VOYA FINANCIAL, INC. (Exact name of registrant as specified in its charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C 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): February 13, 2018 VOYA FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware No (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification Number) 230 Park Avenue New York, New York (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: (212) 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 ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( b-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.

2 Item 2.02 Results of Operations and Financial Condition On February 13, 2018, Voya Financial, Inc. ( Voya Financial ) reported its financial results for the three months and year ended December 31, A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this item As previously announced, Voya Financial will host a conference call on Wednesday, February 14, 2018 at 10:00 am ET to discuss its fourth-quarter and full-year 2017 results. The call can be accessed via Voya Financial s investor relations website at The call will be accompanied by a slide presentation, which will be accessible via Voya Financial s investor relations website at beginning at 9:30 am ET on Wednesday, February 14, In addition, more detailed financial information can be found in Voya Financial s Quarterly Investor Supplement for the quarter ended December 31, 2017, available on Voya Financial s investor relations website at The Quarterly Investor Supplement for the quarter ended December 31, 2017 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this item 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 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 for by specific reference in such filing. Item 7.01 Regulation FD Disclosure On February 13, 2018, Voya Financial made available selected slides that discuss certain expectations regarding its performance for the quarter ended December 31, These slides are available on Voya Financial s investor relations website at 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 a filing. Item 9.01 (d) Exhibits Financial Statements and Exhibits 99.1 Press release of Voya Financial, Inc., dated February 13, 2018 (furnished and not filed) 99.2 Quarterly Investor Supplement for the quarter ended December 31, 2017 (furnished and not filed)

3 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/ Trevor Ogle Name: Trevor Ogle Title: Senior Vice President and Deputy General Counsel Dated: February 13, 2018

4 Exhibit 99.1 Board of Directors Authorizes an Additional $500 Million of Share Repurchases Voya Financial Announces Fourth-Quarter and Full-Year 2017 Results NEW YORK, Feb. 13, 2018 Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the fourth-quarter and full-year On Dec. 21, 2017, Voya Financial announced that it had entered into an agreement whereby it will divest substantially all of its Closed Block Variable Annuity (CBVA) segment and its Annuities business. As a result, the assets and liabilities related to the businesses to be sold have been classified as held for sale and the related results of operations have been classified as discontinued operations. Certain variable and fixed annuity products that will be retained by Voya following the completion of the transaction as well as stranded costs that were previously allocated to the business held for sale are currently recorded in Corporate. All prior periods have been revised to reflect these changes. For the fourth quarter of 2017, Voya Financial reported: 4Q 2017 net loss available to common shareholders of $17.64 per diluted share 1, which reflects: A $14.58 per diluted share, after-tax, loss from discontinued operations, which includes a $13.44 per diluted share write down of assets of businesses held for sale to fair value less costs to sell; and A $3.06 per diluted share, after-tax, loss from continuing operations, excluding non-controlling interest included in this loss is an estimated one-time $3.78 per diluted share loss related to the reduction in the carrying value of deferred tax assets due to the lower corporate tax rate established by the Tax Cuts and Jobs Act. The reduction in Voya s deferred tax assets reflected in continuing operations includes the impact of the tax rate change on all of the company s businesses (continuing and discontinued) and a reduction in deferred tax liabilities previously reported within accumulated other comprehensive income. 4Q 2017 adjusted operating earnings 2 of $0.87 per diluted share, after-tax, which includes $0.06 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income, in aggregate, above the company s long-term expectations. Adjusted operating earnings excludes the results of the Annuities segment that is being divested. 1 2 For the three months ended December 31, 2017 and 2016, weighted-average fully diluted common shares outstanding were million and million, respectively. For periods in which there is a net loss available to common shareholders, the adjusted operating earnings per share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating earnings per share calculation. The number of weighted-average diluted shares used to calculate adjusted operating earnings per diluted share for the three months ended December 31, 2017 and 2016 were million and million, respectively. Adjusted operating earnings is a non-gaap financial measure. Information regarding the non-gaap financial measures included in this press release, and reconciliations to the most comparable U.S. GAAP measures, are provided under the Use of Non-GAAP Financial Measures section of this release, and in the Reconciliations section of Voya s Quarterly Investor Supplement. 1

5 4Q 2017 segment results include: Record earnings in Retirement, net outflows of $476 million primarily due to stable value outflows; Investment Management-sourced net inflows of $836 million; In Employee Benefits, loss ratios of 83.9% for Stop Loss and 76.1% for Group Life; and Individual Life had favorable underwriting results. For the full-year 2017, Voya Financial reported: Full-year 2017 net loss available to common shareholders of $16.25 per share, which was largely driven by the previously mentioned write down of assets of business held for sale less costs to sell and reduction in carrying value of deferred tax assets, partially offset by higher income from continuing operations before income taxes. Full-year 2017 adjusted operating earnings of $1.92 per diluted share 3, after-tax, which includes: $1.09 per diluted share, after-tax, of negative DAC/VOBA and other intangibles unlocking; and $0.22 per diluted share, after-tax and DAC/VOBA, of prepayment fees and alternative investment income, in aggregate, above the company s long-term expectations. Total assets under management (AUM) of $308 billion 4 ; total AUM and administration of $555 billion as of December 31, Estimated combined risk-based capital (RBC) ratio of 476% 5, which is above the company s target of 425%. Excess capital of $738 million 6 Adjusted debt-to-capital ratio, excluding accumulated other comprehensive income (AOCI), of 30.5% 7 Book value per share (excluding AOCI) of $ For the twelve months ended December 31, 2017 and 2016, weighted-average fully diluted common shares outstanding were million and million, respectively. For periods in which there is a net loss available to common shareholders, the adjusted operating earnings per share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating earnings per share calculation. The number of weighted-average diluted shares used to calculate adjusted operating earnings per diluted share for the twelve months ended December 31, 2017 and 2016 were million and million, respectively. Includes assets related to businesses held for sale for which a substantial portion of the assets will continue to be managed by Investment Management. Estimated combined RBC ratio primarily for Voya Financial s four principal U.S. insurance subsidiaries. Excess capital above the company s holding company liquidity target of $200 million and estimated statutory surplus in excess of a 425% combined RBC ratio. Adjusted debt-to-capital ratio, excluding AOCI, and book value per share, excluding AOCI, are non-gaap financial measures. Information regarding these non-gaap financial measures, and a reconciliation to the most comparable U.S. GAAP measures, is provided under the Use of Non-GAAP Financial Measures section of this release, and in the Reconciliations section of Voya s Quarterly Investor Supplement. 2

6 We generated solid earnings growth in both the fourth quarter and full year of 2017, said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial. For example, during the fourth quarter, we achieved record earnings and strong sales in our Retirement business; generated $836 million in Investment Management-sourced net inflows; and increased in-force premiums in Employee Benefits. Our capital position continues to be strong. During the fourth quarter, we entered into a $500 million accelerated share repurchase agreement, and we have received authorization from the board of directors to repurchase an additional $500 million of common stock, bringing our current authorization to just over $1 billion. While we incurred a one-time charge related to the reduction of our deferred tax assets, they remain a key source of value for Voya s shareholders. As a result of tax reform, we expect our effective tax rate for adjusted operating earnings to decline from 32% to 18-to-20%. Lower rates will increase adjusted operating earnings per share and we believe they will also support overall economic growth. As we begin 2018, we have a number of initiatives and priorities in place to make Voya a simpler, more valuable company that is well positioned for continued growth. Through the previously announced agreement to sell the majority of our CBVA segment and Annuities business, we will both significantly reduce risk and put Voya in a strong position to expand upon the growth that we ve achieved. We are actively engaged in the important work needed to complete the transaction as well as to build upon the many financial, operational and cultural accomplishments that we ve achieved over the past several years. We began this year with three significant distinctions that speak to our strong culture as well as the character of our brand. In our first year of eligibility, Voya was named one of the top securities and asset management firms on Fortunemagazine s list of the 2018 World s Most Admired Companies. Also last month, we were included in the 2018 BloombergGender-Equality Index and, on Monday, we were named one of the 2018 World s Most Ethical Companies by the Ethisphere Institute for the fifth consecutive year. We look forward to building upon these achievements and continuing to deliver even greater value for all of our stakeholders, added Martin. Fourth-Quarter 2017 Results Net Income Available to Common Shareholders 4Q 2017 net loss available to common shareholders was $3,165 million or $17.64 per diluted share, compared with a net loss available to common shareholders of $417 million or $2.14 per diluted share in 4Q The higher loss was primarily due to the previously mentioned $2,423 million after-tax write down of assets of business held for sale to fair value less costs to sell and a $679 million loss related to the estimated one-time reduction in the carrying value of deferred tax assets due to the lower corporate tax rate. Excluding the effects of these items, higher losses from discontinued operations were partially offset by higher income from continuing operations before income taxes. Adjusted Operating Earnings Voya Financial s adjusted operating earnings (which the company had previously defined as operating earnings) include results from Voya s Retirement, Investment Management, Employee Benefits, and Individual Life segments, as well as Corporate. 3

7 4Q 2017 after-tax adjusted operating earnings were $159 million or $0.87 per diluted share, compared with $101 million or $0.52 per diluted share, in 4Q The following items primarily accounted for this change: $30 million, after-tax, of higher adjusted operating earnings in Corporate as 4Q 2016 results were reduced by the accelerated amortization of deferred prepayment penalties associated with the early termination of funding agreements of a closed block that is in run-off as well as higher expenses from the company s strategic investment program; $14 million, after-tax, of higher fee-based margins (excluding Corporate) in 4Q 2017 due to improved equity markets and higher AUM; a $13 million, after-tax, increase in Individual Life underwriting results net of DAC/VOBA and other intangibles amortization; and partially offset by a $9 million, after-tax and DAC/VOBA, gain from a Lehman Brothers bankruptcy settlement that benefited results in 4Q Full-Year 2017 Results Net Income Available to Common Shareholders Full-year 2017 net loss available to common shareholders was $2,992 million or $16.25 per diluted share, compared with a net loss available to common shareholders of $327 million or $1.63 per diluted share in The higher loss was primarily due to the previously mentioned $2,423 million after-tax write down of assets of business held for sale to fair value less costs to sell and a $679 million loss related to the estimated one-time reduction in the carrying value of deferred tax assets due to the lower corporate tax rate. Excluding the effects of these items, results improved due to higher income from continuing operations before income taxes. Adjusted Operating Earnings Full-year 2017 after-tax adjusted operating earnings were $359 million or $1.92 per diluted share, compared with $224 million or $1.10 per diluted share, in The following items primarily accounted for this change: $204 million, after-tax, of higher adjusted operating earnings, excluding unlocking, in aggregate - results benefited from higher fee-based margins due to equity market improvement and the cumulative impact of positive net flows, higher alternative investment income, and a decline in the loss in Corporate, which reflects lower strategic investment spending and 2016 results being reduced by the accelerated amortization of deferred prepayment penalties; and $69 million, after-tax, of higher negative DAC/VOBA and other intangibles unlocking. 4

8 Three Months Ended December 31, ($ in millions, except per share amounts) % Change Net income (loss) available to common shareholders, after-tax $(3,165) $ (417) NM Less: Income (loss) attributable to non-controlling interest % Income (loss) from discontinued operations, after-tax (2,616) (478) NM Income (loss) from continuing operations, after-tax $ (467) $ 103 NM Less: Income tax expenses (benefit) NM Income (loss) from continuing operations before income taxes $ 220 $ 108 NM Less: Net investment gains (losses) (54) 18 NM Less: Other adjustments i 40 (59) NM Total adjusted operating earnings before income taxes $ 234 $ % Adjusted Operating earnings before income taxes by segment Retirement $ 168 $ % Investment Management (6) Individual Life Employee Benefits (9) Corporate (89) (133) 33 Total adjusted operating earnings before income taxes $ 234 $ % ($ in per diluted share) Net income (loss) available to common shareholders $(17.64) $(2.14) NM Less: Non-Controlling Interest NM Effect of discontinued operations (14.58) (2.46) NM Income (loss) from continuing operations, after-tax (3.52) 0.10 NM Less: Net investment gains (losses), after-tax ii (0.19) 0.06 NM Less: Other adjustments, after-tax ii (0.61) (0.54) NM Less: Effect of assumed tax rate vs. actual tax rate iii (3.53) 0.07 NM Less: Adjustment due to antidilutive effect of net loss in the current period iii (0.06) (0.01) NM Adjusted Operating earnings, after-tax ii $ 0.87 $ % Fully diluted weighted average shares outstanding (in millions) Dilutive effect of the exercise or issuance of stock- based awards iiii 4 2 Weighted average common shares outstanding - diluted (operating) iiii NM = Not Meaningful i Other adjustments consists of net guaranteed benefit hedging gains (losses) and related charges and adjustments; income (loss) from business exited; income (loss) attributable to non-controlling interests; immediate recognition of net actuarial gains (losses) related to pension and other post-retirement benefit obligations and gains (losses) from plan amendments and curtailments; expenses associated with the rebranding of Voya Financial from ING U.S.; and restructuring expenses (severance, lease write-offs, etc.). ii Voya Financial assumes a 32% tax rate on adjusted operating earnings and all components of adjusted operating earnings described as after-tax. The 32% tax rate for adjusted operating earnings reflects the estimated dividends received deduction benefit. A 35% tax rate is applied to all non-operating items. iii Represents the difference between actual tax expense and the tax expense reflected in other line items using the assumed 32% (operating) tax rate or 35% (non-operating) tax rate. iiii For periods in which there is a net loss available to common shareholders, the adjusted operating earnings per share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating earnings per share calculation. 5

