Less:
Net investment gains (losses) and related charges and adjustments	(16)	(5)	(52)	(87)	(86)	(161)	(20)
Net guaranteed benefit gains (losses) and related charges and adjustments	3	(8)	3	(22)	(3)	(23)	(1)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(30)	(14)	(50)	(47)	14	(141)	812
Income (loss) attributable to noncontrolling interests	(57)	(138)	75	43	100	(77)	761
Income (loss) on early extinguishment of debt	—	1	1	(5)	(21)	(3)	(31)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	1	—	—	4	33	5	33
Dividend payments made to preferred shareholders	4	14	4	14	4	36	36
Other adjustments	(35)	(47)	(51)	(17)	(19)	(151)	(105)
Adjusted operating earnings before income taxes	214	299	223	209	279	944	1,292

Voya Financial Page 41 of 47

Reconciliation of Adjusted Operating Revenues

	Three Months Ended					Year-to-Date
(in millions USD)	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Total revenues	1,551	1,339	1,519	1,514	1,675	5,922	4,230
Less:
Net investment gains (losses) and related charges and adjustments	(20)	(9)	(60)	(96)	(94)	(186)	(138)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits	3	(8)	3	(22)	(3)	(23)	(1)
Revenues (losses) related to business exited or to be exited through reinsurance or divestment	10	(38)	(58)	(46)	(11)	(132)	(3,368)
Revenues (loss) attributable to noncontrolling interests	(44)	(130)	93	48	112	(33)	809
Other adjustments	54	30	8	28	54	121	413
Total adjusted operating revenues	1,547	1,494	1,534	1,601	1,618	6,176	6,516
Adjusted operating revenues by segment
Wealth Solutions	668	643	706	754	791	2,772	3,238
Health Solutions	649	646	640	647	599	2,582	2,395
Investment Management	215	192	171	178	201	756	783
Corporate	15	13	17	22	27	67	100
Total adjusted operating revenues	1,547	1,494	1,534	1,601	1,618	6,176	6,516

Voya Financial Page 42 of 47

Wealth Solutions and Health Solutions Reconciliation of Net Revenues

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Wealth Solutions
Adjusted operating revenues	page 9	668	643	706	754	791	2,772	3,238
Interest credited and other benefits to contract owners/policyholders		(225)	(223)	(222)	(218)	(223)	(888)	(891)
Other adjustments to Net Revenue		1	3	2	2	—	7	(1)
Net revenue	page 16	444	423	486	538	568	1,891	2,346
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(50)	(70)	(7)	52	82	(76)	406
Fee income related to divested businesses		—	—	—	—	—	—	25
Other adjustments to investment income		—	—	—	—	—	—	3
Net Revenue Excluding Notable Items	page 30	494	493	494	486	485	1,966	1,912
Health Solutions
Adjusted operating revenues	page 9	649	646	640	647	599	2,582	2,395
Interest credited and other benefits to contract owners/policyholders		(427)	(343)	(445)	(476)	(427)	(1,691)	(1,674)
Other adjustments to Net Revenue		(1)	—	—	—	—	(1)	1
Net revenue	page 20	221	303	195	171	172	890	722
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(5)	(7)	—	5	9	(7)	41
Group Life Covid-19 impacts		—	—	—	(40)	(34)	(40)	(112)
Other adjustments to net underwriting gain (loss) and other revenue (1)		—	59	—	—	—	59	14
Net Revenue Excluding Notable Items	page 30	226	251	195	206	198	878	777
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.

Voya Financial Page 43 of 47

Investment Management and Consolidated Reconciliation of Net Revenues

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Investment Management
Adjusted operating revenues	page 9	215	192	171	178	201	756	783
Interest credited and other benefits to contract owners/policyholders		—	—	—	—	—	—	—
Other adjustments to Net Revenue		—	—	—	—	—	—	—
Net revenue	page 23	215	192	171	178	201	756	783
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(9)	(20)	(3)	3	12	(29)	75
Net Revenue Excluding Notable Items	page 30	224	212	173	175	189	785	708
Consolidated
Total Adjusted operating revenues (1)	page 9	1,547	1,494	1,534	1,601	1,618	6,176	6,516
Interest credited and other benefits to contract owners/policyholders		(652)	(565)	(667)	(694)	(650)	(2,579)	(2,564)
Other adjustments to Net Revenue (1)		(15)	(11)	(15)	(20)	(27)	(60)	(102)
Net revenue	pages 16/20/23	880	918	852	887	941	3,537	3,850
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(64)	(97)	(10)	60	103	(112)	522
Group Life Covid-19 impacts		—	—	—	(40)	(34)	(40)	(112)
Fee income related to divested businesses		—	—	—	—	—	—	25
Other adjustments		—	59	—	—	—	59	17
Net Revenue Excluding Notable Items	page 30	944	956	862	867	872	3,629	3,397
(1) Includes adjusted operating revenue in Corporate, primarily TSA Revenue.

