Exhibit 99.2
VOYA®
FINANCIAL
Quarterly Investor Supplement
September 30, 2015
This report should be read in conjunction with Voya Financial, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. Voya Financial’s Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited.
Results for the prior periods reflect revisions to Voya Financial, Inc.’s financial statements to correct an overstatement of liabilities, identified during the second quarter of 2015, related to the embedded derivative in certain guaranteed minimum withdrawal with life payouts products in the Closed Block Variable Annuity segment. The correction was not material to the previously filed quarterly and annual financial statements in the Company’s Quarterly reports on Form 10-Q and Annual reports on Form 10-K. As a result, amendment of such reports is not required. For a further description, please refer to Voya Financial, Inc.’s Quarterly Report on Form 10-Q for the three months ended September 30, 2015, which will be filed on or before November 9, 2015. The revisions are identified on page 48 of this document and all numbers, including related income tax expenses (benefits) have been updated throughout the document.
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Voya Financial
Table of Contents
Page
Consolidated
Explanatory Note on Non-GAAP Financial Information 3-4
Organizational Chart 5
Key Metrics 6
Adjusted Operating Return on Capital and Return on Equity 7
Adjusted Operating Earnings Before Interest, After Income Taxes 8
Operating Revenues and Operating Earnings by Segment 9
Adjusted Operating Earnings by Segment 10
Consolidated Balance Sheets 11
Consolidated Statements of Operations 12
Ongoing Business Sources of Operating Earnings 13
Consolidated Earnings Before Income Taxes 14
Operating Earnings by Segment 15-16
DAC/VOBA Segment Trends 17
Consolidated Assets Under Management/Assets Under Administration 18
Consolidated Capital Structure 19
Retirement
Sources of Operating Earnings 21
Operating Earnings 22
Assets Under Management/Assets Under Administration 23
Assets Under Management Rollforward 24
Annuities
Sources of Operating Earnings 26
Operating Earnings 27
Assets Under Management 28
Assets Under Management Rollforward 29
Investment Management
Sources of Operating Earnings 31
Operating Earnings 32
Key Metrics 33
Account Value Rollforward by Source 34
Account Value by Asset Type 35
Page
Individual Life
Sources of Operating Earnings 37
Operating Earnings 38
Key Metrics 39
Employee Benefits
Sources of Operating Earnings 41
Operating Earnings 42
Key Metrics 43
Corporate
Operating Earnings 45
Closed Blocks
ISP and Other Operating Earnings 47
Closed Block Variable Annuity Income (Loss) Before Income Taxes 48
Closed Block Variable Annuity Death and Living Benefits 49
Assets Under Management Rollforward 50
Investment Information
Portfolio Composition 52
Portfolio Results 53
Alternative Investment Income 54
Unrealized Gains (Losses) 55
Asset Backed Securities 56
RMBS Securities Summary 57
CMBS and Other Asset-Backed Securities Summary 58
Mortgage Loans on Real Estate 59
US and Foreign Corporate Securities 60
Exposure to European Debt - Fixed Maturities and Equity Securities 61
Additional Information
Adjustments to Operating Earnings by Segment 63
Calculation and Reconciliation of ROE and ROC 64
Operating Revenues by Segment 65
Ongoing Business Sources of Earnings Reconciliation 66-68
Fixed Maturity Securities - Businesses Exited Through Reinsurance 69
Financial Ratings 70
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VOYA®
FINANCIAL
Voya Financial Explanatory Note on Non-GAAP Financial Information Page 3 of 70
Operating earnings before income taxes is a financial measure we use to evaluate segment performance. Operating earnings before income taxes is a non-GAAP financial measure and does not replace Net income (loss) as the U.S. GAAP measure of our results of operations. Each segment’s Operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:
?Net investment gains (losses), net of related amortization of deferred policy acquisition costs (“DAC”),value of business acquired (“VOBA”), sales inducements and unearned revenue. 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 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 our nonperformance spread;
?Income (loss) related to businesses exited through reinsurance or divestment;
?Income (loss) attributable to noncontrolling interest;
?Income (loss) related to early extinguishment of debt;
?Impairment of goodwill, value of management contract rights and value of customer relationships acquired;
?Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and
?Other items, including restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc. Adjusted operating earnings is also a non-GAAP financial measure. This measure excludes from Operating earnings before income taxes the following items:
?DAC/VOBA and other intangibles unlocking;
?The net gains and losses included in operating earnings from a distribution of cash and securities in conjunction with a Lehman Brothers bankruptcy settlement and the losses as a result of the decision to dispose of certain Low Income Housing Tax Credit partnerships (“LIHTC”) as a means of exiting this asset class;
?A gain related to the amendment or recapture of certain reinsurance agreements; and
?Interest expense related to debt in our Corporate segment. We report Ongoing Business adjusted operating ROE and adjusted operating ROC because we believe these measures are useful indicators of how effectively we use capital resources allocated to our Ongoing Businesess. The most directly comparable U.S. GAAP measure to Ongoing Business adjusted operating ROE and adjusted operating ROC is return on equity. For a reconciliation of these non-GAAP measures to return on equity, see the “Calculation and Reconciliation of ROE and ROC” page in this document 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. PLAN INVEST PROTECT VOYA ® FINANCIAL
Voya Financial Explanatory Note on Non-GAAP Financial Information Page 4 of 70
Our Closed Block Variable Annuity (“CBVA”) segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics and, therefore, we exclude its results of operations from Operating earnings before income taxes. When we present the adjustments to Net Income (loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to our CBVA segment. The most directly comparable U.S. GAAP measure to Operating earnings before income taxes is Net income (loss) before income taxes. For a reconciliation of Operating earnings before Net income taxes to income (loss) before income taxes, refer to the “Consolidated Earnings Before Income Taxes” page in this document. In addition, please refer to “Adjusted Operating Earnings by Segment” for reconciliation from Total Operating earnings before income taxes to Total adjusted operating earnings before income taxes. Operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment’s Operating revenues are calculated by adjusting Total revenues for the following items:
? Net realized investment gains (losses) and related charges and adjustments, which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These items are net of related amortization of unearned revenue;
?Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which include changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in our nonperformance spread;
?Revenues related to businesses exited through reinsurance or divestment;
?Revenues attributable to noncontrolling interest; and
?Other adjustments to operating revenues primarily reflect fee income earned by our broker dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, as well as other items where the income is passed on to third parties. Operating revenues also excludes the revenues of our CBVA segment, since this segment is managed to focus on protecting regulatory and rating agency capital rather than generating operating earnings. When we present the adjustments to Total revenues on a consolidated basis, each adjustment excludes the relative portions attributable to our CBVA segment. The most directly comparable U.S. GAAP measure to Operating revenues is Total revenues. For a reconciliation of Operating revenues to Total revenues, please refer to the “Operating Revenues and Operating Earnings by Segment” page in this document. We analyze our ongoing businesses performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Operating earnings (loss) 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 Operating earnings (loss) before income taxes of our ongoing businesses. 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 “Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles” in our SEC filings. For a reconciliation of the sources of earnings presentation to the line items within Operating revenues and Operating benefits and expenses, please refer to the “Ongoing Business Sources of Earnings” pages in this document. Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
PLAN INVEST PROTECT VOYA ® FINANCIAL
Voya Financial Organizational Chart Page 5 of 70 Retirement and Investment Solutions Retirement Investment Management Insurance Solutions Corporate Closed Blocks Annuities Individual Life Employee Benefits ?Full service plans ?Recordkeeping services ?Stable value plans ?IRAs ?Brokerage accounts ?Fixed indexed annuities ?Annuity and custodial products ?Retirement, Retail, Institutional Funds ?Fixed Income ?Equity ?Multi-asset strategies and solutions ?Senior bank loans ?Alternatives ?Term life ?Universal life ?Indexed universal life ?Variable universal life ?Stop loss ?Group life ?Voluntary benefits ?Group disability ?Variable Annuity ?Institutional Spread Products ?Other Ongoing Business PLAN INVEST PROTECT VOYA ® FINANCIAL
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Voya Financial
Key Metrics
Three Months Ended Year-to-Date
9/30/15
6/30/15
3/31/15
12/31/14
9/30/14
9/30/15
9/30/14
(in millions USD, unless otherwise indicated)
Adjusted operating earnings before income taxes - Ongoing Business 303.1 318.8 319.3 392.8 352.0 941.2 985.1
Operating earnings before income taxes - Ongoing Business 210.0 311.8 324.0 421.8 330.9 845.8 954.5
Operating earnings before income taxes - Total Consolidated 137.0 262.5 289.6 376.9 294.3 689.1 853.7
Net income (loss) 116.2 367.1 215.7 1,319.8 522.4 699.0 1,212.9
Net income (loss) attributable to noncontrolling interest 75.9 81.9 26.1 (59.0) 116.6 183.9 296.7
Net income (loss) available to Voya Financial, Inc.’s common shareholders 40.3 285.2 189.6 1,378.8 405.8 515.1 916.2
Total Voya Financial, Inc. Shareholders’ Equity - Excluding AOCI 12,240.4 12,746.6 12,613.2 13,042.5 11,818.9 12,240.4 11,818.9
Return on Equity
Ongoing Business adjusted operating return on equity - TTM (1) (2) 12.3% 12.6% 12.6% 12.1% 11.2% 12.3% 11.2%
Ongoing Business adjusted operating return on equity - Annualized (2) 11.3% 11.8% 11.9% 14.4% 12.3% 11.7% 11.4%
Debt to Capital (Excluding AOCI) 22.2% 21.5% 21.8% 21.2% 22.9% 22.2% 22.9%
Per Share
Total Consolidated Operating earnings per share (Diluted) 0.42 0.78 0.82 0.99 0.75 2.03 2.15
Net income (loss) available to Voya Financial, Inc.’s common shareholders per common share:
Basic 0.18 1.25 0.80 5.65 1.61 2.25 3.58
Diluted 0.18 1.24 0.79 5.60 1.59 2.23 3.55
Book value per share (Excluding AOCI) 56.85 56.33 55.08 53.92 47.97 56.85 47.97
Shares
Weighted-average common shares outstanding (in millions)
Basic 221.8 228.3 238.5 244.2 252.6 229.4 256.0
Diluted 223.6 229.8 240.7 246.4 254.4 231.3 258.1
Ending shares outstanding (in millions) (3) 215.3 226.3 229.0 241.9 246.4 215.3 246.4
Returned to Shareholders ($)
Shares repurchased (3) 481.5 128.1 630.9 180.7 320.0 1,240.5 609.4
Common dividends 2.2 2.3 2.4 2.4 2.5 6.9 7.7
Total 483.7 130.4 633.3 183.1 322.5 1,247.4 617.1
(1) Trailing twelve months calculation
(2) Assumes debt-to-capital ratio of approximately 25% and the actual weighted average pre-tax interest rate for all periods presented. Assumes 32% tax rate for 2015 and 35% tax rate for 2014.
(3) Does not reflect the $100 million share repurchase arrangement with a third-party financial institution that was entered into on September 23, 2015. The financial institution will deliver shares of the Company’s common stock to the Company upon final settlement of the agreement, which will be during the fourth quarter of 2015.
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VOYA®
FINANCIAL
Voya Financial Adjusted Operating Return on Capital and Return on Equity Page 7 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Twelve Months Ended September 30, 2015 Investment Management Ongoing Business Closed Block Variable Annuity (5) Consolidated Corporate and Other Closed Blocks Annuities Retirement Individual Life Employee Benefits (in millions USD, unless otherwise indicated) DTA (4) (5) Other Ending Capital (1) 3,919 1,722 357 2,251 394 8,643 3,195 1,968 1,920 15,726 Average Capital (3) 3,952 1,686 322 2,455 380 8,795 2,776 1,926 2,533 16,030 Adjusted operating earnings before interest and after income taxes 354.4 164.1 125.4 128.0 123.3 895.2 — (6.7) 888.5 Adjusted Operating Return on Capital 9.0% 9.7% 38.9% 5.2% 32.5% 10.2%— N/M 5.5% Adjusted Operating Return on Equity (2) 12.3% Twelve Months Ended December 31, 2014 Consolidated Investment Management Ongoing Business Closed Block Variable Annuity (5) Corporate and Other Closed Blocks Retirement Annuities Individual Life Employee Benefits (in millions USD, unless otherwise indicated) DTA (4) (5) Other Ending Capital (1) 3,929 1,660 306 2,513 369 8,777 2,582 2,262 2,937 16,558 Average Capital (3) 3,891 1,694 310 2,781 352 9,028 3,233 283 2,740 15,284 Adjusted operating earnings before interest and after income taxes 356.1 153.1 136.7 147.9 101.9 895.7 — 24.9 920.6 Adjusted Operating Return on Capital 9.2% 9.0% 44.2% 5.3% 28.9% 9.9%— N/M 6.0% Adjusted Operating Return on Equity (2) 12.1% (1) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders’ equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences. Statutory surplus in excess of target statutory capital and certain corporate assets and liabilities, such as certain deferred tax assets and liabilities for unfunded pension plans, are allocated to the Corporate segment. (2)Assumes debt-to-capital ratio of approximately 25%, and the actual weighted average pre-tax interest rate for all periods presented. Assumes 32% tax rate for 2015 and 35% tax rate for 2014. (3) Includes capital impacts related to the Term Life Coinsurance Agreement in our Individual Life segment effective 10/1/2014. (4) Deferred Tax Asset (DTA) related to Federal Net Operating Loss Carry Forwards (“Federal NOLs”), Life Subgroup Deferred Losses related to Closed Block VA Hedge Losses, and Non-Life Subgroup Deferred Losses related to tax-based goodwill, net of $783 million tax valuation allowance related to Federal NOLs (5) Reflects reallocation of approximately $750 million of capital from Closed Block VA to Corporate and Other Closed Blocks during the fourth quarter of 2014 related to Deferred Tax Assets on Closed Block VA Hedge Losses that were not previously offset by a tax valuation allowance. Effective 12/31/2014, all deferred tax assets related to Closed Block VA Hedge Losses (including those previously offset by a tax valuation allowance) along with deferred tax assets related to Federal NOLs, and Non-LifeSubgroup Deferred Losses, net of remaining tax valuation allowances related to Federal NOLs will be reflected in the capital allocated to Corporate and Other Closed Blocks
Voya Financial Adjusted Operating Earnings Before Interest, After Income Taxes Page 8 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Twelve Months Ended September 30, 2015 Investment Management Ongoing Business Closed Block Variable Annuity Corporate and Other Closed Blocks Consolidated Retirement Annuities Individual Life Employee Benefits (in millions USD, unless otherwise indicated) Operating earnings before income taxes 483.3 244.8 186.5 173.3 179.7 1,267.6 — (201.6) 1,066.0 Less: Interest expense——————— (193.4) (193.4) DAC/VOBA and other intangibles unlocking (44.3) 0.5 — (38.4) (4.2) (86.4) —— (86.4) Gain on reinsurance recapture (3)——— 20.0 — 20.0 —— 20.0 Net gain from Lehman Recovery/LIHTC (1) ——————— 1.6 1.6 Adjusted operating earnings before interest 527.6 244.3 186.5 191.7 183.9 1,334.0 — (9.8) 1,324.2 Income tax expense (2) 173.2 80.2 61.1 63.7 60.6 438.8 — (3.1) 435.7 Adjusted operating earnings before interest and after income taxes 354.4 164.1 125.4 128.0 123.3 895.2 — (6.7) 888.5 Twelve Months Ended December 31, 2014 Investment Management Ongoing Business Closed Block Variable Annuity Corporate and Other Closed Blocks Consolidated Retirement Annuities Individual Life Employee Benefits (in millions USD, unless otherwise indicated) Operating earnings before income taxes 517.8 262.0 210.3 237.3 148.9 1,376.3 — (145.7) 1,230.6 Less: Interest expense——————— (188.0) (188.0) DAC/VOBA and other intangibles unlocking (30.0) 26.4 — (10.2) (7.8) (21.6) —— (21.6) Gain on reinsurance recapture (3)——— 20.0 — 20.0 —— 20.0 Net gain from Lehman Recovery (1) ——————— 4.0 4.0 Adjusted operating earnings before interest 547.8 235.6 210.3 227.5 156.7 1,377.9 — 38.3 1,416.2 Income tax expense (2) 191.7 82.5 73.6 79.6 54.8 482.2 — 13.4 495.6 Adjusted operating earnings before interest and after income taxes 356.1 153.1 136.7 147.9 101.9 895.7 — 24.9 920.6 (1) Includes the net gain included in operating earnings from a distribution of cash in conjunction with a Lehman Brothers bankruptcy settlement (“Lehman Recovery”) and the losses on certain receivables associated with the previously disposed Low Income Housing Tax Credit partnerships (“LIHTC”). Collectively, the Lehman Recovery and LIHTC losses are referred to as “Net gain from Lehman Recovery/LIHTC. (2) Assumes 32% tax rate for 2015 and 35% tax rate for 2014. (3) Includes a gain related to the amendment or recapture of certain reinsurance agreements (“Gain on reinsurance recapture”).