9 Segment Discussions The following segment discussions compare 4Q 2017 with 4Q 2016, unless otherwise noted. All figures are presented before income taxes. Retirement Higher Fee-Based Revenue Partially Offset by Higher Expenses and Lower Investment Spread Three Months Ended December 31, ($ in millions, before income taxes) Adjusted operating earnings $ 168 $ 143 Less: DAC/VOBA and other intangibles unlocking 7 (4) Less: Gain due to Lehman bankruptcy settlement 0 4 Adjusted operating earnings excluding above items $ 161 $ 143 Retirement adjusted operating earnings excluding unlocking and a gain due to a Lehman bankruptcy settlement were $161 million, up from $143 million. Key earnings drivers included: Investment spread revenues Prepayment fee and alternative investment income was, in aggregate, $12 million above long-term expectations (before the effect of income taxes and DAC). Excluding alternative investment income and prepayment fees, investment spread revenues declined primarily due to lower portfolio yields. Fee-based revenues net of asset-based compensation increased meaningfully. Net underwriting gain (loss) and other revenue declined. Expenses increased due to higher variable compensation attributable to the accumulation of higher sales activity in 2017, offset in part by continued expense management. Retirement net outflows were $476 million, compared with net inflows of $1.1 billion in 3Q 2017 and net inflows of $803 million in 4Q Net flows vary in size and timing, sometimes substantially, from one quarter to the next. Retirement AUM totaled $138 billion, compared with $135 billion as of September 30, 2017 and $121 billion as of December 31, Investment Management Positive Investment Management Sourced Net Flows; Lower Performance Fees Offset by Higher Fees from Average AUM Three Months Ended December 31, ($ in millions, before income taxes) Adjusted operating earnings $ 61 $ 65 Investment Management adjusted operating earnings were $61 million, down from $65 million. Key earnings drivers included: Fee-based revenues decreased $3 million as higher fees from higher average AUM in 4Q 2017 were offset by stronger performance fees in 4Q Investment capital revenues decreased $1 million, but were $2 million higher than long-term expectations (before the effect of income taxes). Expenses increased $1 million primarily due to higher compensation expenses. 6

10 Investment Management Adjusted Operating Margin 4Q Q Q 2016 Adjusted operating margin 32.3% 31.3% 34.2% Adjusted operating margin, excluding investment capital results i 29.3% 29.2% 31.1% i Adjusted operating margin, excluding investment capital results, is a non-gaap financial measure. Information regarding this non-gaap financial measure, and a reconciliation to the most comparable U.S. GAAP measure, is provided under the Use of Non-GAAP Financial Measures section of this release, and in the Reconciliations section of the Quarterly Investor Supplement. The decrease in the 4Q 2017 adjusted operating margin, excluding investment capital and other investment income, compared with 4Q 2016 was primarily due to lower seasonal performance fees partially offset by higher average AUM. The increase compared with 3Q 2017 reflects higher seasonal performance fees and higher average AUM, partially offset by higher expenses in 4Q 2017 associated with higher earnings. Investment Management Net Flows ($ in billions) 4Q Q Q 2016 Investment Management Sourced Net Flows $ 0.8 $ 1.2 $ 1.6 Affiliate Sourced Net Flows (0.5) VA Net Flows (1.4) (0.9) (0.9) Total $ (1.1) $ 1.5 $ 0.6 During 4Q 2017, Investment Management Sourced net inflows were driven by institutional net flows, including flows from alternative asset classes. Third-party sales (which excludes general account assets of Voya Financial s insurance company subsidiaries) were $5.1 billion, compared with $7.2 billion in 4Q 2016 and $7.6 billion in 3Q Third-party AUM totaled $142 billion as of Dec. 31, 2017, up from $140 billion as of September 30, 2017, and $128 billion as of Dec. 31, Employee Benefits Favorable Voluntary Underwriting Results Offset by Higher Loss Ratios for Group Life and Stop Loss Three Months Ended December 31, ($ in millions, before income taxes) Adjusted operating earnings $ 30 $ 32 Less: DAC/VOBA and other intangibles unlocking Less: Gain due to Lehman bankruptcy settlement 1 Adjusted operating earnings excluding above items $ 30 $ 31 Employee Benefits adjusted operating earnings excluding a gain due to a Lehman bankruptcy settlement were $30 million, in line with $31 million in 4Q Key earnings drivers included: Investment spread revenues Prepayment fee and alternative investment income were, in aggregate, $1 million above long-term expectations (before the effect of income taxes and DAC). Excluding alternative investment income and prepayment fees, investment spread revenues were slightly lower. 7

11 Underwriting results improved primarily due to growth in Voluntary. Expenses increased due to higher volumes. The loss ratio for Group Life was 76.1%, compared with 73.4% in 4Q The loss ratio for Stop Loss was 83.9%, compared with 82.1% in 4Q The company typically expects an annual loss ratio for Stop Loss and Group Life between 77-80%. Total Employee Benefits sales were $26 million, down from $43 million. Individual Life Higher Underwriting Income and Lower Expenses Offset by Lower Investment Spread Three Months Ended December 31, ($ in millions, before income taxes) Adjusted operating earnings $ 63 $ 43 Less: DAC/VOBA and other intangibles unlocking (8) (10) Less: Gain due to Lehman bankruptcy settlement 8 Adjusted operating earnings excluding above items $ 71 $ 45 Individual Life adjusted operating earnings excluding the impact of unlocking and a gain due to a Lehman bankruptcy settlement were $71 million, up from $45 million. Key earnings drivers included: Investment spread revenues Prepayment fee and alternative investment income were, in aggregate, $3 million above long-term expectations (before the effect of income taxes and DAC). Excluding alternative investment income and prepayment fees, investment spread revenues decreased slightly due to lower yields. Underwriting results (including DAC/VOBA and other intangibles amortization) increased driven by favorable mortality and lower reserve financing costs as a result of executed refinancing initiatives; 4Q 2017 net underwriting results were $2 million favorable to expectations. Expenses decreased primarily due to continued expense management efforts. Total Individual Life sales, which primarily consist of indexed life insurance, were $21 million, down from $25 million and reflect the discontinuation of sales of more capital intensive products. Corporate Corporate adjusted operating losses were $89 million, compared with losses of $133 million in 4Q Q 2016 results were impacted by the accelerated amortization of deferred prepayment penalties associated with the early termination of funding agreements of a closed block that is in run-off. In addition, the improved results reflect lower strategic investment spending ($16 million in 4Q 2017). 8

12 Corporate results include stranded costs related to businesses held for sale and that are excluded from discontinued operations. These costs include shared service costs that were previously allocated to the businesses held for sale as well as certain costs related to the businesses being sold for which Voya will continue to perform transition services and be reimbursed in a transaction services agreement. As previously announced, Voya is undertaking efforts to achieve cost savings by the middle of Share Repurchase Authorization During 4Q 2017, Voya entered into an accelerated share repurchase ( ASR ) agreement with a third-party to repurchase an aggregate of $500 million of Voya s common stock. Under the terms of the ASR agreement, approximately 8 million shares were received by Voya in 4Q The final number of shares to be repurchased will be based on the volume-weighted average stock price of Voya s common stock less a discount and subject to potential adjustments pursuant to the terms of the ASR agreement. Final settlement of the transaction under the ASR agreement is expected to occur by the end of 1Q Additional Share Repurchase Authorization Voya announced today that its board of directors has increased the amount of the company s common stock authorized for repurchase under the company s share repurchase program by an additional $500 million. Including this additional $500 million authorization and giving effect to the completion of the ASR agreement, the aggregate amount remaining under the company s share repurchase authorization would be approximately $1,011 million. Under its share repurchase program, the company may, from time to time, purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic repurchase transactions, or tender offers. The additional $500 million share repurchase authorization expires on Dec. 31, 2018 (unless extended), and does not obligate the company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time. Supplementary Financial Information 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. Earnings Conference Call and Slide Presentation Voya will host a conference call on Wednesday, Feb. 14, 2018, at 10 a.m. ET, to discuss the company s fourth-quarter and full-year 2017 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 at investors.voya.com starting at 1 p.m. ET on Feb. 14, Media Contact: Investor Contact: Christopher Breslin Christopher.Breslin@voya.com 9 Darin Arita IR@voya.com

13 About Voya Financial Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings to get ready to retire better. Serving the financial needs of approximately 14.7 million individual and institutional customers in the United States, Voya is a Fortune500 company and had $8.6 billion in revenue in The company had $555 billion in total assets under management and administration as of December 31, With a clear mission to make a secure financial future possible one person, one family, one institution at a time Voya s vision is to be America s Retirement Company. Certified as a Great Place to Work by the Great Place to Work Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2018 World s Most Ethical Companies by the Ethisphere Institute, one of the 2018 World s Most Admired Companies by Fortune magazine and one of the Top Green Companies in the U.S., by Newsweekmagazine. Follow Voya Financial on Facebook and Use of Non-GAAP Financial Measures Adjusted operating earnings before income taxes is a measure used to evaluate segment performance. We believe that adjusted operating earnings before income taxes provides a meaningful measure of Voya s business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. 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) from continuing operations before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the comparable U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing our financial and operating performance. Each segment s adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items: Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option ( FVO ) unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread; Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manage our segments; Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Income (loss) attributable to noncontrolling interest represents such shareholders interests in the gains and (losses) of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations; 10

14 Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and Other items not indicative of normal operations or performance of our segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with the 2016 Restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of our operating businesses. Adjusted operating earnings before income taxes for Corporate includes Net investment gains (losses) and Net guaranteed benefit hedging gains (losses) associated with the retained CBVA and annuities businesses that are not components of discontinued operations. These retained amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities. Income (loss) related to businesses exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions) is excluded from the results of operations from adjusted operating earnings before income taxes. When we present the adjustments to income (loss) from continuing operations before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to businesses exited through reinsurance or divestment. The most directly comparable U.S. GAAP measure to adjusted operating earnings before income taxes is income (loss) from continuing operations before income taxes. For a reconciliation of income (loss) from continuing operations before income taxes to adjusted operating earnings before income taxes, see the tables that accompany this release, as well as our Quarterly Investor Supplement. Adjusted operating earnings - excluding unlocking is also a non-gaap financial measure. This measure excludes from adjusted operating earnings before income taxes the following items: DAC/VOBA and other intangibles unlocking; and The net gains included in adjusted operating earnings from a distribution of cash and securities in conjunction with a Lehman Brothers bankruptcy settlement ( Lehman Recovery ), and losses as a result of the decision to dispose of certain Low Income Housing Tax Credit partnerships ( LIHTC ) as a mean of exiting this asset class. Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability. The net gain from the Lehman Recovery and loss from the disposition of LIHTC partnerships affected run-rate results and we believe that this effect is not reflective of our ongoing performance. In addition to net income (loss) per share, we report adjusted operating earnings per share (diluted) because we believe that adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. In addition to book value per share including accumulated other comprehensive income (AOCI), we also report book value per share excluding AOCI and shareholders equity excluding AOCI. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per share excluding AOCI and shareholders equity excluding AOCI provide a measure consistent with that view. The adjusted debt to capital calculation excludes AOCI and includes a 25% equity treatment afforded to subordinated debt. In our Investment Management business, adjusted operating margin excluding Investment Capital results is reported because results from Investment Capital can be volatile and excluding the effect of this item can improve period-to-period comparability. For a reconciliation of these non-gaap measures to the most directly comparable U.S. GAAP measures, refer to the tables that accompany this release, as well as our Quarterly Investor Supplement. 11

