Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

November 4, 2024

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35897

No.

52-1222820

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

230 Park Avenue

New York

10169

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 309-8200

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.01 Par Value	VOYA	New York Stock Exchange
Depositary Shares, each representing a 1/40th	VOYAPrB	New York Stock Exchange
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02			Results of Operations and Financial Condition

On November 4, 2024, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and nine months ended September 30, 2024. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Tuesday, November 5, 2024 at 10:00 am ET to discuss its third-quarter 2024 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the quarter ended September 30, 2024, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the quarter ended September 30, 2024 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.


Item 7.01			Regulation FD Disclosure

On November 4, 2024, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.


Item 9.01			Financial Statements and Exhibits

(d) Exhibits

99.1 Press release of Voya Financial, Inc., dated November 4, 2024 (furnished and not filed)

99.2 Quarterly Investor Supplement for the quarter ended September 30, 2024 (furnished and not filed)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Voya Financial, Inc.

(Registrant)

By: /s/ My Chi To

Name: My Chi To

Title: Executive Vice President, Chief Legal Officer and Corporate Secretary

Dated: November 4, 2024

Exhibit 99.1

Voya Financial announces third-quarter 2024 results

NEW YORK, Nov. 4, 2024 — Voya Financial, Inc. (NYSE: VOYA) announced today its third-quarter 2024 financial results:

•Net income available to common shareholders of $98 million, or $0.98 per diluted share, and after-tax adjusted operating earnings1 of $190 million, or $1.90 per diluted share.

•Strong results in Wealth Solutions and Investment Management mitigating higher loss ratios in Health Solutions.

–Disciplined pricing actions expected to improve loss ratios in Stop Loss in 2025.

•Prudently positioned balance sheet and strong excess capital generation supporting capital return to shareholders:

–Board of directors authorized repurchase of an additional $500 million of common stock.

–Generated and returned approximately $0.2 billion of capital in third-quarter 2024.

–Expect to return $0.8 billion of capital for the full-year 2024.

•Acquisition of OneAmerica Financial’s full-service retirement plan business expected to close on Jan. 1, 2025.

“We delivered robust results in Wealth Solutions and Investment Management in the third-quarter of 2024. This helped offset higher loss ratios in Health Solutions, resulting in an adjusted operating EPS of $1.90 per diluted share,” said Heather Lavallee, chief executive officer, Voya Financial. “We are building on our commercial momentum to accelerate profitable growth. We are also fully focused on executing substantial rate increases in our Stop Loss business during the fourth- quarter, which we expect will improve profitability in Health Solutions in 2025.”

“Capital return in the third-quarter reflects our continued commitment to creating value for shareholders. We remain on track to return $800 million for the full-year. Looking forward, we expect to significantly increase excess capital generation in 2025 driven by continued growth in our core businesses, repricing actions in Stop Loss, and additional earnings from the OneAmerica acquisition."

“The strategic acquisition of OneAmerica's full-service retirement plan business will further strengthen our market position and accelerate profitable growth. We remain focused on addressing the evolving needs of our customers, who rely on us for comprehensive workplace benefits, savings, and investment solutions. This commitment continues to distinguish Voya as a leader in the marketplace."

1 This press release includes certain non-GAAP financial measures, including adjusted operating earnings. More information on notable items in the company’s financial results, non-GAAP measures, and reconciliations to the most comparable U.S. GAAP measures can be found in the "Use of Non-GAAP Financial Measures" and reconciliation tables at the end of this press release, and in the “Non-GAAP Financial Measures” section of the company’s Quarterly Investor Supplement, which is available at investors.voya.com.

Third-Quarter 2024 Consolidated Results

Third-quarter 2024 net income available to common shareholders was $98 million, or $0.98 per diluted share, compared with $248 million, or $2.29 per diluted share, in third-quarter 2023. The decrease was driven by events in the prior period which did not repeat this quarter, including the recognition of tax benefits associated with divested businesses and a revaluation gain on the Voya India investment. It also included an unfavorable change in Net investment gains (losses) in the current quarter due to interest rate movements.

Third-quarter 2024 after-tax adjusted operating earnings were $190 million, or $1.90 per diluted share, compared with $189 million, or $1.74 per diluted share, in third-quarter 2023. Higher fee-based revenues in Wealth Solutions and Investment Management and continued expense discipline were offset by higher loss ratios in Stop Loss in Health Solutions. Third-quarter 2024 earnings per share also reflect a reduced share count as a result of share repurchases.

Business Segment Results

Wealth Solutions

Wealth Solutions third-quarter 2024 pre-tax adjusted operating earnings were $211 million, up from $179 million in the prior-year period. The increase was primarily due to growth in fee-based revenues.

Total client assets as of Sept. 30, 2024, were $608 billion, up 19% compared with Sept. 30, 2023, primarily due to higher equity market levels.

Net revenues for the trailing twelve months (TTM) ended Sept. 30, 2024, grew 7.2% compared with the prior-year TTM period due to growth in fee-based revenues.

Adjusted operating margin for the TTM ended Sept. 30, 2024, was 37.9% compared with 33.8% in the prior-year TTM period. The improvement reflects net revenue growth and disciplined expense management while investing in the business.

Excluding notable items, for the TTM ended Sept. 30, 2024, net revenues grew 4.8% and adjusted operating margin was 40.4%.

Health Solutions

Health Solutions third-quarter 2024 pre-tax adjusted operating earnings were $23 million, down from $53 million in the prior-year period. The decline was primarily attributable to higher loss ratios in Stop Loss.

Health Solutions third-quarter 2024 annualized in-force premiums and fees grew 16% to $3.9 billion compared with the prior-year period. The increase reflects growth across all product lines due to strong sales and favorable retention.

Net revenues for the TTM ended Sept. 30, 2024, declined 1.2% compared with the prior-year TTM period. The decline reflects unfavorable loss ratios in the current-year TTM period, partially offset by in-force premium growth and the positive impact of fee-based revenue diversification as a result of the acquisition of Benefitfocus.

Adjusted operating margin for the TTM ended Sept. 30, 2024, was 16.6% compared with 30.6% in the prior-year TTM period. The decline reflects higher loss ratios and the acquisition of Benefitfocus.

Excluding notable items, for the TTM ended Sept. 30, 2024, net revenues declined 2.7% and adjusted operating margin was 17.4%.

Investment Management

Investment Management third-quarter 2024 pre-tax adjusted operating earnings, excluding Allianz's noncontrolling interest, were $55 million, up from $49 million in the prior-year period. The increase was primarily due to higher fee-based revenues benefiting from positive capital markets and strong business momentum.

Investment Management had net inflows of $3.8 billion (excluding divested businesses) during the three months ended Sept. 30, 2024, generating organic growth of 1.3%. This reflects further growth from Insurance channel clients and continued positive flows within Retail.

Net revenues for the TTM ended Sept. 30, 2024, grew 4.0% compared with the prior-year TTM period due to an increase in fee-based revenues reflecting positive capital markets and net flows.

Adjusted operating margin for the TTM ended Sept. 30, 2024, was 26.3% compared with 24.9% in the prior-year TTM period. The improvement is due to net revenue growth and disciplined expense management.

Excluding notable items, for the TTM ended Sept. 30, 2024, net revenues grew 3.9% and adjusted operating margin was 26.9%.

Corporate

Corporate third-quarter 2024 pre-tax adjusted operating losses, excluding Allianz's noncontrolling interest, were $59 million, up from $52 million of losses in the prior-year period primarily reflecting the impact of the preferred stock dividend reset in the prior year.

Capital

For the third-quarter 2024, the company generated approximately $0.2 billion of excess capital reflecting capital generation of over 90% of after-tax adjusted operating earnings for the TTM. The company also returned approximately $0.2 billion of excess capital to shareholders in the third quarter through $149 million of share repurchases and $44 million of common stock dividends. Share repurchases included an accelerated share repurchase (ASR) agreement to repurchase $100 million of common stock of which $80 million was delivered in the third quarter, with the remaining $20 million to be delivered in the fourth quarter. As of Sept. 30, 2024, the company had approximately $0.4 billion of excess capital.

The company announced today that its board of directors has increased the company's

authorization to repurchase common stock under the company's share repurchase program by

$500 million. This is in addition to the remaining repurchase capacity of approximately $382 million available as of Sept. 30, 2024.

During the third-quarter 2024, the company issued $400 million of unsecured 5.0% Senior Notes due 2034 and intends to use the net proceeds for repayment at maturity of the $400 million outstanding principal amount of its 3.976% Senior Notes due Feb. 15, 2025.

In Sept. 2024, Fitch upgraded Voya Financial, Inc.'s life insurance subsidiaries' Insurer Financial Strength to 'A+' from 'A,' long-term issuer default rating to 'A-' from 'BBB+' and senior unsecured debt to 'BBB+' from 'BBB.' In conjunction with the upgrade, Fitch revised its outlook to 'Stable' for the revised ratings.

Investments in Profitable Growth

On Sept. 11, 2024, the company announced that it had entered into a definitive agreement to acquire OneAmerica Financial’s full-service retirement plan business including 401(k), 403(b), 457, non-qualified deferred compensation and employee stock ownership plans. The acquisition will provide the company with a broader set of capabilities that complement its existing product suite within Wealth Solutions, including competitive employee stock ownership plan capabilities, administration, and new opportunities to expand its distribution footprint and deepen its existing advisor relationships. The acquisition will add assets in the strategically important full-service Emerging and Mid-Market segments, extend the company’s leadership position in the Large Market and increase the company’s General Account, which is managed by Voya Investment Management. The transaction is expected to close on Jan. 1, 2025, subject to customary closing conditions.

Additional Financial Information and Earnings Call

More detailed financial information can be found in the company’s quarterly investor supplement, which is available on Voya’s investor relations website, investors.voya.com. In addition, Voya will host a conference call on Tuesday, Nov. 5, 2024, at 10 a.m. ET, to discuss the company’s third-quarter 2024 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com. A replay of the call will be available on the company’s investor relations website, investors.voya.com, starting at 1 p.m. ET on Nov. 6, 2024.

Media Contact: Investor Contact:

Donna Sullivan Mei Ni Chu

Donna.Sullivan@voya.com IR@voya.com

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA) is a leading health, wealth and investment company with over 9,000 employees who are focused on achieving Voya’s aspirational vision: "Clearing your path to financial confidence and a more fulfilling life." Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with over 12 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Instagram.