Voya Financial Operating Revenues and Operating Earnings by Segment Page 9 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL (in millions USD) Year-to-Date Three Months Ended 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating Revenues Retirement 1,137.3 593.8 600.5 630.3 605.7 2,331.6 1,797.1 Annuities 314.4 310.4 315.6 323.6 344.6 940.4 1,029.8 Investment Management 152.6 158.6 163.1 163.4 168.3 474.3 492.0 Individual Life 670.1 662.9 668.8 646.6 679.1 2,001.8 2,071.2 Employee Benefits 376.7 376.2 370.9 345.7 345.9 1,123.8 1,027.3 Ongoing Business 2,651.1 2,101.9 2,118.9 2,109.6 2,143.6 6,871.9 6,417.4 Corporate 14.1 18.6 20.4 19.5 22.9 53.1 71.8 Total Closed Blocks 14.9 16.0 21.9 27.7 25.4 52.8 75.0 Total operating revenues 2,680.1 2,136.5 2,161.2 2,156.8 2,191.9 6,977.8 6,564.2 Operating Earnings Retirement 80.5 128.4 124.5 149.9 117.2 333.4 367.9 Annuities 50.5 61.0 68.6 64.7 78.3 180.1 197.3 Investment Management 45.6 47.0 46.9 47.0 58.6 139.5 163.3 Individual Life (10.8) 37.7 43.4 103.0 39.8 70.3 134.3 Employee Benefits 44.2 37.7 40.6 57.2 37.0 122.5 91.7 Ongoing Business 210.0 311.8 324.0 421.8 330.9 845.8 954.5 Corporate (75.6) (53.3) (48.2) (47.7) (47.1) (177.1) (122.7) Total Closed Blocks 2.6 4.0 13.8 2.8 10.5 20.4 21.9 Total operating earnings before income taxes 137.0 262.5 289.6 376.9 294.3 689.1 853.7 Closed Block Variable Annuity (7.1) 180.5 (29.4) (317.3) 136.0 144.0 78.1 Net investment gains (losses) and related charges and adjustments (64.6) (9.4) 50.4 41.1 43.4 (23.6) 174.0 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (31.7) 24.6 (47.2) (32.3) 33.4 (54.3) 19.5 Income (loss) related to businesses exited through reinsurance or divestment (16.4) (33.3) (15.4) (88.0) (31.9) (65.1) (69.3) Income (loss) attributable to noncontrolling interests 75.9 81.9 26.1 (59.0) 116.6 183.9 296.7 Income (loss) on early extinguishment of debt (0.2) (9.9) ——— (10.1) — Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments——— (372.7) ——— Other adjustments to operating earnings* (12.6) (10.7) (12.8) (34.6) (32.0) (36.1) (65.6) Total non-operating (56.7) 223.7 (28.3) (862.8) 265.5 138.7 433.4 Income (loss) before income taxes 80.3 486.2 261.3 (485.9) 559.8 827.8 1,287.1 Less: Income tax expense (benefit) (35.9) 119.1 45.6 (1,805.7) 37.4 128.8 74.2 Net income (loss) 116.2 367.1 215.7 1,319.8 522.4 699.0 1,212.9 Net income (loss) attributable to noncontrolling interest 75.9 81.9 26.1 (59.0) 116.6 183.9 296.7 Net income (loss) available to Voya Financial, Inc.‘s common shareholders 40.3 285.2 189.6 1,378.8 405.8 515.1 916.2 * Other adjustments to operating earnings above includes: Restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.
Voya Financial Adjusted Operating Earnings by Segment Page 10 of 70 (in millions USD) Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating Earnings Retirement 80.5 128.4 124.5 149.9 117.2 333.4 367.9 Annuities 50.5 61.0 68.6 64.7 78.3 180.1 197.3 Investment Management 45.6 47.0 46.9 47.0 58.6 139.5 163.3 Individual Life (10.8) 37.7 43.4 103.0 39.8 70.3 134.3 Employee Benefits 44.2 37.7 40.6 57.2 37.0 122.5 91.7 Ongoing Business 210.0 311.8 324.0 421.8 330.9 845.8 954.5 Corporate (75.6) (53.3) (48.2) (47.7) (47.1) (177.1) (122.7) Total Closed Blocks 2.6 4.0 13.8 2.8 10.5 20.4 21.9 Total operating earnings before income taxes 137.0 262.5 289.6 376.9 294.3 689.1 853.7 Adjustments to operating earnings Retirement (48.2) 3.5 (4.2) 4.6 (30.4) (48.9) (34.6) Annuities (12.9) 5.0 9.5 (1.1) 17.8 1.6 27.5 Investment Management——————— Individual Life (29.4) (14.6) 0.1 25.5 (7.1) (43.9) (15.7) Employee Benefits (2.6) (0.9) (0.7) — (1.4) (4.2) (7.8) Ongoing Business (93.1) (7.0) 4.7 29.0 (21.1) (95.4) (30.6) Corporate (46.5) (49.9) (48.0) (47.4) (46.8) (144.4) (136.5) Total Closed Blocks——————— Total adjustments to operating earnings (139.6) (56.9) (43.3) (18.4) (67.9) (239.8) (167.1) Adjusted Operating Earnings Retirement 128.7 124.9 128.7 145.3 147.6 382.3 402.5 Annuities 63.4 56.0 59.1 65.8 60.5 178.5 169.8 Investment Management 45.6 47.0 46.9 47.0 58.6 139.5 163.3 Individual Life 18.6 52.3 43.3 77.5 46.9 114.2 150.0 Employee Benefits 46.8 38.6 41.3 57.2 38.4 126.7 99.5 Ongoing Business 303.1 318.8 319.3 392.8 352.0 941.2 985.1 Corporate (29.1) (3.4) (0.2) (0.3) (0.3) (32.7) 13.8 Total Closed Blocks 2.6 4.0 13.8 2.8 10.5 20.4 21.9 Total adjusted operating earnings before interest and income taxes 276.6 319.4 332.9 395.3 362.2 928.9 1,020.8 PLAN INVEST PROTECT VOYA ® FINANCIAL
Voya Financial Consolidated Balance Sheets Page 11 of 70 PLAN INVEST PROTECT VOYA FINANCIAL Balances as of (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 Assets Total investments 91,050.0 88,446.4 93,069.6 90,833.8 89,824.4 Cash and cash equivalents 2,511.1 2,495.5 1,875.4 2,530.9 1,908.5 Assets held in separate accounts 94,721.5 106,330.5 107,039.4 106,007.8 107,059.3 Reinsurance recoverable 7,332.5 7,269.1 7,048.8 7,116.9 6,752.5 Short term investments under securities loan agreement and accrued investment income 1,664.6 1,585.7 1,920.9 1,718.7 1,520.7 Deferred policy acquisition costs, Value of business acquired 4,926.0 5,089.9 4,244.3 4,570.9 4,779.9 Goodwill and other intangible assets 258.6 266.0 276.3 284.4 296.1 Other assets (1) 3,001.1 3,037.7 2,256.3 2,544.1 1,319.7 Assets related to consolidated investment entities 13,245.8 12,064.3 11,294.7 11,323.2 10,842.7 Total Assets 218,711.2 226,585.1 229,025.7 226,930.7 224,303.8 Liabilities Future policy benefits and contract owner account balances 87,874.5 85,593.2 85,666.2 84,951.7 84,085.1 Liabilities related to separate accounts 94,721.5 106,330.5 107,039.4 106,007.8 107,059.3 Funds held under reinsurance agreements 1,017.6 1,027.4 1,162.2 1,159.6 1,136.7 Payables under securities loan agreements, including collateral held 1,881.7 1,251.4 1,971.9 1,445.0 927.1 Long-term debt 3,485.6 3,486.0 3,516.0 3,515.7 3,515.5 Other liabilities (2) 2,946.2 2,678.1 2,967.0 3,093.5 2,874.2 Liabilities related to consolidated investment entities 9,535.5 8,669.6 7,993.9 8,195.9 7,507.7 Total Liabilities 201,462.6 209,036.2 210,316.6 208,369.2 207,105.6 Shareholders’ Equity Common stock 2.7 2.7 2.7 2.6 2.6 Treasury stock (2,052.0) (1,570.5) (1,440.7) (807.0) (624.2) Additional paid-in capital 23,593.4 23,674.1 23,654.2 23,650.1 23,621.5 Retained earnings (deficit) (9,303.7) (9,359.7) (9,603.0) (9,803.2) (11,181.0) Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 12,240.4 12,746.6 12,613.2 13,042.5 11,818.9 Accumulated other comprehensive income 2,045.7 2,109.2 3,531.2 3,103.7 2,820.2 Total Voya Financial, Inc. Shareholders’ Equity 14,286.1 14,855.8 16,144.4 16,146.2 14,639.1 Noncontrolling interest 2,962.5 2,693.1 2,564.7 2,415.3 2,559.1 Total Shareholders’ Equity 17,248.6 17,548.9 18,709.1 18,561.5 17,198.2 Total Liabilities and Shareholders’ Equity 218,711.2 226,585.1 229,025.7 226,930.7 224,303.8 (1) Includes Other assets, Sales inducements to contract holders, and Current/Deferred income taxes (2) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, and Current/Deferred income taxes
Voya Financial Consolidated Statements of Operations Page 12 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Revenues Net investment income 1,126.7 1,134.0 1,174.6 1,184.7 1,163.6 3,435.3 3,430.1 Fee income 871.8 872.4 899.8 894.5 908.9 2,644.0 2,738.0 Premiums 1,128.8 667.2 608.8 801.0 595.1 2,404.8 1,825.4 Net realized capital gains (losses) 299.1 (0.3) (259.5) (513.3) 186.0 39.3 (365.1) Income (loss) related to consolidated investment entities 186.4 214.7 104.6 32.9 241.5 505.7 625.9 Other revenues 106.7 105.9 102.7 116.0 101.0 315.3 316.8 Total revenues 3,719.5 2,993.9 2,631.0 2,515.8 3,196.1 9,344.4 8,571.1 Benefits and expenses Interest credited and other benefits to contract owners/policyholders (2,454.8) (1,449.0) (1,371.7) (1,541.7) (1,732.9) (5,275.5) (4,396.2) Operating expenses (750.9) (771.0) (768.8) (1,246.6) (767.3) (2,290.7) (2,315.1) Net amortization of DAC/VOBA (316.3) (153.1) (118.1) (106.9) (30.6) (587.5) (272.4) Interest expense (46.4) (56.6) (47.4) (47.4) (47.2) (150.4) (142.3) Operating expenses related to consolidated investment entities (70.8) (78.0) (63.7) (59.1) (58.3) (212.5) (158.0) Total benefits and expenses (3,639.2) (2,507.7) (2,369.7) (3,001.7) (2,636.3) (8,516.6) (7,284.0) Income (loss) before income taxes 80.3 486.2 261.3 (485.9) 559.8 827.8 1,287.1
Voya Financial Ongoing Business Sources of Operating Earnings Page 13 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Sources of operating earnings before income taxes: Investment spread and other investment income 369.8 372.6 388.6 386.9 394.2 1,131.0 1,118.0 Fee based margin 372.7 383.1 382.0 403.5 389.8 1,137.8 1,156.3 Net underwriting gain (loss) and other revenue 194.8 197.1 191.1 251.0 181.5 582.9 574.5 Administrative expenses (410.6) (425.4) (429.5) (418.0) (404.1) (1,265.4) (1,258.4) Trail commissions (78.6) (81.2) (79.6) (69.0) (73.9) (239.4) (218.7) DAC/VOBA and other intangibles amortization, excluding unlocking (145.0) (127.4) (133.3) (141.6) (135.5) (405.7) (386.6) DAC/VOBA and other intangibles unlocking (93.1) (7.0) 4.7 9.0 (21.1) (95.4) (30.6) Operating earnings before income taxes 210.0 311.8 324.0 421.8 330.9 845.8 954.5
Voya Financial Consolidated Earnings Before Income Taxes Page 14 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating revenues Net investment income and net realized gains (losses) 934.3 931.8 951.6 967.9 987.4 2,817.7 2,901.4 Fee income 669.9 655.0 660.6 646.7 651.2 1,985.5 1,954.9 Premiums 1,044.9 516.9 518.2 496.6 517.4 2,080.0 1,601.6 Other revenue 31.0 32.8 30.8 45.6 35.9 94.6 106.3 Total operating revenues 2,680.1 2,136.5 2,161.2 2,156.8 2,191.9 6,977.8 6,564.2 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,714.5) (1,155.9) (1,141.8) (1,109.9) (1,289.9) (4,012.2) (3,672.7) Operating expenses (564.3) (556.9) (561.3) (535.2) (532.9) (1,682.5) (1,627.6) Net amortization of DAC/VOBA (218.0) (112.7) (120.7) (87.0) (28.1) (451.4) (269.4) Interest expense (46.3) (48.5) (47.8) (47.8) (46.7) (142.6) (140.8) Total operating benefits and expenses (2,543.1) (1,874.0) (1,871.6) (1,779.9) (1,897.6) (6,288.7) (5,710.5) Operating earnings before income taxes 137.0 262.5 289.6 376.9 294.3 689.1 853.7 Adjustments: Closed Block Variable Annuity (7.1) 180.5 (29.4) (317.3) 136.0 144.0 78.1 Net investment gains (losses) and related charges and adjustments (64.6) (9.4) 50.4 41.1 43.4 (23.6) 174.0 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (31.7) 24.6 (47.2) (32.3) 33.4 (54.3) 19.5 Income (loss) related to businesses exited through reinsurance or divestment (16.4) (33.3) (15.4) (88.0) (31.9) (65.1) (69.3) Income (loss) attributable to noncontrolling interests 75.9 81.9 26.1 (59.0) 116.6 183.9 296.7 Income (loss) on early extinguishment of debt (0.2) (9.9) ——— (10.1) — Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments——— (372.7) ——— Other adjustments to operating earnings* (12.6) (10.7) (12.8) (34.6) (32.0) (36.1) (65.6) Total non-operating (56.7) 223.7 (28.3) (862.8) 265.5 138.7 433.4 Income (loss) before income taxes 80.3 486.2 261.3 (485.9) 559.8 827.8 1,287.1 * Other adjustments to operating earnings above includes: Restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.
Voya Financial Operating Earnings by Segment Page 15 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL (in millions USD) Three Months Ended September 30, 2015 Consolidated Investment Management Corporate Ongoing Business Closed Blocks Retirement Annuities Individual Life Employee Benefits Operating revenues Net investment income and net realized gains (losses) 395.1 264.8 0.4 218.8 26.8 905.9 14.4 14.0 934.3 Fee income 180.9 16.0 145.0 307.0 21.0 669.9 —— 669.9 Premiums 543.6 30.1 — 140.2 330.2 1,044.1 — 0.8 1,044.9 Other revenue 17.7 3.5 7.2 4.1 (1.3) 31.2 (0.3) 0.1 31.0 Total operating revenues 1,137.3 314.4 152.6 670.1 376.7 2,651.1 14.1 14.9 2,680.1 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (759.9) (166.0) — (527.5) (252.7) (1,706.1) — (8.4) (1,714.5) Operating expenses (210.6) (38.1) (107.0) (90.1) (71.2) (517.0) (43.4) (3.9) (564.3) Net amortization of DAC/VOBA (86.3) (59.8) — (63.3) (8.6) (218.0)—— (218.0) Interest expense—————— (46.3) — (46.3) Total operating benefits and expenses (1,056.8) (263.9) (107.0) (680.9) (332.5) (2,441.1) (89.7) (12.3) (2,543.1) Operating earnings before income taxes 80.5 50.5 45.6 (10.8) 44.2 210.0 (75.6) 2.6 137.0 Three Months Ended September 30, 2014 Retirement Annuities Individual Life Employee Benefits Investment Management Corporate Ongoing Business Consolidated Closed Blocks Operating revenues Net investment income and net realized gains (losses) 393.6 282.3 9.0 226.3 29.1 940.3 22.7 24.4 987.4 Fee income 193.5 15.0 149.5 269.3 23.9 651.2 —— 651.2 Premiums 0.7 42.7 — 179.1 293.7 516.2 — 1.2 517.4 Other revenue 17.9 4.6 9.8 4.4 (0.8) 35.9 0.2 (0.2) 35.9 Total operating revenues 605.7 344.6 168.3 679.1 345.9 2,143.6 22.9 25.4 2,191.9 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (209.4) (204.1) — (632.8) (235.7) (1,282.0) — (7.9) (1,289.9) Operating expenses (208.6) (34.8) (109.7) (88.7) (60.9) (502.7) (23.3) (6.9) (532.9) Net amortization of DAC/VOBA (70.5) (27.4) — 82.2 (12.3) (28.0)— (0.1) (28.1) Interest expense—————— (46.7) — (46.7) Total operating benefits and expenses (488.5) (266.3) (109.7) (639.3) (308.9) (1,812.7) (70.0) (14.9) (1,897.6) Operating earnings before income taxes 117.2 78.3 58.6 39.8 37.0 330.9 (47.1) 10.5 294.3
Voya Financial Operating Earnings by Segment Page 16 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL (in millions USD) Nine Months Ended September 30, 2015 Investment Management Ongoing Business Corporate Consolidated Closed Blocks Retirement Annuities Individual Life Employee Benefits Operating revenues Net investment income and net realized gains (losses) 1,166.1 795.0 9.9 662.0 81.3 2,714.3 52.6 50.8 2,817.7 Fee income 556.7 47.2 439.5 889.3 52.3 1,985.0 0.5 — 1,985.5 Premiums 558.0 87.2 — 438.2 994.6 2,078.0 (0.1) 2.1 2,080.0 Other revenue 50.8 11.0 24.9 12.3 (4.4) 94.6 0.1 (0.1) 94.6 Total operating revenues 2,331.6 940.4 474.3 2,001.8 1,123.8 6,871.9 53.1 52.8 6,977.8 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,190.7) (518.7) — (1,513.9) (768.2) (3,991.5) — (20.7) (4,012.2) Operating expenses (651.7) (114.1) (334.8) (267.8) (214.8) (1,583.2) (87.6) (11.7) (1,682.5) Net amortization of DAC/VOBA (155.8) (127.5) — (149.8) (18.3) (451.4)—— (451.4) Interest expense—————— (142.6) — (142.6) Total operating benefits and expenses (1,998.2) (760.3) (334.8) (1,931.5) (1,001.3) (6,026.1) (230.2) (32.4) (6,288.7) Operating earnings before income taxes 333.4 180.1 139.5 70.3 122.5 845.8 (177.1) 20.4 689.1 Nine Months Ended September 30, 2014 Retirement Annuities Individual Life Employee Benefits Consolidated Investment Management Ongoing Business Corporate Closed Blocks Operating revenues Net investment income and net realized gains (losses) 1,161.7 828.7 24.3 661.6 83.5 2,759.8 71.3 70.3 2,901.4 Fee income 577.5 42.4 442.4 838.4 54.2 1,954.9 —— 1,954.9 Premiums 4.8 144.3 — 554.5 892.8 1,596.4 — 5.2 1,601.6 Other revenue 53.1 14.4 25.3 16.7 (3.2) 106.3 0.5 (0.5) 106.3 Total operating revenues 1,797.1 1,029.8 492.0 2,071.2 1,027.3 6,417.4 71.8 75.0 6,564.2 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (629.4) (631.3) — (1,659.9) (719.8) (3,640.4) — (32.3) (3,672.7) Operating expenses (651.9) (106.9) (328.7) (275.7) (190.2) (1,553.4) (53.7) (20.5) (1,627.6) Net amortization of DAC/VOBA (147.9) (94.3) — (1.3) (25.6) (269.1)— (0.3) (269.4) Interest expense—————— (140.8) — (140.8) Total operating benefits and expenses (1,429.2) (832.5) (328.7) (1,936.9) (935.6) (5,462.9) (194.5) (53.1) (5,710.5) Operating earnings before income taxes 367.9 197.3 163.3 134.3 91.7 954.5 (122.7) 21.9 853.7