15 We also analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our adjusted operating earnings before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of adjusted operating earnings (loss) before income taxes. The sources of earnings are defined as such: Investment spread and other investment income consists of net investment income and net realized investment gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves. Fee based margin consists primarily of fees earned on assets under management ( AUM ), assets under administration ( AUA ), and transaction based recordkeeping fees. Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal life contracts, and that portion of traditional life insurance premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC. Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses and fees on letters of credit. Trail commissions are commissions paid that are not deferred and thus recorded directly to expense. For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see Management s Discussion and Analysis of Financial Condition and Results of Operations - Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles in our Annual Report on Form 10-K for the twelve-month period ended Dec. 31, 2017, which the company expects to file with the Securities and Exchange Commission on or before March 1, More details on these sources of earnings can be found in Voya Financial s Quarterly Investor Supplement, which is available on Voya Financial s investor relations website, investors.voya.com. Forward-Looking and Other Cautionary Statements This press release contains forward-looking statements. 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) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, including those affecting reserve requirements for variable annuity policies and the use of and possible application of NAIC accreditation standards to captive reinsurance entities, those made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the U.S. Department of Labor s final rules and exemptions pertaining to the fiduciary status of providers of investment advice, or any amendments thereto, (x) changes in the policies of governments and/or regulatory authorities, and (xi) our ability to successfully complete the transaction entered into on Dec. 20, Factors that may cause actual results to differ from those in any forward-looking statement also include those described under Risk Factors and Management s Discussion and Analysis of Results of Operations and Financial Condition Trends and Uncertainties in our Annual Report on Form 10-K for the year ended Dec. 31, 2017, which the company expects to file with the Securities and Exchange Commission on or before March 1,

16 Reconciliation of Adjusted Operating Earnings to Net Income (Loss) - Quarter-to-Date Three Months Ended (in millions USD) 12/31/ /31/2016 Net Income (loss) available to Voya Financial, Inc. s common shareholders (3,165) (417) Less: Net income (loss) attributable to noncontrolling interest Net Income (loss) (3,083) (375) Less: Income from Discontinued Operations, net of tax (2,616) (478) Net Income (loss) from continuing operations (467) 103 Less: Adjustments to adjusted operating earnings Net Investment gains (losses) and related charges and adjustments (54) 18 Other adjustments (42) (101) Total Adjustments to adjusted operating earnings before tax effect (96) (83) Income taxes on adjustments to adjusted operating earnings (1) Total Adjustments to adjusted operating earnings, after tax (1) (62) (54) Less: Difference between actual tax (expense) benefit and assumed tax rate (564) 56 Adjusted Operating earnings, after-tax (1) Less: Income taxes (1) (75) (48) Adjusted operating earnings before income taxes Reconciliation of Adjusted Operating Earnings to Net Income (Loss) - Year-to-Date Twelve Months Ended (in millions USD) 12/31/ /31/2016 Net Income (loss) available to Voya Financial, Inc. s common shareholders (2,992) (327) Less: Net income (loss) attributable to noncontrolling interest Net Income (loss) (2,792) (298) Less: Income from Discontinued Operations, net of tax (2,580) (337) Net Income (loss) from continuing operations (212) 39 Less: Adjustments to adjusted operating earnings Net Investment gains (losses) and related charges and adjustments (84) (108) Other adjustments (116) (240) Total Adjustments to adjusted operating earnings before tax effect (200) (348) Income taxes on adjustments to adjusted operating earnings (1) Total Adjustments to adjusted operating earnings, after tax(1) (130) (226) Less: Difference between actual tax (expense) benefit and assumed tax rate (441) 41 Adjusted Operating earnings, after-tax (1) Less: Income taxes (1) (169) (105) Adjusted operating earnings before income taxes (1) Voya Financial assumes a 32% tax rate on adjusted operating earnings and all components of adjusted operating earnings described as after tax. A 35% tax rate is applied to all non-operating items. The 32% tax rate for adjusted operating earnings and components reflects the estimated benefit of the dividend received deduction related to the company s Retirement, Investment Management, Individual Life, and Employee Benefits segments. Voya Financial Reconciliation of Book Value per Share As of December 31, 2017 Book value per share, including AOCI Per share impact of AOCI (15.88) Book value per share, excluding AOCI

17 Voya Financial Reconciliation of Investment Management Operating Margin Three Months Ended (in millions USD, unless otherwise indicated) 12/31/2017 9/30/ /31/2016 Operating revenues Adjusted operating expenses (125) (118) (124) Adjusted operating earnings before income taxes Adjusted operating margin 32.3% 31.3% 34.2% Operating revenues Less: Investment Capital Results Revenues excluding Investment Capital Adjusted operating expenses (125) (118) (124) Adjusted operating earnings excluding Investment Capital Adjusted operating margin excluding Investment Capital 29.3% 29.2% 31.1% 14

18 Exhibit 99.2 VOVA FINANCIAL Quarterly Investor Supplement December 31, 2017 This report should be read in conjunction with Voya Financial, Inc. s Annual Report on Form 10-K for the Twelve Months Ended December 31,2017. Voya Financial s Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities andexchange Commission s website at and at our website at investors.voya.com. All information is unaudited. Corporate Offices:Voya Financial230 Park AvenueNew York, New York NYSE Ticker: VOYA Media Contact:Christopher Breslin Christopher.Breslin@voya.com Investor Contact: Darin Arita IR@voya.com Web Site: investors.voya.com Exhibit 99.2

19 Table Earnings of Contents by Segment Explanatory (QTD) 9 Alternative Note on Non-GAAP Investment Financial Income34 Information Adjusted 3 Operating - 5 Adjusted Earnings Operating by Segment Earnings30 (YTD) Key 10 Metrics Reconciliations 6 Investment Consolidated Information Balance Consolidated Sheets 11 Statements Reconciliation of Operations of Consolidated 7 Portfolio Statements Composition32 of Operations36 Consolidated DAC/VOBA Adjusted Segment Earnings Trends Before 12 Income Reconciliation Taxes 8 Portfolio of Adjusted Results33 Operating Adjusted Revenues37 Operating Consolidated Operating Earnings Capital and Structure Key Metrics 13 Reconciliation 16 Term Expectations of Adjusted on Operating Adjusted Earnings ROC (bps)40 - excluding Assets Under Unlocking Management Consolidated Rollforward Assets Under by Product Management/Assets Group 17 Reconciliation Under Administration of Adjusted Operating 14 Adjusted Earnings Return Per on Capital38 Share; Book - 39 Value Retirement Investment Impacts Management of Prepayments Per Share and Alternative 41 Sources Income of Adjusted Above Operating (Below) Earnings Long- Sources 19 Reconciliation of Adjusted Investment Management Operating Margin, Excluding Key Metrics 20 Investment Capital42 Account Value Rollforward by Source 21 Reconciliation of Previously Reported Adjusted Operating Earnings Account Value by Asset Type 22 per share43 Individual Life Sources of Adjusted Operating Earnings 24 Key Metrics of 25 Employee Benefits Sources of Adjusted Operating Earnings 27 Key Metrics 28 Consolidated Page Corporate Page

20 Page businesses 3 of 43 to be Voya sold Financial have been Page classified 3 of 43 as Explanatory held for sale Note and the on Non-GAAP results of operations Financial have Information been classified On December as discontinued 20, 2017, operations we entered for into all an periods agreement presented to dispose in this of Quarterly substantially Investor all of Supplement. our Closed Income Block Variable (loss) from Annuity discontinued ( CBVA ) operations, and annuities net of businesses tax includes (the a $2.4 Transaction ). billion write As down a result, of assets the assets of businesses and liabilities held for of sale the to earnings fair value before less taxes. costs As to sell such, in we the have periods recorded ended the 12/31/2017. results of Pursuant these retained to the businesses Transaction, in we Corporate. evaluated Prior our period segments results and have determined been revised that the to retained reflect discontinued CBVA and annuities operations. policies Refer that to Business are not components Held for Sale of and the Discontinued disposed businesses Operations described in Part above II, Item ( Retained 8. of our Business ) Annual Report have on insignificant Form 10-K impacts for further to Adjusted detail on operating discontinued at which the deferred operations. tax In assets addition, and liabilities we estimate are that expected tax reform to reverse resulted in the future. a one-time Adjusted reduction Operating our Earnings net deferred Before tax Income asset position Taxes of Adjusted $679 million operating as of earnings December before 31, income This taxes reduction is a measure is substantially used to evaluate due to segment the remeasurement performance. of our We deferred believe that tax assets Adjusted and operating liabilities earnings at 21%, before the new income federal taxes corporate provides income a tax rate meaningful other factors. measure We use of the its same business accounting and segment policies performances and procedures and to enhances measure the segment understanding Adjusted of operating our financial earnings results before by focusing income on taxes the as operating we do for performance the directly and comparable trends of U.S. the underlying GAAP measure business Income segments (loss) and from excluding continuing items operations that tend before to highly income variable taxes. Adjusted from period operating to period earnings based before on capital income market taxes conditions does not and/or replace when reviewing Income (loss) our financial from continuing and operating operations performance. before income Each segment s taxes the Adjusted comparable operating U.S. earnings GAAP measure before income of our consolidated taxes is calculated results by of adjusting operations. Income Therefore, (loss) we from believe continuing that it is operations useful to before evaluate income both Income taxes for (loss) the following from continuing items: Net operations investment before gains income (losses), taxes net and of Adjusted related amortization operating earnings of DAC, before VOBA, income sales taxes inducements investments using and unearned the FVO revenue, unrelated which to the are implied significantly loan-backed influenced security by income economic recognition and market for conditions, certain mortgage-backed including interest obligations rates and and credit changes spreads, in the and fair are value not indicative of derivative of normal instruments, operations. excluding Net investment realized gains gains (losses) (losses) associated include gains with (losses) swap settlements on the sale and of accrued securities, interest; impairments, Net guaranteed changes in benefit the fair hedging value of (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, gains the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from less operating investment results, gains (losses) including on the securities impacts sold related and to expenses changes directly in nonperformance related to these spread; transactions) Income and (loss) residual related run-off to businesses activity; exited these through gains and reinsurance (losses) are or often divestment related that to infrequent do not qualify events as and discontinued do not reflect operations, performance which of includes operating gains segments. and (losses) Excluding associated this activity with transactions better reveals to exit trends blocks in our of business core business, (including which net obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how we manages our segments; Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in the gains would and be (losses) are excluded of consolidated from Adjusted entities, operating or the earnings attribution before of results income from taxes consolidated since the outcome VIEs or of VOEs decisions to which to restructure we are not debt economically are not indicative entitled; of Income normal (loss) operations; related Impairment to early extinguishment of goodwill, of value debt, of which management includes contract losses incurred rights and as value a result of of customer transactions relationships where we acquired, repurchase which outstanding includes principal losses as a amounts result of of impairment debt; these losses analysis; losses as a these result represent of differences losses related between to actual infrequent and expected events and experience do not reflect on pension normal, plan cash-settled assets or projected expenses; benefit Immediate obligation recognition during a of given net actuarial period. We gains immediately (losses) related recognize to our actuarial pension gains and other and postretirement (losses) related benefit to pension obligations and other and postretirement gains (losses) benefit from plan obligations amendments and gains and curtailments, and losses from which plan includes adjustments actuarial and gains and curtailments. certain costs related These amounts to debt and do equity not reflect offerings normal, as well cash-settled as stock expenses and/or cash and based are not deal indicative contingent of current awards; Operating expenses expense associated fundamentals; with the rebranding and Other of Voya items Financial, not indicative Inc.; of severance normal operations and other third-party or performance expenses of our associated segments with or may the 2016 be related Restructuring. to infrequent These events items including vary widely capital timing, or organizational scope and restructurings frequency between including periods operations as well rather as than between investments companies in the to which future capabilities we are compared. of our Accordingly, operating businesses. we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of current and future performance of our segments. Additionally, with respect to restructuring, these costs represent changes in