Voya Financial Page 44 of 47

Reconciliation of Adjusted Operating Earnings by Segment

	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	12/31/2022	9/30/2022	6/30/2022	3/31/2022	12/31/2021	12/31/2022	12/31/2021
Wealth Solutions Adjusted operating earnings before income taxes	page 9	148	168	186	205	241	707	1,110
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(50)	(70)	(7)	52	82	(76)	406
Other (1)(2)		14	50	(4)	(16)	1	44	26
Adjusted operating earnings excluding Notable Items	page 30	184	188	197	169	158	738	678
Health Solutions Adjusted operating earnings before income taxes	page 9	74	149	47	22	33	291	204
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(5)	(7)	—	5	9	(7)	41
Group Life Covid-19 impacts		—	—	—	(40)	(34)	(40)	(112)
Other (1)		—	59	—	—	—	59	16
Adjusted operating earnings excluding Notable Items	page 30	79	97	47	57	58	280	259
Investment Management Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 9	57	51	40	39	59	186	239
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable and incentive compensation		(7)	(16)	(2)	2	9	(24)	61
Adjusted operating earnings excluding Notable Items	page 30	64	67	42	37	49	210	178
Corporate Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 9	(52)	(57)	(49)	(58)	(54)	(215)	(261)
Less:
Other (3)		—	—	—	—	(16)	—	(56)
Adjusted operating earnings excluding Notable Items	page 30	(52)	(57)	(49)	(58)	(38)	(215)	(205)
Consolidated Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 9	226	311	223	209	279	969	1,292
Total Notable Items Adjustments		(49)	16	(14)	4	52	(43)	382
Consolidated Adjusted operating earnings excluding Notable Items, including Allianz noncontrolling interest	page 30	275	295	237	205	227	1,012	910
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		13	12	—	—	—	25	—
Consolidated Adjusted operating earnings excluding Notable Items		262	283	237	205	227	987	910
(1) Includes changes in certain legal and other reserves not expected to recur at the same level.
(2) Includes DAC, VOBA, and other intangible unlocking and revenue and expenses related to FPC prior to its divestment in June 2021.
(3) Includes incentive compensation driven by above (below) target performance.

Voya Financial Page 45 of 47

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

	Three Months Ended
(in millions except per share in whole dollars)	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
	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		190	1.77		193	1.82		64	0.57		27	0.24		403	3.36
Plus: Net income (loss) attributable to noncontrolling interests		(57)	(0.54)		(138)	(1.30)		75	0.68		43	0.36		100	0.83
Less: Preferred stock dividends		(4)	(0.04)		(14)	(0.13)		(4)	(0.04)		(14)	(0.12)		(4)	(0.03)
Less: Income (loss) from discontinued operations		—	—		—	—		—	—		—	—		5	0.05
Income (loss) from continuing operations	83	137	1.28	101	69	0.65	153	143	1.29	91	84	0.72	300	502	4.18
Less:
Net investment gains (losses) and related charges and adjustments	(16)	(13)	(0.12)	(5)	(4)	(0.04)	(52)	(41)	(0.37)	(87)	(69)	(0.59)	(86)	(68)	(0.56)
Net guaranteed benefit gains (losses) and related charges and adjustments	3	3	0.03	(8)	(6)	(0.06)	3	2	0.02	(22)	(17)	(0.15)	(3)	(2)	(0.02)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(30)	(24)	(0.22)	(14)	(11)	(0.10)	(50)	(39)	(0.35)	(47)	(37)	(0.32)	14	11	0.09
Net income (loss) attributable to noncontrolling interests	(57)	(57)	(0.54)	(138)	(138)	(1.30)	75	75	0.68	43	43	0.36	100	100	0.83
Income (loss) on early extinguishment of debt	—	—	—	1	1	0.01	1	1	—	(5)	(4)	(0.03)	(21)	(17)	(0.14)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	1	1	0.01	—	—	—	—	—	—	4	3	0.03	33	26	0.22
Dividend payments made to preferred shareholders	4	4	0.04	14	14	0.13	4	4	0.04	14	14	0.12	4	4	0.03
Other adjustments	(35)	(10)	(0.10)	(47)	(31)	(0.29)	(51)	(44)	(0.40)	(17)	(20)	(0.17)	(19)	219	1.83
Adjusted operating earnings	214	233	2.18	299	245	2.30	223	185	1.67	209	172	1.47	279	229	1.90
(1) Per share calculations are based on un-rounded numbers.