Voya Financial DAC/VOBA Segment Trends Page 17 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Three Months Ended Year-to-Date (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Retirement Balance as of beginning-of-period 1,274.2 972.6 1,081.0 1,141.9 1,102.9 1,081.0 1,415.3 Deferrals of commissions and expenses 25.1 23.9 24.5 26.0 26.0 73.5 72.3 Amortization (18.0) (40.8) (39.5) (40.8) (47.6) (98.3) (139.5) Unlocking (66.2) (1.4) 7.1 13.3 (25.8) (60.5) 5.0 Change in unrealized capital gains/losses 24.6 319.9 (100.4) (59.4) 86.4 244.1 (211.2) Balance as of End-of-Period 1,239.7 1,274.2 972.6 1,081.0 1,141.9 1,239.7 1,141.9 Annuities Balance as of beginning-of-period 585.7 440.4 492.3 507.5 445.2 492.3 591.7 Deferrals of commissions and expenses 29.9 22.1 21.7 24.5 24.4 73.7 86.6 Amortization (89.0) (54.1) (30.6) (38.2) (72.1) (173.7) (142.3) Unlocking (77.4) 11.4 8.0 (1.9) 31.0 (58.0) 50.0 Change in unrealized capital gains/losses 44.2 165.9 (51.0) 0.4 79.0 159.1 (78.6) Balance as of End-of-Period 493.4 585.7 440.4 492.3 507.5 493.4 507.5 Individual Life Balance as of beginning-of-period 2,700.1 2,285.4 2,440.4 2,557.9 2,400.4 2,440.4 2,752.9 Deferrals of commissions and expenses 35.2 34.7 35.6 36.2 37.8 105.5 106.9 Amortization (38.0) (41.8) (43.4) (56.4) (48.4) (123.2) (126.3) Unlocking (6.7) (0.9) 0.1 40.1 129.2 (7.5) 124.2 Change in unrealized capital gains/losses (15.2) 422.0 (148.0) (137.4) 38.9 258.8 (299.8) Balance as of End-of-Period 2,675.4 2,700.1 2,285.4 2,440.4 2,557.9 2,675.4 2,557.9 Other (1) Balance as of beginning-of-period 89.3 91.5 91.6 90.3 98.9 91.6 102.7 Deferrals of commissions and expenses 4.8 4.8 4.6 5.6 5.3 14.2 17.0 Amortization (9.3) (5.4) (4.7) (10.8) (4.8) (19.4) (12.8) Unlocking (2.6) (0.9) (0.7) 6.9 (9.0) (4.2) (16.9) Change in unrealized capital gains/losses 2.2 (0.7) 0.7 (0.4) (0.1) 2.2 0.4 Balance as of End-of-Period 84.4 89.3 91.5 91.6 90.3 84.4 90.3 Closed Block Variable Annuity Balance as of beginning-of-period 440.6 454.4 465.6 482.3 463.8 465.6 489.0 Deferrals of commissions and expenses 1.6 1.8 2.0 2.0 1.9 5.4 7.3 Amortization (13.3) (13.0) (13.5) (13.4) (21.2) (39.8) (53.9) Unlocking 4.2 (2.6) 0.3 (5.4) 37.8 1.9 39.8 Change in unrealized capital gains/losses ——— 0.1 —— 0.1 Balance as of End-of-Period 433.1 440.6 454.4 465.6 482.3 433.1 482.3 Total Balance as of beginning-of-period 5,089.9 4,244.3 4,570.9 4,779.9 4,511.2 4,570.9 5,351.6 Deferrals of commissions and expenses 96.6 88.0 89.1 94.3 95.4 273.7 290.1 Amortization (167.6) (158.7) (130.7) (159.6) (194.1) (457.0) (474.8) Unlocking (148.7) 5.6 12.6 53.0 163.2 (130.5) 202.4 Change in unrealized capital gains/losses 55.8 910.7 (297.6) (196.7) 204.2 668.9 (589.4) Balance as of End-of-Period 4,926.0 5,089.9 4,244.3 4,570.9 4,779.9 4,926.0 4,779.9 (1) Employee Benefits, Investment Management, Other Closed Blocks
Voya Financial Consolidated Assets Under Management/Assets Under Administration Page 18 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL (in millions USD) Balances as of September 30, 2015 General Account Separate Account Institutional/ Mutual Funds Total AUM—Assets Under Management AUA—Assets Under Administration Total AUM + AUA Retirement (1) 29,324.4 54,842.4 23,126.0 107,292.8 181,056.9 288,349.7 Annuities (2) 21,704.1 711.3 4,285.5 26,700.9 — 26,700.9 Investment Management 79,748.5 44,390.0 77,370.4 201,508.9 47,930.1 249,439.0 Individual Life (3) 13,015.3 2,470.6 — 15,485.9 — 15,485.9 Employee Benefits 1,795.3 14.4 — 1,809.7 — 1,809.7 Eliminations (70,637.3) (42,863.0) (10,303.2) (123,803.5) (47,532.9) (171,336.4) Total Ongoing Business 74,950.3 59,565.7 94,478.7 228,994.7 181,454.1 410,448.8 Closed Block Variable Annuity 3,269.8 34,959.4 — 38,229.2 — 38,229.2 Closed Block Institutional Spread Products 1,509.9 —— 1,509.9 — 1,509.9 Closed Block Other 18.5 196.4 — 214.9 — 214.9 Total AUM and AUA 79,748.5 94,721.5 94,478.7 268,948.7 181,454.1 450,402.8 (1) Retirement AUM include wrapped funds as well as unwrapped Voya-managed funds (2) Annuities AUM includes Payout annuities (3) Individual Life AUM includes assets backing interest and non-interest sensitive products
Voya Financial Consolidated Capital Structure Page 19 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Balances as of (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 Financial Debt Senior bonds 2,717.0 2,717.4 2,747.3 2,747.0 2,746.8 Subordinated bonds 763.7 763.7 763.8 763.8 763.8 Other debt 4.9 4.9 4.9 4.9 4.9 Total Debt 3,485.6 3,486.0 3,516.0 3,515.7 3,515.5 Equity Total common equity 12,240.4 12,746.6 12,613.2 13,042.5 11,818.9 Accumulated other comprehensive income (AOCI) 2,045.7 2,109.2 3,531.2 3,103.7 2,820.2 Total Voya Financial, Inc. Shareholders’ Equity 14,286.1 14,855.8 16,144.4 16,146.2 14,639.1 Total Equity (Excluding AOCI) 12,240.4 12,746.6 12,613.2 13,042.5 11,818.9 Capital Total Capitalization 17,771.7 18,341.8 19,660.4 19,661.9 18,154.6 Total Capitalization (Excluding AOCI) 15,726.0 16,232.6 16,129.2 16,558.2 15,334.4 Debt to Capital Debt to Capital 19.6% 19.0% 17.9% 17.9% 19.4% Debt to Capital (Excluding AOCI) 22.2% 21.5% 21.8% 21.2% 22.9%
Retirement PLAN INVEST PROTECT VOYA ® FINANCIAL
Voya Financial Retirement Sources of Operating Earnings Page 21 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Three Months Ended Year-to-Date (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Sources of operating earnings before income taxes: Investment spread and other investment income (1) 176.6 171.6 182.9 184.4 185.3 531.1 537.7 Fee based margin 200.1 207.6 205.7 216.6 211.8 613.4 633.2 Net underwriting gain (loss) and other revenue (2.0) (2.3) (7.4) (4.6) (3.5) (11.8) (11.7) Administrative expenses (172.3) (181.2) (180.6) (174.3) (169.5) (534.0) (536.0) Trail commissions (34.3) (36.3) (35.2) (35.7) (34.9) (105.8) (103.1) DAC/VOBA and other intangibles amortization, excluding unlocking (39.4) (34.5) (36.7) (41.1) (41.6) (110.6) (117.6) DAC/VOBA and other intangibles unlocking (48.2) 3.5 (4.2) 4.6 (30.4) (48.9) (34.6) Operating earnings before income taxes 80.5 128.4 124.5 149.9 117.2 333.4 367.9 Gross investment income Fixed income 365.1 357.6 358.1 354.7 353.4 1,080.8 1,068.1 Limited partnership income 1.0 0.5 0.3 0.7 3.5 1.8 9.1 Prepayment fee income 15.7 4.7 14.8 19.5 13.8 35.2 26.5 Total gross investment income 381.8 362.8 373.2 374.9 370.7 1,117.8 1,103.7 Investment expenses (15.3) (14.7) (14.8) (14.8) (15.0) (44.8) (44.8) Credited interest (213.3) (205.4) (200.7) (203.9) (202.7) (619.4) (607.3) Net margin 153.2 142.7 157.7 156.2 153.0 453.6 451.6 Other investment income (1) (2) 23.4 28.9 25.2 28.2 32.3 77.5 86.1 Investment spread and other investment income 176.6 171.6 182.9 184.4 185.3 531.1 537.7 Fee based margin Fee based margin—excluding Recordkeeping 157.6 164.1 159.6 163.2 161.2 481.3 474.9 Fee based margin—Recordkeeping 42.6 43.5 46.2 53.5 50.7 132.3 158.3 Fee based margin 200.1 207.6 205.7 216.6 211.8 613.4 633.2 (1) The nine months ended 9/30/15 and 9/30/14 include $0.9 million and $0.1 million, respectively, of prepayment income on assets backing surplus that has been allocated from the corporate segment. (2) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.
Voya Financial Retirement Operating Earnings Page 22 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating revenues Net investment income and net realized gains (losses) 395.1 382.1 388.9 394.4 393.6 1,166.1 1,161.7 Fee income 180.9 188.9 186.9 194.8 193.5 556.7 577.5 Premiums 543.6 3.7 10.7 21.8 0.7 558.0 4.8 Other revenue 17.7 19.1 14.0 19.3 17.9 50.8 53.1 Total operating revenues 1,137.3 593.8 600.5 630.3 605.7 2,331.6 1,797.1 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (759.9) (214.2) (216.6) (230.9) (209.4) (1,190.7) (629.4) Operating expenses (210.6) (221.3) (219.8) (214.3) (208.6) (651.7) (651.9) Net amortization of DAC/VOBA (86.3) (29.9) (39.6) (35.2) (70.5) (155.8) (147.9) Total operating benefits and expenses (1,056.8) (465.4) (476.0) (480.4) (488.5) (1,998.2) (1,429.2) Operating earnings before income taxes 80.5 128.4 124.5 149.9 117.2 333.4 367.9
Voya Financial Retirement AUM/AUA Page 23 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Balances as of (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 Assets under management by product group Corporate markets 43,215.1 45,317.2 44,987.5 43,806.9 42,269.8 Tax-exempt markets 50,226.4 55,415.5 55,314.3 53,896.6 53,406.6 Total full service plans 93,441.5 100,732.7 100,301.8 97,703.5 95,676.4 Stable value and Pension risk transfer 10,664.6 8,974.8 8,925.0 8,778.4 8,827.1 Retail wealth management 3,186.7 3,276.0 3,275.5 3,211.4 3,151.2 Total AUM 107,292.8 112,983.5 112,502.3 109,693.3 107,654.7 AUA 181,056.9 201,116.9 201,584.0 244,851.2 240,939.0 Total AUM and AUA 288,349.7 314,100.4 314,086.3 354,544.5 348,593.7 Assets under management by fund group General account 29,324.4 28,328.7 28,006.7 27,716.3 27,498.0 Guaranteed separate account 6,872.2 7,686.0 8,050.2 7,932.7 8,111.5 Non-guaranteed separate account 47,970.2 52,432.4 52,726.7 51,709.2 51,000.6 Mutual funds/Institutional funds 23,126.0 24,536.4 23,718.7 22,335.1 21,044.6 Total AUM 107,292.8 112,983.5 112,502.3 109,693.3 107,654.7 AUA 181,056.9 201,116.9 201,584.0 244,851.2 240,939.0 Total AUM and AUA 288,349.7 314,100.4 314,086.3 354,544.5 348,593.7
Voya Financial Retirement AUM Rollforward Page 24 of 70 PLAN INVEST PROTECT VOYA ® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Full service—Corporate markets Assets under management, beginning of period 45,317.2 44,987.5 43,806.9 42,269.8 42,499.1 43,806.9 40,123.7 Transfer/Single deposits 922.8 767.1 956.6 1,469.0 884.6 2,646.5 2,699.1 Recurring deposits 1,068.3 1,086.1 1,238.9 926.0 956.3 3,393.3 3,018.7 Deposits 1,991.1 1,853.2 2,195.5 2,395.0 1,840.9 6,039.8 5,717.8 Surrenders, benefits, and product charges (1,572.6) (1,481.8) (2,021.3) (1,919.9) (1,595.7) (5,075.7) (4,944.2) Net Flows 418.5 371.4 174.2 475.1 245.2 964.1 773.6 Interest credited and investment performance (2,520.6) (41.7) 1,006.3 1,062.0 (474.4) (1,556.0) 1,372.6 Transfer to reinsurer (3)/ between markets (4)——————— Assets under management, end of period 43,215.1 45,317.2 44,987.5 43,806.9 42,269.8 43,215.1 42,269.8 Full service—Tax-exempt markets Assets under management, beginning of period 55,415.5 55,314.3 53,896.6 53,406.6 53,910.8 53,896.6 53,200.5 Transfer/Single deposits 299.7 319.8 837.6 837.9 338.5 1,457.1 849.8 Recurring deposits 678.3 782.8 778.5 735.8 669.9 2,239.6 2,214.2 Deposits 978.0 1,102.6 1,616.1 1,573.7 1,008.4 3,696.7 3,064.0 Surrenders, benefits, and product charges (3,110.2) (1,062.8) (1,221.5) (2,140.0) (1,295.3) (5,394.5) (3,726.4) Net Flows (2,132.2) 39.8 394.6 (566.3) (286.9) (1,697.8) (662.4) Interest credited and investment performance (1,939.2) 61.4 1,023.1 1,056.2 (217.3) (854.7) 1,777.3 Transfer to reinsurer (3)/ between markets (4) (1,117.8) ———— (1,117.8) (908.8) Assets under management, end of period 50,226.4 55,415.5 55,314.3 53,896.6 53,406.6 50,226.4 53,406.6 Stable value(1) and Pension risk transfer Assets under management, beginning of period 8,974.8 8,925.0 8,778.4 8,827.1 8,843.6 8,778.4 8,914.3 Transfer/Single deposits 633.9 299.9 169.5 121.9 46.0 1,103.3 206.5 Recurring deposits 73.5 42.1 42.7 49.0 44.9 158.3 126.9 Deposits 707.4 342.0 212.2 170.9 90.9 1,261.6 333.4 Surrenders, benefits, and product charges (150.2) (288.9) (126.1) (281.8) (115.1) (565.2) (562.3) Net Flows 557.2 53.1 86.1 (110.9) (24.2) 696.4 (228.9) Interest credited and investment performance 15.0 (3.5) 60.5 62.2 7.5 72.0 141.5 Transfer to reinsurer (3)/ between markets (4) 1,117.8 ———— 1,117.8 — Assets under management, end of period 10,664.6 8,974.8 8,925.0 8,778.4 8,827.1 10,664.6 8,827.1 Retail wealth management Assets under management, beginning of period 3,276.0 3,275.5 3,211.4 3,151.2 3,174.8 3,211.4 2,998.4 Transfer/Single deposits 257.7 251.1 243.6 224.2 225.4 752.4 770.4 Recurring deposits 0.2 0.7 0.6 0.3 0.2 1.5 1.4 Deposits 257.9 251.8 244.2 224.5 225.6 753.9 771.8 Surrenders, benefits, and product charges (230.4) (240.9) (238.7) (224.7) (226.3) (710.0) (698.6) Net Flows 27.5 10.9 5.5 (0.2) (0.7) 43.9 73.2 Interest credited and investment performance (116.9) (10.4) 58.5 60.5 (22.9) (68.8) 79.6 Transfer to reinsurer (3)/ between markets (4)——————— Assets under management, end of period 3,186.7 3,276.0 3,275.5 3,211.4 3,151.2 3,186.7 3,151.2 Total AUM (2) Assets under management, beginning of period 112,983.5 112,502.3 109,693.3 107,654.7 108,428.2 109,693.3 105,236.9 Transfer/Single deposits 2,114.1 1,637.9 2,207.4 2,653.0 1,494.6 5,959.4 4,525.8 Recurring deposits 1,820.3 1,911.7 2,060.8 1,711.1 1,671.3 5,792.8 5,361.2 Deposits 3,934.4 3,549.6 4,268.2 4,364.1 3,165.9 11,752.2 9,887.0 Surrenders, benefits, and product charges (5,063.4) (3,074.3) (3,607.6) (4,566.4) (3,232.3) (11,745.3) (9,931.4) Net Flows (1,129.0) 475.3 660.6 (202.3) (66.4) 6.9 (44.4) Interest credited and investment performance (4,561.7) 5.9 2,148.4 2,240.9 (707.1) (2,407.4) 3,371.0 Transfer to reinsurer (3)/ between markets (4)—————— (908.8) Assets under management, end of period 107,292.8 112,983.5 112,502.3 109,693.3 107,654.7 107,292.8 107,654.7 (1) Where Voya is the Investment Manager (2) Excludes Recordkeeping and Stable Value where Voya is not the Investment Manager (3) Assets transferred to third parties through reinsurance transactions (4) $1.1 billion of AUM transferred between Retirement markets
Annuities PLAN INVEST PROTECT VOYA ® FINANCIAL
Voya Financial Annuities Sources of Operating Earnings Page 26 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Sources of operating earnings before income taxes: Investment spread and other investment income (1) 120.3 120.0 122.9 128.7 125.7 363.2 353.1 Fee based margin 16.0 16.2 15.5 14.8 14.6 47.7 41.8 Net underwriting gain (loss) and other revenue 24.1 4.6 7.5 6.2 3.3 36.2 19.3 Administrative expenses (24.8) (25.2) (25.4) (23.0) (22.6) (75.4) (72.0) Trail commissions (13.0) (12.9) (11.9) (9.6) (11.8) (37.8) (33.9) DAC/VOBA and other intangibles amortization, excluding unlocking (59.2) (46.7) (49.5) (51.3) (48.7) (155.4) (138.5) DAC/VOBA and other intangibles unlocking (12.9) 5.0 9.5 (1.1) 17.8 1.6 27.5 Operating earnings before income taxes 50.5 61.0 68.6 64.7 78.3 180.1 197.3 Gross investment income Fixed income 252.9 254.3 252.6 257.3 259.7 759.8 777.3 Limited partnership income 2.3 0.6 0.1 2.3 6.2 3.0 14.4 Prepayment fee income 8.2 4.6 11.4 15.7 9.0 24.2 18.6 Total gross investment income 263.4 259.5 264.1 275.3 274.9 787.0 810.3 Investment expenses (11.0) (11.3) (10.5) (10.7) (11.3) (32.8) (33.2) Credited interest (144.5) (143.5) (144.2) (152.1) (156.8) (432.2) (476.2) Net margin 107.9 104.7 109.4 112.5 106.8 322.0 300.9 Other investment income (1) (2) 12.4 15.3 13.5 16.2 18.9 41.2 52.2 Investment spread and other investment income 120.3 120.0 122.9 128.7 125.7 363.2 353.1 (1) The nine months ended 9/30/15 and 9/30/14 include $0.5 million and $0.0 million, respectively, of prepayment income on assets backing surplus that has been allocated from the corporate segment. (2) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans
Voya Financial Annuities Operating Earnings Page 27 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating revenues Net investment income and net realized gains (losses) 264.8 263.2 267.0 280.9 282.3 795.0 828.7 Fee income 16.0 16.0 15.2 14.6 15.0 47.2 42.4 Premiums 30.1 27.3 29.8 24.7 42.7 87.2 144.3 Other revenue 3.5 3.9 3.6 3.4 4.6 11.0 14.4 Total operating revenues 314.4 310.4 315.6 323.6 344.6 940.4 1,029.8 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (166.0) (177.3) (175.4) (181.8) (204.1) (518.7) (631.3) Operating expenses (38.1) (38.4) (37.6) (32.9) (34.8) (114.1) (106.9) Net amortization of DAC/VOBA (59.8) (33.7) (34.0) (44.2) (27.4) (127.5) (94.3) Total operating benefits and expenses (263.9) (249.4) (247.0) (258.9) (266.3) (760.3) (832.5) Operating earnings before income taxes 50.5 61.0 68.6 64.7 78.3 180.1 197.3
Voya Financial Annuities AUM Page 28 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Balances as of (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 Assets Under Management Fixed single year 3,440.7 3,496.5 3,558.5 3,617.2 3,677.5 Fixed multi-year 2,081.8 2,168.2 2,226.0 2,288.9 2,653.9 Indexed 13,661.6 13,521.7 13,435.5 13,350.5 13,230.1 SPIA & Payout 2,819.6 2,856.7 2,874.0 2,878.5 2,892.1 Investment-only accounts (1) 4,301.3 4,408.1 4,272.6 4,062.0 3,880.2 Other annuities 396.0 438.3 451.6 452.9 456.2 Total AUM 26,700.9 26,889.5 26,818.2 26,650.0 26,790.1 Assets Under Management General account 21,704.1 21,715.3 21,753.7 21,795.5 22,111.7 Separate account 711.3 766.1 791.9 792.5 798.2 Mutual funds 4,285.5 4,408.1 4,272.6 4,062.0 3,880.2 Total AUM 26,700.9 26,889.5 26,818.2 26,650.0 26,790.1 (1) Includes Separate account and Mutual funds.