21 Voya do not Financial distort the Page ability 4 of to 43 make Explanatory a meaningful Note evaluation Non-GAAP of the Financial trends of Information Corporate activities. Adjusted Income operating (loss) earnings related before to businesses income taxes exited for through Corporate reinsurance includes or Net divestment investment (including gains (losses) net investment and Net guaranteed gains (losses) benefit on securities hedging gains sold and (losses) expenses associated directly with related the Retained to these Business. transactions) These is excluded retained amounts from the are results insignificant of operations and from U.S. GAAP Adjusted measure operating to Adjusted earnings operating before income earnings taxes. before When income we present taxes is the Income adjustments (loss) to from Income continuing (loss) from operations continuing before operations income taxes. before For income a reconciliation taxes on a of consolidated Adjusted operating basis, each earnings adjustment before excludes income the taxes relative to Income portions (loss) attributable from continuing to businesses operations exited before through income reinsurance taxes, refer or divestment. to the Reconciliations The most directly section comparable document. Adjusted Operating Earnings - excluding Unlocking Adjusted operating earnings - excluding unlocking is also a non-gaap financial measure. This measure excludes from Adjusted operating earnings before income taxes the following items: DAC/VOBA and other intangibles unlocking; and The net in gains this included Because DAC/VOBA in Adjusted operating and other earnings intangibles from unlocking a distribution can be of volatile, cash and excluding securities the in conjunction effect of this with item a can Lehman improve Brothers period bankruptcy to period comparability. settlement ( Lehman The net Recovery ), gain from the and Lehman losses Brothers as a result bankruptcy of the decision settlement to dispose and loss of certain from the Low disposition Income Housing of low-income Tax Credit housing partnerships tax credit ( LIHTC ) partnerships as a affected mean of run-rate exiting results this asset and class. believe that this effect is not reflective of our ongoing performance. Adjusted Operating Earnings per Share (Diluted); Shareholders Equity/Book Value per Share, Excluding AOCI In addition to Net income (loss) per share, we report Adjusted Operating earnings per share (diluted) because we believe that Adjusted we operating to period based earnings on capital before income market conditions taxes provides and/or a meaningful other factors. measure In addition of its to business book value and segment per share performances including Accumulated and enhances other the comprehensive understanding of income our financial (AOCI), results we also by report focusing book on value the operating share performance excluding AOCI and trends and shareholders of the underlying equity business excluding segments AOCI. and Included excluding AOCI items are that investment tend to be portfolio highly variable unrealized from gains period losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per share excluding AOCI and shareholders equity excluding AOCI provide a measure consistent with that view. The Adjusted debt to capital excludes AOCI and includes a or 25% We report equity Adjusted treatment return afforded on capital to subordinated ( ROC ) because debt. For we a reconciliation believe this measure of these is non-gaap a useful indicator measures of how to the effectively most directly we use comparable capital resources U.S. GAAP allocated measures, to our refer segments to the apart Reconciliation from corporate of Adjusted and closed Operating block activities, Earning Per which Share; include Book our Value Retirement, Per Share, Investment Excluding Management, AOCI page Individual of this document. Life and Adjusted Employee Return Benefits on Capital segments. surplus in excess Capital of is target allocated statutory to each capital of our and segments certain in corporate proportion assets to each and liabilities, segment s such target as statutory certain deferred capital, tax plus assets an allocation and liabilities of the for differences unfunded between pension statutory plans, are capital allocated and to total Corporate. Voya Financial, We assume Inc. a shareholders 32% tax rate equity on Adjusted on a GAAP operating basis earnings (excluding and AOCI), all components based on of each Adjusted segment s operating portion earnings of these described differences. as Statutory after-tax for sale have, which been classified reflects the as estimated discontinued benefit operations. of the dividend Expenses received classified deduction within discontinued related to our operations segments. include As a result only of direct tax reform, operating we expenses expect our incurred effective by tax the rate businesses for adjusted being operating sold that earnings 1) are identifiable to decline as in costs future of periods. the businesses Stranded being Costs sold, As a and result 2) we of will the Transaction, not continue the to recognize revenues and after expenses the close of of the the businesses Transaction. held Consequently, and be reimbursed indirect in a costs, transaction such as services those related agreement, to corporate are excluded and shared from discontinued service functions operations. that were Both previously types of costs allocated ( Stranded to the businesses Costs ) are held included for sale, in Adjusted are excluded operating from discontinued earnings and operations. Income (loss) In addition, from continuing certain direct operations costs for related all periods to the businesses presented. being We do sold, not believe for which these we Stranded will continue Costs to are perform representative transition of services future run-rate of expenses for our continuing operations, therefore they are currently allocated to Corporate. We will undertake efforts to eliminate some or all of the Stranded Costs through a cost reduction strategy that we expect to conclude by the middle of Explanatory Note on Non-GAAP Financial Information the Adjusted Operating Revenues

22 Voya which Financial are significantly Page 5 of influenced 43 Adjusted by economic operating and revenues market is conditions, a measure of including our segment interest revenues rates and and credit a non-gaap spreads and financial are not measure. indicative Each of normal segment s operations. Adjusted Net operating investment revenues gains are (losses) calculated include by gains adjusting (losses) Total on revenues the sale of for securities, the following impairments, items: Net changes realized in investment the fair value gains of (losses) investments and related using the charges FVO unrelated and adjustments, implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue; Gain (loss) on change to in the value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected fair operating results, reflects the expected cost of these benefits if markets perform line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in nonperformancein spread; these gains Revenues and (losses) related are to often businesses related exited to infrequent through events reinsurance and do or not divestment reflect performance that do not qualify of operating as discontinued segments. operations, Excluding this which activity includes better revenues reveals associated trends in our with core transactions business, which to exit would blocks be of obscured business (including by including net the investment effects of gains business (losses) exited, on securities and more sold closely related aligns to Operating these transactions) revenues and with residual how we run-off manages activity; segments; Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than those of Voya Financial, Inc., consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders interests in the gains and losses of those entities, or the attribution of our results the income from is consolidated passed to VIEs third or parties VOEs and to which the elimination we are not of economically intercompany entitled; investment and expenses Other adjustments included in to operating total revenues revenues. primarily Adjusted reflect operating fee income revenues earned for by Corporate our broker-dealers includes Net for sales investment of non-proprietary gains (losses) products, and Gains which (losses) are reflected on change net in of fair commission value of derivatives expense related our segments to guaranteed operating benefits revenues, associated other with items thewhere Retained revenues, Business. refer to the These Reconciliations retained amounts section are insignificant this document. and do Sources not distort of Earnings the ability We to analyze make a our meaningful segment performance evaluation of based the trends on the of sources Corporate of earnings. activities. We The believe most directly this supplemental comparable information U.S. GAAP is measure useful in to order Adjusted to gain operating a better revenues understanding is Total of revenues. our Adjusted For operating a reconciliation earnings of before Adjusted income operating taxes revenues for the following to Total reasons: income and (1) net we analyze realized our investment business gains using (losses) this information associated and with (2) swap this settlements presentation and can accrued be helpful interest, for investors less interest to understand credited to the policyholder main drivers reserves. of Adjusted Fee based operating margin earnings consists (loss) primarily before of income fees earned taxes. on The assets sources under of earnings management are defined ( AUM ), as such: assets Investment under administration spread and ( AUA ), other investment and transaction income consists based recordkeeping of net investment Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal fees. contracts, and that portion of traditional life insurance premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC. life Administrative amortization/unlocking expenses see are Unlocking general expenses, of DAC/VOBA net of amounts and other capitalized Contract as Owner/Policyholder acquisition expenses Intangibles and exclude in commission our SEC filings. expenses Other and Information fees on letters Financial of credit. information, Trail commissions unless otherwise are commissions noted, rounded paid that to are millions, not deferred therefore and may thus not recorded sum to directly its corresponding to expense. total. For a detail explanation of DAC/VOBA and other intangibles

23 Voya expense Financial (benefit) Page 6876 (40) (29) of 43 Key Metrics Income Three Months (loss) from Ended discontinued or As of Year-to-Date operations, net or As of tax of (in (1) millions (2,616) USD, 13464(162)(478)(2,580)(337) unless otherwise indicated) Net 12/31/2017 income (loss) 9/30/2017 (3,083) (142)(375)(2,792)(298) 6/30/2017 3/31/ /31/2016 Net 12/31/2017 income (loss) 12/31/2016 attributable Income to noncontrolling (loss) from continuing interest 82 operations before Net income income taxes (loss) available to Voya Financial, Income tax common shareholders (3,165) (143) (417) (2,992) (327) Adjusted operating earnings before income taxes - Consolidated (2) Total Voya Financial, Inc. Shareholders Equity 10,009 13,653 13,353 12,891 12,995 10,009 12,995 Total Voya Financial, Inc. Shareholders Equity - Excluding Inc. s AOCI 20.2% (2) 20.6% 7, % 10, % 10, % 10, % 11,074 Adjusted 7,278 Debt 11,074 to Capital Net Deferred (2) (5) Tax 30.5% Asset 22.7% (DTA) 23.0% (net 23.0% of valuation 23.0% allowance) 30.5% 23.0% 1,856 Per 2,9542,8882,9512,6601,8562,660 Share: Net income (loss) available Total to shareholders Voya Financial, per common Inc. Shareholders share: Basic Equity (17.64) - Excluding (0.75)(2.14)(16.25)(1.63) AOCI & DTA (3) 5,422 7,9687,8597,8288,4145,4228,414 Diluted (17.64) (0.75)(2.14)(16.25)(1.63) Debt to Capital: Debt Adjusted to Capital operating 25.7% earnings per share (diluted) (2) (4) Shares: Weighted-average common Adjusted shares operating outstanding earnings Basic per 179 share (diluted) - ex unlocking Diluted (2) 179 (4) Ending shares Book outstanding value per share (including AOCI) Returned to Shareholders: Repurchase Book of common value per shares, (excluding commissions AOCI) (4) Dividends to shareholders Total cash returned to shareholders , (1) Income (loss) from discontinued operations, net of tax includes a $2.4 billion write down of assets of businesses held for sale to fair value less costs to sell in the periods ended 12/31/2017. (2) This 401 measure ,023 is a Non- 487 GAAP beginning financial on page measure. 35 of this For document. an explanation (3) Deferred of our use Tax of Asset Non-GAAP (DTA) related financial to measures, Federal Net refer Operating the Explanatory Loss Carry Note Forwards on Non-GAAP ( Federal Financial NOLs ), Life Information Subgroup beginning Deferred on Losses page related 3 of this to document. Closed Block For VA a reconciliation Hedge Losses, of Alternative this item to Minimum the most directly Tax refundable comparable in the GAAP short measure, term under refer new to tax the legislation, Reconciliations and Non-Life section Subgroup Reconciliation Deferred of the Losses Operating related Earning to tax-based Per Share; goodwill, Book net Value of $447 Per Share, million Excluding tax valuation AOCI allowance section related on page to 41 Federal of this NOLs document. for the (5) periods Includes ended a 25% December equity treatment 31, afforded (4) For an to explanation subordinated of debt the diluted and excludes weighted-average AOCI. common share measures used for Adjusted operating earnings per share (diluted) please refer to the

24 Voya Premiums Financial Page of Consolidated 2,121 2,795 Statements Net realized of Operations capital gains Three (losses) Months (63) Ended (53) (25) Year-to-Date (86) (148) (in (227) millions (363) Income USD) 12/31/2017 (loss) related 9/30/2017 to consolidated 6/30/2017 investment 3/31/2017 entities 12/31/ /31/ /31/ Other Revenues revenues Net investment income Total 832 revenues ,294 2,1863,354 2,184 Fee 2,191 income 2, , , , Benefits 2,627 2,471 expenses Interest credited and other benefits to contract owners/policyholders (1,159) (1,192) (1,136) (1,149) (1,335) (4,636) (5,314) Operating expenses (682) (674) (630) (668) (705) (2,654) (2,655) Net amortization of DAC/VOBA (61) (209) (195) (64) (104) (529) (415) Interest expense (44) (49) (45) (46) (45) and (288) Operating expenses related to consolidated investment entities (20) (20) (30) (17) (27) (87) (106) Total benefits and expenses (1,966) (2,144) (2,036) (1,944) (2,216) (8,090) (8,778) Income (loss) from continuing operations before income taxes Less: Net investment gains (losses) and (184) related charges and 29 adjustments Income (loss) (54) on (12) early 2 (20) extinguishment 18 (84) (108) of Net debt guaranteed (3) (1) benefit (4) hedging (104) Immediate gains (losses) recognition and related of charges net actuarial and adjustments gains (losses) 34 related 5 (1) 8 to (4) pension 46 4 Income and other (loss) postretirement related to businesses benefit obligations exited through gains reinsurance (losses) or from divestment plan amendments (39) (2) 1 (5) and (17) curtailments (45) (14) Income (17) 1 (48) (loss) (16) attributable (55) Other to adjustments noncontrolling (1) (20) interests (6) (14) (32) (97) (71) Adjusted operating earnings before income taxes (2) Includes restructuring expenses (severance, lease write-offs, etc.) and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc. This measure is a Non-GAAP financial measure. For an (57) explanation of our use of Non-GAAP financial measures, refer the Explanatory Note on Non-GAAP Financial Information beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the Reconciliations section beginning on page 35 of this document.

