Exhibit 99.2
Quarterly Investor Supplement
December 31, 2015
This report should be read in conjunction with Voya Financial, Inc.‘s Annual Report on Form 10-K for the year ended December 31, 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 Annual Report on Form 10-K for the year ended December 31, 2015, which will be filed on or before February 29, 2016. 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. Results for Closed Block Institutional Spread Products are reflected within the Closed Block Other segment in the Company’s Annual report on Form 10-K for the year ended December 31, 2015, which will be filed on or before February 29, 2016. The results will be combined herein beginning in the first quarter of 2016.
Voya Financial Page 2 of 70 Table of Contents Page Page Consolidated Individual Life Explanatory Note on Non-GAAP Financial Information 3—4 Sources of Operating Earnings Organizational Chart Operating Earnings Key Metrics Key Metrics Adjusted Operating Return on Capital and Return on Equity Employee Benefits Adjusted Operating Earnings Before Interest, After Income Taxes Sources of Operating Earnings Operating Revenues and Operating Earnings by Segment Operating Earnings Adjusted Operating Earnings by Segment Key Metrics Consolidated Balance Sheets Corporate Consolidated Statements of Operations Operating Earnings Ongoing Business Sources of Operating Earnings Closed Blocks Consolidated Earnings Before Income Taxes Closed Block Other Operating Earnings Operating Earnings by Segment (QTD & YTD) 15—16 Closed Block Variable Annuity Income (Loss) Before Income Taxes DAC/VOBA Segment Trends Closed Block Variable Annuity Death and Living Benefits Consolidated Capital Structure Closed Block Variable Annuity Assets Under Management Rollforward Consolidated Assets Under Management/Assets Under Administration Investment Information Retirement Portfolio Composition Sources of Operating Earnings Portfolio Results Operating Earnings Alternative Investment Income Assets Under Management/Assets Under Administration Unrealized Gains (Losses) Assets Under Management Rollforward Asset Backed Securities Annuities RMBS Securities Summary Sources of Operating Earnings CMBS and Other Asset-Backed Securities Summary Operating Earnings Mortgage Loans on Real Estate Assets Under Management US and Foreign Corporate Securities Assets Under Management Rollforward Exposure to European Debt—Fixed Maturities and Equity Securities Investment Management Additional Information Sources of Operating Earnings Adjustments to Operating Earnings by Segment Operating Earnings Calculation and Reconciliation of ROE and ROC Key Metrics Operating Revenues by Segment Account Value Rollforward by Source Ongoing Business Sources of Earnings Reconciliation 66—68 Account Value by Asset Type Fixed Maturity Securities—Businesses Exited Through Reinsurance Ratings 70 37 5 38 6 39 7 8 41 9 42 10 43 11 12 45 13 14 47 48 17 49 18 50 19 52 21 53 22 54 23 55 24 56 57 26 58 27 59 28 60 29 61 31 63 32 64 33 65 34 35 69
Voya Financial Page 3 of 70 Explanatory Note on Non-GAAP Financial Information 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 included in operating earnings from a distribution of cash in conjunction with a Lehman Brothers bankruptcy settlement for assets held in a partnership owned by the Company, and losses on certain receivables associated with the previously disposed Low Income Housing Tax Credit partnerships (“LIHTC”); • A gain related to the amendment or recapture of certain reinsurance agreements in the fourth quarter of 2014; 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 Businesses. 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, refer to 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. 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.
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Explanatory Note on Non-GAAP Financial Information 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 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 Reconciliation” pages in this document. Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
Voya Financial Page 5 of 70 Organizational Chart Ongoing Business Retirement and Investment Solutions Insurance Solutions Closed Blocks Corporate Retirement Full service products Recordkeeping services Stable value investment options Custodial mutual fund IRA products Advisory programs Brokerage accounts Investment Management Retirement, Retail, Institutional Funds Fixed Income Equity Multi-asset strategies and solutions Senior bank loans Alternatives Annuities Fixed indexed annuities Annuity and custodial products Individual Life Indexed universal life Term life Universal life Variable universal life Employee Benefits Stop loss Group life Voluntary benefits Group disability Variable Annuity Other
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Key Metrics Three Months Ended Year-to-Date (in millions USD, unless otherwise noted) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Adjusted operating earnings before income taxes—Ongoing Business 340.6 303.1 318.8 319.3 392.8 1,281.8 1,377.9 Operating earnings before income taxes—Ongoing Business 368.5 210.0 311.8 324.0 421.8 1,214.3 1,376.3 Operating earnings before income taxes—Total Consolidated 288.4 137.0 262.5 289.6 376.9 977.5 1,230.6 Net income (loss) (160.4) 116.2 367.1 215.7 1,319.8 538.6 2,532.7 Net income (loss) attributable to noncontrolling interest (53.6) 75.9 81.9 26.1 (59.0) 130.3 237.7 Net income (loss) available to Voya Financial, Inc.‘s common shareholders (106.8) 40.3 285.2 189.6 1,378.8 408.3 2,295.0 Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 12,010.9 12,240.4 12,746.6 12,613.2 13,042.5 12,010.9 13,042.5 Return on Equity: Ongoing Business adjusted operating return on equity—TTM (1) (2) 12.1% 12.3% 12.6% 12.6% 12.1% 12.1% 12.1% Debt to Capital (Excluding AOCI) 22.5% 22.2% 21.5% 21.8% 21.2% 22.5% 21.2% Per Share: Total Consolidated Operating earnings per share (Diluted) 0.91 0.42 0.78 0.82 0.99 2.92 3.14 Net income (loss) available to Voya Financial, Inc.‘s common shareholders per common share: Basic (0.50) 0.18 1.25 0.80 5.65 1.81 9.07 Diluted (0.49) 0.18 1.24 0.79 5.60 1.80 9.00 Book value per share (Excluding AOCI) 57.44 56.85 56.33 55.08 53.92 57.44 53.92 Shares: Weighted-average common shares outstanding Basic 213.4 221.8 228.3 238.5 244.2 225.4 253.1 Diluted 216.0 223.6 229.8 240.7 246.4 227.4 255.1 Ending shares outstanding 209.1 215.3 226.3 229.0 241.9 209.1 241.9 Returned to Shareholders: Repurchase of common shares(3) 250.1 481.3 128.0 630.9 180.7 1,490.3 790.1 Dividends to shareholders 2.1 2.2 2.3 2.4 2.4 9.0 10.1 Total cash returned to shareholders 252.2 483.5 130.3 633.3 183.1 1,499.3 800.2 (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) Excludes commissions.