Use of Non-GAAP Financial Measures

We believe that Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate our business and segment performance. We use the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as we do for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as a measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both measures when reviewing our financial and operating performance. Each segment’s Adjusted operating earnings before income taxes are calculated by adjusting Income (loss) before income taxes for the following items:

•Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment;

•Income (loss) attributable to noncontrolling interests to which we are not economically entitled;

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

•Other adjustments include items which are not indicative of normal operations, performance of our segments, current Operating expense fundamentals, or do not reflect cash-settled expenses. These items vary widely in timing, scope and frequency between periods as well as among companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments. These may include:

◦Income (loss) related to early extinguishment of debt;

◦Impairment of goodwill and intangible assets;

◦Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments;

◦Expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and

◦Other items such as capital or organizational restructurings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate.

Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings include:

•Investment spread and other investment income.

•Fee-based margin.

•Net underwriting gain (loss).

•Administrative expenses.

•Premium taxes, fees and assessments.

•Net commissions.

•DAC/VOBA and other intangibles amortization.

Net Revenue and Adjusted Operating Margin

•Adjusted operating margin is defined as Adjusted operating earnings before income taxes divided by net revenue.

•Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss).

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

•We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market risks, including general economic conditions, our ability to manage such risks, and interest rates; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) – Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended Dec. 31, 2023, as filed with the SEC on Feb. 23, 2024, and in our Quarterly Report on Form 10-Q for the three months ended Sept. 30, 2024, to be filed with the SEC on or before Nov. 12, 2024.

VOYA-IR VOYA-CF


Consolidated Statement of Operations
	Three Months Ended
(in millions USD, except per share)	9/30/2024		9/30/2023

Revenues
Net investment income	$	506	$	547
Fee income	540		489
Premiums	796		682
Net gains (losses)	(14)		(7)
Other revenues	103		81
Income (loss) related to consolidated investment entities	25		31
Total revenues	1,956		1,823
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(938)		(799)
Operating expenses	(775)		(717)
Net amortization of DAC/VOBA	(55)		(57)
Interest expense	(29)		(31)
Operating expenses related to consolidated investment entities	(43)		(47)
Total benefits and expenses	(1,840)		(1,651)
Income (loss) before income taxes	116		172
Income tax expense (benefit)	18		(74)


Net income (loss)	98		246
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(16)		(16)
Net income (loss) available to Voya Financial, Inc.	114		262
Less: Preferred stock dividends	16		14
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	98	$	248
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
Basic	$	1.00	$	2.35
Diluted	$	0.98	$	2.29


Reconciliation of Net Income (Loss) to Adjusted Operating Earnings and Earnings Per Share (Diluted)
	Three Months Ended
(in millions USD, except per share)	9/30/2024				9/30/2023
	After-tax (1)		Per share		After-tax (1)		Per share

Net Income (loss) available to Voya Financial, Inc.'s common shareholders	$	98	$	0.98	$	248	$	2.29




Less:
Net investment gains (losses) (2)	(26)		(0.26)		43		0.40


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (3)	(41)		(0.41)		38		0.35




Other adjustments (4)	(25)		(0.25)		(21)		(0.19)
Adjusted operating earnings	$	190	$	1.90	$	189	$	1.74
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation	(22)		(0.22)		(23)		(0.21)
Other (5)	—		—		(13)		(0.12)
Adjusted operating earnings excluding notable items	$	212	$	2.12	$	224	$	2.07

Note: Totals may not sum due to rounding.

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

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

(3) Includes tax benefits of $92 million related to a divested business for the three months ended Sept. 30, 2023.

(4) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the three months ended Sept. 30, 2024, also includes $7 million, after-tax, of severance costs.

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


Adjusted Operating Earnings and Notable Items
Three Months Ended Sept. 30, 2024
(in millions USD, except per share)	Amounts Including Notable Items		Alternative investment income and prepayment fees above (below) long-term expectations (1)		Amounts Excluding Notable Items
	a		b		c = a - b
Adjusted operating earnings
Wealth Solutions	$	211	$	(21)	$	232
Health Solutions	23		(3)		26
Investment Management	55		(4)		59
Corporate	(59)		—		(59)





Adjusted operating earnings before income taxes	230		(28)		258
Income taxes (2)	39		(6)		45
Adjusted operating earnings after income taxes	$	190	$	(22)	$	212
Adjusted operating earnings per share	1.90		(0.22)		2.12

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for the three months ended Sept. 30, 2024, was approximately $48 million, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for the three months ended Sept. 30, 2024, was approximately $9 million, pre-tax and before variable compensation.

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


Adjusted Operating Earnings and Notable Items
Three Months Ended Sept. 30, 2023
(in millions USD, except per share)	Amounts Including Notable Items		Alternative investment income and prepayment fees above (below) long-term expectations (1)		Other (2)		Amounts Excluding Notable Items
	a		b		c		d = a - b - c
Adjusted operating earnings
Wealth Solutions	$	179	$	(24)	$	—	$	202
Health Solutions	53		(2)		(16)		71
Investment Management	49		(3)		—		52
Corporate	(52)		—		—		(52)




Adjusted operating earnings before income taxes	229		(29)		(16)		273
Income taxes (3)	39		(6)		(3)		49
Adjusted operating earnings after income taxes	$	189	$	(23)	$	(13)	$	224
Adjusted operating earnings per share	1.74		(0.21)		(0.12)		2.07

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for the three months ended Sept. 30, 2023, was approximately $48 million, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for the three months ended Sept. 30, 2023, was approximately $9 million, pre-tax and before variable compensation.

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

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


Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended Sept. 30, 2024
(in millions USD)	Amounts Including Notable Items			Alternative investment income and prepayment fees above (below) long-term expectations (1)			Amounts Excluding Notable Items
	a			b			c = a - b








Net revenue
Wealth Solutions	$	1,999		$	(82)		$	2,081
Health Solutions	1,123			(11)			1,134
Investment Management	939			(9)			948
Total net revenue	$	4,061		$	(102)		$	4,163

Adjusted operating margin
Wealth Solutions	37.9		%	(2.5)		%	40.4		%
Health Solutions	16.6		%	(0.8)		%	17.4		%
Investment Management	26.3		%	(0.6)		%	26.9		%
Adjusted operating margin, excluding Corporate	29.3		%	(1.7)		%	31.0		%

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended Sept. 30, 2024, was approximately $188 million, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for the trailing twelve months ended Sept. 30, 2024, was approximately $36 million, pre-tax and before variable compensation.


Net Revenue, Adjusted Operating Margin, and Notable Items
Twelve Months Ended Sept. 30, 2023
(in millions USD)	Amounts Including Notable Items			Alternative investment income and prepayment fees above (below) long-term expectations (1)			Other (2)			Amounts Excluding Notable Items








	a			b			c			d = a - b - c
Net revenue
Wealth Solutions	$	1,864		$	(121)		$	—		$	1,985
Health Solutions	1,137			(9)			(16)			1,165
Investment Management	903			(9)			—			912
Total net revenue	$	3,904		$	(139)		$	(16)		$	4,061

Adjusted operating margin
Wealth Solutions	33.8		%	(4.0)		%	—		%	37.8		%
Health Solutions	30.6		%	(0.6)		%	(1.0)		%	32.2		%
Investment Management	24.9		%	(0.6)		%	—			25.5		%
Adjusted operating margin, excluding Corporate	30.8		%	(2.4)		%	(0.2)		%	33.4		%

Note: Totals may not sum due to rounding.

(1) Amount by which Investment income from alternative investments and prepayments exceeds or is less than our long-term expectations, net of variable compensation. Long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended Sept. 30, 2023, was approximately $190 million, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for the trailing twelve months ended Sept. 30, 2023, was approximately $37 million, pre-tax and before variable compensation.

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


						Exhibit 99.2

Quarterly Investor Supplement

September 30, 2024

This report should be read in conjunction with Voya Financial, Inc.'s Quarterly Report on Form 10-Q for the Nine Months Ended September 30, 2024. Voya Financial's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.

Corporate Offices:

Investor Contact:

Voya Financial

Mei Ni Chu

230 Park Avenue

IR@voya.com

New York, New York 10169

Web Site:

NYSE Ticker:

investors.voya.com

VOYA

Table of Contents

Page

Consolidated

Net Revenue, Adjusted Operating Margin, Administrative

Explanatory Note on Non-GAAP Financial Information

3 - 4

Expenses, and Adjusted Operating Return on Capital

Key Metrics

Net Revenue and Adjusted Operating Margin

Consolidated Statements of Operations

Administrative Expenses

Consolidated Adjusted Operating Earnings Before Income Taxes

Adjusted Operating Return on Allocated Capital

Adjusted Operating Earnings Before Income Taxes by Segment (QTD)

Investment Information

Adjusted Operating Earnings Before Income Taxes by Segment (YTD)

Portfolio Results GAAP Book Value, Gross Investment Income, and

Consolidated Balance Sheets

Earned Rate by Asset Class

DAC/VOBA Segment Trends

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Capital Structure

Ratings

Consolidated Assets Under Management, Assets Under Administration

Alternative Investment Income

and Advisement

Alternative Income and Prepayments Above (Below) Long-Term

Wealth Solutions

Expectations

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliations

and Key Metrics

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Client Assets Rollforward by Product Group

16 - 17

Earnings Per Common Share (Diluted) (QTD)

Health Solutions

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Sources of Adjusted Operating Earnings Before Income Taxes

Earnings Per Common Share (Diluted) (YTD)

Quarterly Loss Ratio Development for Group Stop Loss

Reconciliation of Adjusted Operating Revenues

Key Metrics

Reconciliation of Net Revenues by Segment

42 - 43

Investment Management

Reconciliation of Adjusted Operating Earnings Before Income Taxes

Sources of Adjusted Operating Earnings Before Income Taxes

Excluding Notable Items by Segment

44 - 45

Analysis of AUM and AUA

Reconciliation of Book Value Per Common Share, Excluding AOCI,

Account Value Rollforward by Source

Leverage Ratio, and Adjusted Diluted Shares

Account Value by Asset Type

Corporate

Adjusted Operating Earnings Before Income Taxes


Voya Financial						Page 3 of 46

Explanatory Note on Non-GAAP Financial Information

Adjusted Operating Earnings Before Income Taxes

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

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

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

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

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

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

•Other adjustments may include the following items:

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

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

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

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

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

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

Adjusted Operating Revenues

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

•Net investment gains (losses);

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

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

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

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


Voya Financial						Page 4 of 46

Explanatory Note on Non-GAAP Financial Information

Sources of Earnings

We analyze our segment performance based on the sources of earnings. We believe that this supplemental information is useful because we use it to analyze our business and it can help investors to understand the main drivers of Adjusted operating earnings before income taxes. The sources of earnings are defined as such:

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

•Fee-based margin consists primarily of fees earned on assets under management ("AUM"), assets under administration and advisement ("AUA"), transaction based recordkeeping fees, and fees for subscriptions and services associated with cloud-based benefits software.

•Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, surrender results, and contractual charges.

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

•Premium taxes, fees and assessments includes taxes on paid premium, fess associated with business volumes and assessments from insurance departments.

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

•DAC/VOBA and other intangibles amortization.

Net Revenue and Adjusted Operating Margin

• Adjusted operating margin is defined as adjusted operating earnings before income taxes divided by net revenue.

• Net revenue is the sum of investment spread and other investment income, fee-based margin, and net underwriting gain (loss). Please see the “Reconciliations” section of this document for a

reconciliation of net revenue to adjusted operating revenue for each of our segments.

• We report net revenue and adjusted operating margin for each of our segments, since they provide a meaningful measure for the two primary drivers for adjusted operating earnings – revenue growth and margin expansion.

• We also report net revenue and adjusted operating margin excluding notable items, such as alternative investment income above or below our long-term expectations. Please see the “Reconciliations” section of this document for a reconciliation of net revenue to net revenues excluding notable items and of Adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.

• We report net revenue and adjusted operating margin excluding notable items since they provide the main drivers for Adjusted operating earnings before income taxes excluding the effects of items that are not expected to recur at the same level.

Other Information

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


Voya Financial						Page 5 of 46

Key Metrics


	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		9/30/2024		9/30/2023
Net income (loss) available to Voya Financial, Inc.'s common shareholders	98		201		234		118		248		533		471
Per common share (basic)	1.00		2.00		2.29		1.13		2.35		5.32		4.62
Per common share (diluted)	0.98		1.96		2.24		1.10		2.29		5.20		4.31
Adjusted operating earnings: (1)
Before income taxes	230		271		224		202		229		724		715
After income taxes	190		223		185		174		189		598		589
Effective tax rate	17.1	%	17.6	%	17.2	%	13.8	%	17.2	%	17.4	%	17.5	%
Per common share (Adjusted diluted)	1.90		2.18		1.77		1.63		1.74		5.84		5.39
Per common share excluding notable items	2.12		2.27		1.88		1.97		2.07		6.26		6.06
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity	4,107		3,431		3,541		3,581		2,515		4,107		2,515
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	5,919		6,014		6,010		5,981		6,048		5,919		6,048
Book value per common share (including AOCI)	42.30		34.66		34.96		34.80		23.93		42.30		23.93
Book value per common share (excluding AOCI) (2)	60.96		60.75		59.33		58.12		57.55		60.96		57.55
Leverage Ratios:
Debt-to-Capital	34.6	%	34.2	%	33.6	%	33.3	%	40.1	%	34.6	%	40.1	%
Financial Leverage - excluding AOCI (2)(3)	30.6	%	28.0	%	28.1	%	27.8	%	27.8	%	30.6	%	27.8	%
Shares:
Weighted-average common shares outstanding
Basic (4)	98		100		102		104		106		100		102
Dilutive effect of warrants (4)	—		—		—		—		—		—		4
Other dilutive effects (5)	2		2		2		3		3		2		3
Diluted	100		102		105		107		108		102		109
Adjusted Diluted (2)	100		102		105		107		108		102		109
Ending shares outstanding	97		99		101		103		105		97		105
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	149		174		172		158		54		495		216
Dividends to common shareholders	44		40		41		42		42		125		83
Total cash returned to common shareholders	193		214		213		200		96		620		299

(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 38 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 46 of this document.
(3) Financial leverage excluding AOCI of 30.6% reflects the $400 million of debt issued in third quarter of 2024 in anticipation of the $400 million 3.976% Senior Notes maturing on February 15, 2025. Proforma Financial Leverage excluding AOCI is 28.1% including the $400 million debt maturity.
(4) On May 10th, 2023, we issued 9.6 million shares to settle the outstanding warrants issued in connection with our IPO. For the year-to-date ended September 30, 2023, the impact of these issued shares on Diluted shares outstanding is split between Basic and Dilutive effect of warrants due to the mid-year issuance.
(5) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.


Voya Financial						Page 6 of 46

Consolidated Statements of Operations


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Revenues
Net investment income	506	518	529	522	547	1,553	1,637
Fee income	540	517	513	489	489	1,570	1,427
Premiums	796	790	800	673	682	2,386	2,044
Net gains (losses)	(14)	(4)	43	7	(7)	25	(79)
Other revenues	103	98	88	82	81	289	245
Income (loss) related to consolidated investment entities	25	114	78	46	31	217	255
Total revenues	1,956	2,033	2,051	1,819	1,823	6,040	5,529
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(938)	(843)	(851)	(804)	(799)	(2,632)	(2,232)
Operating expenses	(775)	(752)	(799)	(773)	(717)	(2,326)	(2,323)
Net amortization of DAC/VOBA	(55)	(56)	(56)	(57)	(57)	(167)	(173)
Interest expense	(29)	(30)	(30)	(30)	(31)	(89)	(102)
Operating expenses related to consolidated investment entities	(43)	(76)	(28)	(53)	(47)	(147)	(123)
Total benefits and expenses	(1,840)	(1,757)	(1,764)	(1,717)	(1,651)	(5,361)	(4,953)
Income (loss) before income taxes	116	276	287	102	172	679	576
Income tax expense (benefit)	18	41	(1)	(17)	(74)	58	(34)


Net income (loss)	98	235	288	119	246	621	610
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(16)	30	37	(3)	(16)	51	107
Net income (loss) available to Voya Financial, Inc.	114	205	251	122	262	570	503
Less: Preferred stock dividends	16	4	17	4	14	37	32
Net income (loss) available to Voya Financial, Inc.'s common shareholders	98	201	234	118	248	533	471


Voya Financial						Page 7 of 46

Consolidated Adjusted Operating Earnings Before Income Taxes


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	472	489	488	463	489	1,451	1,469
Fee income	536	512	509	487	489	1,556	1,434
Premiums	785	791	797	666	663	2,374	2,007
Other revenue	74	68	69	70	76	211	225
Adjusted operating revenues (1)	1,867	1,860	1,863	1,686	1,717	5,591	5,135

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(845)	(804)	(829)	(715)	(730)	(2,478)	(2,075)
Operating expenses	(702)	(710)	(724)	(694)	(671)	(2,138)	(2,092)
Net amortization of DAC/VOBA	(29)	(29)	(29)	(30)	(29)	(87)	(90)
Interest expense (2)	(46)	(33)	(45)	(33)	(44)	(124)	(128)
Adjusted operating benefits and expenses	(1,622)	(1,576)	(1,629)	(1,471)	(1,475)	(4,828)	(4,385)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	245	284	235	215	242	764	749
Less: Earnings (loss) attributable to Allianz noncontrolling interest	16	13	11	13	14	40	35
Adjusted operating earnings before income taxes (1)	230	271	224	202	229	724	715


Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions	726	730	719	686	702	2,176	2,090
Health Solutions	892	892	905	764	768	2,689	2,317
Investment Management	243	234	234	228	233	711	688
Corporate	6	4	4	9	14	15	39
Adjusted operating revenues (1)	1,867	1,860	1,863	1,686	1,717	5,591	5,135

Adjusted operating earnings before income taxes
Wealth Solutions	211	214	186	147	179	611	485
Health Solutions	23	60	59	44	53	142	271
Investment Management	55	50	42	45	49	147	132
Corporate	(59)	(53)	(63)	(34)	(52)	(175)	(173)


Adjusted operating earnings before income taxes (1)	230	271	224	202	229	724	715

(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 38 of this document.
(2) Includes dividend payments made to preferred shareholders.


Voya Financial						Page 8 of 46

Adjusted Operating Earnings Before Income Taxes by Segment


	Three Months Ended September 30, 2024
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	427	36	4	5	472
Fee income	280	19	238	—	536
Premiums	—	785	—	—	785
Other revenue	20	52	1	1	74
Adjusted operating revenues (1)	726	892	243	6	1,867

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(210)	(634)	—	—	(845)
Operating expenses	(285)	(226)	(171)	(20)	(702)
Net amortization of DAC/VOBA	(20)	(8)	—	—	(29)
Interest expense (2)	—	—	—	(46)	(46)
Adjusted operating benefits and expenses	(516)	(869)	(171)	(66)	(1,622)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	211	23	72	(60)	245
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	17	(1)	16
Adjusted operating earnings before income taxes (1)	211	23	55	(59)	230

	Three Months Ended September 30, 2023
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	438	35	7	9	489
Fee income	246	18	224	—	489
Premiums	—	663	—	—	663
Other revenue	18	51	2	5	76
Adjusted operating revenues (1)	702	768	233	14	1,717

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(226)	(504)	—	—	(730)
Operating expenses	(275)	(204)	(170)	(22)	(671)
Net amortization of DAC/VOBA	(22)	(7)	—	—	(29)
Interest expense (2)	—	—	—	(44)	(44)
Adjusted operating benefits and expenses	(524)	(715)	(170)	(66)	(1,475)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	179	53	63	(52)	242
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	14	—	14
Adjusted operating earnings before income taxes (1)	179	53	49	(52)	229

(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 38 of this document.
(2) Includes dividend payments made to preferred shareholders.


Voya Financial						Page 9 of 46

Adjusted Operating Earnings Before Income Taxes by Segment


	Nine Months Ended September 30, 2024
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	1,307	110	21	13	1,451
Fee income	814	53	689	—	1,556
Premiums	—	2,374	—	—	2,374
Other revenue	55	152	1	2	211
Adjusted operating revenues (1)	2,176	2,689	711	15	5,591

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(640)	(1,839)	—	—	(2,478)
Operating expenses	(864)	(684)	(522)	(69)	(2,138)
Net amortization of DAC/VOBA	(63)	(25)	—	—	(87)
Interest expense (2)	—	—	—	(124)	(124)
Adjusted operating benefits and expenses	(1,566)	(2,547)	(522)	(193)	(4,828)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	611	142	189	(178)	764
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	43	(3)	40
Adjusted operating earnings before income taxes (1)	611	142	147	(175)	724

	Nine Months Ended September 30, 2023
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,318	104	27	21	1,469
Fee income	717	58	659	—	1,434
Premiums	—	2,007	—	—	2,007
Other revenue	55	148	3	18	225
Adjusted operating revenues (1)	2,090	2,317	688	39	5,135

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(671)	(1,404)	—	—	(2,075)
Operating expenses	(867)	(619)	(520)	(85)	(2,092)
Net amortization of DAC/VOBA	(67)	(23)	—	—	(90)
Interest expense (2)	—	—	—	(128)	(128)
Adjusted operating benefits and expenses	(1,605)	(2,047)	(520)	(213)	(4,385)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	485	271	168	(175)	749
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	36	(1)	35
Adjusted operating earnings before income taxes (1)	485	271	132	(173)	715

(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 38 of this document.
(2) Includes dividend payments made to preferred shareholders.