25 Voya Net investment Financial income Page 8 of and 43 net Consolidated realized gains Adjusted (losses) Operating ,9752,911 Earnings Before Income Fee Taxes income Three 711 Months ,8082,640 Ended Year-to-Date Premiums (in millions 514 USD) ,1162,789 12/31/2017 9/30/2017 Other 6/30/2017 revenue 3/31/ /31/ /31/2017 Adjusted operating 12/31/2016 revenues Consolidated (1) 2,025 Adjusted 2,028 2,010 Operating 1,985 Earnings 2,268 8,046 Before 8,479 Income Adjusted Taxes operating Adjusted benefits operating andrevenues expenses operating Interest benefits credited and expenses and other (1,791) benefits (1,986) to contract (1,903) owners/policyholders (1,840) (2,118) (7,518) (1,077) (8,150) (1,157)(1,078)(1,122)(1,393)(4,435)(5,193) Adjusted operating earnings before income Operating taxes (1) 234 expenses (592) 144 (570)(575)(604)(587)(2,340)(2,363) Adjusted Operating Revenues Net amortization and Adjusted of DAC/VOBA Operating Earnings (76) (211)(203)(67)(92)(557)(407) by Segment Adjusted operating Interest revenues expense Retirement (46) (46)(47)(47)(46)(186)(187) ,5383,257 Adjusted Investment Management Investment Management Individual Life Individual ,5632,528 Life 63 (66) Employee Employee Benefits Benefits ,7671, Corporate Corporate (89) (110)(100)(95)(133)(395)(477) Adjusted Adjusted operating operating revenues earnings (1) 2,025 before 2,028 income 2,010 taxes 1,985 (1) 234 2, , , Adjusted Operating (1) This measure Earnings is Retirement a Non-GAAP 168 measure. For an explanation of our use of Non-GAAP financial measures, refer the Explanatory Note on Non-GAAP Financial Information beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the Reconciliations section beginning financial of this document. on page 35

26 Voya Financial Fee Page income 9 of Adjusted Operating Premiums Earnings 1 by 104 Segment Three Other Months revenue Ended 22 December 144(1)94731, Adjusted 2017 Investment operating revenues (in millions (1) 649 USD) 186 Retirement Management 2,025 Adjusted Individual operating Life Employee benefits and Benefits expenses Corporate Interest Consolidated credited and other Adjusted benefits operating to contract revenues owners/policyholders Net investment income (241) and (462)(316)(59)(1,077) net realized gains (losses) Operating 432 expenses Retirement (214) Investment (125)(65)(82)(106)(592) Management Individual Net amortization Life Employee of DAC/VOBA Benefits Corporate (27) (45)(3)(2)(76) Consolidated Interest Adjusted expense operating (46)(46) revenues Adjusted Net operating investment benefits income and and expenses net realized (482) gains (125) (losses) (572) (401) (213) (1,791) Fee Adjusted income operating earnings before Premiums income 294 taxes (1) Other 30 (89) revenue 234 Three (1)(2)48 Months Ended Adjusted December operating 31, revenues 2016 (1) benefits and 641 expenses (780) 2,268 (124) Adjusted (598) (378) operating (238) benefits (2,118) and Adjusted expenses operating Interest earnings credited before and other income benefits taxes to (1) contract owners/policyholders (133) 149 (1) This (534) measure (474)(303)(82)(1,393) is a Non-GAAP Operating financial measure. expenses For (207) an (124)(82)(74)(100)(587) explanation of our use of Net Non-GAAP amortization financial of DAC/VOBA measures, refer (39) the (41)(2)(10)(92) Explanatory Interest Note on expense Non-GAAP (46)(46) Financial Adjusted Information operating 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 page 35 of this document.

27 Voya ,975 Financial Page Fee 10 income of 43 Adjusted , ,808 Operating Earnings Premiums by Segment ,600822,116 Twelve Months Ended Other revenue December 85 31, 4216(5) (in millions Adjusted USD) operating Retirement revenues Investment (1) 2,538 Management 731 2,563 1,767 Individual 447 8,046 Life Adjusted Employee operating Benefits benefits Corporate and Consolidated expenses Interest Adjusted credited operating and other revenues benefits Net to investment contract owners/policyholders income and net realized (958) gains (1,935)(1,293)(249) (losses) 1,703 (4,435) Months Operating Ended December expenses 31, (850) 2016 (483)(275)(336)(396)(2,340) Retirement Investment Management Net amortization Individual of Life DAC/VOBA Employee (274) Benefits (261)(11)(11)(557) Corporate Consolidated Interest expense Adjusted (186)(186) operating Adjusted revenues operating Net investment benefits income and expenses and net realized (2,082) (483) gains (2,471) (losses) (1,640) 1,674 (8) ,911 (842) (7,518) Adjusted Fee income operating 687 earnings 5821, ,640 before income Premiums taxes (1) (395) ,447722,789 Other Twelve revenue DAC/VOBA (4)2139 (209) (166)(15)(17)(407) Adjusted operating Interest revenues expense (1) (187)(187) 3, Adjusted 2,528 1,616 operating 451 8,479 benefits Adjusted and expenses operating (2,807) benefits (456) and (2,469) expenses (1,490) Interest (928) credited (8,150) and Adjusted other benefits operating to contract earnings owners/policyholders before income taxes (1,744) (1) 450 (1,973)(1,169)(307)(5,193) (477) 329 (1) This Operating measure expenses is a Non-GAAP (854) (456)(330)(306)(417)(2,363) financial measure. For an explanation Net amortization of our of GAAP financial measures, refer the Explanatory Note on Non-GAAP Financial Information beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the Reconciliations section beginning page 38 of this document. use of Non-

28 Voya 77,61372,74770,44466,185 Financial Page 11 of 43 Premium Consolidated receivable Balance and Sheets reinsurance (in millions recoverable USD) 7,632 Balances 7,2737,2497,3237,287 as of 12/31/2017 9/30/2017 Short term 6/30/2017 investments 3/31/2017 under securities 12/31/2016 loan Assets agreement Total and investments accrued investment 66,087 65,91864,97663,98763,783 income 2,293 2,6031,4081,2731,252 Cash and cash Deferred equivalents policy 1,218 acquisition 1,4701,5281,3662,096 costs, Value of Assets business held acquired in separate 3,374 accounts 3,4033,6203,9293,997 77,605 income taxes 781 1,2931,3751,6321,570 Other assets (1) 1,314 1,4771,5811,5981,650 Assets related to consolidated investment entities 3,176 3,6183,6794,1444,056 Assets held for sale 59,052 62,32562,02661,68162,709 Total Assets 222, , , , ,585 Liabilities Future policy benefits and Deferred owner account balances 65,805 65,10064,77864,63964,848 Liabilities related to separate accounts 77,605 77,61372,74770,44466,185 Payables under securities loan agreements, including collateral held 1,866 2,1391, Short-term debt Long-term debt 3,123 3,1222,7262,7263,550 Other contract liabilities (3,426)(3,050)(2,796) (2) 2,775 2,8162,6812,7212,994 Additional paid-in capital Liabilities 23,821 related 23,90023,87323,69723,609 to consolidated investment Retained entities earnings 1,705 2,1682,1552,5442,495 (deficit) (12,719) (9,555)(9,703)(9,871)(9,742) Liabilities held for sale 58,277 Total Voya 59,08759,07358,85859,576 Financial, Inc. Shareholders Total Liabilities Equity - Excluding 211, ,382 AOCI 7, ,896 10, ,499 10, ,617 10,779 Shareholders 11,074 Accumulated Equity Common other comprehensive stock income Treasury 2,731 stock (3,827) (3,426) 2,7312,6062,1121,921 Other assets, Sales inducements Total Voya to Financial, contract holders, Inc. Shareholders Current income Equity taxes, 10,009 Goodwill 13,653 and 13,353 other 12,891 intangible 12,995 assets. Noncontrolling (2) Includes interest Other liabilities, 1, Derivatives, Total Pension Shareholders and other postretirement Equity 11,039 provisions, 14,611 14,293 Funds 13,878 held under 13,968 reinsurance Total Liabilities agreements, and Shareholders and Current income Equity 222,532 taxes. 226, , , ,585 (1) Includes

29 Voya Financial Page 9512 Amortization of 43 DAC/VOBA (26) (34) Segment (33) (25) Trends (24) (118) Three (115) Months Unlocking Ended (1) Year-to-Date 9 (39) (102)(in 13 millions (23) (120) USD) (83) 12/31/2017 Change in unrealized 9/30/2017 6/30/2017 capital gains/losses 3/31/ /31/2016 (11) (108) 12/31/2017 (38) 376 (138) 12/31/2016 (135) Balance Retirement as of End-of-Period Balance as Beginning-of-Period ,141 1, ,141 1,165 1,165 Deferred 814 Sales 1,165 Inducements 1,403 Deferrals as of of End-of-Period commissions and expenses Individual Life Balance as of Beginning-of-Period 2,423 2,573 2,657 2,702 2,378 2,702 2,857 Deferrals of commissions and expenses Amortization (38) (44) (50) (43) (38) (175) (125) Unlocking (83) (4) (4) (5) (91) (56) Change in unrealized capital gains/losses (50) (50) (60) (32) (193) unrealized (121) capital Balance gains/losses as of End-of-Period 5 (8) (2) 2, (5) 2,423 (17) 2,573 Balance 2,657 as of 2,702 End-of-Period 2,366 2, Other 121 (2) 124 Balance as 126 of Beginning-of-Period 130 Deferred Sales Inducements as 130 of 112 End-of-Period Deferrals of 1 1 commissions 1 Total Balance and as expenses Beginning-of-Period Amortization 3,401 3,621 3,930 (8) (5) 3,998 (5) (6) 3,304 (3) (24) 3,997 (19) 4,421 Unlocking Deferrals and of loss commissions recognition and 1 (4) expenses (1) 3 (10) (1) 62 (17) 66 Change in 264 (1) Beginning Amortization in the (72) second (83) (88) quarter (74) of (65) 2017, (317) we (259) solicited Unlocking customer 10 consents (126) (107) to execute 12 (38) a (212) change (156) to reduce Change the in guaranteed unrealized minimum capital gains/losses interest rate (26) ( GMIR ) (61) (176) applicable (72) 736 to (336) future (273) deposits Balance and as transfers of End-of-Period into fixed 3,374 investment 3,404 option 3,621 for 3,930 certain 3,998 retirement 3,374 3,997 plan Deferred contracts Sales with Inducements above-market as GMIRs. of End-of-Period This change, which reduces exposure to low interest rates on new deposits, transfers and in certain plans existing fixed account assets, resulted in unfavorable unlocking for the Retirement segment of $91.8 million and $128.0 million, for the three months ended 9/30/2017 and 6/30/2017,respectively. (2) Includes Employee Benefits, Investment our Management and closed blocks, including remaining annuities businesses.

30 Voya Total common Financial equity Page 13 (Excluding of 43 Consolidated AOCI) (1) Capital 7,278 10,92210,74710,77911,074 Structure (in millions USD) Accumulated 12/31/2017 9/30/2017 other comprehensive Balances as income of 6/30/2017 (AOCI) 3/31/2017 2,731 2,7312,6062,1121,921 12/31/2016 Financial Total Debt Voya Senior Financial, bonds 2,703 Inc. 2,7022,7052,7042,793 Shareholders Equity 10,009 Subordinated 13,653 13,353 bonds , ,995 Total Other Equity debt (Excluding Total AOCI) Debt (1) 3,460 7,2783,459 10,922 3,462 10,747 3,461 10,779 3,55011,074 Equity Capital Debt to Total Capital Capitalization Debt to Capital 13, % 17, % 16, % 16, % 16, % Total Adjusted Capitalization Debt to Capital (Excluding (1) (2) AOCI) 30.5% (1) 22.7% 10, % 14, % 14, % 14,240 14,624 (1) Reconciliations This measure is section a Non-GAAP beginning financial on page measure. 35 of this For document. an explanation of our use of Non-GAAP financial measures, refer the Explanatory Note on Non-GAAP Financial Information beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the (2) Includes a 25% equity treatment afforded to subordinated debt and excludes AOCI.

31 Voya (in millions Financial USD) Page General 14 of Account 43 Consolidated Separate(4) Assets Account Under (4) Management/Assets Institutional/ Mutual Under Funds Administration Total AUM - As Assets of December Under Management 31, 2017 Individual Life (2) 12,824 2,809 15,633 15,633 Employee Benefits 1, ,829 1,829 Eliminations/Other (47,208) (13,645)(11,106)(71,959)(47,999)(119,958) AUA - Assets Under Administration Total Total AUM AUM + AUA and AUA Retirement (3) 82,006 (1) 32, ,49971,23334,387138,191244,517382, , , , ,516 (1) Investment Includes wrapped Management funds 82,006 as well 46,08696,194224,28650,018274,304 Includes assets backing interest and non-interest sensitive products. (3) Includes AUM balances related to annuities and variable annuities businesses held for sale, for which a substantial portion of the assets will continue to be managed by the Investment Management segment. (4) Includes as unwrapped separate Voya-managed account balances funds. related (2) to annuities and variable annuities businesses held for sale, which are reported as Assets held for sale on the balance sheet.