Voya Financial Page 7 of 70 Adjusted Op era ting Return on Capital and Return on Equity Twelve Months Ended December 31, 2015 (in millions USD, unless otherwise indicated) Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Closed Block Variable Annuity Corporate and Other Closed Blocks DTA (4) Other Consolidated Ending Capital (1) 3,960 1,656 317 2,048 396 8,377 2,836 2,072 2,212 15,497 Average Capital (3) 3,965 1,689 329 2,327 387 8,697 2,803 2,148 2,346 15,994 Adjusted operating earnings before interest and after income taxes 345.3 156.7 123.7 143.5 102.3 871.5 — — (29.9) 841.6 Adjusted Operating Return on Capital 8.7% 9.3% 37.6% 6.2% 26.5% 10.0% — N/M 5.3% Adjusted Operating Return on Equity (2) 12.1% Twelve Months Ended December 31, 2014 (in millions USD, unless otherwise indicated) Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Closed Block Variable Annuity (5) Corporate and Other Closed Blocks DTA (4) (5) Other Consolidated 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 2014 and 2015 Term Life Coinsurance Agreement in our Individual Life segment effective 10/1/2014 and 10/1/2015, respectively. (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-Life Subgroup 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 Page 8 of 70 Adjusted Op era ting Earnings Be fore Interest, After Income Taxes Twelve Months Ended December 31, 2015 (in millions USD, unless otherwise indicated) Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Closed Block Variable Annuity Corporate and Other Closed Blocks Consolidated Operating earnings before income taxes 470.6 243.0 181.9 172.7 146.1 1,214.3 — (236.8) 977.5 Less: Interest expense — — — — — — — (194.5) (194.5) DAC/VOBA and other intangibles unlocking (37.2) 12.5 — (38.4) (4.4) (67.5) — — (67.5) Net gain from Lehman Recovery/LIHTC (1) — — — — — — — 1.6 1.6 Adjusted operating earnings before interest 507.8 230.5 181.9 211.1 150.5 1,281.8 — (43.9) 1,237.9 Income tax expense (2) 162.5 73.8 58.2 67.6 48.2 410.3 — (14.0) 396.3 Adjusted operating earnings before interest and after income taxes 345.3 156.7 123.7 143.5 102.3 871.5 — (29.9) 841.6 Twelve Months Ended December 31, 2014 (in millions USD, unless otherwise indicated) Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Closed Block Variable Annuity Corporate and Other Closed Blocks Consolidated 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 Page 9 of 70 Operating Revenues and Operating Earnings by Segment Three Months Ended Year-to-Date (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Operating Revenues Retirement 662.5 1,137.3 593.8 600.5 630.3 2,994.1 2,427.4 Annuities 322.2 314.4 310.4 315.6 323.6 1,262.6 1,353.4 Investment Management 147.9 152.6 158.6 163.1 163.4 622.2 655.4 Individual Life 614.9 670.1 662.9 668.8 646.6 2,616.7 2,717.8 Employee Benefits 383.4 376.7 376.2 370.9 345.7 1,507.2 1,373.0 Ongoing Business 2,130.9 2,651.1 2,101.9 2,118.9 2,109.6 9,002.8 8,527.0 Corporate 16.7 14.1 18.6 20.4 19.5 69.8 91.3 Total Closed Blocks 13.8 14.9 16.0 21.9 27.7 66.6 102.7 Total operating revenues 2,161.4 2,680.1 2,136.5 2,161.2 2,156.8 9,139.2 8,721.0 Operating Earnings Retirement 137.2 80.5 128.4 124.5 149.9 470.6 517.8 Annuities 62.9 50.5 61.0 68.6 64.7 243.0 262.0 Investment Management 42.4 45.6 47.0 46.9 47.0 181.9 210.3 Individual Life 102.4 (10.8) 37.7 43.4 103.0 172.7 237.3 Employee Benefits 23.6 44.2 37.7 40.6 57.2 146.1 148.9 Ongoing Business 368.5 210.0 311.8 324.0 421.8 1,214.3 1,376.3 Corporate (82.1) (75.6) (53.3) (48.2) (47.7) (259.2) (170.4) Total Closed Blocks 2.0 2.6 4.0 13.8 2.8 22.4 24.7 Total operating earnings before income taxes 288.4 137.0 262.5 289.6 376.9 977.5 1,230.6 Closed Block Variable Annuity (317.3) (7.1) 180.5 (29.4) (317.3) (173.3) (239.2) Net investment gains (losses) and related charges and adjustments (59.7) (64.6) (9.4) 50.4 41.1 (83.3) 215.1 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (39.6) (31.7) 24.6 (47.2) (32.3) (93.9) (12.8) Income (loss) related to businesses exited through reinsurance or divestment (104.2) (16.4) (33.3) (15.4) (88.0) (169.3) (157.3) Income (loss) attributable to noncontrolling interests (53.6) 75.9 81.9 26.1 (59.0) 130.3 237.7 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 62.7 — — — (372.7) 62.7 (372.7) Other adjustments to operating earnings (1) (20.0) (12.6) (10.7) (12.8) (34.6) (56.1) (100.2) Total non-operating adjustments (531.7) (56.7) 223.7 (28.3) (862.8) (393.0) (429.4) Income (loss) before income taxes (243.3) 80.3 486.2 261.3 (485.9) 584.5 801.2 Less: Income tax expense (benefit) (82.9) (35.9) 119.1 45.6 (1,805.7) 45.9 (1,731.5) Net income (loss) (160.4) 116.2 367.1 215.7 1,319.8 538.6 2,532.7 Net income (loss) attributable to noncontrolling interest (53.6) 75.9 81.9 26.1 (59.0) 130.3 237.7 Net income (loss) available to Voya Financial, Inc.