Voya Financial Annuities AUM Rollforward Page 29 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Annual Reset Annuities/Multi-Year Guaranteed Annuities Assets Under Management, beginning of period 5,664.7 5,784.6 5,906.1 6,331.4 6,975.1 5,906.1 7,335.2 Deposits 6.5 8.2 8.3 6.2 6.8 23.0 27.5 Surrenders, benefits, and product charges (197.4) (175.9) (177.5) (486.7) (710.8) (550.8) (1,223.6) Net cash flow (190.9) (167.7) (169.2) (480.5) (704.0) (527.8) (1,196.1) Interest credited and investment performance 48.8 47.8 47.7 55.2 60.3 144.3 192.3 Assets Under Management, end of period 5,522.6 5,664.7 5,784.6 5,906.1 6,331.4 5,522.6 6,331.4 Fixed Indexed Annuities Assets Under Management, beginning of period 13,521.7 13,435.5 13,350.5 13,230.1 13,105.5 13,350.5 12,648.4 Deposits 463.3 343.1 325.7 360.1 338.1 1,132.1 1,204.7 Surrenders, benefits, and product charges (378.0) (379.6) (344.6) (348.7) (338.6) (1,102.2) (1,003.1) Net cash flow 85.3 (36.5) (18.9) 11.4 (0.5) 29.9 201.7 Interest credited and investment performance 54.6 122.7 103.9 109.1 125.0 281.2 380.0 Assets Under Management, end of period 13,661.6 13,521.7 13,435.5 13,350.5 13,230.1 13,661.6 13,230.1 SPIA & Payout Assets Under Management, beginning of period 2,856.7 2,874.0 2,878.5 2,892.1 2,886.1 2,878.5 2,803.5 Deposits 76.3 62.3 64.6 63.1 76.6 203.2 277.6 Surrenders, benefits, and product charges (100.5) (108.9) (106.3) (111.2) (103.2) (315.7) (297.2) Net cash flow (24.2) (46.6) (41.7) (48.1) (26.6) (112.5) (19.6) Interest credited and investment performance (12.9) 29.3 37.2 34.5 32.6 53.6 108.2 Assets Under Management, end of period 2,819.6 2,856.7 2,874.0 2,878.5 2,892.1 2,819.6 2,892.1 Investment-only accounts (1) Assets Under Management, beginning of period 4,408.1 4,272.6 4,062.0 3,880.2 3,825.1 4,062.0 3,384.9 Deposits 328.8 322.7 289.1 268.5 264.9 940.6 832.1 Surrenders, benefits, and product charges (155.8) (163.7) (155.9) (147.2) (143.0) (475.4) (438.3) Net cash flow 173.0 159.0 133.2 121.3 121.9 465.2 393.7 Interest credited and investment performance (279.7) (23.5) 77.4 60.5 (66.8) (225.8) 101.6 Assets Under Management, end of period 4,301.3 4,408.1 4,272.6 4,062.0 3,880.2 4,301.3 3,880.2 Other Annuities Assets Under Management, beginning of period 438.3 451.6 452.9 456.2 473.1 452.9 474.8 Deposits 0.6 1.8 1.2 1.1 0.7 3.6 3.7 Surrenders, benefits, and product charges (9.7) (13.8) (13.4) (15.8) (14.5) (36.9) (43.3) Net cash flow (9.1) (12.0) (12.2) (14.7) (13.8) (33.3) (39.5) Interest credited and investment performance (33.3) (1.3) 10.9 11.4 (3.0) (23.7) 20.9 Assets Under Management, end of period 396.0 438.3 451.6 452.9 456.2 396.0 456.2 Annuities—Total Assets Under Management, beginning of period 26,889.5 26,818.2 26,650.0 26,790.1 27,264.9 26,650.0 26,646.7 Deposits 875.5 738.2 688.8 699.0 687.1 2,302.5 2,345.6 Surrenders, benefits, and product charges (841.5) (842.0) (797.7) (1,109.6) (1,310.0) (2,481.2) (3,005.5) Net cash flow 34.0 (103.8) (108.9) (410.6) (622.9) (178.7) (659.9) Interest credited and investment performance (222.6) 175.1 277.1 270.4 148.1 229.6 803.3 Assets Under Management, end of period 26,700.9 26,889.5 26,818.2 26,650.0 26,790.1 26,700.9 26,790.1 (1) Includes Separate account and Mutual funds.
Investment Management PLAN INVEST PROTECT VOYA® FINANCIAL
Voya Financial Investment Management Sources of Operating Earnings Page 31 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Sources of operating earnings before income taxes: Investment capital and other investment income 0.1 3.5 6.5 (4.4) 9.3 10.1 25.0 Fee based margin 152.5 155.1 156.6 167.8 159.0 464.2 467.0 Administrative expenses (107.0) (111.6) (116.2) (116.4) (109.7) (334.8) (328.7) Operating earnings before income taxes 45.6 47.0 46.9 47.0 58.6 139.5 163.3
Voya Financial Investment Management Operating Earnings Page 32 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating revenues Net investment income and net realized gains (losses) 0.4 3.4 6.1 (4.6) 9.0 9.9 24.3 Fee income 145.0 147.6 146.9 148.7 149.5 439.5 442.4 Other revenue 7.2 7.6 10.1 19.3 9.8 24.9 25.3 Total operating revenues 152.6 158.6 163.1 163.4 168.3 474.3 492.0 Operating benefits and expenses Operating expenses (107.0) (111.6) (116.2) (116.4) (109.7) (334.8) (328.7) Total operating benefits and expenses (107.0) (111.6) (116.2) (116.4) (109.7) (334.8) (328.7) Operating earnings before income taxes 45.6 47.0 46.9 47.0 58.6 139.5 163.3
Voya Financial Investment Management Key Metrics Page 33 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Balances as of Balances as of (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Client Assets by Source: External clients Investment Management sourced 67,929.9 70,812.0 71,188.4 69,644.3 69,232.2 67,929.9 69,232.2 Affiliate sourced 53,830.5 57,390.9 59,005.1 58,956.2 58,941.3 53,830.5 58,941.3 Subtotal external clients 121,760.4 128,202.9 130,193.5 128,600.5 128,173.5 121,760.4 128,173.5 General Account (1) 79,748.5 77,795.8 78,566.4 77,630.2 78,503.1 79,748.5 78,503.1 Total Client Assets (AUM) 201,508.9 205,998.7 208,759.9 206,230.7 206,676.6 201,508.9 206,676.6 Administration Only Assets (AUA) 47,930.1 51,391.1 52,861.8 52,396.5 53,080.7 47,930.1 53,080.7 Total AUM and AUA 249,439.0 257,389.8 261,621.7 258,627.2 259,757.3 249,439.0 259,757.3 Three Months Ended Year to Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Analysis of investment advisory and administrative revenues, net, by source: (2) External clients Investment Management sourced 74.9 76.9 76.8 77.4 77.9 228.6 233.8 Affiliate sourced 30.9 30.9 30.7 31.7 32.1 92.5 89.3 Subtotal External Clients 105.8 107.8 107.5 109.1 110.0 321.1 323.1 General Account 36.0 36.4 36.1 36.2 36.0 108.5 108.6 Total investment advisory and administrative revenues, net, from AUM 141.8 144.2 143.6 145.3 146.0 429.6 431.7 Administration Only Fees 3.2 3.4 3.3 3.4 3.5 9.9 10.7 Total investment advisory and administrative revenues, net, by source (2) 145.0 147.6 146.9 148.7 149.5 439.5 442.4 Revenue Yield (bps): (2) (3) External clients Investment Management sourced 43.1 43.2 43.6 44.6 44.4 43.4 45.4 Affiliate sourced 22.1 21.1 20.8 21.4 21.6 21.4 20.7 Revenue Yield on Institutional/retail 33.8 33.3 33.2 33.9 34.0 33.5 34.1 General Account 18.5 18.5 18.6 18.5 18.4 18.5 18.3 Revenue Yield on Client Assets (AUM) 27.9 27.7 27.7 28.1 28.1 27.8 28.1 Revenue Yield on Administration Only Assets (AUA) 2.6 2.6 2.5 2.6 2.6 2.6 2.6 Total Revenue Yield on AUM and AUA (bps) (2) (3) 22.9 22.7 22.6 22.9 22.8 22.8 22.7 (1) General Account assets reported on a Statutory Book Value billing basis consistent with revenues earned. (2) Measures used by management to evaluate ongoing business performance, allowing for more appropriate comparisons with industry peers. (3) Revenue Yields calculated using average client assets for the period.
Voya Financial Investment Management Account Rollforward by Source Page 34 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 AUM Roll-forward By Source Investment Management Sourced Beginning AUM 70,812.0 71,188.4 69,644.3 69,232.2 70,518.2 69,644.3 66,362.2 Inflows Inflows from sub-advisor replacements——————— Inflows-other 3,884.9 3,748.0 3,891.1 3,932.3 2,872.2 11,523.9 10,168.2 Outflows (5,010.9) (3,202.2) (3,142.6) (3,133.8) (3,284.8) (11,355.7) (9,830.3) Net Flows (1,126.0) 545.8 748.5 798.5 (412.6) 168.3 337.9 Net Money Market Flows 18.8 (2.8) 7.2 7.6 (13.1) 23.2 (19.1) Change in Market Value (2,136.2) (804.7) 879.2 1,222.8 (1,052.2) (2,061.7) 1,405.8 Other (Including Acquisitions / Divestitures) 361.3 (114.7) (90.7) (1,616.8) 191.9 155.9 1,145.4 Investment Management sourced AUM End of Period 67,929.9 70,812.0 71,188.4 69,644.3 69,232.2 67,929.9 69,232.2 Organic Growth (Long Term Net Flows / Beginning of Period AUM) -1.59% 0.77% 1.07% 1.15% -0.59% 0.24% 0.51% Market Growth % -3.02% -1.13% 1.26% 1.77% -1.49% -2.96% 2.12% Affiliate Sourced Beginning AUM 57,390.9 59,005.1 58,956.2 58,941.3 58,728.9 58,956.2 53,935.0 Inflows Inflows from sub-advisor replacements 1,405.9 —— 785.1 2,130.2 1,405.9 6,802.1 Inflows-other 866.4 976.9 964.2 923.8 667.5 2,807.5 2,374.0 Outflows (3,049.8) (2,277.9) (2,038.4) (2,696.9) (2,206.3) (7,366.1) (6,308.7) Net Flows (777.4) (1,301.0) (1,074.1) (988.0) 591.4 (3,152.5) 2,867.4 Net Money Market Flows 112.7 (31.1) (81.2) (110.0) (34.1) 0.5 (175.4) Change in Market Value (2,345.7) (296.8) 1,323.1 1,300.0 (293.4) (1,319.5) 2,262.2 Other (Including Acquisitions / Divestitures) (549.9) 14.7 (118.9) (187.1) (51.6) (654.1) 52.0 Affiliate sourced AUM End of Period 53,830.5 57,390.9 59,005.1 58,956.2 58,941.3 53,830.5 58,941.3 Organic Growth (Long Term Net Flows / Beginning of Period AUM) -1.35% -2.20% -1.82% -1.68% 1.01% -5.35% 5.32% Market Growth % -4.09% -0.50% 2.24% 2.21% -0.50% -2.24% 4.19% Other affiliate sourced net flows 28.3 (276.0) (230.9) 255.5 1,581.4 (478.6) 5,520.2 Variable annuity net flows (805.7) (1,025.0) (843.2) (1,243.5) (990.0) (2,674.0) (2,652.8) Total affiliate sourced net flows (777.4) (1,301.0) (1,074.1) (988.0) 591.4 (3,152.5) 2,867.4 Investment Management sourced net flows (1,126.0) 545.8 748.5 798.5 (412.6) 168.3 337.9 Total net flows (1,903.4) (755.2) (325.6) (189.5) 178.8 (2,984.2) 3,205.3 Net Flows excluding sub-advisor replacements and variable annuity net flows (2,503.6) 269.8 517.6 268.9 (961.4) (1,716.1) (944.0)
Voya Financial Investment Management Account Value by Asset Type Page 35 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Balances as of 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 (in millions USD) Institutional Equity 17,101.8 17,992.4 18,136.8 18,095.7 18,143.9 Fixed Income 38,621.6 39,689.6 38,965.9 38,036.2 38,535.2 Real Estate ————— Money Market— 24.5 19.5 11.7 11.4 Total 55,723.4 57,706.5 57,122.2 56,143.6 56,690.5 Retail Equity 39,148.2 42,992.0 44,245.8 43,880.8 44,026.3 Fixed Income 18,874.6 19,070.4 19,432.4 19,252.9 18,604.5 Real Estate 6,099.6 6,656.3 7,578.7 7,436.7 6,889.1 Money Market 1,914.6 1,777.7 1,814.4 1,886.5 1,963.1 Total 66,037.0 70,496.4 73,071.3 72,456.9 71,483.0 General Account Equity 292.0 201.4 212.7 215.8 232.1 Fixed Income 78,156.8 76,741.9 77,102.4 76,125.5 77,227.6 Real Estate ————— Money Market 1,299.7 852.5 1,251.3 1,288.9 1,043.4 Total 79,748.5 77,795.8 78,566.4 77,630.2 78,503.1 Combined Asset Type Equity 56,542.0 61,185.8 62,595.3 62,192.3 62,402.3 Fixed Income 135,653.0 135,501.9 135,500.7 133,414.6 134,367.3 Real Estate 6,099.6 6,656.3 7,578.7 7,436.7 6,889.1 Money Market 3,214.3 2,654.7 3,085.2 3,187.1 3,017.9 Total 201,508.9 205,998.7 208,759.9 206,230.7 206,676.6
Individual Life PLAN INVEST PROTECT VOYA® FINANCIAL
Voya Financial
Individual Life Sources of Operating Earnings
Page 37 of 70
Three Months Ended Year-to-Date
(in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14
Sources of operating earnings before income taxes:
Investment spread and other investment income (1) 61.2 64.7 65.3 65.7 59.6 191.2 165.6
Fee based margin 4.1 4.2 4.2 4.3 4.4 12.5 14.3
Net underwriting gain (loss) and other revenue 63.3 90.7 88.2 137.7 93.4 242.2 304.0
Administrative expenses (59.1) (60.0) (61.4) (60.8) (62.3) (180.5) (195.0)
Trail commissions (7.1) (5.3) (9.8) (3.5) (6.2) (22.2) (18.4)
DAC/VOBA and other intangibles amortization, excluding
unlocking (43.8) (42.0) (43.2) (45.9) (42.0) (129.0) (120.5)
DAC/VOBA and other intangibles unlocking (29.4) (14.6) 0.1 5.5 (7.1) (43.9) (15.7)
Operating earnings before income taxes (10.8) 37.7 43.4 103.0 39.8 70.3 134.3
Gross Investment Income
Fixed income 213.0 212.0 207.8 210.9 212.5 632.8 632.3
Limited partnership income 2.6 0.9 0.3 1.6 4.9 3.8 11.7
Prepayment fee income 2.2 4.5 11.3 9.1 4.5 18.0 8.0
Total gross investment income 217.8 217.4 219.4 221.6 221.9 654.6 652.0
Investment expenses (6.3) (6.4) (5.9) (5.9) (6.2) (18.6) (18.3)
Credited interest (157.0) (154.6) (155.4) (157.9) (164.8) (467.0) (490.8)
Net margin 54.5 56.4 58.1 57.8 50.9 169.0 142.9
Other investment income (1) (2) 6.7 8.3 7.2 7.9 8.7 22.2 22.7
Investment spread and other investment income 61.2 64.7 65.3 65.7 59.6 191.2 165.6
Net underwriting gain (loss) and other revenue
Fee Revenue/Premiums 453.2 458.7 459.9 460.8 492.3 1,371.8 1,485.2
Net Mortality, including Reinsurance (349.9) (309.0) (309.1) (244.8) (326.4) (968.0) (952.2)
Reserve Change/Other (40.0) (59.0) (62.6) (78.3) (72.5) (161.6) (228.8)
Total net underwriting gain (loss) and other revenue 63.3 90.7 88.2 137.7 93.4 242.2 304.0
(1) The nine months ended 9/30/15 and 9/30/14 include $0.3 million and $0.0 million, respectively, of prepayment income on assets backing surplus that has been allocated from the corporate segment.