32 Retirement

33 Voya investment Financial income Page of 43 Retirement Sources Fee of based Operating margin Earnings and Key Metrics (in Net millions underwriting USD) Three gain (loss) Months and Ended other or revenue As of Year-to-Date (9) (8)(4)(3)(4)(23)(14) or As of 12/31/2017 Administrative 9/30/2017 expenses 6/30/2017 (167) (159)(163)(184)(166)(673)(694) 3/31/ /31/ /31/2017 Trail 12/31/2016 commissions Sources (42) of (41)(41)(40)(38)(163)(146) operating earnings before income DAC/VOBA taxes: and Investment other intangibles spread and other amortization, Fixed income excluding ,5461,548 unlocking (35) (38)(35)(33)(37)(141)(149) Limited partnership income DAC/VOBA (2) and Prepayment other intangibles fee income unlocking (1) 7 (44)(114)13(4)(137)(66) Total gross investment Adjusted income operating earnings before 403 1,581 income 1,602 taxes Investment (2) expenses (17) 143 (19)(17)(19)(18)(72)(68) Adjusted Return Credited on Capital interest (3) 10.3% (236) 9.9%9.6%9.3%8.8%10.3%8.8% (237)(233)(230)(235)(935)(906) Gross Net margin investment income Other investment income (4) Investment spread and other investment income Fee based margin Fee based margin - excluding Recordkeeping Fee based margin - Recordkeeping Fee based margin , ,34831,61930,38028,86534,38728, Assets Under Management Total by Fund AUM Group 138,191 General 134,585 account 129,735 32, ,443 32,76132,62532,49632,46932,57132, , , ,408 AUA 244,517 Guaranteed 227,284213,499209,308195,441244,517195,441 separate account 7,695 7,7717,1047,1867,1927,6957,192 Total AUM and Non-guaranteed AUA 382, ,868 separate 343,234 account 63, ,75160,70558,38656,38152,88263,53852, , , ,849 (1) Beginning Mutual in the second funds / quarter Institutional of 2017, funds solicited customer consents to execute a change to reduce the guaranteed minimum interest rate ( GMIR ) applicable to future deposits and transfers into fixed investment option for certain retirement plan contracts with above-market GMIRs. This change, which reduces our exposure to low interest rates on new deposits, we transfers million of and DAC/VOBA in certain plans and other existing intangibles fixed account amortization assets, from resulted Lehman in unfavorable Recovery. unlocking (3) Adjusted for the Return Retirement on Capital segment calculated of $91.8 using million trailing and twelve $128.0 months. million, (4) for Includes the three investment months ended income 9/30/2017 on assets and backing 6/30/2017, surplus respectively. that has been (2) allocated The three from months the corporate ended 12/31/16 segment include and income $5.3 million from policy of net investment loans. income, and $(1.2)

34 Voya 55,53653,16349,92148,96449,92145,089 Financial Page 17 of 43 Retirement Transfer/Single AUM Rollforward deposits by Product 1,597 Group 1,2121,4301,4991,4995,7384,115 Three Months Ended Year-to-Date Recurring (in deposits millions 1,219 USD) 1,3071,2961,5021,1035,3244,798 12/31/2017 9/30/2017 6/30/2017 Total 3/31/2017 Deposits 12/31/2016 2,816 2,5192,7263,0012,60211,0628,913 12/31/ /31/2016 Full service Surrenders, - Corporate benefits, markets and Assets product under charges management, (2,656) (1,952)(1,881)(2,061)(2,160)(8,550)(7,302) beginning of period 58,010 Flows ,5121,611 Interest credited and investment performance 2,324 1,9071,5292, ,0613,275 Transfer to reinsurer / between markets (1) (53) (53) Assets under management, end of period 60,495 58,010 55,536 53,163 49,921 60,495 49,921 Full service - Tax-exempt markets Assets undernet management, (1,115)(5,129)(4,159) beginning Net of Flows period (187) 60, (248)71(8)816 58,54957,18555,49754,79655,49751,642 Interest credited and investment Transfer/Single performance deposits 1, ,9671,980 1,6841,2951, ,5823,040 Recurring Transfer deposits to reinsurer ,1542,995 / between markets (1) Assets Total under Deposits management, 1,047 1,5131,0801,4811,1865,1214,975 end of period 62,070 60,590 58,549 Surrenders, 57,185 benefits, 55,497 and 62,070 product 55,497 charges Stable (1,234) value (2) (1,155)(1,011)(1,729) Assets under management, beginning of period 12,403 12,08812,53612,50612,34712,50610,763 Transfer/Single deposits ,764 Recurring deposits Total Deposits ,1172,221 Surrenders, benefits, and product charges (620) (283)(670)(337)(239)(1,910)(715) and Pension risk transfer Net beginning Flows of (415) period 227(558)(46)287(793)1,506 3,581 3,5623,5593,4853,4623,4853,314 Interest credited Transfer/Single and investment deposits performance (6) (181) Recurring Transfer deposits to reinsurer / between Total Deposits markets (1) Assets under management, Surrenders, end benefits, of period and 11,982 product 12,403 charges 12,088 (214) 12,536 (211)(237)(259)(228)(921)(961) 12,506 11,982 12,506 Retail 1 Net wealth Flows management (34) (60) (75) Assets (37) under 4 (206) management, and investment performance Assets under management, end of period 3,644 3,581 3,562 3,559 3,485 3,644 3,485 Total AUM (3) Assets under management, beginning of period 134, ,735126,443121,408119,568121,408110,807 Transfer/Single deposits 2,186 2,5651,9092,4912,5789,1528,819 Interest credited Recurring 3,7593,0124,4241,03715,2786,667 deposits 2,062 2,1262,1712,5051,9688,8638,253 Assets under management, Total end Deposits of period 4, ,191 4,6914,0804,9964,54518,01417, , , , ,408 Surrenders, 138, ,408 benefits, (1) and AUM product transfers charges between (4,724) Retirement (3,600)(3,800)(4,386)(3,742)(16,509)(13,137) market. (2) Where Voya is the Investment Net Flows Manager. (476) (3) 1, ,5053,935 Excludes Recordkeeping and Interest Stable credited Value and where investment Voya is not performance the Investment 4,082 Manager.

35 Investment Management

36 Voya Investment Financial Management Page 19 of Sources 43 (in millions USD) Three Months Ended of Operating Year-to-Date Earnings 12/31/2017 Sources of operating 9/30/2017 earnings 6/30/2017 before 3/31/201712/31/2016 income taxes: 12/31/ /31/2016 Investment Fee based margin capital 178 and other investment income (1) (8) Administrative Adjusted operating expenses earnings (125) before (118)(118)(122)(124)(484)(456) Fee based margin income taxes (2) Investment Other fee based advisory margin and 14 administrative revenue Fee (1) Includes based margin performance fees 168 related to 675 sponsored 635 extent that cumulative rates of investment return fall private below equity specified funds investment ( carried hurdle interest ) rates. that Should are subject the market to later value reversal of a based portfolio on subsequent increase in future fund performance, periods, reversals to the a gain of $9 million and $35 million, respectively, including the recovery of $25 million of carried interest reversed prior periods. For the twelve months ended December of carried 31,2016, interest our carried could be interest fully or net partially results included recovered. the For reversal the three (loss) and of twelve approximately months ended $30 million, December in previously 31,2017, our accrued carried carried interest interest. net results included (2) The twelve months ended 12/31/2017 and 12/31/16 include $0 million and $3 million, respectively of net investment income from Lehman Recovery.

37 Voya Affiliate Financial sourced Page 56, of 56,54654,93754,63654,25456,47654, Investment Management Key Metrics Subtotal Balances external as of Balances clients 142,280 as of (in 139,616 millions 135,095 USD) 12/31/ , ,246 9/30/ ,280 6/30/ ,2463/31/2017 General Account 12/31/2016 (1) 12/31/ ,006 82,48981,90582,06982,76082,00682,760 12/31/2016 Client Assets by Source: External Total Client clients Assets Investment (AUM) Management 224, ,105 sourced 217,000 85, ,900 83,07080,15876,19573,99285,80473,992 Administration Only Assets (AUA) 50,018 50,46050,92050,51949,68550,01849,685 Total AUM and AUA 274, , , , , , ,691 Three Months Ended Year-to-Date 12/31/2017 9/30/2017 6/30/20173/31/201712/31/201612/31/201712/31/2016 Analysis 211,006 of(2i)nvestment 224, ,006 administrative revenues, net, by source: (2) External clients Investment Management sourced Affiliate sourced Subtotal external clients General Account Total investment advisory and administrative revenues, net, from advisory AUM and Administration Only Fees Total inv(2e) stment advisory and administrative revenues, net, by source (2) Revenue Yield (bps): (2) (3) External clients Investment Management sourced Affiliate sourced on AUM and AUA (bps) (2) Revenue (3) 24.0 Yield 23.8 on 23.7 Institutional/retail (1) 33.5 General Account 34.6 assets reported General on a Account Statutory 19.5 Book Value billing basis consistent Revenue with Yield revenues on Client earned. Assets (2) Measures (AUM) 28.5 used 28.2 by 28.5 management to 28.2 evaluate 27.9 Revenue ongoing business Yield on performance, Administration allowing Only Assets for more (AUA) appropriate comparisons with Total industry Revenue peers. Yield Revenue Yields calculated using average client assets for the period. (3)

38 Voya 72,813 Financial 73,992 68,144 Page 21 Inflows of 43 Investment Inflows from Management sub-advisor Account replacements Rollforward by Source Three Inflows-other Months Ended 4,219 5,2905,5003,8335,99518,84216,853 Year-to-Date (in millions USD) 12/31/2017 Outflows 9/30/2017 (3,384) (4,062)(3,115)(3,264)(4,412)(13,825)(14,114) 6/30/2017 3/31/ /31/ /31/ /31/2016 Net Flows 836 Investment 1,228 2,385 Management 568 1,583 Sourced 5,017 2,739 AUM: Net Beginning Money Market of period Flows AUM 6083,070 (23)21(45)1713(28) 80,158 76,195 Change 73,992 Market Value 1,975 1,4451,4881,805(346)6,7113,564 Other (Including Acquisitions / Divestitures) (136) 26370(125)(75)71(427) End of period AUM 85,804 83,070 80,158 76,195 73,992 85,804 73,992 Organic Growth (Net Flows / Beginning of period AUM) 1.01% 1.53%3.13%0.77%2.17%6.78%4.02% Market Growth in %(9,841)(7,252) 2.38% 1.80%1.95%2.44%-0.48%9.07%5.23% Net Flows (1,973) 284 (1,215) (1,722) Affiliate (954) Sourced (4,626) AUM: (2,871) Beginning Net Money of Market period AUM Flows 56,546 (83) (10)(84)(87)(22)(263)(54) 54,937 54,636 54,254 55,356 Change 54,254 in Market 54,403 Value Inflows 1,941 Inflows 1,4661,2752, ,8493,096 from sub-advisor replacements Other (Including Acquisitions Inflows-other / Divestitures) , ,1301,2514,3594,194 (131)32423(334)261(320) End Outflows of period (2,878) AUM (2,025)(2,087)(2,852)(2,205) 54,254 56,476 54,254 Organic Growth (Net Flows / Beginning of period AUM) -3.49% 0.52%-2.22%-3.17%-1.72%-8.53%-5.28% Market Growth % 3.43% 2.67%2.33%3.99%0.38%12.62%5.69% Other affiliate sourced net flows (530) 1,232(515)(307)(46)(120)202 Variable annuity net flows 56,476 (1,443) 56,546 (948)(700)(1,415) 54,937 54,636 (908)(4,505)(3,073) net flows 305 1,603 1,870 Total Affiliate 262 1,537 Sourced 4,040 2,754 Net Flows Balances (1,973) as of 284 (1,215) (1,722) (954) (4,626) (2,871) Total Investment Management Sourced Net Flows 836 1,228 2, ,583 5,017 2,739 Total Net Flows (1,137) 1,512 1,171 (1,153) (132) Net Flows excluding sub-advisor replacements and variable annuity

39 Voya Total 72,468 Financial 70,752 Page 68, of 43 64,647 Investment 62,669 Management Retail Equity Account 44,380 43,22841,62740,82939,482 Value by Asset Type (in millions Fixed USD) Income 12/31/ ,077 20,52420,31019,85219,906 9/30/2017 6/30/2017 3/31/2017 Real Estate 12/31/2016 2,873 3,6113,5883,9054,461 Institutional Equity 22,905 Money 21,86821,55420,48519,417 Market 1,482 1,5021,5331,5971,729 Fixed Income Total 49,563 69,812 48,88446,48344,16243,253 68,865 67,058 66,184 65,577 Real Estate General Account Equity Money 217 Market Income 80,253 80,81379,80679,75779,928 Real Estate Money Market 1,536 1,4581,8542,0662,593 Total 82,006 82,489 81,905 82,069 82,760 Combined Asset Type Equity 67,502 65,31363,42661,56159,137 Fixed Income 150, ,221146,599143,770143,086 Real Estate 2,873 3,6113,5883,9054,461 Fixed Money Market 3,018 2,9603,3873,6634,322 Total 224, , , , ,006

40 Individual Life

41 Voya Financial Page Fee 24 based of 43 margin Individual Life Sources Net underwriting of Operating gain Earnings (loss) (in and millions other revenue USD) Three Months Ended Administrative Year-to-Date 12/31/2017 expenses (50) 9/30/2017 (47)(50)(58)(56)(205)(230) 6/30/2017 3/31/201712/31/2016 Trail commissions 12/31/2017 (5) (5)(5)(7)(7)(22)(28) 12/31/2016 Sources DAC/VOBA of operating earnings and other before intangibles income amortization, taxes: Investment excluding spread unlocking and other (41) investment (37)(43)(40)(35)(162)(123) income 66 DAC/VOBA Prepayment and other intangibles fee income unlocking (8) Total (143)(1)(8)(7)(160)(141) gross investment income Adjusted operating earnings before 850 Investment income taxes expenses (1) 63 (7) (66) (6)(7)(7)(8)(27)(28) Adjusted Credited Return interest on Capital (150) (150)(150)(150)(150)(599)(604) (2) 11.2% 9.5%7.5%6.6%6.6%11.2%6.6% Net margin Gross Investment Income 217 Other Fixed investment income 203 income (3) Limited Investment partnership spread income and other 6 investment other revenue income (1) 248 The Net three underwriting months ended gain (loss) 12/31/16 and include other revenue $9.1 million Fee revenue of net investment / Premiums income, ,7161,705 $(3.5) million of DAC/VOBA Net mortality, and other including intangibles Reinsurance amortization, (317) and (310)(296)(331)(320)(1,254)(1,246) $2.4 million of DAC/ VOBA and Reserve other intangibles change / Other unlocking (15) from (22)(33)(17)(37)(87)(141) Lehman Recovery. (2) Total Adjusted net underwriting Return on Capital gain (loss) calculated and using trailing twelve months. (3) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.