‘s common shareholders (106.8) 40.3 285.2 189.6 1,378.8 408.3 2,295.0 (1) 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 Page 10 of 70 Adjusted Operating Earnings by Segment Three Months Ended Year-to-Date (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Operating Earnings Retirement 137.2 80.5 128.4 124.5 149.9 470.6 517.8 Annuities 62.9 50.5 61.0 68.6 64.7 243.0 262.0 Investment Management 42.4 45.6 47.0 46.9 47.0 181.9 210.3 Individual Life 102.4 (10.8) 37.7 43.4 103.0 172.7 237.3 Employee Benefits 23.6 44.2 37.7 40.6 57.2 146.1 148.9 Ongoing Business 368.5 210.0 311.8 324.0 421.8 1,214.3 1,376.3 Corporate (82.1) (75.6) (53.3) (48.2) (47.7) (259.2) (170.4) Total Closed Blocks 2.0 2.6 4.0 13.8 2.8 22.4 24.7 Total operating earnings before income taxes 288.4 137.0 262.5 289.6 376.9 977.5 1,230.6 Adjustments to operating earnings Retirement 11.7 (48.2) 3.5 (4.2) 4.6 (37.2) (30.0) Annuities 10.9 (12.9) 5.0 9.5 (1.1) 12.5 26.4 Investment Management — — — — — — — Individual Life 5.5 (29.4) (14.6) 0.1 25.5 (38.4) 9.8 Employee Benefits (0.2) (2.6) (0.9) (0.7) — (4.4) (7.8) Ongoing Business 27.9 (93.1) (7.0) 4.7 29.0 (67.5) (1.6) Corporate (48.5) (46.5) (49.9) (48.0) (47.4) (192.9) (184.0) Total Closed Blocks — — — — — — — Total adjustments to operating earnings (20.6) (139.6) (56.9) (43.3) (18.4) (260.4) (185.6) Adjusted Operating Earnings Retirement 125.5 128.7 124.9 128.7 145.3 507.8 547.8 Annuities 52.0 63.4 56.0 59.1 65.8 230.5 235.6 Investment Management 42.4 45.6 47.0 46.9 47.0 181.9 210.3 Individual Life 96.9 18.6 52.3 43.3 77.5 211.1 227.5 Employee Benefits 23.8 46.8 38.6 41.3 57.2 150.5 156.7 Ongoing Business 340.6 303.1 318.8 319.3 392.8 1,281.8 1,377.9 Corporate (33.6) (29.1) (3.4) (0.2) (0.3) (66.3) 13.6 Total Closed Blocks 2.0 2.6 4.0 13.8 2.8 22.4 24.7 Total adjusted operating earnings before interest and income taxes 309.0 276.6 319.4 332.9 395.3 1,237.9 1,416.2
Voya Financial Page 11 of 70 Consolidated Balance Sheets Balances as of (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 Assets Total investments 88,491.9 91,050.0 88,446.4 93,069.6 90,833.8 Cash and cash equivalents 2,512.7 2,511.1 2,495.5 1,875.4 2,530.9 Assets held in separate accounts 96,514.8 94,721.5 106,330.5 107,039.4 106,007.8 Reinsurance recoverable 7,653.7 7,332.5 7,269.1 7,048.8 7,116.9 Short term investments under securities loan agreement and accrued investment income 1,559.0 1,664.6 1,585.7 1,920.9 1,718.7 Deferred policy acquisition costs, Value of business acquired 5,370.1 4,926.0 5,089.9 4,244.3 4,570.9 Goodwill and other intangible assets 250.8 258.6 266.0 276.3 284.4 Other assets (1) 3,418.5 3,001.1 3,037.7 2,256.3 2,544.1 Assets related to consolidated investment entities 12,478.1 13,245.8 12,064.3 11,294.7 11,323.2 Total Assets 218,249.6 218,711.2 226,585.1 229,025.7 226,930.7 Liabilities Future policy benefits and contract owner account balances 88,172.1 87,874.5 85,593.2 85,666.2 84,951.7 Liabilities related to separate accounts 96,514.8 94,721.5 106,330.5 107,039.4 106,007.8 Funds held under reinsurance agreements 702.4 1,017.6 1,027.4 1,162.2 1,159.6 Payables under securities loan agreements, including collateral held 1,485.0 1,881.7 1,251.4 1,971.9 1,445.0 Long-term debt 3,485.9 3,485.6 3,486.0 3,516.0 3,515.7 Other liabilities (2) 2,705.8 2,946.2 2,678.1 2,967.0 3,093.5 Liabilities related to consolidated investment entities 8,907.8 9,535.5 8,669.6 7,993.9 8,195.9 Total Liabilities 201,973.8 201,462.6 209,036.2 210,316.6 208,369.2 Shareholders’ Equity Common stock 2.7 2.7 2.7 2.7 2.6 Treasury stock (2,302.3) (2,052.0) (1,570.5) (1,440.7) (807.0) Additional paid-in capital 23,716.8 23,593.4 23,674.1 23,654.2 23,650.1 Retained earnings (deficit) (9,406.3) (9,303.7) (9,359.7) (9,603.0) (9,803.2) Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 12,010.9 12,240.4 12,746.6 12,613.2 13,042.5 Accumulated other comprehensive income 1,424.9 2,045.7 2,109.2 3,531.2 3,103.7 Total Voya Financial, Inc. Shareholders’ Equity 13,435.8 14,286.1 14,855.8 16,144.4 16,146.2 Noncontrolling interest 2,840.0 2,962.5 2,693.1 2,564.7 2,415.3 Total Shareholders’ Equity 16,275.8 17,248.6 17,548.9 18,709.1 18,561.5 Total Liabilities