Voya Financial						Page 10 of 46

Consolidated Balance Sheets


	Balances as of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Assets
Total investments	36,094	35,235	35,687	36,600	36,257
Cash and cash equivalents	1,457	1,066	995	937	829
Assets held in separate accounts	103,532	99,147	98,636	93,133	85,491
Premium receivable and reinsurance recoverable, net	11,486	11,574	11,828	11,982	11,765
Short term investments under securities loan agreement and accrued investment income	1,678	1,428	1,435	1,426	1,349
Deferred policy acquisition costs, Value of business acquired	2,173	2,196	2,222	2,250	2,278
Current and deferred income taxes	1,967	2,186	2,193	2,170	2,448
Other assets (1)	3,893	3,959	4,012	3,967	4,217
Assets related to consolidated investment entities	4,653	4,489	4,623	4,620	4,631
Total Assets	166,933	161,280	161,631	157,085	149,265
Liabilities
Future policy benefits and contract owner account balances	47,056	47,231	47,869	48,734	49,506
Liabilities related to separate accounts	103,532	99,147	98,636	93,133	85,491
Payables under securities loan agreements, including collateral held	1,368	1,215	1,220	1,121	1,190
Short-term debt	397	395	393	1	2
Long-term debt	2,103	1,707	1,707	2,097	2,095
Other liabilities (2)	3,294	3,243	3,198	3,327	3,397
Liabilities related to consolidated investment entities	2,601	2,473	2,737	2,619	2,625
Total Liabilities	160,351	155,411	155,760	151,032	144,306
Mezzanine Equity
Allianz noncontrolling interest	198	183	174	175	173
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(604)	(448)	(263)	(56)	(307)
Additional paid-in capital	6,227	6,218	6,187	6,143	6,664
Retained earnings (deficit)	907	855	697	505	302
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,531	6,626	6,622	6,593	6,660
Accumulated other comprehensive income	(1,812)	(2,583)	(2,469)	(2,400)	(3,533)
Total Voya Financial, Inc. Shareholders' Equity	4,719	4,043	4,153	4,193	3,127
Noncontrolling interest	1,665	1,643	1,544	1,685	1,659
Total Shareholders' Equity	6,384	5,686	5,697	5,878	4,786
Total Liabilities, Mezzanine Equity and Shareholders' Equity	166,933	161,280	161,631	157,085	149,265








(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.


Voya Financial						Page 11 of 46

DAC/VOBA Segment Trends


	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023
Wealth Solutions
Balance as of Beginning-of-Period	1,053	1,059	1,064	1,068	1,075	1,064	1,088
Deferrals of commissions and expenses	15	15	16	16	15	47	47
Amortization	(20)	(21)	(21)	(21)	(22)	(63)	(67)
Balance as of End-of-Period	1,048	1,053	1,059	1,064	1,068	1,048	1,068
Deferred Sales Inducements as of End-of-Period	22	22	22	22	22	22	22

Health Solutions
Balance as of Beginning-of-Period	222	215	211	208	201	211	190
Deferrals of commissions and expenses	16	15	12	12	15	42	42
Amortization	(8)	(8)	(8)	(9)	(7)	(25)	(23)
Balance as of End-of-Period	229	222	215	211	208	229	208

Total
Balance as of Beginning-of-Period	1,275	1,274	1,275	1,276	1,275	1,275	1,279
Deferrals of commissions and expenses	31	30	29	29	30	89	88
Amortization	(29)	(29)	(29)	(30)	(29)	(87)	(90)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,277	1,275	1,274	1,275	1,276	1,277	1,276
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)	896	921	948	975	1,002	896	1,002
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,173	2,196	2,222	2,250	2,278	2,173	2,278

(1) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.


Voya Financial						Page 12 of 46

Consolidated Capital Structure


	Balances as of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023

Financial Debt
Senior bonds	2,149		1,751		1,749		1,747		1,746
Subordinated bonds	349		349		349		349		349
Other debt	2		2		2		2		2
Total Financial Debt	2,500		2,102		2,100		2,098		2,097
Other financial obligations (1)	325		333		309		312		325
Total Financial Obligations	2,825		2,435		2,409		2,410		2,422

Mezzanine Equity
Allianz noncontrolling interest	198		183		174		175		173
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	5,919		6,014		6,010		5,981		6,048
Total Equity (Excluding AOCI)	6,531		6,626		6,622		6,593		6,660
Accumulated other comprehensive income (AOCI)	(1,812)		(2,583)		(2,469)		(2,400)		(3,533)
Total Voya Financial, Inc. Shareholders' Equity	4,719		4,043		4,153		4,193		3,127
Noncontrolling interest	1,665		1,643		1,544		1,685		1,659
Total Shareholders' Equity	6,384		5,686		5,697		5,878		4,786

Capital
Capitalization (3)	7,219		6,145		6,253		6,291		5,224

Adjusted Capitalization excluding AOCI (4)	11,219		10,887		10,749		10,863		10,914

Leverage Ratios
Debt-to-Capital (5)	34.6	%	34.2	%	33.6	%	33.3	%	40.1	%

Financial Leverage excluding AOCI (6)(7)	30.6	%	28.0	%	28.1	%	27.8	%	27.8	%

(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.

(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.

(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.

(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 46 of this document.
(7) Financial leverage excluding AOCI of 30.6% reflects the $400 million of debt issued in third quarter of 2024 in anticipation of the $400 million 3.976% Senior Notes maturing on February 15, 2025. Proforma Financial Leverage excluding AOCI is 28.1% including the $400 million debt maturity.


Voya Financial						Page 13 of 46

Consolidated Assets Under Management, Assets Under Administration and Advisement


As of September 30, 2024
(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)	30,052	99,554	102,479	232,085	376,408	608,493
Health Solutions	1,954	17	—	1,972	—	1,972
Investment Management	33,989	29,477	277,054	340,520	51,154	391,674
Eliminations/Other (3)	(32,006)	(25,516)	(12,268)	(69,790)	(42,730)	(112,520)
Total AUM and AUA	33,989	103,532	367,265	504,787	384,832	889,619

(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.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.

Wealth Solutions


Voya Financial						Page 15 of 46

Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics


	Three Months Ended or As of										Twelve Months Ended or As of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024	9/30/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income	397		402		403		413		422			1,615	1,711
Investment expenses	(17)		(17)		(17)		(17)		(18)			(68)	(76)
Credited interest	(211)		(210)		(213)		(221)		(223)			(855)	(882)
Net margin	170		175		173		175		181			693	752
Other investment income (1)	64		63		63		60		57			250	226
Investment spread and other investment income, excluding alts/prepays above/below expectations	234		238		236		234		238			942	978
Alternative investment income and prepayment fees above (below) long-term expectations	(21)		(8)		(14)		(39)		(24)			(82)	(121)
Investment spread and other investment income	213		230		222		195		214			860	857
Full Service Fee-based revenue	174		168		162		150		150			654	563
Recordkeeping and other fee-based revenue	122		117		116		113		109			468	430
Total Fee-based margin	296		285		278		262		259			1,121	992
Net underwriting gain (loss) and other revenue	7		2		4		5		2			18	15
Net revenue (2)	516		517		504		462		475			1,999	1,864
Administrative expenses	(219)		(220)		(234)		(236)		(216)			(909)	(918)
Net commissions	(65)		(62)		(62)		(58)		(58)			(247)	(226)
DAC/VOBA and other intangibles amortization	(21)		(21)		(22)		(21)		(23)			(85)	(92)
Adjusted operating earnings before income taxes	211		214		186		147		179			758	630
Adjusted Operating Margin TTM	37.9	%	37.1	%	35.7	%	33.6	%	33.8	%
Adjusted Operating Margin Excluding Notables TTM	40.4	%	39.7	%	38.6	%	37.3	%	37.8	%
Full Service Revenue (3)
Full Service Investment spread and other investment income	197		213		205		187		206			801	820
Full Service Fee-based revenue	174		168		162		150		150			654	563
Total Full Service Revenue	370		381		367		336		356			1,454	1,383
Client Assets
Fee-based	520,167		493,994		486,196		457,089		423,118			520,167	423,118
Spread-based (4)	30,052		30,335		30,746		31,327		32,136			30,052	32,136
Investment-only Stable Value	34,744		33,985		34,814		35,188		35,450			34,744	35,450
Retail Client Assets	31,223		29,699		29,492		27,923		25,867			31,223	25,867
Eliminations (5)	(7,693)		(7,446)		(7,387)		(7,208)		(6,998)			(7,693)	(6,998)
Total Client Assets	608,493		580,567		573,861		544,319		509,572			608,493	509,572

(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
(4) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(5) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue.