(2) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans
PLAN
INVEST
PROTECT
Voya Financial Individual Life Operating Earnings Page 38 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating revenues Net investment income and net realized gains (losses) 218.8 220.8 222.4 223.5 226.3 662.0 661.6 Fee income 307.0 287.0 295.3 273.2 269.3 889.3 838.4 Premiums 140.2 151.4 146.6 145.1 179.1 438.2 554.5 Other revenue 4.1 3.7 4.5 4.8 4.4 12.3 16.7 Total operating revenues 670.1 662.9 668.8 646.6 679.1 2,001.8 2,071.2 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (527.5) (495.8) (490.6) (455.7) (632.8) (1,513.9) (1,659.9) Operating expenses (90.1) (85.4) (92.3) (83.5) (88.7) (267.8) (275.7) Net amortization of DAC/VOBA (63.3) (44.0) (42.5) (4.4) 82.2 (149.8) (1.3) Total operating benefits and expenses (680.9) (625.2) (625.4) (543.6) (639.3) (1,931.5) (1,936.9) Operating earnings before income taxes (10.8) 37.7 43.4 103.0 39.8 70.3 134.3
Voya Financial Individual Life Key Metrics Page 39 of 70 PLAN INVEST PROTECT VOYA FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Sales by Product Line Guaranteed 0.1 —— 0.1 — 0.1 — Accumulation 1.4 1.0 1.6 2.3 2.6 4.0 7.5 Indexed 18.2 15.5 14.4 12.6 16.0 48.1 37.2 Total Universal life 19.7 16.5 16.0 15.0 18.6 52.2 44.7 Variable life 1.0 1.7 1.0 3.4 1.4 3.7 3.8 Term 4.0 5.1 4.9 5.9 6.8 14.0 22.1 Whole life—————— 0.1 Total sales by product line 24.7 23.3 21.9 24.3 26.8 69.9 70.7 Gross premiums and deposits by product: Interest sensitive 289.6 282.5 297.2 295.5 292.5 869.3 860.0 Non—interest sensitive 175.1 187.8 177.7 184.1 218.8 540.6 675.1 Total gross premiums and deposits (1) 464.7 470.2 475.0 479.6 511.3 1,409.9 1,535.1 Applications New business policy count (Paid) 4,654 5,607 5,407 6,380 7,452 15,668 24,168 End of Period: In-force face amount (by product) (1) Universal life 77,846 77,736 77,580 77,798 77,867 77,846 77,867 Variable life 25,224 25,668 26,100 26,432 26,806 25,224 26,806 Term 361,173 364,618 367,382 369,498 491,344 361,173 491,344 Whole life 1,974 2,002 2,054 2,087 2,110 1,974 2,110 Total In-force Face 466,216 470,023 473,115 475,816 598,128 466,216 598,128 In-force policy count (in whole numbers) (1) Universal life 272,179 274,989 277,713 280,722 283,349 272,179 283,349 Variable life 59,669 60,632 61,629 62,609 63,597 59,669 63,597 Term 633,872 639,932 644,643 648,634 822,955 633,872 822,955 Whole life 126,230 128,103 130,246 132,806 135,450 126,230 135,450 Total Policy Counts 1,091,950 1,103,656 1,114,231 1,124,771 1,305,351 1,091,950 1,305,351 Assets under management (1) General account 13,015.3 13,032.3 13,035.7 12,995.3 13,424.2 13,015.3 13,424.2 Separate account 2,470.6 2,696.6 2,738.3 2,713.0 2,694.5 2,470.6 2,694.5 Total 15,485.9 15,728.9 15,774.0 15,708.3 16,118.7 15,485.9 16,118.7 (1) Excludes amounts transferred to third parties through reinsurance transactions
Employee Benefits PLAN INVEST PROTECT VOYA® FINANCIAL
Voya Financial Employee Benefits Sources of Operating Earnings Page 41 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Sources of operating earnings before income taxes: Investment spread and other investment income 11.6 12.8 11.0 12.5 14.3 35.4 36.6 Net underwriting gain (loss) and other revenue 109.4 104.2 102.8 111.7 88.3 316.4 262.9 Administrative expenses (47.4) (47.5) (45.9) (43.5) (40.0) (140.8) (126.7) Trail commissions (24.2) (26.7) (22.7) (20.2) (21.0) (73.6) (63.3) DAC/VOBA and other intangibles amortization, excluding unlocking (2.6) (4.2) (3.9) (3.3) (3.2) (10.7) (10.0) DAC/VOBA and other intangibles unlocking (2.6) (0.9) (0.7) — (1.4) (4.2) (7.8) Operating earnings before income taxes 44.2 37.7 40.6 57.2 37.0 122.5 91.7 Gross Investment Income Fixed income 24.7 24.5 24.8 25.0 25.6 74.0 75.6 Limited partnership income 0.2 0.1 — 0.1 0.6 0.3 1.3 Prepayment fee income 0.4 1.3 0.1 0.8 0.7 1.8 1.2 Total gross investment income 25.3 25.9 24.9 25.9 26.9 76.1 78.1 Investment expenses (0.8) (0.8) (0.8) (0.8) (0.7) (2.4) (2.4) Credited interest (15.2) (15.2) (15.4) (15.3) (14.9) (45.8) (47.1) Net margin 9.3 9.9 8.7 9.8 11.3 27.9 28.6 Other investment income (1) 2.3 2.9 2.3 2.7 3.0 7.5 8.0 Investment spread and other investment income 11.6 12.8 11.0 12.5 14.3 35.4 36.6 Group life Premiums 119.4 122.5 116.1 114.1 111.9 357.9 340.9 Benefits (90.3) (90.6) (86.1) (82.4) (84.3) (267.0) (263.6) Other (2) (2.4) (2.4) (1.9) (2.5) (2.3) (6.7) (6.2) Total 26.7 29.5 28.1 29.2 25.3 84.2 71.1 Loss Ratio (Interest adjusted) 75.6% 74.0% 74.2% 72.2% 75.4% 74.6% 77.3% Group stop loss Premiums 191.2 193.5 192.9 167.4 164.1 577.7 492.0 Benefits (128.7) (139.8) (135.7) (103.7) (118.4) (404.2) (355.5) Other (2) (1.1) (0.2) (2.6) (1.4) (0.8) (3.9) (3.1) Total 61.4 53.5 54.6 62.4 44.9 169.6 133.4 Loss Ratio 67.3% 72.2% 70.4% 61.9% 72.1% 70.0% 72.3% Voluntary Benefits, Disability, and Other 21.3 21.1 20.2 20.0 18.3 62.6 58.5 Net underwriting gain (loss) and other revenue 109.4 104.2 102.8 111.7 88.3 316.4 262.9 (1) Includes investment income on assets backing surplus that has been allocated from the corporate segment. (2) Other includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
Voya Financial Employee Benefits Operating Earnings Page 42 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating revenues Net investment income and net realized gains (losses) 26.8 28.0 26.5 27.8 29.1 81.3 83.5 Fee income 21.0 15.5 15.8 15.4 23.9 52.3 54.2 Premiums 330.2 334.4 330.0 303.4 293.7 994.6 892.8 Other revenue (1.3) (1.7) (1.4) (0.9) (0.8) (4.4) (3.2) Total operating revenues 376.7 376.2 370.9 345.7 345.9 1,123.8 1,027.3 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (252.7) (260.1) (255.4) (220.9) (235.7) (768.2) (719.8) Operating expenses (71.2) (73.3) (70.3) (64.5) (60.9) (214.8) (190.2) Net amortization of DAC/VOBA (8.6) (5.1) (4.6) (3.1) (12.3) (18.3) (25.6) Total operating benefits and expenses (332.5) (338.5) (330.3) (288.5) (308.9) (1,001.3) (935.6) Operating earnings before income taxes 44.2 37.7 40.6 57.2 37.0 122.5 91.7
Voya Financial Employee Benefits Key Metrics Page 43 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Three Months Ended Year-to-Date (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Sales Group life (Basic / Sup / AD&D) 6.1 6.0 36.6 5.4 7.2 48.7 48.8 Group stop loss 28.2 21.9 203.0 11.6 21.8 253.1 213.6 Disability 2.7 0.2 6.9 1.2 1.0 9.8 10.4 Association (Life, DI, PAI) 0.2 2.0 11.2 4.5 — 13.4 0.7 Other (PAI)—— 0.6 0.1 0.3 0.6 1.3 Total group products 37.3 30.1 258.3 22.8 30.3 325.7 274.7 Voluntary products 5.6 10.6 14.5 9.0 5.2 30.7 31.8 Total sales by product line 42.9 40.7 272.8 31.8 35.5 356.4 306.5 Total gross premiums and deposits 380.2 383.4 374.6 342.4 340.6 1,138.2 1,031.8 Total annualized in-force premiums 1,599.7 1,579.8 1,564.7 1,406.4 1,398.2 1,599.7 1,398.2 Assets under management (EOP) General account 1,795.3 1,798.9 1,755.4 1,761.1 1,780.8 1,795.3 1,780.8 Separate account 14.4 15.7 16.1 16.1 16.0 14.4 16.0 Total 1,809.7 1,814.6 1,771.5 1,777.2 1,796.8 1,809.7 1,796.8
Corporate PLAN INVEST PROTECT VOYA® FINANCIAL
Voya Financial Corporate Operating Earnings Page 45 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Interest expense (48.1) (49.9) (48.0) (47.5) (46.8) (146.0) (140.5) Amortization of intangibles (9.1) (9.2) (9.2) (9.2) (9.2) (27.5) (26.4) Strategic investment program (1) (31.7) (13.1) ——— (44.8) — Other (2) 13.3 18.9 9.0 9.0 8.9 41.2 44.2 Operating earnings before income taxes (75.6) (53.3) (48.2) (47.7) (47.1) (177.1) (122.7) (1) On June 2, 2015, we announced that we would undertake a strategic investment program over the next four years as it relates to IT simplification, digital and analytics, and cross-enterprise initiatives. (2) The three months ended 3/31/14, 6/30/14, and 9/30/15 include $(1.8) million, $5.8 million, and $1.6 million of net investment income from Lehman Recovery/LIHTC, respectively.
Closed Blocks (Variable Annuity and Other) PLAN INVEST PROTECT VOYA® FINANCIAL
Voya Financial Closed Block ISP and Other Operating Earnings Page 47 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Three Months Ended Year-to-Date (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Closed Block Institutional Spread Products 4.0 3.2 5.1 (1.0) 8.5 12.3 20.5 Closed Block Other (1.4) 0.8 8.7 3.8 2.0 8.1 1.4 Operating earnings before income taxes 2.6 4.0 13.8 2.8 10.5 20.4 21.9 Three Months Ended Year-to-Date Closed Block Institutional Spread Products 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Operating revenues Net investment income and net realized gains (losses) 13.7 13.8 15.0 20.6 18.4 42.5 52.2 Premiums——— 0.5 0.6 — 1.8 Other revenue (0.2) (0.3) (0.1) (0.2) (0.4) (0.6) (0.8) Total operating revenues 13.5 13.5 14.9 20.9 18.6 41.9 53.2 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (7.2) (7.7) (7.2) (19.5) (7.5) (22.1) (23.8) Operating expenses (2.3) (2.6) (2.6) (2.3) (2.5) (7.5) (8.6) Net amortization of DAC/VOBA——— (0.1) (0.1) — (0.3) Total operating benefits and expenses (9.5) (10.3) (9.8) (21.9) (10.1) (29.6) (32.7) Operating earnings before income taxes 4.0 3.2 5.1 (1.0) 8.5 12.3 20.5 Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Closed Block Other Operating revenues Net investment income and net realized gains (losses) 0.3 2.5 5.5 5.7 6.0 8.3 18.1 Premiums 0.8 0.1 1.2 1.1 0.6 2.1 3.4 Other revenue 0.3 (0.1) 0.3 — 0.2 0.5 0.3 Total operating revenues 1.4 2.5 7.0 6.8 6.8 10.9 21.8 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1.2) (0.8) 3.4 (1.1) (0.4) 1.4 (8.5) Operating expenses (1.6) (0.9) (1.7) (1.9) (4.4) (4.2) (11.9) Total operating benefits and expenses (2.8) (1.7) 1.7 (3.0) (4.8) (2.8) (20.4) Operating earnings before income taxes (1.4) 0.8 8.7 3.8 2.0 8.1 1.4
Voya Financial Closed Block Variable Annuity Income (Loss) before income taxes Page 48 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Year-to-Date Three Months Ended (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Revenues Net investment income 61.1 54.7 50.9 46.5 43.0 166.7 116.7 Fee income 274.9 291.2 288.0 302.9 316.2 854.1 948.8 Premiums 82.4 164.3 89.2 303.0 76.0 335.9 219.2 Net realized gains (losses) 370.3 145.5 (166.2) R (462.3) R 227.1 R 349.6 (227.4) R Other revenues and premiums 0.3 2.8 2.5 3.6 3.3 5.6 11.0 Total revenues 789.0 658.5 264.4 193.7 665.6 1,711.9 1,068.3 Benefits and expenses Interest credited and other benefits to contract owners/policyholders (682.9) (351.8) (168.5) (376.2) (429.3) (1,203.2) (618.6) Operating expenses and interest expense (104.1) (110.5) (112.1) (116.0) (116.9) (326.7) (357.6) Net amortization of DAC/VOBA (9.1) (15.7) (13.2) (18.8) 16.6 (38.0) (14.0) Total benefits and expenses (796.1) (478.0) (293.8) (511.0) (529.6) (1,567.9) (990.2) Income (loss) before income taxes (7.1) 180.5 (29.4) (317.3) 136.0 144.0 78.1 Year-to-Date Three Months Ended 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 The following table presents notable items that result in volatility in income (loss) before income taxes: Net gains (losses) related to incurred guaranteed benefits and guarantee hedge program, excluding nonperformance risk (1) (613.4) 47.5 (305.1) R (638.1) R (319.3) R (871.0) (816.1) R Gains (losses) related to CHO program (1) 122.4 (14.4) (2.3) R (65.0) R (2.0) R 105.7 (56.1) Gain (loss) due to nonperformance risk(1) 240.9 (68.2) 56.0 R 152.1 R 171.3 R 228.7 175.6 R Net investment gains (losses) (1) (3.1) — 1.5 1.1 (0.2) (1.6) (1.5) DAC/VOBA and other intangibles unlocking and loss recognition 7.0 (2.6) 0.3 (5.4) 37.8 4.7 39.8 (1) Amounts exclude net amortization of DAC/VOBA and other intangibles. R Revised
Voya Financial Closed Block Variable Annuity Death and Living Benefits Page 49 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Balances as of (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 Death and living benefits-account value GMAB/GMWB 636 709 749 777 810 GMIB 11,645 12,962 13,796 14,027 14,828 GMWBL 14,032 15,248 15,766 15,804 15,921 No living benefits 9,049 9,929 10,326 10,469 10,626 Total (1) 35,362 38,848 40,637 41,077 42,185 Net amount at risk (after reinsurance) Total DB NAR 6,630 5,203 4,895 5,048 5,263 GMAB/GMWB 21 16 15 17 18 GMIB(2) 3,385 2,389 2,469 2,361 2,270 GMWBL(2) 2,374 1,271 1,646 1,324 902 Total LB NAR 5,780 3,676 4,130 3,702 3,190 (1) Excludes assets associated with Payout Reserves, Policy Loans, and Life Insurance Business (2) GMIB and GMWBL values represent discounted net amount at risk
Voya Financial Closed Block Variable Annuity AUM Rollforward Page 50 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 (in millions USD) Products in accumulation phase: Balance as of beginning of period 38,902.6 40,691.9 41,132.0 42,238.2 44,223.4 41,132.0 44,788.2 Deposits 27.8 33.9 34.0 34.5 34.9 95.7 135.9 Surrenders, benefits, and product charges (1,016.6) (1,439.4) (1,229.5) (1,789.6) (1,260.1) (3,685.5) (3,804.1) Net cash flow (988.8) (1,405.5) (1,195.5) (1,755.1) (1,225.2) (3,589.8) (3,668.2) Interest credited and investment performance (2,502.0) (383.8) 755.4 648.9 (760.0) (2,130.4) 1,118.2 Balance as of end of period 35,411.8 38,902.6 40,691.9 41,132.0 42,238.2 35,411.8 42,238.2 End of period contracts in payout status 2,817.4 2,676.8 2,275.8 2,082.2 1,312.0 2,817.4 1,312.0 Total balance as of end of period (1) 38,229.2 41,579.4 42,967.7 43,214.2 43,550.2 38,229.2 43,550.2 Assets Under Management General account 3,269.8 3,128.7 2,739.0 2,556.3 1,795.2 3,269.8 1,795.2 Separate account 34,959.4 38,450.7 40,228.7 40,657.9 41,755.0 34,959.4 41,755.0 Total (1) 38,229.2 41,579.4 42,967.7 43,214.2 43,550.2 38,229.2 43,550.2 (1) Includes products in accumulation and payout phase, Policy Loans, and Life Insurance Business
Investment Information PLAN INVEST PROTECT VOYA® FINANCIAL