and Shareholders’ Equity 218,249.6 218,711.2 226,585.1 229,025.7 226,930.7 (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 Page 12 of 70 Consolidated Statements of Operations Three Months Ended Year-to-Date (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Revenues Net investment income 1,202.5 1,126.7 1,134.0 1,174.6 1,184.7 4,637.8 4,614.8 Fee income 837.1 871.8 872.4 899.8 894.5 3,481.1 3,632.5 Premiums 619.7 1,128.8 667.2 608.8 801.0 3,024.5 2,626.4 Net realized capital gains (losses) (772.6) 299.1 (0.3) (259.5) (513.3) (733.3) (878.4) Income (loss) related to consolidated investment entities 18.5 186.4 214.7 104.6 32.9 524.2 658.8 Other revenues 91.6 106.7 105.9 102.7 116.0 406.9 432.8 Total revenues 1,996.8 3,719.5 2,993.9 2,631.0 2,515.8 11,341.2 11,086.9 Benefits and expenses Interest credited and other benefits to contract owners/ policyholders (1,234.5) (2,454.8) (1,449.0) (1,371.7) (1,541.7) (6,510.0) (5,937.9) Operating expenses (812.3) (750.9) (771.0) (768.8) (1,246.6) (3,103.0) (3,561.7) Net amortization of DAC/VOBA (75.9) (316.3) (153.1) (118.1) (106.9) (663.4) (379.3) Interest expense (46.1) (46.4) (56.6) (47.4) (47.4) (196.5) (189.7) Operating expenses related to consolidated investment entities (71.3) (70.8) (78.0) (63.7) (59.1) (283.8) (217.1) Total benefits and expenses (2,240.1) (3,639.2) (2,507.7) (2,369.7) (3,001.7) (10,756.7) (10,285.7) Income (loss) before income taxes (243.3) 80.3 486.2 261.3 (485.9) 584.5 801.2
Voya Financial Page 13 of 70 Ongoing Business Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Sources of operating earnings before income taxes: Investment spread and other investment income 385.7 369.8 372.6 388.6 386.9 1,516.7 1,504.9 Fee based margin 377.3 372.7 383.1 382.0 403.5 1,515.1 1,559.8 Net underwriting gain (loss) and other revenue 214.4 194.8 197.1 191.1 251.0 797.4 825.5 Administrative expenses (414.2) (410.6) (425.4) (429.5) (418.0) (1,679.7) (1,676.4) Trail commissions (83.5) (78.6) (81.2) (79.6) (69.0) (322.9) (287.7) DAC/VOBA and other intangibles amortization, excluding unlocking (139.1) (145.0) (127.4) (133.3) (141.6) (544.8) (528.2) DAC/VOBA and other intangibles unlocking 27.9 (93.1) (7.0) 4.7 9.0 (67.5) (21.6) Operating earnings before income taxes 368.5 210.0 311.8 324.0 421.8 1,214.3 1,376.3
Voya Financial Page 14 of 70 Consolidated Earnings Before Income Taxes Three Months Ended Year-to-Date (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Operating revenues Net investment income and net realized gains (losses) 950.1 934.3 931.8 951.6 967.9 3,767.8 3,869.3 Fee income 640.0 669.9 655.0 660.6 646.7 2,625.5 2,601.6 Premiums 537.1 1,044.9 516.9 518.2 496.6 2,617.1 2,098.2 Other revenue 34.2 31.0 32.8 30.8 45.6 128.8 151.9 Total operating revenues 2,161.4 2,680.1 2,136.5 2,161.2 2,156.8 9,139.2 8,721.0 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,157.9) (1,714.5) (1,155.9) (1,141.8) (1,109.9) (5,170.1) (4,782.6) Operating expenses (575.7) (564.3) (556.9) (561.3) (535.2) (2,258.2) (2,162.8) Net amortization of DAC/VOBA (93.0) (218.0) (112.7) (120.7) (87.0) (544.4) (356.4) Interest expense (46.4) (46.3) (48.5) (47.8) (47.8) (189.0) (188.6) Total operating benefits and expenses (1,873.0) (2,543.1) (1,874.0) (1,871.6) (1,779.9) (8,161.7) (7,490.4) Operating earnings before income taxes 288.4 137.0 262.5 289.6 376.9 977.5 1,230.6 Adjustments Closed Block Variable Annuity (317.3) (7.1) 180.5 (29.4) (317.3) (173.3) (239.2) Net investment gains (losses) and related charges and adjustments (59.7) (64.6) (9.4) 50.4 41.1 (83.3) 215.1 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (39.6) (31.7) 24.6 (47.2) (32.3) (93.9) (12.8) Income (loss) related to businesses exited through reinsurance or divestment (104.2) (16.4) (33.3) (15.4) (88.0) (169.3) (157.3) Income (loss) attributable to noncontrolling interests (53.6) 75.9 81.9 26.1 (59.0) 130.3 237.7 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 62.7 — — — (372.7) 62.7 (372.7) Other adjustments to operating earnings(1) (20.0) (12.6) (10.7) (12.8) (34.6) (56.1) (100.2) Total non-operating adjustments (531.7) (56.7) 223.7 (28.3) (862.8) (393.0) (429.4) Income (loss) before income taxes (243.3) 80.3 486.2 261.3 (485.9) 584.5 801.2 (1) 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 Page 15 of 70 Operating Earnings by Segment Three Months Ended December 31, 2015 (in millions USD) Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated Operating revenues Net investment income and net realized gains (losses) 411.9 273.1 (8.8) 217.4 26.8 920.4 17.2 12.5 950.1 Fee income 179.4 16.4 145.1 283.1 16.0 640.0 — — 640.0 Premiums 55.4 29.2 109.8 342.0 536.4 — 0.7 537.1 Other revenue 15.8 3.5 11.6 4.6 (1.4) 34.1 (0.5) 0.6 34.2 Total operating revenues 662.5 322.2 147.9 614.9 383.4 2,130.9 16.7 13.8 2,161.4 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (278.6) (179.2) — (409.4) (282.3) (1,149.5) — (8.4) (1,157.9) Operating expenses (217.9) (38.2) (105.5) (84.0) (74.3) (519.9) (52.4) (3.4) (575.7) Net amortization of DAC/VOBA (28.8) (41.9) — (19.1) (3.2) (93.0) — — (93.0) Interest expense — — — — — — (46.4) — (46.4) Total operating benefits and expenses (525.3) (259.3) (105.5) (512.5) (359.8) (1,762.4) (98.8) (11.8) (1,873.0) Operating earnings before income taxes 137.2 62.9 42.4 102.4 23.6 368.5 (82.1) 2.0 288.4 Three Months Ended December 31, 2014 Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated Operating revenues Net investment income and net realized gains (losses) 394.4 280.9 (4.6) 223.5 27.8 922.0 19.6 26.3 967.9 Fee income 194.8 14.6 148.7 273.2 15.4 646.7 — — 646.7 Premiums 21.8 24.7 — 145.1 303.4 495.0 — 1.6 496.6 Other revenue 19.3 3.4 19.3 4.8 (0.9) 45.9 (0.1) (0.2) 45.6 Total operating revenues 630.3 323.6 163.4 646.6 345.7 2,109.6 19.5 27.7 2,156.8 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (230.9) (181.8) — (455.7) (220.9) (1,089.3) — (20.6) (1,109.9) Operating expenses (214.3) (32.9) (116.4) (83.5) (64.5) (511.6) (19.4) (4.2) (535.2) Net amortization of DAC/VOBA (35.2) (44.2) — (4.4) (3.1) (86.9) — (0.1) (87.0) Interest expense — — — — — — (47.8) — (47.8) Total operating benefits and expenses (480.4) (258.9) (116.4) (543.6) (288.5) (1,687.8) (67.2) (24.9) (1,779.9) Operating earnings before income taxes 149.9 64.7 47.0 103.0 57.2 421.8 (47.7) 2.8 376.9
Voya Financial Page 16 of 70 Operating Earnings by Segment Twelve Months Ended December 31, 2015 (in millions USD) Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated Operating revenues Net investment income and net realized gains (losses) 1,578.0 1,068.1 1.1 879.4 108.1 3,634.7 69.8 63.3 3,767.8 Fee income 736.1 63.6 584.6 1,172.4 68.3 2,625.0 0.5 — 2,625.5 Premiums 613.4 116.4 — 548.0 1,336.6 2,614.4 (0.1) 2.8 2,617.1 Other revenue 66.6 14.5 36.5 16.9 (5.8) 128.7 (0.4) 0.5 128.8 Total operating revenues 2,994.1 1,262.6 622.2 2,616.7 1,507.2 9,002.8 69.8 66.6 9,139.2 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,469.3) (697.9) — (1,923.3) (1,050.5) (5,141.0) — (29.1) (5,170.1) Operating expenses (869.6) (152.3) (440.3) (351.8) (289.1) (2,103.1) (140.0) (15.1) (2,258.2) Net amortization of DAC/VOBA (184.6) (169.4) — (168.9) (21.5) (544.4) — — (544.4) Interest expense — — — — — — (189.0) — (189.0) Total operating benefits and expenses (2,523.5) (1,019.6) (440.3) (2,444.0) (1,361.1) (7,788.5) (329.0) (44.2) (8,161.7) Operating earnings before income taxes 470.6 243.0 181.9 172.7 146.1 1,214.3 (259.2) 22.4 977.5 Twelve Months Ended December 31, 2014 Retirement Annuities Investment Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated Operating revenues Net investment income and net realized gains (losses) 1,556.1 1,109.6 19.7 885.1 111.3 3,681.8 90.9 96.6 3,869.3 Fee income 772.3 57.0 591.1 1,111.6 69.6 2,601.6 — — 2,601.6 Premiums 26.6 169.0 — 699.6 1,196.2 2,091.4 — 6.8 2,098.2 Other revenue 72.4 17.8 44.6 21.5 (4.1) 152.2 0.4 (0.7) 151.9 Total operating revenues 2,427.4 1,353.4 655.4 2,717.8 1,373.0 8,527.0 91.3 102.7 8,721.0 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (860.3) (813.1) — (2,115.6) (940.7) (4,729.7) — (52.9) (4,782.6) Operating expenses (866.2) (139.8) (445.1) (359.2) (254.7) (2,065.0) (73.1) (24.7) (2,162.8) Net amortization of DAC/VOBA (183.1) (138.5) — (5.7) (28.7) (356.0) — (0.4) (356.4) Interest expense — — — — — — (188.6) — (188.6) Total operating benefits and expenses (1,909.6) (1,091.4) (445.1) (2,480.5) (1,224.1) (7,150.7) (261.7) (78.0) (7,490.4) Operating earnings before income taxes 517.8 262.0 210.3 237.3 148.9 1,376.3 (170.4) 24.7 1,230.6