42 Voya Financial Variable life Page of 43 Term Individual Life Key Total Metrics sales (in by millions product USD) line 21 Three Months Ended or Gross As of Premiums Year-to-Date and Deposits or As of 12/31/2017 by Product 9/30/2017 (1) Interest 6/30/2017 sensitive 331 3/31/ ,2661,235 12/31/ /31/2017 Non 12/31/ interest sensitive Sales by 134 Product Line: Indexed Total gross premiums Accumulation and deposits Total 453 Universal life 1, , Applications 228,384233,358238,409242,608223,596242,608 New business policy count (Paid) 1,108 Whole 1,1441,2353,0453,3786,53215,124 life 1,774 1,7821,7971,8061,8421,7741,842 End of Period: Total In-Force in-force Face face Amount amount by 328,120 Product 332,933 (1) Universal 337,919 life 343,004 81, ,070 80,65780,38380,10879,55981,05579, , ,070 In-Force Policy Count Variable (in life whole 21,695 numbers) 22,11022,38122,68123,06121,69523,061 (1) Universal life 247, ,379253,596256,269258,413247,610258,413 Term 223,596 51,922 52,65653,38354,18255,04851,92255,048 Term 420, ,667439,629448,250455,548420,731455,548 Whole life 111, ,088113,272115,886117,348111,673117,348 Total in-force policy count 831, , , , , , ,357 Assets Under Management by Fund Group Variable (1) life General account 12,824 12,77012,76112,71512,68912,82412,689 Separate account 2,809 2,7242,6572,6262,5332,8092,533 Total AUM 15,633 15,494 15,418 15,341 15,222 15,633 15,222 (1) Excludes amounts transferred to third parties through reinsurance transactions.

43 Employee Benefits

44 Voya Financial Net Page underwriting 27 of 43 Employee gain (loss) Benefits and other Sources revenue of Operating Earnings Three Months Administrative Ended Year-to-Date expenses (51)(in (49)(51)(55)(47)(205)(194) millions USD) 12/31/2017 Trail 9/30/2017 commissions 6/30/2017 (31) 3/31/2017 (32)(32)(35)(26)(130)(112) 12/31/ /31/2017 DAC/VOBA 12/31/2016 and Sources other intangibles of operating amortization, earnings before excluding income unlocking taxes: Investment (3) (2)(2)(3)(2)(9)(12) spread and other DAC/VOBA investment and income other 13 intangibles income unlocking Total gross (1)(1)(1) (2)(4) investment income Adjusted 24 operating earnings before Investment income expenses taxes (1) (1) 30 (1)(1)(1)(1)(4)(4) Credited Adjusted interest Return (14) on (14)(15)(15)(15)(58)(60) Capital (2) 24.4% 24.3%20.8%21.6%23.3%24.4%23.3% Net margin Other Gross investment Investment income Income Fixed income Investment spread and other Limited investment partnership income income Prepayment Group life fee Benefits (89) (88)(82)(96)(90)(354)(374) Other (3) (2) (2)(2)(2)(2)(8)(9) Total Loss Ratio (Interest adjusted) 76.1% 74.4% 70.5% 83.2% 73.4% 76.0% 77.2% Group stop loss Premiums Benefits (195) (194)(204)(195)(174)(788)(655) Other Premiums (1) (1)(1)(1)(1)(4)(3) Total Loss Ratio 83.9% 80.6% 85.6% 81.0% 82.1% 82.7% 78.4% Voluntary Benefits, Disability, and Other Net underwriting gain (loss) and other revenue (1) The three months ended 12/31/16 include $1.0 million of net (3) investment income from Lehman Recovery. (2) Adjusted Return on Capital calculated using trailing twelve months. (3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.

45 Voya Financial Page 28 of 43 Employee Benefits Key Metrics (in millions USD) Three Months Ended or As of Year-to-Date or As of 12/31/2017 9/30/2017 6/30/2017 3/31/ /31/ /31/ /31/2016 Sales by Product Line: Group life (Basic / Sup / AD&D) Group stop loss Disability Association (Life, DI, PAI) Other (PAI) 4 4 Total group products Voluntary products Total sales by product line Total gross premiums and deposits ,8061,643 Total annualized in-force premiums 1,849 1,8731,8741,8881,7141,8491,714 Assets Under Management by Fund Group General account 1,813 1,8601,8491,7861,7761,8131,776 Separate account Total AUM 1,829 1,875 1,864 1,802 1,791 1,829 1,791

46 Corporate

47 Voya Financial Page 30 of 43 Corporate Adjusted Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/2017 9/30/2017 6/30/2017 3/31/ /31/ /31/ /31/2016 Interest expense (including interest rate swap settlements) (47) (48) (49) (48) (48) (192) (193) Amortization of intangibles (9) (9) (10) (8) (9) (35) (36) Strategic investment program (1) (16) (21) (23) (20) (24) (80) (117) Other (2) (18) (32) (19) (19) (53) (88) (131) Adjusted operating earnings before income taxes (89) (110) (100) (95) (133) (395) (477) (1) In 2015, we announced that we would incur an incremental $350.0 million of expenses through 2018 for IT simplification, digital and analytics and cross-enterprise initiatives ( Strategic Investment Program ). (2) Restated to reflect the retained portion of CBVA and annuities businesses and Stranded Costs.

48 Investment Information

49 Voya consolidation Financial 48,329 Page %48, %48, %47, %47, % of 43 Portfolio Composition (in millions USD) Composition Fixed of maturities, Investment at Portfolio fair value Balances using the as fair of 12/31/2017 value option 9/30/2017 3, %3,0804.7%3,1204.8%3,0394.7%3,0654.8% 6/30/2017 3/31/ /31/2016 Amount % of Equity Total Amount securities, % available of Total Amount for sale, % before of Total consolidation of Total Amount 380 N/M397N/M281N/M275N/M258N/M % of Total Fixed maturities, available Equity for sale, securities, at fair value, available after for partnerships/corporations, sale, fair value %3970.6%2810.4%2750.4%2580.4% before consolidation 1,293 N/M1,177N/M1,131N/M1,077N/M1,013N/M Short-term investments %3430.5%3840.6%4460.7%3910.6% CLO/VOEs Adjustments (1) (509) N/M(491)N/M(457)N/M(487)N/M(477)N/M Mortgage loans on real estate 8, %8, %8, %8, %8, % Limited partnerships/corporations, after consolidation Policy loans %6861.0%6741.0%5900.9%5360.8% 1, %1,8992.9%1,8892.9%1,9173.0%1,9433.0% Derivatives 397 Limited 0.6%3580.5%3850.6%3820.6%7371.2% Securities - Security Sector (2) U.S. Government Other investments agencies and 47 authorities 0.1%480.1%400.2%430.1%470.1% 2, %2,8125.3%2,8975.5%2,8845.6%2,8235.4% Securities pledged to creditors U.S. 2,087 Corporate 3.2%2,2873.5%1,2671.9%1 - Public 23, %23, %23, %23, %23, % %1,4092.2% Total investments, after consolidation U.S. 66,087 Corporate 100.0% - Private 65,9185, % 10.9%5, %5, %5, %5, % 64, % 63, % 63, % Fixed Foreign Maturity Government 3.6%1,8963.5%1,8373.5%1,7613.4%1,6313.1% / Agency %7691.4%7721.5%7181.4%6931.3% CMO-B Agency 2,156 Foreign 4.1%2,2634.2%2,3394.4%2,3254.5%2,3744.6% Corporate - Public 4, %4,8809.1%4,8059.1%4,7319.1%4,6929.0% CMO-B Non-Agency %8011.5%7211.4%5741.1%5431.0% Foreign Corporate - Private 5, %5, %5,0669.6%5,1179.9%5,1089.9% Agency %1,1272.1%1,1952.3%1,4422.8%1,5453.0% State, municipalities Non-Agency and political (3) 749 subdivisions 1.4%7321.4%6571.2%6191.2%6451.3% 1,913 Residential mortgage-backed securities 4, %4,9239.2%4,9129.3%4,9609.6%5,1079.9% Commercial mortgage-backed securities 2, %2,5144.7%2,3104.4%2,1734.2%2,3554.5% Other asset-backed securities (3) 1, %1,1482.1%1,0492.0%8841.7%9051.7% Total fixed maturities, including securities Total pledged 16.3%9, %9, %9, %8, % (5) 53, % 53, % 52, % Due 51,787 after five 100.0% years 51,868 through 100.0% ten years Fixed 10,762 Maturity 20.1%10, %10, %10, %10, % Securities - Contractual Maturity Dates, Due to mature: Due Due after in one ten year years or 24,212 less 1, %23, %23, %22, %22, % 1.9%1,4102.6%1,3722.6%1,3952.7%1,5903.1% Due after CMO-B one year 2,969 through 5.6%3,0645.7%3,0605.8%2,8995.6%2,9175.6% five years 8,703 backed securities 4, %4,3738.2%4,1627.9%4,2348.2%4,5458.8% Other asset-backed securities (3) 1, %1,1482.1%1,0492.0%8841.7%9051.7% Total fixed maturities, including securities pledged (5) 53, % 53, % 52, % 51, % 51, % Fixed Maturity Securities Mortgage- NAIC Quality Designation 1 30, %30, %30, %30, %30, % 2 19, %20, %19, %19, %18, % 3 1, %2,0163.8%1,8793.6%1,9443.8%1,9633.8% %4130.8%4160.8%3870.7%3880.8% %480.1%480.1%460.1%710.1% %1080.2%1140.2%1160.2%1400.3% 6.8%3,7106.9%3,7137.0%3,7887.3%3,7497.2% Total fixed A 16,329 maturities, 30.6%15, %15, %15, %15, % including securities pledged (4) (5) 53, % 53,558 BBB 100.0% 20,204 52, %20, %19, %19, %19, % 100.0% 51, % 51, % Fixed Maturity BB Securities 2, %2,1474.0%2,0183.8%2,0413.9%2,0694.0% - ARO Quality Rating AAA 9, %9, %9, %9, %10, % B and below 1, %1,4332.7%1,5182.9%1,3862.7%1,4662.8% AA 3,611 Total risk recorded fixed maturities, as investments including by the securities Company pledged (before (5) consolidation) 53, % against 53,558 either 100.0% equity 52,673 (private 100.0% equity 51,787 and real 100.0% estate 51,868 partnership 100.0% funds) (1) Adjustments or senior and include subordinated the elimination debt (CLOs) of intercompany of the funds. transactions (2) Fixed Maturity between Securities the Company includes and fixed its consolidated maturities,available investment for entities, sale, fixed primarily maturities the elimination fair value of using the Company s the fair value equity option at and businesses securities exited pledged through to creditors. reinsurance (3) where Subprime assets asset-backed are retained securities on the Company s are included balance as a component sheet. (5) Includes of Non-Agency fixed maturities RMBS under securities this presentation. related to businesses (4) ARO exited ratings through do not reinsurance directly translate where into assets NAIC are retained ratings. (4) on ARO the Company s ratings do balance not directly sheet. translate into NAIC ratings. (5) Includes fixed maturities securities related to