Voya Financial Portfolio Composition Page 52 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Balances as of 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 (in millions USD) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Composition of Investment Portfolio Fixed maturities, available for sale, at fair value, before consolidation 69,211.8 68,162.5 71,417.4 69,910.3 70,180.5 CLOs Adjustments (1) (45.6) (61.6) (42.4) (46.6) (43.2) VOEs Adjustments (1) 45.6 61.6 42.4 46.6 18.4 Fixed maturities, available for sale, at fair value, after consolidation 69,211.8 76.1% 68,162.5 77.2% 71,417.4 76.8% 69,910.3 77.0% 70,155.7 78.1% Fixed maturities, at fair value using the fair value option 3,595.4 3.9% 3,568.1 4.0% 3,675.3 3.9% 3,564.5 3.9% 3,557.8 4.0% Equity securities, available for sale, at fair value 338.2 0.4% 279.6 0.3% 283.6 0.3% 271.8 0.3% 270.5 0.3% Short-term investments 1,572.9 1.7% 1,064.5 1.2% 1,615.5 1.7% 1,711.4 1.9% 1,173.1 1.3% Mortgage loans on real estate 10,727.2 11.8% 10,366.7 11.7% 10,194.5 11.0% 9,794.1 10.8% 9,949.7 11.1% Policy loans 2,027.2 2.2% 2,034.1 2.3% 2,074.1 2.2% 2,104.0 2.3% 2,104.2 2.3% Limited partnerships/corporations, before consolidation 1,210.2 1,186.4 1,066.7 1,057.6 1,080.9 VOEs Adjustments (1) (744.6) (714.6) (691.2) (694.4) (732.7) Limited partnerships/corporations, after consolidation 465.6 0.5% 471.8 0.5% 375.5 0.4% 363.2 0.4% 348.2 0.4% Derivatives 1,919.5 2.1% 1,429.3 1.6% 2,127.0 2.3% 1,819.6 2.0% 1,136.8 1.3% Other investments 92.7 0.1% 93.3 0.1% 97.0 0.1% 110.3 0.1% 106.8 0.1% Securities pledged to creditors 1,099.5 1.2% 976.5 1.1% 1,209.7 1.3% 1,184.6 1.3% 1,021.6 1.1% Total investments, after consolidation 91,050.0 100.0% 88,446.4 100.0% 93,069.6 100.0% 90,833.8 100.0% 89,824.4 100.0% Fixed Maturity Securities—Security Sector (2) U.S. Government agencies and authorities 4,484.4 6.1% 3,652.3 5.0% 4,223.3 5.6% 4,339.9 5.8% 4,649.4 6.2% U.S. Corporate—Public 34,516.0 46.7% 34,049.2 46.8% 36,204.0 47.4% 34,343.7 46.0% 33,984.0 45.4% U.S. Corporate—Private 6,498.4 8.8% 6,405.9 8.8% 6,155.3 8.1% 6,397.1 8.7% 6,094.2 8.2% Foreign Government / Agency 888.7 1.2% 884.5 1.2% 911.3 1.2% 891.3 1.2% 897.0 1.2% Foreign Corporate—Public 7,179.6 9.7% 7,544.0 10.4% 7,770.6 10.2% 7,497.9 10.0% 7,719.8 10.3% Foreign Corporate—Private 7,702.5 10.4% 7,805.6 10.7% 8,031.1 10.5% 8,055.0 10.8% 8,400.7 11.3% State, municipalities and political subdivisions 1,166.9 1.6% 840.6 1.2% 798.1 1.0% 694.4 0.9% 454.8 0.6% Residential mortgaged-backed securities: CMO-B Agency 3,318.2 4.5% 3,323.4 4.6% 3,416.5 4.5% 3,310.2 4.4% 3,080.0 4.1% CMO-B Non-Agency 354.5 0.5% 346.6 0.5% 391.8 0.5% 393.3 0.5% 391.4 0.5% Agency 1,725.3 2.3% 1,789.2 2.5% 1,992.9 2.6% 2,153.6 2.9% 2,376.8 3.2% Non-Agency (3) 1,135.8 1.5% 1,194.8 1.6% 1,273.9 1.7% 1,333.5 1.8% 1,408.1 1.9% Total Residential mortgage-backed securities 6,533.8 8.8% 6,654.0 9.2% 7,075.1 9.3% 7,190.6 9.7% 7,256.3 9.7% Commercial mortgage-backed securities 4,115.2 5.6% 3,987.7 5.5% 4,185.9 5.5% 4,188.2 5.6% 4,030.8 5.4% Other asset-backed securities (3) 821.2 1.1% 883.3 1.2% 947.7 1.2% 1,061.3 1.4% 1,248.1 1.7% Total fixed maturities, including securities pledged (5) 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0% 74,735.1 100.0% Fixed Maturity Securities—Contractual Maturity Dates Due to mature: Due in one year or less 1,393.7 1.9% 1,825.8 2.5% 2,091.4 2.7% 2,218.5 3.0% 2,362.3 3.2% Due after one year through five years 13,629.5 18.5% 13,257.7 18.2% 13,448.4 17.6% 13,199.4 17.7% 13,484.2 18.0% Due after five years through ten years 21,075.1 28.5% 20,720.6 28.5% 21,582.6 28.3% 20,935.9 28.0% 21,719.0 29.1% Due after ten years 26,338.2 35.6% 25,378.0 34.9% 26,971.3 35.4% 25,865.5 34.6% 24,634.4 32.9% CMO-B 3,672.7 5.0% 3,670.0 5.1% 3,808.3 5.0% 3,703.5 5.0% 3,471.4 4.6% Mortgage-backed securities 6,976.3 9.4% 6,971.7 9.6% 7,452.7 9.8% 7,675.3 10.3% 7,815.7 10.5% Other asset-backed securities (3) 821.2 1.1% 883.3 1.2% 947.7 1.2% 1,061.3 1.4% 1,248.1 1.7% Total fixed maturities, including securities pledged 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0% 74,735.1 100.0% Fixed Maturity Securities—NAIC Quality Designation NAIC Quality Designation 1 42,700.0 57.8% 40,955.0 56.3% 43,273.9 56.7% 42,566.5 56.9% 42,099.3 56.3% 2 28,034.3 37.9% 28,559.2 39.3% 29,736.5 39.0% 28,903.0 38.7% 29,140.6 39.0% 3 2,645.6 3.6% 2,645.6 3.6% 2,702.0 3.5% 2,594.4 3.5% 2,855.2 3.8% 4 296.0 0.4% 324.1 0.4% 342.2 0.4% 344.8 0.5% 393.4 0.5% 5 45.0 0.1% 36.8 0.1% 43.6 0.1% 55.2 0.1% 59.1 0.1% 6 185.8 0.2% 186.4 0.3% 204.2 0.3% 195.5 0.3% 187.5 0.3% Total fixed maturities, including securities pledged (4) (5) 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0% 74,735.1 100.0% Fixed Maturity Securities—ARO Quality Rating ARO Quality Rating AAA 13,812.9 18.7% 12,814.2 17.6% 14,001.1 18.3% 13,974.3 18.7% 14,233.4 19.0% AA 4,749.2 6.4% 4,585.4 6.3% 4,896.3 6.4% 4,689.0 6.3% 4,620.2 6.2% A 22,228.1 30.1% 21,447.5 29.5% 22,389.8 29.4% 21,994.7 29.5% 21,561.6 28.9% BBB 28,444.5 38.5% 29,074.7 40.0% 29,882.3 39.2% 29,092.5 38.9% 29,238.8 39.1% BB 2,938.0 4.0% 2,982.1 4.1% 3,218.4 4.2% 2,943.5 4.0% 3,092.1 4.1% B and below 1,734.0 2.3% 1,803.2 2.5% 1,914.5 2.5% 1,965.4 2.6% 1,989.0 2.7% Total fixed maturities, including securities pledged (5) 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0% 74,735.1 100.0% (1) Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company’s equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds. (2) Fixed Maturity Securities includes fixed maturities,available for sale , fixed maturities at fair value using the fair value option and securities pledged to creditors. (3) Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation. (4) ARO ratings do not directly translate into NAIC ratings. (5) Includes fixed maturities securities related to businesses exited through reinsurance where assets are retained on The Company’s balance sheet. Refer to page in “Additional Information” section. R Revised R R
Voya Financial Portfolio Results Page 53 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Three Months Ended Year to Date 9/30/15 9/30/14 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 (in millions USD) Operating investment income and annualized yield (5) Net Investment Income Annualized Yield Net Investment Income Annualized Yield Net Investment Income Annualized Yield Net Investment Income Annualized Yield Net Investment Income Annualized Yield Net Investment Income Annualized Yield Net Investment Income Annualized Yield Fixed maturity securities (1) 837.8 5.06% 830.2 5.04% 829.5 5.03% 835.1 5.05% 836.4 5.04% 2,497.5 5.04% 2,507.7 5.02% Equity securities 3.2 4.44% 1.1 1.97% 2.7 3.93% 3.1 4.64% 2.3 3.38% 7.0 3.53% 9.7 4.92% Mortgage loans 122.0 4.76% 120.3 4.80% 119.0 4.88% 118.4 4.92% 119.2 5.04% 361.3 4.81% 348.4 5.04% Limited partnerships 9.1 3.13% 21.8 7.64% 13.8 5.29% 5.9 2.26% 47.4 19.20% 44.7 5.34% 115.0 16.64% Policy loans 27.0 5.48% 26.9 5.44% 27.6 5.48% 27.8 5.42% 27.9 5.45% 81.5 5.46% 83.4 5.41% Short-term investments 0.7 0.07% 0.7 0.10% 0.9 0.11% 0.6 0.10% 0.9 0.17% 2.3 0.09% 2.4 0.16% Derivatives (1) 7.3 N/A 9.3 N/A 8.9 N/A 7.2 N/A 3.5 N/A 25.5 N/A 6.5 N/A Pre payment fee income 29.3 0.14% 16.1 0.08% 38.3 0.18% 58.0 0.28% 31.6 0.15% 83.7 0.13% 60.5 0.10% Other assets 0.7 N/A (0.2) N/A 1.3 N/A (2.7) N/A 3.1 N/A 1.8 N/A 6.4 N/A Gross investment income before expenses and fees 1,037.1 4.96% 1,026.2 4.98% 1,042.0 5.05% 1,053.4 5.18% 1,072.3 5.28% 3,105.3 5.00% 3,140.0 5.16% Expenses and fees (41.7) -0.20% (39.7) -0.20% (39.5) -0.19% (39.0) -0.20% (41.9) -0.21% (120.9) -0.20% (121.9) -0.21% Total investment income and annualized yield 995.4 4.76% 986.5 4.78% 1,002.5 4.86% 1,014.4 4.98% 1,030.4 5.07% 2,984.4 4.80% 3,018.1 4.95% Less: Closed Block Variable Annuity (CBVA) investment income net of expenses and fees 61.1 54.7 50.9 46.5 43.0 166.7 116.7 Total investment income, excluding CBVA 934.3 931.8 951.6 967.9 987.4 2,817.7 2,901.4 Trading Gains/Losses (5) Fixed maturities (5.7) 1.4 5.1 (1.7) 15.9 0.8 31.6 Equity securities (0.1) (0.3) 0.1 — 0.1 (0.3) 18.9 Mortgage loans (0.5) 0.9 0.1 0.5 (0.1) 0.5 0.3 Other investments (1.3) 0.6 0.2 2.2 (10.1) (0.5) 18.4 Total Trading Gains/Losses, excluding CBVA (7.6) 2.6 5.5 1.0 5.8 0.5 69.2 Impairments (5) Fixed maturities (36.5) (7.3) (3.5) (6.4) (7.0) (47.3) (11.7) Equity securities—— (0.1) 0.1 — (0.1) (1.0) Mortgage loans——————— Other investments——— (0.1) ——— Total Impairments, excluding CBVA (36.5) (7.3) (3.6) (6.4) (7.0) (47.4) (12.7) Fair Value Adjustments (2) 17.7 8.9 65.4 50.6 6.6 92.0 131.2 Derivatives, including Change in Fair Value of Derivatives related to Guaranteed Benefits, excluding CBVA 55.4 20.9 (67.5) (27.5) 90.9 8.8 (22.7) Net Realized Investment Gains (losses) and Net Guaranteed Benefit Hedging Gains (losses), excluding CBVA (5) 29.0 25.1 (0.2) 17.7 96.3 53.9 165.0 CBVA Investment Income and Realized Capital Gains (Losses) 431.4 200.2 (115.3) (415.8) 270.1 516.3 (110.7) Businesses exited through reinsurance (3) 17.6 (40.2) 37.3 67.1 (1.4) 14.7 77.9 Consolidation/eliminations (4) 13.5 16.8 41.7 34.5 (2.8) 72.0 31.4 Total Investment Income and Realized Capital Gains (Losses) 1,425.8 1,133.7 915.1 671.4 1,349.6 3,474.6 3,065.0 (1) Operating income from CMO-B portfolio assets, including derivatives, is included in fixed maturity securities. (2) Fair value adjustments include adjustments related to CMO-B assets carried at fair value, among other income sources. (3) Income related to reinsurance transactions, in which investment results are passed directly to the reinsurers pursuant to contracted terms of the reinsurance agreement. (4) Consolidation/eliminations includes: -The impact of consolidation of investment entities into the Consolidated Statements of Operations, net of the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company; -The elimination of intersegment expenses, primarily consisting of asset-based management and administration fees charged by our Investment Management Segment; -Other intersegment eliminations. (5) Investment results related to businesses exited through reinsurance are excluded.
Voya Financial Alternative Investment Income Page 54 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Retirement Average alternative investments 436.3 414.8 349.1 341.0 346.0 400.1 300.4 Alternative investment income 1.7 8.6 2.5 1.9 12.8 12.8 26.9 Annuities Average alternative investments 270.0 260.9 231.4 214.3 214.4 254.1 194.7 Alternative investment income 2.6 5.0 1.3 2.9 10.3 8.9 22.1 Investment Management Average alternative investments 219.4 185.7 148.3 146.9 145.6 184.5 144.7 Alternative investment income 0.4 3.4 6.1 (4.6) 9.0 9.9 24.3 Individual Life Average alternative investments 178.4 173.6 155.8 156.8 156.0 169.3 138.4 Alternative investment income 2.8 3.7 1.1 2.0 8.2 7.6 17.8 Employee Benefits Average alternative investments 44.4 42.0 34.7 33.5 33.2 40.4 28.1 Alternative investment income 0.2 0.9 0.2 0.2 1.5 1.3 3.0 Total Ongoing Business Average alternative investments 1,148.5 1,077.0 919.3 892.5 895.2 1,048.4 806.3 Alternative investment income 7.7 21.6 11.2 2.4 41.8 40.5 94.1 Corporate (1) Average alternative investments—— 109.8 109.2 108.0 36.6 105.9 Alternative investment income—— 2.8 3.7 3.7 2.8 12.9 Closed Blocks (2) Average alternative investments 28.2 30.5 23.4 30.0 38.0 27.4 34.2 Alternative investment income— 0.7 0.2 0.2 1.6 0.9 4.0 Total Consolidated (3) Average alternative investments 1,176.7 1,107.5 1,052.5 1,031.7 1,041.2 1,112.4 946.4 Alternative investment income 7.7 22.3 14.2 6.3 47.1 44.2 111.0 (1) Effective in the second quarter of 2015, approximately $110 million of alternative assets previously allocated to excess capital in the Corporate Segment is now allocated to all segments in proportion to each segment’s target statutory capital. (2) Our Closed Block Variable Annuity segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics and, therefore, its results of operations are not reflected within investment income. (3) Alternative investment income excludes the net investment income from Lehman Recovery/LIHTC in the three months ending 9/30/15, 6/30/14, and 3/31/14.
Voya Financial Unrealized Gains (Losses) Page 55 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Fixed Maturities, available for sale (including securities pledged) Aging Schedule Balances as of 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Less than 20% (782.4) 74.4% (703.7) 93.6% (206.2) 85.7% (294.0) 90.8% (344.5) 98.7% 20% or more for less than six months (254.9) 24.2% (32.6) 4.3% (30.9) 12.8% (26.5) 8.2% (0.6) 0.2% 20% or more for six months or greater (14.6) 1.4% (15.6) 2.1% (3.6) 1.5% (3.1) 1.0% (4.0) 1.1% Total Unrealized Loss (1,051.9) 100.0% (751.9) 100.0% (240.7) 100.0% (323.6) 100.0% (349.1) 100.0% Total Unrealized Gain 4,542.7 4,432.3 7,018.0 6,168.4 5,591.4 Net Unrealized Gain/Loss 3,490.8 3,680.4 6,777.3 5,844.8 5,242.3 Fixed Maturities Securities—Security Sector—Net Unrealized Gain/(Loss) (1) US Treasuries and US government agencies and authorities 635.2 502.6 775.0 684.8 466.6 US Corporate—Public 1,477.4 1,566.1 3,490.3 2,928.1 R 2,462.4 US Corporate—Private 216.6 204.9 415.4 387.2 R 372.6 Foreign Government / Agency 0.7 26.4 46.4 33.0 34.4 Foreign Corporate—Public 46.3 218.9 509.7 381.2 454.2 Foreign Corporate—Private 305.5 380.6 547.1 498.4 551.0 State, municipalities, and political subdivisions 14.6 1.2 43.8 34.9 20.0 Residential mortgaged-backed securities: CMO-B Agency 364.9 368.4 385.3 366.7 365.7 CMO-B Non-Agency 111.7 105.6 123.1 121.8 116.1 Agency 38.6 31.0 51.6 41.3 27.8 Non-Agency 69.0 77.7 77.5 73.6 78.7 Total Residential mortgage-backed securities 584.2 582.7 637.5 603.4 588.3 Commercial Mortgage-Backed Securities 189.9 179.1 288.9 271.9 269.3 Other Asset-Backed Securities (1) 20.4 17.9 23.2 21.9 23.5 Total Net Unrealized Gain/Loss 3,490.8 3,680.4 6,777.3 5,844.8 5,242.3 (1) Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation. R Revised
Voya Financial Asset Backed Securities Page 56 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) RMBS Balances by Collateral Type Balances as of 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Prime Agency 5,043.5 4,574.7 5,105.1 4,641.1 5,401.7 4,894.0 5,456.0 4,974.9 5,448.6 4,979.8 Prime / Non-Agency 648.3 518.5 671.4 545.3 751.1 607.4 776.8 632.2 906.2 761.1 Alt-A RMBS 352.2 298.7 367.0 313.6 392.8 334.7 408.7 351.7 325.7 269.1 Subprime Mortgage-Backed Securities 489.8 452.4 510.5 468.0 529.5 487.5 549.1 512.6 575.8 539.8 Total (1) (2) 6,533.8 5,844.3 6,654.0 5,968.0 7,075.1 6,323.6 7,190.6 6,471.4 7,256.3 6,549.8 CMBS Balances by Year of Origination Balances as of 9/30/15 3/31/15 12/31/14 9/30/14 6/30/15 Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost 2015 394.4 389.0 115.5 118.7 66.3 64.8 ———— 2014 722.3 695.0 631.9 623.9 687.5 639.5 640.4 613.1 384.2 377.1 2013 555.8 511.1 516.5 488.2 542.1 487.6 513.4 476.8 427.2 411.5 2012 29.8 28.7 21.4 20.8 22.0 20.7 14.6 13.9 11.0 10.7 2011 33.1 32.5 11.8 11.9 12.2 11.9 9.9 10.0 —— 2010 16.6 16.2 15.6 15.5 16.3 15.8 13.8 13.5 8.4 8.2 2008 10.8 9.7 10.9 9.6 11.0 9.6 11.0 9.5 11.1 9.4 2007 1,079.6 1,008.4 1,093.2 1,008.5 1,109.9 1,011.1 1,112.5 1,009.2 1,131.0 1,013.8 2006 1,033.9 1,000.8 1,134.4 1,085.4 1,156.6 1,093.0 1,166.0 1,090.9 1,186.7 1,097.5 2005 and prior 238.9 233.9 436.5 426.1 562.0 543.0 706.6 679.4 871.2 833.3 Total (1) (2) 4,115.2 3,925.3 3,987.7 3,808.6 4,185.9 3,897.0 4,188.2 3,916.3 4,030.8 3,761.5 Other ABS Balances by Loan Classification Balances as of 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Credit Card Receivables 461.6 448.2 469.7 457.7 527.7 511.4 611.6 597.0 662.9 648.1 Automobile Receivables 134.1 134.0 145.7 145.6 170.5 170.2 182.0 181.8 279.3 278.9 CLO’s (1) 13.4 13.4 66.1 64.9 65.1 64.1 63.9 62.8 69.9 67.9 Other 212.1 205.2 201.8 197.2 184.4 178.8 203.8 197.8 236.0 229.7 Total (1) (2) 821.2 800.8 883.3 865.4 947.7 924.5 1,061.3 1,039.4 1,248.1 1,224.6 (1) Excludes consolidated CLO’s (2) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to page in “Additional Information” section.