Voya Financial Page 17 of 70 DAC/VOBA Segment Trends Three Months Ended Year-to-Date (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014 Retirement Balance as of Beginning-of-Period 1,239.7 1,274.2 972.6 1,081.0 1,141.9 1,081.0 1,415.3 Deferrals of commissions and expenses 27.5 25.1 23.9 24.5 26.0 101.0 98.3 Amortization (34.2) (18.0) (40.8) (39.5) (40.8) (132.5) (180.3) Unlocking 10.5 (66.2) (1.4) 7.1 13.3 (50.0) 18.3 Change in unrealized capital gains/losses 159.0 24.6 319.9 (100.4) (59.4) 403.0 (270.6) Balance as of End-of-Period 1,402.5 1,239.7 1,274.2 972.6 1,081.0 1,402.5 1,081.0 Annuities Balance as of Beginning-of-Period 493.4 585.7 440.4 492.3 507.5 492.3 591.7 Deferrals of commissions and expenses 37.2 29.9 22.1 21.7 24.5 110.9 111.1 Amortization (20.5) (89.0) (54.1) (30.6) (38.2) (194.2) (180.5) Unlocking 4.4 (77.4) 11.4 8.0 (1.9) (53.6) 48.1 Change in unrealized capital gains/losses 90.1 44.2 165.9 (51.0) 0.4 249.2 (78.2) Balance as of End-of-Period 604.6 493.4 585.7 440.4 492.3 604.6 492.3 Individual Life Balance as of Beginning-of-Period 2,675.4 2,700.1 2,285.4 2,440.4 2,557.9 2,440.4 2,752.9 Deferrals of commissions and expenses 44.2 35.2 34.7 35.6 36.2 149.7 143.1 Amortization (42.5) (38.0) (41.8) (43.4) (56.4) (165.7) (182.7) Unlocking 16.0 (6.7) (0.9) 0.1 40.1 8.5 164.3 Change in unrealized capital gains/losses 163.7 (15.2) 422.0 (148.0) (137.4) 423.9 (437.2) Balance as of End-of-Period 2,856.8 2,675.4 2,700.1 2,285.4 2,440.4 2,856.8 2,440.4 Other (1) Balance as of Beginning-of-Period 84.4 89.3 91.5 91.6 90.3 91.6 102.7 Deferrals of commissions and expenses 4.1 4.8 4.8 4.6 5.6 18.3 22.5 Amortization (1.8) (9.3) (5.4) (4.7) (10.8) (21.2) (23.6) Unlocking (0.2) (2.6) (0.9) (0.7) 6.9 (4.4) (10.0) Change in unrealized capital gains/losses (2.4) 2.2 (0.7) 0.7 (0.4) (0.2) — Balance as of End-of-Period 84.1 84.4 89.3 91.5 91.6 84.1 91.6 Closed Block Variable Annuity Balance as of Beginning-of-Period 433.1 440.6 454.4 465.6 482.3 465.6 489.0 Deferrals of commissions and expenses 1.4 1.6 1.8 2.0 2.0 6.8 9.3 Amortization (12.2) (13.3) (13.0) (13.5) (13.4) (52.0) (67.3) Unlocking (0.2) 4.2 (2.6) 0.3 (5.4) 1.7 34.4 Change in unrealized capital gains/losses — — — — 0.1 — 0.2 Balance as of End-of-Period 422.1 433.1 440.6 454.4 465.6 422.1 465.6 Total Balance as of Beginning-of-Period 4,926.0 5,089.9 4,244.3 4,570.9 4,779.9 4,570.9 5,351.6 Deferrals of commissions and expenses 113.0 96.6 88.0 89.1 94.3 386.7 384.3 Amortization (108.6) (167.6) (158.7) (130.7) (159.6) (565.6) (634.4) Unlocking 32.7 (148.7) 5.6 12.6 53.0 (97.8) 255.1 Change in unrealized capital gains/losses 407.0 55.8 910.7 (297.6) (196.7) 1,075.9 (785.7) Balance as of End-of-Period 5,370.1 4,926.0 5,089.9 4,244.3 4,570.9 5,370.1 4,570.9 (1) Includes Employee Benefits, Investment Management, and Other Closed Blocks.
Voya Financial Page 18 of 70 Consolidated Capital Structure Balances as of (in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 Financial Debt Senior bonds 2,717.3 2,717.0 2,717.4 2,747.3 2,747.0 Subordinated bonds 763.7 763.7 763.7 763.8 763.8 Other debt 4.9 4.9 4.9 4.9 4.9 Total Debt 3,485.9 3,485.6 3,486.0 3,516.0 3,515.7 Equity Total common equity (Excluding AOCI) 12,010.9 12,240.4 12,746.6 12,613.2 13,042.5 Accumulated other comprehensive income (AOCI) 1,424.9 2,045.7 2,109.2 3,531.2 3,103.7 Total Voya Financial, Inc. Shareholders’ Equity 13,435.8 14,286.1 14,855.8 16,144.4 16,146.2 Total Equity (Excluding AOCI) 12,010.9 12,240.4 12,746.6 12,613.2 13,042.5 Capital Total Capitalization 16,921.7 17,771.7 18,341.8 19,660.4 19,661.9 Total Capitalization (Excluding AOCI) 15,496.8 15,726.0 16,232.6 16,129.2 16,558.2 Debt to Capital Debt to Capital 20.6% 19.6% 19.0% 17.9% 17.9% Debt to Capital (Excluding AOCI) 22.5% 22.2% 21.5% 21.8% 21.2%
Voya Financial Page 19 of 70 Consolidated Assets Under Management/Assets Under Administration As of December 31, 2015 (in millions USD) General Account Separate Account Institutional/ Mutual Funds Total AUM—Assets Under Management AUA—Assets Under Administration Total AUM + AUA Retirement (1) 29,752.6 56,641.9 24,412.6 110,807.1 180,949.9 291,757.0 Annuities (2) 21,790.6 743.4 4,501.8 27,035.8 ? 27,035.8 Investment Management 78,174.1 44,850.0 77,697.1 200,721.2 48,820.2 249,541.4 Individual Life (3) 12,603.1 2,520.8 ? 15,123.9 ? 15,123.9 Employee Benefits 1,777.9 15.1 ? 1,793.0 ? 1,793.0 Eliminations (70,857.3) (43,598.7) (10,485.1) (124,941.1) (48,174.3) (173,115.4) Total Ongoing Business 73,241.0 61,172.5 96,126.4 230,539.9 181,595.8 412,135.7 Closed Block Variable Annuity 3,410.4 35,141.4 ? 38,551.8 ? 38,551.8 Closed Block Institutional Spread Products 1,504.3 ? ? 1,504.3 ? 1,504.3 Closed Block Other 18.4 200.9 ? 219.3 ? 219.3 Total AUM and AUA 78,174.1 96,514.8 96,126.4 270,815.3 181,595.8 452,411.1 (1) Includes wrapped funds as well as unwrapped Voya-managed funds. (2) Includes Payout annuities. (3) Includes assets backing interest and non-interest sensitive products.