Voya Financial						Page 16 of 46

Wealth Solutions Client Assets Rollforward by Product Group


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023
Full Service - Corporate markets
Client Assets, beginning of period	111,254	109,806	102,522	94,059	96,492		94,059	80,126
Transfers / Single deposits	1,617	1,310	1,745	1,630	1,431		6,303	6,147
Recurring deposits	2,812	2,899	3,144	2,430	2,549		11,285	10,094
Total Deposits	4,429	4,210	4,889	4,060	3,980		17,588	16,241
Surrenders, benefits, and product charges	(4,548)	(4,482)	(4,194)	(4,537)	(3,368)		(17,761)	(12,989)
Net Flows	(119)	(272)	695	(477)	612		(173)	3,253
Interest credited and investment performance	6,094	1,720	6,589	8,939	(3,044)		23,342	10,681
Client Assets, end of period - Corporate markets	117,229	111,254	109,806	102,522	94,059		117,229	94,059

Full Service - Tax-exempt markets
Client Assets, beginning of period	87,942	86,801	82,858	79,663	81,906		79,663	73,102
Transfers / Single deposits	744	457	409	453	273		2,063	1,754
Recurring deposits	1,152	1,144	1,111	1,050	1,036		4,457	4,276
Total Deposits	1,897	1,602	1,520	1,502	1,309		6,520	6,031
Surrenders, benefits, and product charges	(1,999)	(1,927)	(2,193)	(4,482)	(1,793)		(10,602)	(7,819)
Net Flows	(103)	(326)	(673)	(2,980)	(484)		(4,081)	(1,788)
Interest credited and investment performance	3,911	1,466	4,616	6,175	(1,758)		16,167	8,350

Client Assets, end of period - Tax-exempt markets	91,750	87,942	86,801	82,858	79,663		91,750	79,663

Full Service - Total
Client Assets, beginning of period	199,196	196,607	185,379	173,723	178,398		173,723	153,228
Transfers / Single deposits	2,361	1,768	2,154	2,083	1,704		8,366	7,902
Recurring deposits	3,965	4,044	4,255	3,480	3,585		15,743	14,371
Total Deposits	6,326	5,811	6,409	5,562	5,289		24,108	22,272
Surrenders, benefits, and product charges	(6,547)	(6,409)	(6,386)	(9,020)	(5,162)		(28,362)	(20,807)
Net Flows	(222)	(597)	22	(3,457)	127		(4,254)	1,464
Interest credited and investment performance	10,005	3,186	11,205	15,114	(4,803)		39,510	19,030

Client Assets, end of period - Full Service Total	208,978	199,196	196,607	185,379	173,723		208,978	173,723

Full Service - Client Assets
Fee-based	179,238	169,180	166,190	154,394	141,947		179,238	141,947
Spread-based	29,740	30,016	30,417	30,985	31,776		29,740	31,776
Client Assets, end of period - Full Service Total	208,978	199,196	196,607	185,379	173,723		208,978	173,723


Voya Financial						Page 17 of 46

Wealth Solutions Client Assets Rollforward by Product Group


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023
Recordkeeping
Client Assets, beginning of period	319,819	315,134	298,120	276,869	279,669		276,869	241,241
Transfers / Single deposits	3,751	1,295	1,338	2,662	4,683		9,046	12,584
Recurring deposits	5,397	5,820	6,428	4,446	4,964		22,090	19,103
Total Deposits	9,148	7,115	7,766	7,108	9,646		31,137	31,687
Surrenders, benefits, and product charges	(9,372)	(8,143)	(8,077)	(6,352)	(6,653)		(31,944)	(25,574)
Net Flows	(224)	(1,027)	(312)	756	2,993		(807)	6,113
Interest credited and investment performance	16,179	5,712	17,326	20,495	(5,794)		59,713	29,514

Client Assets, end of period - Recordkeeping	335,774	319,819	315,134	298,120	276,869		335,774	276,869

Total Defined Contribution (1)
Client Assets, beginning of period	519,015	511,741	483,499	450,591	458,068		450,591	394,469
Transfers / Single deposits	6,113	3,063	3,492	4,745	6,386		17,412	20,485
Recurring deposits	9,362	9,863	10,682	7,925	8,548		37,833	33,473
Total Deposits	15,474	12,927	14,174	12,670	14,935		55,245	53,959
Surrenders, benefits, and product charges	(15,920)	(14,551)	(14,464)	(15,371)	(11,814)		(60,306)	(46,381)
Net Flows	(445)	(1,625)	(289)	(2,701)	3,120		(5,061)	7,577
Interest credited and investment performance	26,184	8,898	28,531	35,609	(10,596)		99,223	48,546
Client Assets, end of period - Total Defined Contribution	544,753	519,015	511,741	483,499	450,591		544,753	450,591

Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period	33,985	34,814	35,188	35,450	37,354		35,450	38,944
Transfers / Single deposits	192	97	209	290	90		788	1,193
Recurring deposits	137	94	355	1,232	109		1,818	731
Total Deposits	329	191	564	1,522	199		2,606	1,925
Surrenders, benefits, and product charges	(895)	(1,252)	(1,483)	(2,311)	(2,043)		(5,940)	(5,796)
Net Flows	(566)	(1,061)	(919)	(788)	(1,844)		(3,334)	(3,871)
Interest credited and investment performance	1,325	232	545	526	(60)		2,628	378
Assets, end of period - Defined Contribution Investment-only SV	34,744	33,985	34,814	35,188	35,450		34,744	35,450

Retail Client Assets (3)	31,228	29,704	29,497	27,928	25,872		31,228	25,872
Other Assets (4)	5,462	5,310	5,197	4,912	4,657		5,462	4,657
Eliminations (5)	(7,693)	(7,446)	(7,387)	(7,208)	(6,998)		(7,693)	(6,998)
Total Client Assets	608,493	580,567	573,861	544,319	509,572		608,493	509,572

(1) Total of Full Service and Recordkeeping.
(2) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(3) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(5) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue.

Health Solutions


Voya Financial						Page 19 of 46

Health Solutions Sources of Adjusted Operating Earnings before income taxes


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024		9/30/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income	26		26		24		25		25			101		98
Investment expenses	(1)		(1)		(1)		(1)		(1)			(4)		(4)
Credited interest	(12)		(13)		(12)		(12)		(12)			(49)		(48)
Net margin	12		12		11		12		12			47		46
Other investment income	16		15		16		12		14			59		52
Investment spread and other investment income, excluding alts/prepays above/below expectations	28		27		26		24		25			105		96
Alternative investment income and prepayment fees above (below) long-term expectations	(3)		(3)		—		(5)		(2)			(11)		(9)
Investment spread and other investment income	26		24		26		20		23			96		86
Fee-based margin (1)	57		54		59		56		57			226		171
Net underwriting gain (loss) and other revenue	175		223		208		197		184			803		880
Net revenue (2)	257		301		293		272		264			1,123		1,137
Administrative expenses	(130)		(131)		(134)		(131)		(122)			(526)		(445)
Premium taxes, fees and assessments	(47)		(50)		(41)		(37)		(37)			(175)		(136)
Net commissions	(49)		(51)		(51)		(51)		(45)			(202)		(178)
DAC/VOBA and other intangibles amortization	(8)		(8)		(8)		(9)		(7)			(33)		(30)
Adjusted operating earnings before income taxes	23		60		59		44		53			186		349
Adjusted Operating Margin TTM	16.6	%	19.1	%	23.9	%	26.6	%	30.6	%
Adjusted Operating Margin Excluding Notables TTM	17.4	%	20.9	%	25.4	%	28.1	%	32.2	%
Group life:
Premiums	165		173		168		152		150			658		615
Benefits	(119)		(138)		(136)		(122)		(118)			(515)		(511)
Other (3)	(2)		(3)		(3)		(2)		(4)			(9)		(10)
Total Group life	44		33		29		28		29			134		96
Group life Loss Ratio (interest adjusted) (4)	71.9	%	79.3	%	81.0	%	80.5	%	78.4	%		78.2	%	83.0	%
Group Stop loss:
Premiums	453		452		454		368		368			1,727		1,399
Benefits	(424)		(376)		(382)		(281)		(307)			(1,463)		(1,009)
Other (3)	(2)		(1)		(2)		(2)		(10)			(7)		(13)
Total Group Stop loss	28		74		70		85		51			257		377
Stop loss Loss Ratio	93.4	%	83.2	%	84.2	%	76.4	%	83.3	%		84.7	%	72.1	%
Voluntary Benefits, Disability, and Other(4)	103		115		109		84		104			411		411
Net underwriting gain (loss) and other revenue
Premiums	804		812		810		689		692			3,115		2,695
Benefits	(625)		(592)		(597)		(487)		(494)			(2,301)		(1,787)
Other (3)(4)	(4)		3		(4)		(6)		(14)			(11)		(27)
Total Net underwriting gain (loss) and other revenue	175		223		208		197		184			803		880
Total Aggregate Loss Ratio	77.7	%	72.9	%	73.8	%	70.7	%	71.4	%		73.9	%	66.3	%
Total Aggregate Loss Ratio TTM	73.9	%	72.3	%	69.5	%	67.2	%	66.3	%
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business.


Voya Financial						Page 20 of 46

Quarterly Loss Ratio Development for Group Stop Loss


	Estimated Ultimate Loss Ratio as of
	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
2024 Stop Loss Policy Year Development
January Business	86	%	81	%	81	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Non-January Business	80	%	81	%	81	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Total 2024 Policy Year	86	%	81	%	81	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%

2023 Stop Loss Policy Year Development
January Business	80	%	80	%	80	%	79	%	79	%	75	%	78	%	—	%	—	%	—	%	—	%
Non-January Business	83	%	81	%	79	%	77	%	77	%	78	%	78	%	—	%	—	%	—	%	—	%
Total 2023 Policy Year	81	%	80	%	80	%	79	%	78	%	75	%	78	%	—	%	—	%	—	%	—	%

2022 Stop Loss Policy Year Development
January Business	71	%	71	%	71	%	71	%	71	%	71	%	74	%	77	%	79	%	80	%	80	%
Non-January Business	68	%	68	%	67	%	68	%	71	%	72	%	76	%	78	%	78	%	79	%	79	%
Total 2022 Policy Year	70	%	71	%	71	%	71	%	71	%	72	%	74	%	77	%	79	%	80	%	80	%

Reported Loss Ratio for Stop Loss	93	%	83	%	84	%	76	%	83	%	63	%	70	%	72	%	76	%	79	%	76	%


Voya Financial						Page 21 of 46

Health Solutions Key Metrics


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023

Sales by Product Line:
Group life and Disability	11	18	130	14	4		173	145
Stop loss	35	23	537	25	67		620	455
Voluntary and Other (1)	17	38	142	11	12		208	158

Total sales by product line	63	78	809	50	83		1,000	759

Total gross premiums and deposits	900	904	900	766	762		3,470	2,975

Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	978	996	989	905	917		978	917
Stop loss	1,837	1,845	1,839	1,500	1,490		1,837	1,490
Voluntary and Other (1)	1,050	1,030	1,033	926	936		1,050	936

Total annualized in-force premiums and fees by product line	3,864	3,870	3,861	3,331	3,343		3,864	3,343

Assets Under Management by Fund Group:
General account	1,954	1,921	1,843	1,817	1,854		1,954	1,854
Separate account	17	17	17	16	15		17	15
Total AUM	1,972	1,938	1,860	1,833	1,869		1,972	1,869

(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.