Voya Financial RMBS Securities Summary Page 57 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) RMBS(1) By Rating and Origination Year As of September 30, 2015 Prime Agency Prime/Non-Agency Alt-A RMBS Subprime Mortgage-Backed Securities Total NAIC Designation Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost 1 5,030.3 4,560.2 413.7 360.8 313.1 266.4 430.7 391.4 6,187.8 5,578.8 2—— 30.9 30.5 16.2 15.6 39.8 43.2 86.9 89.3 3—— 8.5 6.9 16.9 13.5 4.3 3.4 29.7 23.8 4 13.2 14.5 3.0 0.4 2.6 0.5 13.0 13.2 31.8 28.6 5—— 38.4 27.2 —— 1.3 0.6 39.7 27.8 6—— 153.8 92.7 3.4 2.7 0.7 0.6 157.9 96.0 Total by rating (2) 5,043.5 4,574.7 648.3 518.5 352.2 298.7 489.8 452.4 6,533.8 5,844.3 Prime Agency Prime/Non-Agency Alt-A RMBS Subprime Mortgage-Backed Securities Total ARO Rating Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost AAA 5,024.2 4,554.1 5.0 4.9 0.1 0.1 —— 5,029.3 4,559.1 AA 2.5 2.5 21.7 19.9 0.3 0.3 2.9 2.9 27.4 25.6 A 3.6 3.6 13.9 13.6 3.1 3.0 12.3 12.6 32.9 32.8 BBB—— 56.1 55.7 9.2 9.5 28.3 29.8 93.6 95.0 BB—— 60.7 55.1 11.9 11.5 36.1 38.6 108.7 105.2 B and below 13.2 14.5 490.9 369.3 327.6 274.3 410.2 368.5 1,241.9 1,026.6 Total by rating (2) 5,043.5 4,574.7 648.3 518.5 352.2 298.7 489.8 452.4 6,533.8 5,844.3 Prime Agency Prime/Non-Agency Alt-A RMBS Subprime Mortgage-Backed Securities Total Origination Year Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost 2015 83.9 83.7 —————— 83.9 83.7 2014 408.1 399.7 —————— 408.1 399.7 2013 903.5 877.4 —————— 903.5 877.4 2012 631.4 630.8 —————— 631.4 630.8 2011 721.1 691.3 —————— 721.1 691.3 2010 555.9 531.4 16.6 16.0 ———— 572.5 547.4 2009 199.0 196.6 4.5 4.6 ———— 203.5 201.2 2008 119.1 107.8 —————— 119.1 107.8 2007 306.4 273.3 128.8 115.5 80.3 68.9 146.9 126.9 662.4 584.6 2006 345.4 247.9 171.4 101.4 119.7 92.0 134.5 116.4 771.0 557.7 2005 and prior 769.7 534.8 327.0 281.0 152.2 137.8 208.4 209.1 1,457.3 1,162.7 Total by origination year (2) 5,043.5 4,574.7 648.3 518.5 352.2 298.7 489.8 452.4 6,533.8 5,844.3 (1) Subprime mortgage-backed securities are included in RMBS under this presentation. (2) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to page in “Additional Information” section.
Voya Financial CMBS and Other Asset-Backed Securities Summary Page 58 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) CMBS By Rating and Vintage As of September 30, 2015 B & Below Total AAA AA A BBB BB Origination Year Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost 2015 341.5 336.1 39.7 39.7 13.2 13.2 —————— 394.4 389.0 2014 713.5 686.1 7.8 7.8 1.0 1.1 —————— 722.3 695.0 2013 552.6 507.9 —— 3.2 3.2 —————— 555.8 511.1 2012 29.8 28.7 —————————— 29.8 28.7 2011 33.1 32.5 —————————— 33.1 32.5 2010 16.3 15.9 0.3 0.3 ———————— 16.6 16.2 2008———————— 10.8 9.7 —— 10.8 9.7 2007 115.8 110.0 253.6 242.7 146.3 140.4 199.2 191.2 211.8 188.1 152.9 136.0 1,079.6 1,008.4 2006 499.3 492.7 98.3 95.6 186.4 181.8 151.3 144.6 56.6 54.4 42.0 31.7 1,033.9 1,000.8 2005 and prior 67.8 67.2 24.3 24.3 96.8 95.7 8.2 8.2 28.1 27.2 13.7 11.3 238.9 233.9 Total by origination year (3) 2,369.7 2,277.1 424.0 410.4 446.9 435.4 358.7 344.0 307.3 279.4 208.6 179.0 4,115.2 3,925.3 Other Asset-Backed Securities (1) By Rating and Classification As of September 30, 2015 Credit Card Receivables Automobile Receivables CLO’s (2) Other Total ARO Rating Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost AAA 461.6 448.2 134.1 134.0 —— 109.8 105.5 705.5 687.7 AA———— 13.4 13.4 5.4 5.4 18.8 18.8 A—————— 19.5 19.3 19.5 19.3 BBB—————— 56.9 55.8 56.9 55.8 BB—————— 20.5 19.2 20.5 19.2 B and below—————————— Total by rating (3) 461.6 448.2 134.1 134.0 13.4 13.4 212.1 205.2 821.2 800.8 Credit Card Receivables Automobile Receivables CLO’s (2) Other Total NAIC Designation Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost 1 461.6 448.2 134.1 134.0 13.4 13.4 174.2 169.8 783.3 765.4 2—————— 13.5 12.2 13.5 12.2 3—————— 9.5 8.9 9.5 8.9 4—————— 14.9 14.3 14.9 14.3 5—————————— 6—————————— Total by rating (3) 461.6 448.2 134.1 134.0 13.4 13.4 212.1 205.2 821.2 800.8 (1) Subprime asset-backed securities are excluded from Other Asset-Backed Securities and included in Non-Agency RMBS under this presentation. (2) Excludes consolidated CLO’s (3) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to page in “Additional Information” section.
Voya Financial Mortgage Loans on Real Estate Page 59 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Mortgage Loans on Real Estate by Region and Property Type Balances as of 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 U.S. Region Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Pacific 2,708.1 25.3% 2,649.2 25.5% 2,566.5 25.2% 2,395.9 24.6% 2,490.9 25.0% South Atlantic 2,321.3 21.6% 2,272.3 21.9% 2,214.7 21.7% 2,028.0 20.7% 2,031.3 20.4% Middle Atlantic 1,506.3 14.0% 1,429.4 13.8% 1,447.0 14.2% 1,402.0 14.3% 1,355.1 13.6% East North Central 1,137.6 10.6% 1,035.7 10.0% 1,049.5 10.3% 1,030.8 10.5% 1,190.5 12.0% West South Central 1,235.5 11.5% 1,171.4 11.3% 1,145.7 11.2% 1,147.7 11.7% 1,101.6 11.1% Mountain 913.7 8.5% 867.1 8.4% 852.9 8.4% 832.2 8.5% 837.8 8.4% West North Central 497.8 4.7% 505.4 4.9% 501.8 4.9% 514.0 5.2% 528.4 5.3% New England 228.6 2.1% 230.5 2.2% 204.8 2.0% 197.0 2.0% 182.3 1.8% East South Central 181.6 1.7% 208.5 2.0% 214.3 2.1% 249.3 2.5% 235.2 2.4% Total Commercial Mortgage Loans (1) 10,730.5 100.0% 10,369.5 100.0% 10,197.2 100.0% 9,796.9 100.0% 9,953.1 100.0% Property Type Industrial 2,481.7 23.1% 2,363.8 22.8% 2,177.7 21.4% 2,283.0 23.3% 2,769.3 27.8% Retail 3,714.7 34.6% 3,717.1 35.8% 3,539.2 34.6% 3,408.4 34.8% 3,190.4 32.1% Office 1,583.8 14.8% 1,406.5 13.6% 1,274.7 12.5% 1,246.5 12.7% 1,226.3 12.3% Apartments 1,886.6 17.6% 1,823.0 17.6% 1,762.3 17.3% 1,680.7 17.2% 1,582.2 15.9% Hotel/Motel 428.0 4.0% 399.3 3.9% 387.3 3.8% 382.7 3.9% 390.3 3.9% Other 530.1 4.9% 553.6 5.3% 752.3 7.4% 449.1 4.6% 446.8 4.5% Mixed Use 105.6 1.0% 106.2 1.0% 303.7 3.0% 346.5 3.5% 347.8 3.5% Total Commercial Mortgage Loans (1) 10,730.5 100.0% 10,369.5 100.0% 10,197.2 100.0% 9,796.9 100.0% 9,953.1 100.0% Loan Size Under $5 million 1,266.7 11.8% 1,318.2 12.7% 1,376.2 13.5% 1,383.3 14.1% 1,415.3 14.2% $5 million but less than $10 million 1,605.9 15.0% 1,618.2 15.6% 1,584.6 15.5% 1,543.8 15.8% 1,548.4 15.6% $10 million but less than $20 million 2,548.5 23.8% 2,485.3 24.0% 2,367.2 23.2% 2,370.1 24.2% 2,262.8 22.7% $20 million but less than $30 million 1,516.3 14.1% 1,500.2 14.5% 1,449.7 14.2% 1,307.9 13.4% 1,265.6 12.7% $30 million and over 3,793.1 35.3% 3,447.6 33.2% 3,419.5 33.6% 3,191.8 32.5% 3,461.0 34.8% Total Commercial Mortgage Loans (1) 10,730.5 100.0% 10,369.5 100.0% 10,197.2 100.0% 9,796.9 100.0% 9,953.1 100.0% Other Stats as ratios LTV—Origination 60.1% 60.1% 60.2% 59.9% 59.7% LTV—Current 55.2% 55.8% 55.8% 55.4% 56.2% Debt Service Coverage 2.1 2.0 2.0 2.0 1.9 Other Stats in USD millions Allowance for loan losses 3.3 2.8 2.7 2.8 3.4 (1) Total Commercial Mortgage Loans shown do not include allowance for mortgage loan credit losses
Voya Financial U.S. and Foreign Corporate Securities Page 60 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Summary of Corporate Securities by Industry Category Balances as of Type Industry 6/30/15 3/31/15 9/30/15 12/31/14 9/30/14 Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Communications 3,704.2 8.9% 3,790.4 9.1% 4,084.2 9.3% 4,073.3 9.7% 4,031.8 9.7% Public Financial 7,319.5 17.6% 7,117.7 17.1% 7,661.1 17.4% 7,189.4 17.2% 7,231.8 17.3% Industrial and other companies 23,306.7 55.9% 23,367.8 56.2% 23,919.3 54.4% 22,570.2 53.9% 22,462.8 53.8% Utilities 6,105.5 14.6% 6,115.7 14.7% 7,048.6 16.0% 6,855.1 16.4% 6,869.4 16.5% Transportation 1,259.7 3.0% 1,201.6 2.9% 1,261.4 2.9% 1,153.6 2.8% 1,108.0 2.7% Sub-total 41,695.6 100.0% 41,593.2 100.0% 43,974.6 100.0% 41,841.6 100.0% 41,703.8 100.0% Communications 425.1 3.0% 437.1 3.1% 372.5 2.6% 367.9 2.5% 368.1 2.5% Private Financial 977.8 6.9% 1,006.1 7.1% 931.4 6.6% 1,100.4 7.6% 1,000.2 6.9% Industrial and other companies 9,037.7 63.6% 9,241.7 64.9% 9,192.4 64.8% 9,363.9 64.8% 9,317.6 64.3% Utilities 3,278.6 23.1% 3,049.5 21.5% 3,196.4 22.5% 3,131.4 21.7% 3,319.7 22.9% Transportation 481.7 3.4% 477.1 3.4% 493.7 3.5% 488.5 3.4% 489.3 3.4% Sub-total 14,200.9 100.0% 14,211.5 100.0% 14,186.4 100.0% 14,452.1 100.0% 14,494.9 100.0% Communications 4,129.3 7.4% 4,227.5 7.6% 4,456.7 7.7% 4,441.2 7.9% 4,399.9 7.8% Total Financial 8,297.3 14.8% 8,123.8 14.6% 8,592.5 14.8% 8,289.8 14.7% 8,232.0 14.6% Industrial and other companies 32,344.4 57.9% 32,609.5 58.4% 33,111.7 56.9% 31,934.1 56.8% 31,780.4 56.7% Utilities 9,384.1 16.8% 9,165.2 16.4% 10,245.0 17.6% 9,986.5 17.7% 10,189.1 18.1% Transportation 1,741.4 3.1% 1,678.7 3.0% 1,755.1 3.0% 1,642.1 2.9% 1,597.3 2.8% Total 55,896.5 100.0% 55,804.7 100.0% 58,161.0 100.0% 56,293.7 100.0% 56,198.7 100.0% R Revised R R R R
Voya Financial Exposure to European Debt-Fixed Maturities and Equity Securities Page 61 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Exposure to Select European Countries Sovereign Debt Corporate—Financial Corporate—Non-Financial Total Total As of September 30, 2015 Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Amortized Cost % of Total Ireland— 0.0%— 0.0% 194.3 2.6% 194.3 2.3% 176.9 2.2% Italy— 0.0%— 0.0% 246.3 3.3% 246.3 2.9% 232.5 2.8% Portugal— 0.0%— 0.0% 10.3 0.1% 10.3 0.1% 8.3 0.1% Spain— 0.0%— 0.0% 173.0 2.4% 173.0 2.0% 155.4 1.9% Total Peripheral Euro-Zone— 0.0%— 0.0% 623.9 8.4% 623.9 7.3% 573.1 7.0% Austria— 0.0%— 0.0%— 0.0%— 0.0%— 0.0% Belgium 36.9 16.6%— 0.0% 270.3 3.7% 307.2 3.6% 265.0 3.2% Bulgaria— 0.0%— 0.0%— 0.0%— 0.0%— 0.0% Croatia 27.8 12.5%— 0.0%— 0.0% 27.8 0.3% 25.6 0.3% Czech Republic— 0.0%— 0.0% 10.6 0.1% 10.6 0.1% 10.1 0.1% Denmark— 0.0%— 0.0% 121.7 1.7% 121.7 1.4% 116.1 1.4% Finland— 0.0%— 0.0% 17.6 0.2% 17.6 0.2% 17.0 0.2% France— 0.0% 139.6 14.0% 423.7 5.8% 563.3 6.6% 532.4 6.5% Germany— 0.0% 24.9 2.5% 787.4 10.7% 812.3 9.5% 790.2 9.7% Hungary— 0.0%— 0.0%— 0.0%— 0.0%— 0.0% Iceland— 0.0%— 0.0%— 0.0%— 0.0%— 0.0% Kazakhstan 41.8 18.7% 1.0 0.1% 19.7 0.3% 62.5 0.7% 66.4 0.8% Latvia 4.7 2.1%— 0.0%— 0.0% 4.7 0.1% 4.6 0.1% Lithuania 34.4 15.4%— 0.0%— 0.0% 34.4 0.4% 30.2 0.4% Luxembourg— 0.0%— 0.0% 27.4 0.4% 27.4 0.3% 25.0 0.3% Netherlands— 0.0% 178.9 17.9% 953.0 13.0% 1,131.9 13.2% 1,078.8 13.2% Norway— 0.0%— 0.0% 270.3 3.7% 270.3 3.1% 262.5 3.2% Russian Federation 54.8 24.6% 5.0 0.5% 86.1 1.2% 145.9 1.7% 141.3 1.7% Slovakia 5.6 2.5%— 0.0%— 0.0% 5.6 0.1% 5.0 0.1% Slovenia— 0.0%— 0.0%— 0.0%— 0.0%— 0.0% Sweden— 0.0% 33.4 3.4% 83.6 1.1% 117.0 1.4% 109.5 1.3% Switzerland— 0.0% 274.7 27.6% 604.9 8.2% 879.6 10.2% 839.0 10.3% Turkey 16.9 7.6%— 0.0% 59.6 0.8% 76.5 0.9% 76.3 0.9% United Kingdom— 0.0% 338.6 34.0% 2,997.5 40.7% 3,336.1 38.9% 3,213.3 39.3% Total Non-Peripheral Europe 222.9 100.0% 996.1 100.0% 6,733.4 91.6% 7,952.4 92.7% 7,608.3 93.0% Total Europe 222.9 100.0% 996.1 100.0% 7,357.3 100.0% 8,576.3 100.0% 8,181.4 100.0%
Additional Information PLAN INVEST PROTECT VOYA® FINANCIAL
Voya Financial Adjustments to Operating Earnings by Segment Page 63 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 DAC/VOBA and other intangibles unlocking Retirement (48.2) 3.5 (4.2) 4.6 (30.4) (48.9) (34.6) Annuities (12.9) 5.0 9.5 (1.1) 17.8 1.6 27.5 Investment Management——————— Individual Life (29.4) (14.6) 0.1 5.5 (7.1) (43.9) (15.7) Employee Benefits (2.6) (0.9) (0.7) — (1.4) (4.2) (7.8) Ongoing Business (93.1) (7.0) 4.7 9.0 (21.1) (95.4) (30.6) Corporate——————— Total Closed Blocks——————— Total DAC/VOBA and other intangibles unlocking (93.1) (7.0) 4.7 9.0 (21.1) (95.4) (30.6) Additional adjustments (1) Retirement——————— Annuities——————— Investment Management——————— Individual Life——— 20.0 ——— Employee Benefits——————— Ongoing Business——— 20.0 ——— Corporate (46.5) (49.9) (48.0) (47.4) (46.8) (144.4) (136.5) Total Closed Blocks——————— Total non-recurring items and interest expense (46.5) (49.9) (48.0) (27.4) (46.8) (144.4) (136.5) Total adjustments to operating earnings Retirement (48.2) 3.5 (4.2) 4.6 (30.4) (48.9) (34.6) Annuities (12.9) 5.0 9.5 (1.1) 17.8 1.6 27.5 Investment Management——————— Individual Life (29.4) (14.6) 0.1 25.5 (7.1) (43.9) (15.7) Employee Benefits (2.6) (0.9) (0.7) — (1.4) (4.2) (7.8) Ongoing Business (93.1) (7.0) 4.7 29.0 (21.1) (95.4) (30.6) Corporate (46.5) (49.9) (48.0) (47.4) (46.8) (144.4) (136.5) Total Closed Blocks——————— Total adjustments to operating earnings (139.6) (56.9) (43.3) (18.4) (67.9) (239.8) (167.1) (1) Additional adjustments include impact of interest expenses, the Net gain (loss) from Lehman Recovery/LIHTC, and the Gain on reinsurance recapture
Voya Financial Calculation and Reconciliation of ROE and ROC Page 64 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Three Months Ended Twelve Months Ended 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 12/31/14 (in millions USD, unless otherwise indicated) GAAP Return on Equity (Quarter to Date) Net income (loss) available to Voya Financial, Inc.‘s common shareholders 40.3 285.2 189.6 1,378.8 405.8 1,893.9 2,295.0 Voya Financial, Inc. shareholders’ equity: end of period 14,286 14,856 16,144 16,146 14,639 14,286 16,144 Voya Financial, Inc. shareholders’ equity: average for period 14,571 15,500 16,145 15,393 14,753 15,402 14,571 GAAP Return on Equity 1.1% 7.4% 4.7% 35.8% 11.0% 12.3% 15.8% Ongoing Business Adjusted Operating Return on Capital and Adjusted Operating Return on Equity Ongoing Business adjusted operating earnings before income taxes 303.1 318.8 319.3 392.8 352.0 1,334.0 1,377.9 Income taxes on adjusted operating earnings (1) (97.0) (102.0) (102.2) (137.5) (123.2) (438.8) (482.2) Ongoing Business adjusted operating earnings after income taxes 206.1 216.8 217.1 255.3 228.8 895.2 895.7 Interest expense after-tax (2) (20.6) (20.9) (20.9) (18.7) (19.5) (81.1) (77.3) Ongoing Business adjusted operating earnings after income taxes and interest expense 185.5 195.9 196.2 236.6 209.3 814.1 818.4 End of period capital for Ongoing Business 8,643 8,841 8,864 8,777 9,115 8,643 8,777 Average capital for Ongoing Business 8,743 8,852 8,819 8,763 9,089 8,795 9,028 Average debt (based on 25% debt-to-capital ratio) (2,186) (2,213) (2,205) (2,191) (2,272) (2,199) (2,257) Average equity for Ongoing Business 6,557 6,639 6,614 6,572 6,817 6,596 6,771 Adjusted Operating Return on Capital for Ongoing Business 9.4% 9.8% 9.8% 11.7% 10.1% 10.2% 9.9% Adjusted Operating Return on Equity for Ongoing Business (2) 11.3% 11.8% 11.9% 14.4% 12.3% 12.3% 12.1% (1) Assumes 32% tax rate for 2015 and 35% tax rate for 2014. (2) Assumes debt-to-capital ratio of approximately 25% and the actual weighted average pre-tax interest rate for all periods presented.