Retirement
Voya Financial Page 21 of 70
Retirement Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Sources of operating earnings before income taxes:
Investment spread and other investment income (1) 188.5 176.6 171.6 182.9 184.4 719.6 722.1
Fee based margin 200.4 200.1 207.6 205.7 216.6 813.8 849.8
Net underwriting gain (loss) and other revenue (7.5) (2.0) (2.3) (7.4) (4.6) (19.2) (16.3)
Administrative expenses (177.1) (172.3) (181.2) (180.6) (174.3) (711.2) (710.3)
Trail commissions (36.9) (34.3) (36.3) (35.2) (35.7) (142.7) (138.8)
DAC/VOBA and other intangibles amortization, excluding unlocking (41.9) (39.4) (34.5) (36.7) (41.1) (152.5) (158.7)
DAC/VOBA and other intangibles unlocking 11.7 (48.2) 3.5 (4.2) 4.6 (37.2) (30.0)
Operating earnings before income taxes 137.2 80.5 128.4 124.5 149.9 470.6 517.8
Gross investment income
Fixed income 376.7 365.1 357.6 358.1 354.7 1,457.5 1,422.8
Limited partnership income (1.4) 1.0 0.5 0.3 0.7 0.4 9.8
Prepayment fee income 25.5 15.7 4.7 14.8 19.5 60.7 46.0
Total gross investment income 400.8 381.8 362.8 373.2 374.9 1,518.6 1,478.6
Investment expenses (14.6) (15.3) (14.7) (14.8) (14.8) (59.4) (59.6)
Credited interest (218.6) (213.3) (205.4) (200.7) (203.9) (838.0) (811.2)
Net margin 167.6 153.2 142.7 157.7 156.2 621.2 607.8
Other investment income (1) (2) 20.9 23.4 28.9 25.2 28.2 98.4 114.3
Investment spread and other investment income 188.5 176.6 171.6 182.9 184.4 719.6 722.1
Fee based margin
Fee based margin—excluding Recordkeeping 156.2 157.6 164.1 159.6 163.2 637.5 638.1
Fee based margin—Recordkeeping 44.1 42.6 43.5 46.2 53.5 176.4 211.8
Fee based margin 200.3 200.1 207.6 205.7 216.6 813.9 849.8
(1) The twelve months ended 12/31/15 and 12/31/14 include $2.5 million and $2.2 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 Page 22 of 70
Retirement Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Operating revenues
Net investment income and net realized gains (losses) 411.9 395.1 382.1 388.9 394.4 1,578.0 1,556.1
Fee income 179.4 180.9 188.9 186.9 194.8 736.1 772.3
Premiums 55.4 543.6 3.7 10.7 21.8 613.4 26.6
Other revenue 15.8 17.7 19.1 14.0 19.3 66.6 72.4
Total operating revenues 662.5 1,137.3 593.8 600.5 630.3 2,994.1 2,427.4
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (278.6) (759.9) (214.2) (216.6) (230.9) (1,469.3) (860.3)
Operating expenses (217.9) (210.6) (221.3) (219.8) (214.3) (869.6) (866.2)
Net amortization of DAC/VOBA (28.8) (86.3) (29.9) (39.6) (35.2) (184.6) (183.1)
Total operating benefits and expenses (525.3) (1,056.8) (465.4) (476.0) (480.4) (2,523.5) (1,909.6)
Operating earnings before income taxes 137.2 80.5 128.4 124.5 149.9 470.6 517.8
Voya Financial Page 23 of 70
Retirement AUM/AUA
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Assets Under Management by Product Group
Corporate markets 45,088.6 43,215.1 45,317.2 44,987.5 43,806.9
Tax-exempt markets 51,641.9 50,226.4 55,415.5 55,314.3 53,896.6
Total full service plans 96,730.5 93,441.5 100,732.7 100,301.8 97,703.5
Stable value and Pension risk transfer 10,762.9 10,664.6 8,974.8 8,925.0 8,778.4
Retail wealth management 3,313.7 3,186.7 3,276.0 3,275.5 3,211.4
Total AUM 110,807.1 107,292.8 112,983.5 112,502.3 109,693.3
AUA 180,949.9 181,056.9 201,116.9 201,584.0 244,851.2
Total AUM and AUA 291,757.0 288,349.7 314,100.4 314,086.3 354,544.5
Assets Under Management by Fund Group
General account 29,752.6 29,324.4 28,328.7 28,006.7 27,716.3
Guaranteed separate account 6,895.6 6,872.2 7,686.0 8,050.2 7,932.7
Non-guaranteed separate account 49,746.3 47,970.2 52,432.4 52,726.7 51,709.2
Mutual funds / Institutional funds 24,412.6 23,126.0 24,536.4 23,718.7 22,335.1
Total AUM 110,807.1 107,292.8 112,983.5 112,502.3 109,693.3
AUA 180,949.9 181,056.9 201,116.9 201,584.0 244,851.2
Total AUM and AUA 291,757.0 288,349.7 314,100.4 314,086.3 354,544.5
Voya Financial Page 24 of 70
Retirement AUM Rollforward
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Full service—Corporate markets
Assets under management, beginning of period 43,215.1 45,317.2 44,987.5 43,806.9 42,269.8 43,806.9 40,123.7
Transfer/Single deposits 1,439.1 922.8 767.1 956.6 1,469.0 4,085.6 4,168.1
Recurring deposits 1,026.6 1,068.3 1,086.1 1,238.9 926.0 4,419.9 3,944.7
Total deposits 2,465.7 1,991.1 1,853.2 2,195.5 2,395.0 8,505.5 8,112.8