Investment Management


Voya Financial						Page 23 of 46

Investment Management Sources of Adjusted Operating Earnings Before Income Taxes


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024	9/30/2023

Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations	9		9		10		9		9			37	34
Alternative investment income and prepayment fees above (below) long-term expectations	(5)		(1)		(1)		(2)		(2)			(9)	(9)
Investment spread and other investment income	4		8		9		6		7			27	25
Fee-based margin (1)	239		226		226		221		226			912	877
Net revenue (2)	243		234		234		228		233			939	903
Administrative expenses (3)	(171)		(169)		(181)		(170)		(170)			(691)	(677)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	72		64		53		57		63			246	225
Adjusted Operating Margin TTM	26.3	%	25.6	%	25.7	%	24.6	%	24.9	%
Adjusted Operating Margin Excluding Notables TTM	26.9	%	26.2	%	26.1	%	24.9	%	25.5	%
Fee-based margin (1)
Investment advisory and administrative revenue	238		225		227		222		224			912	867
Other fee-based margin	1		1		(1)		—		2			1	9
Fee-based margin	239		226		226		221		226			912	877

Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	72		64		53		57		63			246	225
Less: Earnings (loss) attributable to Allianz noncontrolling interest	17		14		12		13		14			56	51
Adjusted operating earnings before income taxes	55		50		42		45		49			192	174

(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.


Voya Financial						Page 24 of 46

Investment Management Analysis of AUM and AUA


	Three Months Ended or as of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023
Client Assets:
External Clients
Institutional	158,288	152,165	148,489	148,722	147,904		158,288	147,904
Retail (1)	148,243	150,341	148,710	138,239	128,120		148,243	128,120
Subtotal External Clients	306,531	302,506	297,199	286,961	276,024		306,531	276,024
General Account	33,989	33,884	34,138	34,740	35,792		33,989	35,792
Total Client Assets (AUM)	340,520	336,390	331,337	321,701	311,816		340,520	311,816
Assets under Advisement and Administration (AUA) (1)	51,154	52,678	52,942	56,043	55,066		51,154	55,066
Total AUM and AUA	391,674	389,068	384,278	377,744	366,882		391,674	366,882

Investment Advisory and Administrative Revenues (2)
External Clients
Institutional	90	86	85	87	90		348	363
Retail	126	118	120	112	111		476	408
Subtotal External Clients	216	204	205	199	201		824	771
General Account	17	17	18	18	19		70	78
Total Investment Advisory and Administrative Revenues (AUM)	234	221	223	217	219		895	848
Administration Only Fees	4	4	4	5	5		17	20
Total Investment Advisory and Administrative Revenues	238	225	227	222	224		912	867

Revenue Yield (bps) (2)
External Clients
Institutional	23.3	23.0	22.9	23.9	23.5		23.3	22.7
Retail	33.5	32.8	33.4	34.1	33.7		33.3	32.1
Revenue Yield on External Clients	28.3	27.9	28.1	28.7	28.2		28.2	26.9
General Account	20.2	20.2	20.3	20.3	20.6		20.2	20.8
Revenue Yield on Client Assets (AUM)	27.5	27.1	27.2	27.8	27.4		27.4	26.2
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.3	2.7	3.1	3.4	3.2		3.1	3.5
Total Revenue Yield on AUM and AUA (bps)	24.3	23.8	23.8	24.1	23.7		24.0	22.9

Revenue Yield on Client Assets (AUM) TTM	27.4	27.2	27.1	26.8	26.2		27.4	26.2

(1) Retail AUM includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.
(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.


Voya Financial						Page 25 of 46

Investment Management Account Rollforward by Source


	Three Months Ended or as of										Twelve Months Ended or As of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024		9/30/2023
Institutional AUM:
Beginning of period AUM	152,165		148,489		148,722		147,904		156,435			147,904		160,720
Inflows	7,341		8,766		4,854		4,197		4,258			25,158		23,157
Outflows	(5,566)		(5,632)		(6,080)		(9,588)		(9,620)			(26,866)		(32,901)
Net flows - Institutional	1,775		3,134		(1,225)		(5,390)		(5,361)			(1,706)		(9,744)
Change in Market Value	4,814		1,135		1,874		8,269		(2,178)			16,092		8,163
Other (Including Acquisitions / Divestitures)	(466)		(594)		(881)		(2,060)		(991)			(4,001)		(11,234)
End of period AUM - Institutional	158,288		152,165		148,489		148,722		147,904			158,288		147,904
Organic Growth (Net Flows/Beginning of period AUM)	1.2	%	2.1	%	-0.8	%	-3.6	%	-3.4	%		-1.2	%	-6.1	%
Market Growth %	3.2	%	0.8	%	1.3	%	5.6	%	-1.4	%		10.9	%	5.1	%
Retail AUM:
Beginning of period AUM	150,341		148,710		138,239		128,120		131,391			128,120		118,016
Inflows	11,013		9,745		9,282		8,409		9,138			38,449		32,596
Outflows	(8,952)		(8,106)		(7,482)		(8,444)		(8,093)			(32,984)		(31,285)
Net flows - Retail (1)	2,060		1,640		1,800		(36)		1,046			5,464		1,312
Net Money Market Flows	65		66		(29)		190		56			292		135
Change in Market Value	3,604		1,022		6,491		10,935		(3,369)			22,052		11,118
Net Flows from Divested Businesses (2)	(7,404)		(623)		(651)		(536)		(490)			(9,214)		(2,018)
Other (Including Acquisitions / Divestitures) (3)	(424)		(474)		2,860		(435)		(513)			1,527		(441)
End of period AUM - Retail	148,243		150,341		148,710		138,239		128,120			148,243		128,120
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	1.4	%	1.1	%	1.3	%	—	%	0.8	%		4.3	%	1.1	%
Market Growth %	2.4	%	0.6	%	4.7	%	8.5	%	-2.6	%		17.2	%	9.4	%
Net Flows:
Institutional Net Flows	1,775		3,134		(1,225)		(5,390)		(5,361)			(1,706)		(9,744)
Retail Net Flows	2,060		1,640		1,800		(36)		1,046			5,464		1,312
Net Flows from Divested Businesses	(7,404)		(623)		(651)		(536)		(490)			(9,214)		(2,018)
Total Net Flows	(3,569)		4,151		(76)		(5,962)		(4,806)			(5,456)		(10,452)
Net Flows excluding Net Flows from Divested Businesses	3,835		4,774		574		(5,426)		(4,316)			3,757		(8,433)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	1.3	%	1.6	%	0.2	%	-2.0	%	-1.5	%		1.4	%	-3.0	%

(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024.
(2) In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership as expected.
(3) Includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.


Voya Financial						Page 26 of 46

Investment Management Account Value by Asset Type


	Balances as of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Institutional
Equity	23,662		23,433		23,650		22,789		21,164
Fixed Income - Public	56,276		51,976		48,913		49,128		49,486
Fixed Income - Privates	65,126		63,800		63,037		63,899		64,516
Alternatives	13,224		12,955		12,890		12,907		12,738
Money Market	—		—		—		—		—
Total	158,288		152,165		148,489		148,722		147,904

Retail
Equity	74,186		77,870		77,207		68,711		62,420
Fixed Income - Public	69,648		68,234		67,493		65,612		62,126
Fixed Income - Privates	351		365		366		365		396
Alternatives	1,739		1,633		1,457		1,368		1,217
Money Market	2,319		2,239		2,187		2,183		1,961
Total	148,243		150,341		148,710		138,239		128,120

General Account
Equity	135		129		129		129		226
Fixed Income - Public	16,926		17,198		17,344		17,815		18,181
Fixed Income - Privates	14,500		14,533		14,463		14,634		14,976
Alternatives	1,686		1,598		1,675		1,707		1,815
Money Market	742		426		527		456		593
Total	33,989		33,884		34,138		34,740		35,792

Combined Asset Type
Equity	97,983		101,433		100,986		91,628		83,810
Fixed Income - Public	142,850		137,408		133,750		132,554		129,794
Fixed Income - Privates	79,976		78,698		77,866		78,898		79,887
Alternatives	16,649		16,186		16,021		15,981		15,770
Money Market	3,061		2,665		2,714		2,639		2,554
Total	340,520		336,390		331,337		321,701		311,816

Total Private and Alternative Assets	96,625		94,885		93,887		94,879		95,657
% of Private and Alternative Assets / Total AUM	28.4	%	28.2	%	28.3	%	29.5	%	30.7	%

Corporate


Voya Financial						Page 28 of 46

Corporate Adjusted Operating Earnings Before Income Taxes


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023

Interest expense (excluding Preferred stock dividends) (1)	(29)	(29)	(29)	(29)	(30)		(116)	(129)
Preferred stock dividends	(16)	(4)	(17)	(4)	(14)		(41)	(36)


Pension expense (2)	(12)	(12)	(12)	(11)	(11)		(47)	(44)
Other (3)	(3)	(9)	(6)	11	3		(7)	(26)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	(60)	(54)	(64)	(33)	(52)		(211)	(235)
Less: Earnings (loss) attributable to Allianz noncontrolling interest	(1)	(1)	(1)	1	—		(2)	(3)
Adjusted operating earnings before income taxes	(59)	(53)	(63)	(34)	(52)		(209)	(232)

(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

Net Revenue, Adjusted Operating Margin,

Administrative Expenses, and Adjusted Operating Return on Capital


Voya Financial						Page 30 of 46

Net Revenue and Adjusted Operating Margin


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		9/30/2024		9/30/2023

Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income	234		238		236		234		238		942		978
Fee-based margin	296		285		278		262		259		1,121		992
Net underwriting gain (loss) and other revenue	7		2		4		5		2		18		15
Wealth Solutions Net Revenue	537		525		517		502		499		2,081		1,985
Health Solutions
Investment spread and other investment income	28		27		26		24		25		105		96
Fee-based margin	57		54		59		56		57		226		171
Net underwriting gain (loss) and other revenue	175		223		208		197		200		803		896
Health Solutions Net Revenue	260		304		293		277		283		1,134		1,165
Investment Management
Investment capital and other investment income	9		9		10		9		9		37		34
Fee-based margin	239		226		226		221		226		912		877
Investment Management Net Revenue	248		234		236		230		235		948		912
Total Net Revenue Excluding Notable Items (1)	1,045		1,063		1,045		1,008		1,016		4,163		4,061
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions	232		222		200		187		202		841		751
Health Solutions	26		63		60		48		71		197		376
Investment Management	76		65		54		60		66		255		233
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)	334		350		313		295		339		1,293		1,360
Corporate	(60)		(54)		(64)		(33)		(52)		(211)		(235)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest	274		296		249		261		287		1,081		1,125
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items	16		13		11		13		14		53		48
Total Adjusted Operating Earnings Excluding Notable Items (1)	258		283		238		248		273		1,027		1,076
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions	43.1	%	42.3	%	38.6	%	37.2	%	40.5	%	40.4	%	37.8	%
Health Solutions	9.9	%	20.8	%	20.4	%	17.5	%	25.2	%	17.4	%	32.2	%
Investment Management	30.6	%	27.8	%	22.9	%	25.9	%	27.9	%	26.9	%	25.5	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	31.9	%	32.9	%	30.0	%	29.2	%	33.3	%	31.0	%	33.4	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	26.2	%	27.8	%	23.8	%	25.9	%	28.2	%	25.9	%	27.7	%
Adjusted Operating Margin Excluding Notable Items TTM
Wealth Solutions	40.4	%	39.7	%	38.6	%	37.3	%	37.8	%
Health Solutions	17.4	%	20.9	%	25.4	%	28.1	%	32.2	%
Investment Management	26.9	%	26.2	%	26.1	%	24.9	%	25.5	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	31.0	%	31.4	%	32.0	%	31.8	%	33.4	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	25.9	%	26.5	%	27.1	%	26.8	%	27.7	%

(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.