Voya Financial Page 46 of 47

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

	Twelve months ended
(in millions except per share in whole dollars)	12/31/2022			12/31/2021
	Pre-tax	After-tax	Per share (1)	Pre-tax	After-tax	Per share (1)
Income (loss) available to Voya Financial, Inc.'s common shareholders		474	4.30		2,090	16.61
Plus: Net income (loss) attributable to noncontrolling interests		(77)	(0.70)		761	6.05
Less: Preferred stock dividends		(36)	(0.33)		(32)	(0.29)
Less: Income (loss) from discontinued operations		—	—		12	0.10
Income (loss) from continuing operations	428	433	3.93	2,777	2,875	22.85
Less:
Net investment gains (losses) and related charges and adjustments	(161)	(127)	(1.15)	(20)	(16)	(0.13)
Net guaranteed benefit gains (losses) and related charges and adjustments	(23)	(18)	(0.17)	(1)	—	—
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(141)	(111)	(1.01)	812	872	6.93
Net income (loss) attributable to noncontrolling interests	(77)	(77)	(0.70)	761	761	6.05
Income (loss) on early extinguishment of debt	(3)	(3)	(0.02)	(31)	(24)	(0.19)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments	5	4	0.03	33	26	0.21
Dividend payments made to preferred shareholders	36	36	0.33	36	36	0.29
Other adjustments	(151)	(106)	(0.96)	(105)	167	1.33
Adjusted operating earnings	944	835	7.58	1,292	1,053	8.37
(1) Per share calculations are based on un-rounded numbers.

Voya Financial Page 47 of 47

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)	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021		12/31/2022		12/31/2021
Book value per common share, including AOCI	39.68		35.81		39.88		54.66		70.88		39.68		70.88
Per share impact of AOCI	18.46		20.43		9.84		(5.16)		(19.48)		18.46		(19.48)
Book value per common share, excluding AOCI	58.14		56.24		49.71		49.50		51.40		58.14		51.40
Debt to capital ratio	33.3	%	35.3	%	34.6	%	28.0	%	23.9	%	33.3	%	23.9	%
Capital impact of adding noncontrolling interest	-6.0	%	-7.1	%	-6.9	%	-4.2	%	-3.0	%	-6.0	%	-3.0	%
Impact of adding other financial obligations and treatment of preferred stock (1)	8.8	%	9.2	%	9.2	%	8.1	%	6.7	%	8.8	%	6.7	%
Financial leverage ratio	36.1	%	37.4	%	36.9	%	31.9	%	27.6	%	36.1	%	27.6	%
Capital impact of excluding AOCI	-6.2	%	-7.2	%	-3.6	%	1.7	%	5.4	%	-6.2	%	5.4	%
Financial leverage ratio excluding AOCI	29.9	%	30.2	%	33.3	%	33.6	%	33.0	%	29.9	%	33.0	%
Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic	97.3		97.9		101.7		106.1		110.1		100.7		116.7
Dilutive effect of warrants	7.2		6.2		7.1		8.2		7.5		7.2		6.7
Other dilutive effects (2)	2.2		2.3		2.0		2.6		2.5		2.3		2.4
Weighted-average common shares outstanding - Diluted	106.7		106.4		110.8		117.0		120.1		110.2		125.8
Dilutive effect of the exercise or issuance of stock-based awards (3)	—		—		—		—		—		—		—
Weighted average common shares outstanding - Adjusted Diluted (3)	106.7		106.4		110.8		117.0		120.1		110.2		125.8
(1) Includes operating leases, capital 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 from continuing operations 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.