50 Voya Net Investment Financial Page Income 33 Annualize of 43 Portfolio d Yield Results Net Investment Three Months Income Ended Annualized Year-to-Date Yield (in Net millions Investment USD) Income 12/31/2017 Annualize 9/30/2017 d Yield 6/30/2017 Net Investment 3/31/2017 Income 12/31/2016 Annualized 12/31/2017 Yield 12/31/2016 Net Investment Operating Income investment Annualized income Yield and Fixed annualized maturity yield securities (1) Net (2) Investment % Income % Annualized % Yield 580 Net 4.98% Investment % Income 2,332 Annualized 5.02% 2,413 Yield 5.22% % Equity % securities % % % 2.26% Short-term % % investments % % % % % % Mortgage % loans % % % % % % Derivatives % (2) % N/A N/A 4.42% 12 N/A % N/A 17 Limited N/A 44 partnerships N/A 44 N/A 41 Prepayment 19.82% 36 fee 13.40% income % 0.10% % 0.06% % 22.79% % 17.50% % % % Policy 83 loans 0.14% 23 Other 5.06% assets % 15 N/A % N/A 9 N/A 1 N/A 29 N/A (4) N/A Gross investment income before expenses and fees % % % % % 3, % 3, % Expenses and fees (36) -0.24% (33) -0.22% (29) -0.20% (32) -0.22% (31) -0.21% (129) -0.22% (123) -0.21% Total investment income and annualized N/A 4 yield Impairments % (1) Fixed % maturities % (18) (2) % (2) (13) 763 (21) 5.10% (34) 2,975 Equity 4.91% securities 2, % Trading gains/losses Mortgage (1) loans Fixed maturities Other (32) (13) investments 23 (70) Equity securities (1) Total impairments 1 (1) 1 Mortgage (18) (2) loans (2) (13) 1 (21) (34) 1 Fair Other value investments adjustments (20) (3) 1 (51) 1 1 (12) (17) 11 (2) (18) Total (86) trading (69) (19) gains/losses Derivatives, 8 11 including 17 (30) (13) change 5 (71) fair value of derivatives related to guaranteed benefits 26 (12) (29) (7) Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses) (1) (35) (14) (2) (28) (4) (79) (130) Businesses exited through reinsurance (4) (59) Consolidation/eliminations (5) 13 (7) (1) 33 7 in 109 Total investment income and realized capital gains (losses) ,067 2,991 (1) Investment results related to businesses exited through reinsurance are excluded. (2) Operating income from CMO-B portfolio assets, including derivatives, is included in fixed maturity securities. (3) Fair value adjustments 37 include entities into adjustments the Consolidated related to Statements CMO-B assets of Operations, carried at fair net value, of the elimination among other of income the Company s sources. (4) management Income related fees expensed to reinsurance by the transactions, funds and recorded in which as investment operating revenues results are (before passed consolidation) directly to the by reinsurers the Company, pursuant ii) to the contracted elimination terms of intersegment of the reinsurance expenses, agreement. primarily (5) consisting Includes i) of the asset-based impact of management consolidation and of investment administration fees charged by our Investment Management Segment, iii) and other intersegment eliminations.

51 Voya Investment Financial Management Page 34 of Average 43 Alternative alternative Investment investments Income 252 Three Months Ended Year-to-Date Alternative investment (in millions income USD) 12/31/2017 (1) (11) 9/30/2017 Individual 6/30/2017 Life 3/31/2017 Average 12/31/2016 alternative investments 12/31/ /31/ Retirement Average Alternative alternative investment investments income Employee Benefits Alternative Average investment alternative income investments Alternative investment income Corporate Average alternative investments Alternative investment income Total Consolidated (2) Average alternative investments 1,336 1,285 1,259 1,168 1,099 1,262 1,040 Alternative investment income (1) Includes performance fees related to sponsored private equity funds ( carried interest ) that are subject to later reversal based on subsequent fund performance, to the extent that cumulative rates of investment return fall below specified investment hurdle rates. Should the market value of a portfolio increase in 40 future 181 periods, months ended reversals December of carried 31, interest 2016, our could carried be fully interest or partially net results recovered. included For the the reversal three and (loss) twelve of approximately months ended $30 December million, 31, in previously 2017, our accrued carried interest carried net interest. results (2) included The investment a gain of income $9 million alternative and $35 million, investments respectively, shown above including excludes the recovery the net investment of $25 million income of carried from Lehman interest reversed Recovery/LIHTC. in prior periods. For the twelve

52 Reconciliations

53 Three ,6272,471 Months Ended Year-to-Date Premiums Voya 515 Financial ,1212,795 Page 36 of 46 Reconciliation Net realized of capital Consolidated gains (losses) Statements (63) (53)(25)(86)(148)(227)(363) of Operations (in millions USD) Income 12/31/2017 (loss) related 9/30/2017 to consolidated 6/30/2017 investment 3/31/2017 entities 12/31/ /31/ /31/2016 Other Revenues revenues Net 106 investment income 824 Total ,2943,354 revenues 2,186 2,184 2,191 Fee income 2,057 2, Benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,159) (1,192)(1,136)(1,149)(1,335)(4,636)(5,314) Operating expenses (682) (674)(630)(668)(705)(2,654)(2,655) Net amortization of DAC/VOBA (61) (209)(195)(64)(104)(529)(415) Interest expense (44) (49)(45)(46)(45)(184) 8,618 8,788 (288) charges Operating and adjustments expenses (54) related (12)2(20)18(84)(108) to consolidated investment Net guaranteed entities benefit (20) (20)(30)(17)(27)(87)(106) hedging gains (losses) and Total related benefits charges and and expenses adjustments (1,966) 34 (2,144) 5(1)8(4)464 (2,036) Income (1,944) (loss) (2,216) related (8,090) to businesses (8,778) Income exited (loss) through from reinsurance continuing or operations divestment before (39) (2)1(5)(17)(45)(14) income taxes Income (loss) 108 attributable Less: to Net noncontrolling investment gains interests (losses) and related Income Adjusted (loss) operating on early earnings extinguishment before income of debt taxes 234 (3) (1) (4)(104) Immediate (1) recognition Includes restructuring of net actuarial expenses gains (losses) (severance, related lease to write-offs, pension and etc.) other and postretirement expenses associated benefit with obligations the rebranding gains of (losses) Voya Financial, from plan Inc. amendments from ING U.S., and curtailments Inc. (17) 1(48) (16)(55) Other adjustments (1) (20) (57)(6)(14)(32)(97)(71)

54 Voya (in millions Financial USD) Page 12/31/ of 43 Reconciliation 9/30/2017 6/30/2017 of Adjusted 3/31/2017 Operating 12/31/2016 Revenues 12/31/2017 Three Months 12/31/2016 Ended Year-to-Date Total Less Adjustments revenues 2,186 2,184 2,191 2,057 2,324 8,618 8,788 Net Gain realized (loss) on investment change in gains fair value (losses) of derivatives and related related charges to and guaranteed adjustments benefits (58) 35 (14)(1)(27)8(100)(112) Revenues (losses) related to business exited through reinsurance or divestment (61) (3)529 Revenues Other adjustments (loss) attributable (1) to noncontrolling Total interests adjusted 101 operating Adjusted operating revenues by segment Retirement ,5383,257 revenues 2,025 Investment 2,028 2,010 Management 1,985 2,268 8, ,479 Corporate Total adjusted operating revenues 2,025 2,028 2,010 1,985 2,268 8,046 8,479 Individual Life ,5632,528 Employee Benefits ,7671,616 (1) segments Includes operating fee income revenues, earned other by the items Company s where the broker-dealers income is passed for sales on to of third non-proprietary parties and the products, elimination which of are intercompany reflected net investment of commission expenses expense included the in Company s operating revenues.

55 Reconciliation of DAC/VOBA Adjusted Operating and other Earnings intangibles - excluding unlocking Unlocking; (137) (148)(178)(54)(66) Adjusted Return Gain on Capital on Lehman (1) Page Recovery 38 of 43 (in 4444 millions Adjusted USD, Operating unless otherwise Earnings indicated) - excluding Retirement Unlocking Twelve before interest Months 593 Ended (1) 12/31/2017 Income 9/30/2017 tax expense 6/30/ /31/ /31/2016 Adjusted Adjusted Operating operating Earnings earnings - excluding before Unlocking income taxes before Less: interest 456 after income taxes Average Capital 3,928 3,9563,9743,9823,964 Ending Capital 4,130 3,8563,8524,0154,068 Adjusted Return on Capital 10.3% 9.9% 9.6% 9.3% 8.8% Investment Management Adjusted operating earnings before income taxes Less: Gain on Lehman Recovery and Adjusted Operating Earnings - excluding Unlocking before interest Income tax expense Adjusted Operating Earnings - excluding Unlocking before interest and after income taxes Average Capital Ending Capital Adjusted Return on Capital 54.9% 56.1% 56.1% 44.8% 38.5% (1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters

56 Reconciliation DAC/VOBA of Adjusted and Operating other intangibles Earnings unlocking - excluding (160) Unlocking; (162)(141)(144)(143) Adjusted Return Gain on on Capital Lehman (1) Recovery Page 39 of (in millions Adjusted USD, Operating unless Earnings otherwise - excluding indicated) Unlocking Individual before Life Twelve interest Months Ended (1) 12/31/2017 Income tax 9/30/2017 expense 6/30/ /31/2017 Adjusted 12/31/2016 Operating Adjusted Earnings operating - excluding earnings Unlocking before before income interest taxes and Less: after 91 income unlocking taxes (2) 171 (2)(2)(2)(4) Gain on Lehman Average Recovery Capital 1, ,6141,7491,8932,015 Adjusted Operating Ending Earnings Capital - excluding 2,141 1,4761,5461,4881,677 Unlocking before interest Adjusted Return on Capital Income 11.2% tax 9.5% expense 7.5% % % Adjusted Employee Operating Benefits Adjusted Earnings - operating excluding earnings Unlocking before before income interest taxes and Less: after 126 income taxes DAC/VOBA Average and other Capital intangibles Ending Capital Adjusted Return on Capital 24.4% 24.3% 20.8% 21.6% 23.3% (1) Due to rounding, trailing twelve month totals may not equal the sum of the quarters. 360

57 Voya Financial Page 40 of 43 Impacts of Prepayments and Alternative Income Above (Below) Long- Term Expectations on Adjusted ROC (bps) Twelve Months Ended (in basis points) 12/31/ /31/ /31/2015 Prepayments Above (Below) Long-term Expectations (1) Effect on ROC: Retirement Life (8) Employee Benefits Alternatives Above (Below) Long-term Expectations (1) (2) Effect on ROC: Retirement 26 (35) (44) Life 30 (25) (27) Employee Benefits 33 (37) (49) Prepayments and Alternative Income Above (Below) Long-Term Expectations (1) (2) Effect on ROC: Retirement Life 22 (7) 14 Employee Benefits (14) (1) Basis point impacts are after DAC and after tax. (2) Amounts exclude Gain on Lehman recovery

58 Reconciliation (in whole dollars) of Adjusted Three Months Operating Ended Earnings or As of Per Year-to-Date Share; Book or Value As of Per 12/31/2017 Share, Excluding 9/30/2017 AOCI 6/30/2017 Page 3/31/ of 43 Financial, Inc. s common shareholders per common share (Diluted) (17.64) (0.75) (2.14) (16.25) (1.63) 12/31/ /31/ /31/2016 Net income (loss) from continuing operations available to Voya Exclusion investment of per gains share (losses) impact and of: Net guaranteed benefit hedging gains related (losses) charges and and related adjustments charges (0.01)0.07(0.06) and Income adjustments (loss) related (0.12) to (0.02) (0.03)0.01(0.16)(0.01) divestment businesses exited through reinsurance or Income Immediate (loss) recognition on early extinguishment of net actuarial gains of debt (losses) (losses) from plan amendments and curtailments 0.06 related to pension and other postretirement benefit obligations and gains Other Effect adjustments of discontinued to operating operations earnings (0.73)(0.34) Effect Adjustment of assumed due to tax antidilutive rate vs actual effect effective of net loss tax in rate the 3.53 current (0.16)(0.17)0.30(0.07)3.43(0.06) Adjusted operating earnings per share (Diluted) (1) period Impact of unlocking to earnings per share (Diluted) (0.02) Adjusted Book value operating share, earnings including per AOCI share (Diluted) ex Unlocking Per Book share value impact per share, of AOCI excluding (15.88) AOCI (15.20)(14.50)(11.12)(9.87)(15.88)(9.87) Reconciliation of shares used in Total Consolidated earnings per share (Diluted) Operating Weighted-average Dilutive effect of the common exercise shares or issuance outstanding of stock-based - Diluted 179 awards Weighted average common shares outstanding - Diluted (Operating) (1) 4 (1) 2232 Debt to capital 25.7 % 20.2 %20.6 %21.2 %21.5 %25.7 % Capital Impact of impact 25% of equity AOCI treatment 6.5 % 3.9 afforded %3.8 %3.1 to subordinate %2.8 %6.5 debt %2.8 (1.7)% % Adjusted Debt to capital 30.5 % 22.7 %23.0 %23.0 %23.0 %30.5 %23.0 (1.4)%(1.4)%(1.3)%(1.3)%(1.7)%(1.3)% (1) For periods in which there is a Net loss available to common shareholders, % Adjusted operating earnings per share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the Adjusted operating earnings per share calculation.