Voya Financial						Page 31 of 46

Administrative Expenses


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Wealth Solutions	(219)	(220)	(234)	(236)	(216)	(909)	(918)
Health Solutions	(130)	(131)	(134)	(131)	(122)	(526)	(445)
Investment Management	(171)	(169)	(181)	(170)	(170)	(691)	(677)

Total Administrative Expenses (1)	(520)	(520)	(549)	(537)	(508)	(2,126)	(2,040)


(1) Excludes certain expenses reported in Corporate related to changes in incentive compensation accruals for above (below) target performance, pension expense, and certain corporate expenses that are either short duration projects or expenses not expected to recur at the same level.


Voya Financial						Page 32 of 46

Adjusted Operating Return on Allocated Capital


	Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023

Wealth Solutions
Adjusted operating earnings before income taxes - before interest	758		726		686		632		630
Income tax expense	104		98		90		79		80
Adjusted Operating Earnings - before interest and after income taxes	654		628		596		553		550
Adjusted Operating effective tax rate (1)	14.3	%	14.5	%	13.5	%	11.9	%	13.5	%
Adjusted Operating effective tax rate TTM	13.7	%	13.4	%	13.1	%	12.5	%	12.7	%
Average Capital	3,402		3,413		3,441		3,496		3,557
Ending Capital (2)	3,445		3,401		3,360		3,395		3,460
Adjusted Return on Capital	19.2	%	18.4	%	17.3	%	15.8	%	15.4	%

Health Solutions
Adjusted operating earnings before income taxes - before interest	186		216		280		315		349
Income tax expense	39		45		59		66		73
Adjusted Operating Earnings - before interest and after income taxes	147		171		221		249		275
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	1,222		1,220		1,228		1,172		1,039
Ending Capital (2)	1,267		1,268		1,219		1,153		1,230
Adjusted Return on Capital	12.0	%	14.0	%	18.0	%	21.2	%	26.5	%

Investment Management
Adjusted operating earnings before income taxes - before interest	192		186		185		177		174
Income tax expense	40		39		39		37		37
Adjusted Operating Earnings - before interest and after income taxes	152		147		146		140		137
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	834		824		817		809		800
Ending Capital (2)	843		841		828		847		798
Adjusted Return on Capital	18.1	%	17.8	%	17.9	%	17.3	%	17.2	%

(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Wealth Solutions segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.

Investment Information


Voya Financial						Page 34 of 46

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)	9/30/2024						6/30/2024						9/30/2024

Invested Assets
Book Values, Gross investment income and Earned rate (1)	Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)
Public corporate	10,117	28.0	%	131	5.1	%	10,436	29.0	%	133	5.1	%	10,117	28.0	%	396	5.0	%
Private credit	7,897	22.0	%	91	4.7	%	7,843	21.0	%	91	4.7	%	7,897	22.0	%	272	4.7	%
Securitized (2)(3)	10,271	28.0	%	156	6.2	%	9,924	27.0	%	148	6.2	%	10,271	28.0	%	453	6.2	%
Commercial mortgage loans	4,822	13.0	%	58	4.8	%	4,976	14.0	%	59	4.8	%	4,822	13.0	%	177	4.8	%
Municipals	705	2.0	%	7	3.9	%	731	2.0	%	6	3.4	%	705	2.0	%	20	3.5	%
Short-term / Treasury	389	1.0	%	4	4.3	%	399	1.0	%	5	4.4	%	389	1.0	%	13	4.3	%
Equity securities	182	—	%	3	7.2	%	176	—	%	3	7.5	%	182	—	%	9	6.8	%
Policy loans	390	1.0	%	5	5.6	%	346	1.0	%	4	5.0	%	390	1.0	%	15	5.3	%
Derivatives	(6)	—	%	2	N/A		(6)	—	%	3	N/A		(6)	—	%	7	N/A
Book Values and Gross Investment Income before variable components	34,766	95.0	%	456	5.3	%	34,825	95.0	%	453	5.3	%	34,766	95.0	%	1,363	5.3	%

Book Values and Gross Investment Income on variable components
Limited partnership	1,777	5.0	%	22	5.1	%	1,768	5.0	%	37	8.7	%	1,777	5.0	%	89	7.0	%
Prepayment / Other fee income	N/A	—	%	2	—	%	N/A	N/A		1	—	%	N/A	—	%	6	—	%
Book Values and Gross Investment Income (variable)	1,777	5.0	%	24	—	%	1,768	5.0	%	37	—	%	1,777	5.0	%	95	—	%
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	36,544	100.0	%	480	5.3	%	36,593	100.0	%	490	5.5	%	36,544	100.0	%	1,457	5.4	%

(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 35 of 46

Portfolio Results Statutory Carrying Values by Asset Class and NAIC Ratings


	Three Months Ended or As of (1)
(in millions USD)	6/30/2024			03/31/2024			12/31/2023			09/30/2023

Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	10,563	29.0	%	10,688	29.0	%	11,003	30.0	%	11,196	29.0	%
Private credit	7,695	21.0	%	7,690	21.0	%	7,770	21.0	%	7,981	21.0	%
Securitized	9,831	27.0	%	9,700	27.0	%	9,889	27.0	%	10,035	26.0	%
Municipals	731	2.0	%	773	2.0	%	859	2.0	%	862	2.0	%
Short-term / Treasury	452	1.0	%	556	2.0	%	624	2.0	%	772	2.0	%
Total Fixed maturities	29,272	81.0	%	29,406	81.0	%	30,144	81.0	%	30,846	81.0	%
Commercial mortgage loans	4,971	14.0	%	5,088	14.0	%	5,186	14.0	%	5,336	14.0	%
Limited partnership	1,768	5.0	%	1,740	5.0	%	1,662	4.0	%	1,625	4.0	%
Equity securities	290	1.0	%	275	1.0	%	278	1.0	%	396	1.0	%
Total	36,302	100.0	%	36,509	100.0	%	37,270	100.0	%	38,204	100.0	%

NAIC Ratings
Fixed Maturities:
NAIC 1	15,525	53.0	%	15,560	53.0	%	15,928	53.0	%	16,226	53.0	%
NAIC 2	12,493	43.0	%	12,650	43.0	%	12,927	43.0	%	13,335	43.0	%
NAIC 3 and below	1,254	4.0	%	1,196	4.0	%	1,289	4.0	%	1,285	4.0	%
Total Fixed maturities	29,272	100.0	%	29,406	100.0	%	30,144	100.0	%	30,846	100.0	%

Commercial Mortgage Loans:
CML 1	3,667	74.0	%	3,712	73.0	%	3,714	72.0	%	3,793	71.0	%
CML 2	992	20.0	%	971	19.0	%	1,066	21.0	%	1,117	21.0	%
CML 3 and below	313	6.0	%	405	8.0	%	406	8.0	%	426	8.0	%
Total Commercial mortgage loans	4,971	100.0	%	5,088	100.0	%	5,186	100.0	%	5,336	100.0	%

(1) Presented one quarter in arrears based on the timing of our statutory filings.


Voya Financial						Page 36 of 46

Alternative Investment Income


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023
Wealth Solutions
Average alternative investments	1,558	1,536	1,459	1,537	1,613	1,518	1,629
Alternative investment income	20	34	24	4	21	78	62
Health Solutions
Average alternative investments	212	220	243	171	199	225	168
Alternative investment income	3	2	6	—	3	11	8
Investment Management
Average alternative investments	347	349	312	318	326	336	323
Alternative investment income	3	7	6	5	5	16	22


Voya Financial						Page 37 of 46

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


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions	(14)	—	(9)	(31)	(16)	(54)	(90)
Health Solutions	(3)	(3)	—	(5)	(2)	(11)	(9)
Investment Management	(5)	(1)	(1)	(2)	(2)	(9)	(9)
Total	(22)	(4)	(10)	(38)	(20)	(74)	(108)

Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(7)	(8)	(5)	(8)	(8)	(28)	(31)
Health Solutions	—	—	—	—	—	—	—
Investment Management	—	—	—	—	—	—	—
Total	(7)	(8)	(5)	(8)	(8)	(28)	(31)

Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(21)	(8)	(14)	(39)	(24)	(82)	(121)
Health Solutions	(3)	(3)	—	(5)	(2)	(11)	(9)
Investment Management	(5)	(1)	(1)	(2)	(2)	(9)	(9)
Total	(29)	(12)	(15)	(46)	(28)	(102)	(139)

(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation. Long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended September 30, 2024 and 2023 was approximately $188 million and $190 million, respectively, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for the trailing twelve months ended September 30, 2024 and 2023 was approximately $36 million and $37 million, respectively, pre-tax and before variable compensation.