Voya Financial Operating Revenues by Segment Page 65 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL Three Months Ended Year-to-Date (in millions USD) 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Retirement 1,137.3 593.8 600.5 630.3 605.7 2,331.6 1,797.1 Annuities 314.4 310.4 315.6 323.6 344.6 940.4 1,029.8 Investment Management 152.6 158.6 163.1 163.4 168.3 474.3 492.0 Individual Life 670.1 662.9 668.8 646.6 679.1 2,001.8 2,071.2 Employee Benefits 376.7 376.2 370.9 345.7 345.9 1,123.8 1,027.3 Ongoing Business 2,651.1 2,101.9 2,118.9 2,109.6 2,143.6 6,871.9 6,417.4 Corporate 14.1 18.6 20.4 19.5 22.9 53.1 71.8 Total Closed Blocks 14.9 16.0 21.9 27.7 25.4 52.8 75.0 Total operating revenues 2,680.1 2,136.5 2,161.2 2,156.8 2,191.9 6,977.8 6,564.2 Adjustments: Closed Block Variable Annuity 789.0 658.5 264.4 193.7 665.6 1,711.9 1,068.3 Net realized investment gains (losses) and related charges and adjustments (97.8) (19.1) 53.1 51.9 48.2 (63.8) 164.8 Gain (loss) on change in fair value of derivatives related to guaranteed benefits 119.9 44.4 (53.6) (30.5) 48.2 110.7 — Revenues (losses) related to business exited through reinsurance or divestment 27.3 (52.2) 40.6 68.2 (4.8) 15.7 81.1 Revenues (loss) attributable to noncontrolling interests 146.8 159.8 89.8 0.2 174.9 396.4 454.8 Other adjustments to operating revenues (1) 54.2 66.0 75.5 75.5 72.1 195.7 237.9 Total revenue 3,719.5 2,993.9 2,631.0 2,515.8 3,196.1 9,344.4 8,571.1 (1) Other adjustments to operating revenue includes: Fee income earned by the Company’s broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company’s segments’ operating revenues, as well as other items where the income is passed on to third parties.
Voya Financial Ongoing Business Sources of Earnings Reconciliation Page 66 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Investment spread and other investment income: Net investment income and net realized gains (losses) Retirement 395.1 382.1 388.9 394.4 393.6 1,166.1 1,161.7 Annuities 264.8 263.2 267.0 280.9 282.3 795.0 828.7 Investment Management 0.4 3.4 6.1 (4.6) 9.0 9.9 24.3 Individual Life 218.8 220.8 222.4 223.5 226.3 662.0 661.6 Employee Benefits 26.8 28.0 26.5 27.8 29.1 81.3 83.5 Total net investment income and net realized gains (losses) 905.9 897.5 910.9 922.0 940.3 2,714.3 2,759.8 Total Ongoing Business 905.9 897.5 910.9 922.0 940.3 2,714.3 2,759.8 Adjustments: Interest credited (530.1) (519.6) (515.7) (529.1) (539.2) (1,565.4) (1,621.5) Credit facility fees (2.1) (2.3) (2.0) (2.0) (2.6) (6.4) (8.1) Other (3.9) (3.0) (4.6) (4.0) (4.3) (11.5) (12.2) Total adjustments (536.1) (524.9) (522.3) (535.1) (546.1) (1,583.3) (1,641.8) Ongoing investment spread and other investment income 369.8 372.6 388.6 386.9 394.2 1,131.0 1,118.0 Fee based margin: Fee income Retirement 180.9 188.9 186.9 194.8 193.5 556.7 577.5 Annuities 16.0 16.0 15.2 14.6 15.0 47.2 42.4 Investment Management 145.0 147.6 146.9 148.7 149.5 439.5 442.4 Individual Life 307.0 287.0 295.3 273.2 269.3 889.3 838.4 Employee Benefits 21.0 15.5 15.8 15.4 23.9 52.3 54.2 Total Fee Income 669.9 655.0 660.1 646.7 651.2 1,985.0 1,954.9 Other revenue Retirement 17.7 19.1 14.0 19.3 17.9 50.8 53.1 Annuities 3.5 3.9 3.6 3.4 4.6 11.0 14.4 Investment Management 7.2 7.6 10.1 19.3 9.8 24.9 25.3 Individual Life 4.1 3.7 4.5 4.8 4.4 12.3 16.7 Employee Benefits (1.3) (1.7) (1.4) (0.9) (0.8) (4.4) (3.2) Total other revenue 31.2 32.6 30.8 45.9 35.9 94.6 106.3 Total Ongoing Business 701.1 687.6 690.9 692.6 687.1 2,079.6 2,061.2 Adjustments: Surrender fees and MVA charges (6.8) (7.2) (2.3) (5.2) (8.2) (16.3) (23.1) Insurance Solutions FAS 97 fees and unearned revenue reserve amortization/unlocking (322.5) (297.0) (305.4) (282.9) (287.4) (924.9) (873.2) Other 0.9 (0.3) (1.2) (1.0) (1.7) (0.6) (8.6) Total adjustments (328.4) (304.5) (308.9) (289.1) (297.3) (941.8) (904.9) Ongoing fee based margin 372.7 383.1 382.0 403.5 389.8 1,137.8 1,156.3
Voya Financial Ongoing Business Sources of Earnings Reconciliation Page 67 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Net underwriting gain (loss) and other revenue: Premiums Retirement 543.6 3.7 10.7 21.8 0.7 558.0 4.8 Annuities 30.1 27.3 29.8 24.7 42.7 87.2 144.3 Investment Management——————— Individual Life 140.2 151.4 146.6 145.1 179.1 438.2 554.5 Employee Benefits 330.2 334.4 330.0 303.4 293.7 994.6 892.8 Total premiums 1,044.1 516.8 517.1 495.0 516.2 2,078.0 1,596.4 Interest credited and other policyholder benefits Retirement (759.9) (214.2) (216.6) (230.9) (209.4) (1,190.7) (629.4) Annuities (166.0) (177.3) (175.4) (181.8) (204.1) (518.7) (631.3) Investment Management——————— Individual Life (527.5) (495.8) (490.6) (455.7) (632.8) (1,513.9) (1,659.9) Employee Benefits (252.7) (260.1) (255.4) (220.9) (235.7) (768.2) (719.8) Total interest credited and other policyholder benefits (1,706.1) (1,147.4) (1,138.0) (1,089.3) (1,282.0) (3,991.5) (3,640.4) Total Ongoing Business (662.0) (630.6) (620.9) (594.3) (765.8) (1,913.5) (2,044.0) Adjustments: Interest credited 530.1 519.6 515.7 529.1 539.2 1,565.4 1,621.5 Surrender fees and MVA charges 6.8 7.2 2.3 5.2 8.2 16.3 23.1 Insurance Solutions FAS 97 fees and unearned revenue reserve amortization/unlocking 307.1 294.4 306.2 301.1 297.5 907.7 879.4 Sales inducements amortization and unlocking 13.7 9.0 7.2 9.6 4.8 29.9 20.7 FAS 113 and SOP 03-1 amortization and unlocking 25.2 15.1 (0.2) 18.0 113.5 40.1 120.6 Credit facility fees (22.7) (21.8) (21.6) (21.1) (22.7) (66.1) (66.9) Other (3.4) 4.2 2.4 3.4 6.8 3.2 20.1 Total adjustments 856.8 827.7 812.0 845.3 947.3 2,496.5 2,618.5 Ongoing net underwriting gain (loss) and other revenue 194.8 197.1 191.1 251.0 181.5 583.0 574.5
Voya Financial Ongoing Business Sources of Earnings Reconciliation Page 68 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Three Months Ended Year-to-Date 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 9/30/15 9/30/14 Administrative expenses and trail commissions: Operating and interest expense Retirement (210.6) (221.3) (219.8) (214.3) (208.6) (651.7) (651.9) Annuities (38.1) (38.4) (37.6) (32.9) (34.8) (114.1) (106.9) Investment Management (107.0) (111.6) (116.2) (116.4) (109.7) (334.8) (328.7) Individual Life (90.1) (85.4) (92.3) (83.5) (88.7) (267.8) (275.7) Employee Benefits (71.2) (73.3) (70.3) (64.5) (60.9) (214.8) (190.2) Total operating and interest expense (517.0) (530.0) (536.2) (511.6) (502.7) (1,583.2) (1,553.4) Total Ongoing Business (517.0) (530.0) (536.2) (511.6) (502.7) (1,583.2) (1,553.4) Adjustments: Credit facility fees 24.8 24.1 23.6 23.1 25.3 72.5 75.0 Other 3.0 (0.7) 3.5 1.5 (0.6) 5.8 1.3 Total adjustments 27.8 23.4 27.1 24.6 24.7 78.3 76.3 Ongoing administrative expenses and trail commissions (489.2) (506.7) (509.1) (487.0) (478.0) (1,505.0) (1,477.1) DAC/VOBA and other intangibles amortization and unlocking: Net amortization of DAC/VOBA Retirement (86.3) (29.9) (39.6) (35.2) (70.5) (155.8) (147.9) Annuities (59.8) (33.7) (34.0) (44.2) (27.4) (127.5) (94.3) Investment Management——————— Individual Life (63.3) (44.0) (42.5) (4.4) 82.2 (149.8) (1.3) Employee Benefits (8.6) (5.1) (4.6) (3.1) (12.3) (18.3) (25.6) Total net amortization of DAC/VOBA (218.0) (112.7) (120.7) (86.9) (28.0) (451.4) (269.1) Total Ongoing Business (218.0) (112.7) (120.7) (86.9) (28.0) (451.4) (269.1) Adjustments Sales inducements amortization and unlocking (13.7) (9.0) (7.2) (9.6) (4.8) (29.9) (20.7) FAS 113 and SOP 03-1 amortization and unlocking (25.2) (15.1) 0.2 (18.0) (113.5) (40.1) (120.6) Unearned revenue reserve amortization and unlocking 15.4 2.6 (0.8) (18.2) (10.1) 17.2 (6.2) Other 3.4 (0.2) (0.1) 0.1 (0.2) 3.1 (0.6) Total adjustments (20.1) (21.7) (7.9) (45.7) (128.6) (49.7) (148.1) Ongoing DAC/VOBA and other intangibles amortization and unlocking (238.1) (134.4) (128.6) (132.6) (156.6) (501.1) (417.2)
Voya Financial Fixed Maturity Securities—Businesses Exited Through Reinsurance Page 69 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL (in millions USD) Total investments, after consolidation (See Portfolio Composition page), include the following amounts related to businesses exited through reinsurance where assets are retained on The Company’s balance sheet: Balances as of 9/30/15 6/30/15 3/31/15 12/31/14 9/30/14 Fixed Maturity Securities—Businesses Exited Through Reinsurance Security Sector U.S. Government agencies and authorities 82.5 61.9 71.1 70.3 64.7 U.S. Corporate—Public 1,337.8 1,353.0 1,411.8 1,397.3 1,379.4 Foreign Government / Agency————— Foreign Corporate—Public 183.0 192.3 203.6 201.4 216.1 State, municipalities and political subdivisions 105.4 106.5 114.1 112.7 109.2 Residential mortgaged-backed securities: Agency 55.6 61.5 68.1 70.0 73.3 Non—Agency 76.6 79.1 88.0 99.1 102.9 Total Residential mortgage-backed securities 132.2 140.6 156.1 169.1 176.2 Commercial mortgage-backed securities 124.1 69.0 74.6 81.4 95.8 Other asset-backed securities 42.8 93.4 93.2 93.0 94.0 Total fixed maturities, including securities pledged 2,007.8 2,016.7 2,124.5 2,125.2 2,135.4 Fixed Maturity Securities—Businesses Exited Through Reinsurance as of September 30, 2015 By ARO Rating Total AAA AA A BBB BB B & Below Residential mortgaged-backed securities: Agency 55.6 55.6 ————— Non—Agency 76.6 ——— 0.3 0.1 76.2 Total Residential mortgage-backed securities 132.2 55.6 —— 0.3 0.1 76.2 Commercial mortgage-backed securities 124.1 16.2 51.1 26.8 18.1 5.1 6.8 Other asset-backed securities 42.8 9.6 18.8 3.1 11.3 —— Total Structured securities 299.1 81.4 69.9 29.9 29.7 5.2 83.0 Non-structured securities 1,708.7 133.7 198.4 816.2 558.9 1.5 — Total fixed maturities securities 2,007.8 215.1 268.3 846.1 588.6 6.7 83.0 Fixed Maturity Securities—Businesses Exited Through Reinsurance as of June 30, 2015 By ARO Rating Total AAA AA A BBB BB B & Below Residential mortgaged-backed securities: Agency 61.5 61.5 ————— Non—Agency 79.1 ——— 0.4 0.1 78.6 Total Residential mortgage-backed securities 140.6 61.5 —— 0.4 0.1 78.6 Commercial mortgage-backed securities 69.0 24.4 3.7 9.7 19.0 5.3 6.9 Other asset-backed securities 93.4 15.7 24.2 41.8 11.7 —— Total Structured securities 303.0 101.6 27.9 51.5 31.1 5.4 85.5 Non-structured securities 1,713.7 115.6 187.9 840.3 567.0 2.9 — Total fixed maturities securities 2,016.7 217.2 215.8 891.8 598.1 8.3 85.5 Fixed Maturity Securities—Businesses Exited Through Reinsurance as of September 30, 2015 By NAIC Designation Total 1 2 3 4 5 6 Residential mortgaged-backed securities: Agency 55.6 55.6 ————— Non—Agency 76.6 76.5 —— 0.1 —— Total Residential mortgage-backed securities 132.2 132.1 —— 0.1 —— Commercial mortgage-backed securities 124.1 121.8 2.3 ———— Other asset-backed securities 42.8 42.8 ————— Total Structured securities 299.1 296.7 2.3 — 0.1 —— Non-structured securities 1,708.7 1,148.7 558.5 1.5 ——— Total fixed maturities securities 2,007.8 1,445.4 560.8 1.5 0.1 —— Fixed Maturity Securities—Businesses Exited Through Reinsurance as of June 30, 2015 By NAIC Designation Total 1 2 3 4 5 6 Residential mortgaged-backed securities: Agency 61.5 61.5 ————— Non—Agency 79.1 79.0 —— 0.1 —— Total Residential mortgage-backed securities 140.6 140.5 —— 0.1 —— Commercial mortgage-backed securities 69.0 69.0 ————— Other asset-backed securities 93.4 93.4 ————— Total Structured securities 303.0 302.9 —— 0.1 —— Non-structured securities 1,713.7 1,144.2 566.6 2.9 ——— Total fixed maturities securities 2,016.7 1,447.1 566.6 2.9 0.1 ——
Voya Financial Ratings Page 70 of 70 PLAN INVEST PROTECT VOYA® FINANCIAL A.M. Best Fitch Standard & Poor’s Moody’s Insurance Financial Strength Ratings Voya Retirement Insurance and Annuity Company A A A A2 Voya Insurance and Annuity Company A A A A2 Midwestern United Life Insurance Company A- NR A NR ReliaStar Life Insurance Company A A A A2 ReliaStar Life Insurance Company of New York A A A A2 Security Life of Denver Insurance Company A A A A2 Credit Ratings Voya Financial, Inc. Long-Term Issuer Credit bbb BBB+ BBB Baa2 Long-Term Senior Unsecured Debt bbb BBB BBB Baa2 Junior Subordinated Debt bb+ BB+ BB+ Baa3 (hyb) Voya Holdings, Inc. Long-Term Issuer Credit NR NR BBB Baa2 Investor Information Corporate Offices: Media Contact: Investor Contact: Voya Financial Christopher Breslin Darin Arita 230 Park Avenue 212-309-8941 212-309-8999 New York, New York 10169 Christopher.Breslin@voya.com IR@voya.com NYSE Ticker: Web Site: VOYA investors.voya.com