Reconciliations


Voya Financial						Page 39 of 46

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


	Three Months Ended
(in millions USD, except per share)	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		98	0.98		201	1.96		234	2.24		118	1.10		248	2.29
Plus: Net income (loss) attributable to noncontrolling interests		(16)	(0.16)		30	0.29		37	0.35		(3)	(0.03)		(16)	(0.14)
Less: Preferred stock dividends		(16)	(0.17)		(4)	(0.04)		(17)	(0.16)		(4)	(0.04)		(14)	(0.13)

Income (loss)	116	98	0.99	276	235	2.29	287	288	2.75	102	119	1.11	172	246	2.28
Less:
Net investment gains (losses) (3)	(33)	(26)	(0.26)	20	16	0.16	63	50	0.48	(10)	(8)	(0.08)	42	43	0.40


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)	(52)	(41)	(0.41)	(37)	(29)	(0.28)	(32)	13	0.12	(60)	(38)	(0.36)	(68)	38	0.35
Net income (loss) attributable to noncontrolling interests	(16)	(16)	(0.16)	30	30	0.29	37	37	0.35	(3)	(3)	(0.03)	(16)	(16)	(0.14)


Dividend payments made to preferred shareholders	16	16	0.17	4	4	0.04	17	17	0.16	4	4	0.04	14	14	0.13

Other adjustments (5)	(28)	(25)	(0.25)	(12)	(9)	(0.09)	(22)	(14)	(0.13)	(30)	(10)	(0.09)	(28)	(21)	(0.19)

Adjusted operating earnings	230	190	1.90	271	223	2.18	224	185	1.77	202	174	1.63	229	189	1.74
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation	(28)	(22)	(0.22)	(12)	(10)	(0.09)	(15)	(12)	(0.11)	(46)	(36)	(0.34)	(29)	(23)	(0.21)
Other (6)	—	—	—	—	—	—	—	—	—	—	—	—	(16)	(13)	(0.12)
Adjusted operating earnings excluding notable items	258	212	2.12	283	232	2.27	238	197	1.88	248	210	1.97	273	224	2.07

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Net investment gains includes a $45 million revaluation gain on the Voya India investment for the three months ended September 30, 2023. There was no tax expense associated with this gain.
(4) Includes tax benefits of $38 million and $92 million related to a divested business for the three months ended March 31, 2024 and September 30, 2023, respectively.
(5) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. For the three months ended December 31, 2023, also includes $20 million, after-tax, of severance costs and a $17 million, after-tax, net favorable adjustment to certain acquisition-related assets and liabilities.
(6) Includes changes in certain legal and other reserves not expected to recur at the same level.


Voya Financial						Page 40 of 46

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


	Nine months ended
(in millions USD, except per share)	9/30/2024			9/30/2023
	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		533	5.20		471	4.31
Plus: Net income (loss) attributable to noncontrolling interests		51	0.49		107	0.98
Less: Preferred stock dividends		(37)	(0.36)		(32)	(0.29)

Income (loss)	679	621	6.06	576	610	5.59
Less:
Net investment gains (losses) (3)	50	40	0.39	(4)	6	0.06


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)	(121)	(57)	(0.56)	(122)	(5)	(0.05)
Net income (loss) attributable to noncontrolling interests	51	51	0.49	107	107	0.98


Dividend payments made to preferred shareholders	37	37	0.36	32	32	0.29

Other adjustments (5)	(63)	(48)	(0.47)	(150)	(118)	(1.08)

Adjusted operating earnings	724	598	5.84	715	589	5.39
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation	(55)	(43)	(0.42)	(77)	(61)	(0.55)
Other (6)	—	—	—	(16)	(13)	(0.12)
Adjusted operating earnings excluding notable items	779	642	6.26	807	663	6.06

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

(3) Net investment gains include a $45 million revaluation gain on the Voya India investment for the nine months ended September 30, 2023. There was no tax expense associated with this gain.
(4) Includes tax benefits of $38 million and $92 million related to a divested business for the nine months ended September 30, 2024 and 2023, respectively.
(5) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the nine months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. For the nine months ended September 30, 2023, also includes $13 million, after-tax, impairment related to a vacated leased building.
(6) In 2023, includes changes in certain legal and other reserves not expected to recur at the same level.


Voya Financial						Page 41 of 46

Reconciliation of Adjusted Operating Revenues


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Total revenues	1,956	2,033	2,051	1,819	1,823	6,040	5,529

Less:
Net investment gains (losses)	(33)	16	47	(23)	40	30	(21)


Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	52	13	24	60	21	89	53
Revenues (loss) attributable to noncontrolling interests	19	102	65	37	22	186	211
Other adjustments	50	42	52	59	24	144	152
Total adjusted operating revenues	1,867	1,860	1,863	1,686	1,717	5,591	5,135

Adjusted operating revenues by segment
Wealth Solutions	726	730	719	686	702	2,176	2,090
Health Solutions	892	892	905	764	768	2,689	2,317
Investment Management	243	234	234	228	233	711	688
Corporate	6	4	4	9	14	15	39
Total adjusted operating revenues	1,867	1,860	1,863	1,686	1,717	5,591	5,135


Voya Financial						Page 42 of 46

Wealth Solutions and Health Solutions Reconciliation of Net Revenues


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Wealth Solutions
Adjusted operating revenues	page 8	726	730	719	686	702	2,861	2,760
Interest credited and other benefits to contract owners/policyholders		(210)	(213)	(216)	(223)	(226)	(862)	(896)

Net revenue	page 15	516	517	504	462	475	1,999	1,864
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(21)	(8)	(14)	(39)	(24)	(82)	(121)


Net revenue excluding notable items	page 30	537	525	517	502	499	2,081	1,985
Health Solutions
Adjusted operating revenues	page 8	892	892	905	764	768	3,453	2,966
Interest credited and other benefits to contract owners/policyholders		(634)	(591)	(613)	(491)	(504)	(2,329)	(1,828)

Net revenue	page 19	257	301	293	272	264	1,123	1,137
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(3)	(3)	—	(5)	(2)	(11)	(9)

Other adjustments to net underwriting gain (loss) and other revenue (1)		—	—	—	—	(16)	—	(16)
Net revenue excluding notable items	page 30	260	304	293	277	283	1,134	1,165

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


Voya Financial						Page 43 of 46

Investment Management and Consolidated Reconciliation of Net Revenues


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Investment Management
Adjusted operating revenues	page 8	243	234	234	228	233	939	903

Net revenue	page 23	243	234	234	228	233	939	903
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(5)	(1)	(1)	(2)	(2)	(9)	(9)
Net revenue excluding notable items	page 30	248	234	236	230	235	948	912
Consolidated
Total Adjusted operating revenues	page 8	1,867	1,860	1,863	1,686	1,717	7,276	6,682
Interest credited and other benefits to contract owners/policyholders		(845)	(804)	(829)	(715)	(730)	(3,193)	(2,723)
Corporate Adjusted operating revenues (1)		(6)	(4)	(4)	(9)	(14)	(23)	(55)
Net revenue	pages 15/19/23	1,016	1,051	1,031	962	972	4,061	3,904
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(29)	(12)	(15)	(46)	(28)	(102)	(139)


Other adjustments (2)		—	—	—	—	(16)	—	(16)
Net revenue excluding notable items	page 30	1,045	1,063	1,045	1,008	1,016	4,163	4,061

(1) Includes primarily TSA Revenue and investment income on assets backing surplus in excess of amounts held at the segment level.
(2) Includes changes in certain legal and other reserves not expected to recur at the same level.


Voya Financial						Page 44 of 46

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Wealth Solutions
Adjusted operating earnings before income taxes	page 15	211	214	186	147	179	758	630
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation		(21)	(8)	(14)	(39)	(24)	(82)	(121)

Adjusted operating earnings excluding notable items	page 30	232	222	200	187	202	841	751

Health Solutions
Adjusted operating earnings before income taxes	page 19	23	60	59	44	53	186	349
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation		(3)	(3)	—	(5)	(2)	(11)	(9)

Other (1)		—	—	—	—	(16)	—	(16)
Adjusted operating earnings excluding notable items	page 30	26	63	60	48	71	197	376

Investment Management
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 23	72	64	53	57	63	246	225
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation		(4)	(1)	(1)	(2)	(3)	(8)	(7)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest	page 30	76	65	54	60	66	255	233
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		17	14	12	13	14	56	51
Adjusted operating earnings excluding notable items		59	51	42	47	52	199	182











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


Voya Financial						Page 45 of 46

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Corporate
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 28	(60)	(54)	(64)	(33)	(52)	(211)	(235)


Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest	page 30	(60)	(54)	(64)	(33)	(52)	(211)	(235)
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		(1)	(1)	(1)	1	—	(2)	(3)
Adjusted operating earnings excluding notable items		(59)	(53)	(63)	(34)	(52)	(209)	(232)

Consolidated
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 8	245	284	235	215	242	979	968
Less:
Total Notable Items Adjustments		(28)	(12)	(15)	(46)	(45)	(100)	(156)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest		274	296	249	261	287	1,081	1,125
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		16	13	11	13	14	53	48
Adjusted operating earnings excluding notable items	page 30	258	283	238	248	273	1,027	1,076


Voya Financial						Page 46 of 46

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)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		9/30/2024		9/30/2023

Book value per common share, including AOCI	42.30		34.66		34.96		34.80		23.93		42.30		23.93
Per share impact of AOCI	18.66		26.09		24.37		23.32		33.62		18.66		33.62
Book value per common share, excluding AOCI	60.96		60.75		59.33		58.12		57.55		60.96		57.55

Debt to capital ratio	34.6	%	34.2	%	33.6	%	33.3	%	40.1	%	34.6	%	40.1	%
Capital impact of adding noncontrolling interest	-7.1	%	-7.8	%	-7.2	%	-7.6	%	-10.3	%	-7.1	%	-10.3	%
Impact of adding other financial obligations and treatment of preferred stock (1)	9.0	%	10.3	%	10.1	%	10.0	%	11.3	%	9.0	%	11.3	%

Capital impact of excluding AOCI	-5.9	%	-8.7	%	-8.4	%	-7.9	%	-13.3	%	-5.9	%	-13.3	%
Financial leverage ratio excluding AOCI	30.6	%	28.0	%	28.1	%	27.8	%	27.8	%	30.6	%	27.8	%

Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic	98.2		100.4		102.1		104.0		105.8		100.2		102.2
Dilutive effect of warrants	—		—		—		—		—		—		4.3
Other dilutive effects (2)	2.2		2.0		2.5		2.8		2.7		2.2		2.8
Weighted-average common shares outstanding - Diluted	100.4		102.3		104.5		106.9		108.4		102.4		109.3
Dilutive effect of the exercise or issuance of stock-based awards (3)	—		—		—		—		—		—		—
Weighted average common shares outstanding - Adjusted Diluted (3)	100.4		102.3		104.5		106.9		108.4		102.4		109.3

(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(3) For periods in which there is Net loss available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.

Document And Entity Information	Nov. 04, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 04, 2024
Entity Registrant Name	VOYA FINANCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35897
Entity Tax Identification Number	52-1222820
Entity Address, Address Line One	230 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10169
City Area Code	212
Local Phone Number	309-8200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001535929
Amendment Flag	false
Common Stock, $.01 Par Value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	VOYA
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/40th
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th
Trading Symbol	VOYAPrB
Security Exchange Name	NYSE

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