Surrenders, benefits, and product charges (2,106.0) (1,572.6) (1,481.8) (2,021.3) (1,919.9) (7,181.7) (6,864.1)
Net Flows 359.7 418.5 371.4 174.2 475.1 1,323.8 1,248.7
Interest credited and investment performance 1,513.7 (2,520.6) (41.7) 1,006.3 1,062.0 (42.3) 2,434.6
Transfer to reinsurer (3) / between markets (4) — — — — — — —
Assets under management, end of period 45,088.5 43,215.1 45,317.2 44,987.5 43,806.9 45,088.5 43,806.9
Full service—Tax-exempt markets
Assets under management, beginning of period 50,226.4 55,415.5 55,314.3 53,896.6 53,406.6 53,896.6 53,200.5
Transfer/Single deposits 374.8 299.7 319.8 837.6 837.9 1,831.9 1,687.7
Recurring deposits 734.6 678.3 782.8 778.5 735.8 2,974.2 2,950.0
Total deposits 1,109.4 978.0 1,102.6 1,616.1 1,573.7 4,806.1 4,637.7
Surrenders, benefits, and product charges (1,071.5) (3,110.2) (1,062.8) (1,221.5) (2,140.0) (6,466.0) (5,866.4)
Net Flows 37.9 (2,132.2) 39.8 394.6 (566.3) (1,659.9) (1,228.7)
Interest credited and investment performance 1,377.5 (1,939.2) 61.4 1,023.1 1,056.2 522.8 2,833.5
Transfer to reinsurer (3) / between markets (4) — (1,117.8) — — — (1,117.8) (908.8)
Assets under management, end of period 51,641.9 50,226.4 55,415.5 55,314.3 53,896.6 51,641.9 53,896.6
Stable value (1) and Pension risk transfer
Assets under management, beginning of period 10,664.6 8,974.8 8,925.0 8,778.4 8,827.1 8,778.4 8,914.3
Transfer/Single deposits 259.9 633.9 299.9 169.5 121.9 1,363.2 328.4
Recurring deposits 75.0 73.5 42.1 42.7 49.0 233.3 175.9
Total deposits 334.9 707.4 342.0 212.2 170.9 1,596.5 504.3
Surrenders, benefits, and product charges (232.3) (150.2) (288.9) (126.1) (281.8) (797.5) (844.1)
Net Flows 102.6 557.2 53.1 86.1 (110.9) 799.0 (339.8)
Interest credited and investment performance (4.3) 15.0 (3.5) 60.5 62.2 67.7 203.7
Transfer to reinsurer (3) / between markets (4) — 1,117.8 — — — 1,117.8 —
Assets under management, end of period 10,762.9 10,664.6 8,974.8 8,925.0 8,778.4 10,762.9 8,778.4
Retail wealth management
Assets under management, beginning of period 3,186.7 3,276.0 3,275.5 3,211.4 3,151.2 3,211.4 2,998.4
Transfer/Single deposits 259.2 257.7 251.1 243.6 224.2 1,011.6 994.6
Recurring deposits 0.3 0.2 0.7 0.6 0.3 1.8 1.7
Total deposits 259.5 257.9 251.8 244.2 224.5 1,013.4 996.3
Surrenders, benefits, and product charges (203.1) (230.4) (240.9) (238.7) (224.7) (913.1) (923.3)
Net Flows 56.4 27.5 10.9 5.5 (0.2) 100.3 73.0
Interest credited and investment performance 70.6 (116.9) (10.4) 58.5 60.5 1.8 140.1
Transfer to reinsurer (3) / between markets (4) — — — — — — —
Assets under management, end of period 3,313.7 3,186.7 3,276.0 3,275.5 3,211.4 3,313.7 3,211.4
Total AUM (2)
Assets under management, beginning of period 107,292.8 112,983.5 112,502.3 109,693.3 107,654.7 109,693.3 105,236.9
Transfer/Single deposits 2,333.1 2,114.1 1,637.9 2,207.4 2,653.0 8,292.5 7,178.8
Recurring deposits 1,836.6 1,820.3 1,911.7 2,060.8 1,711.1 7,629.4 7,072.3
Total deposits 4,169.7 3,934.4 3,549.6 4,268.2 4,364.1 15,921.9 14,251.1
Surrenders, benefits, and product charges (3,612.9) (5,063.4) (3,074.3) (3,607.6) (4,566.4) (15,358.2) (14,497.8)
Net Flows 556.8 (1,129.0) 475.3 660.6 (202.3) 563.7 (246.7)
Interest credited and investment performance 2,957.5 (4,561.7) 5.9 2,148.4 2,240.9 550.1 5,611.9
Transfer to reinsurer (3) / between markets (4) — — — — — — (908.8)
Assets under management, end of period 110,807.1 107,292.8 112,983.5 112,502.3 109,693.3 110,807.1 109,693.3
(1) Where Voya is the Investment Manager.
(2) Excludes Recordkeeping and Stable Value where Voya is not the Investment Manager.
(3) Represents assets transferred to third parties through reinsurance transactions.
(4) Includes $1.1 billion of AUM transferred between Retirement markets.
Annuities
Voya Financial Page 26 of 70
Annuities Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Sources of operating earnings before income taxes:
Investment spread and other investment income (1) 130.0 120.3 120.0 122.9 128.7 493.2 481.8
Fee based margin 16.4 16.0 16.2 15.5 14.8 64.1 56.6
Net underwriting gain (loss) and other revenue 4.1 24.1 4.6 7.5 6.2 40.3 25.5
Administrative expenses (24.6) (24.8) (25.2) (25.4) (23.0) (100.0) (95.0)
Trail commissions (13.4) (13.0) (12.9) (11.9) (9.6) (51.2) (43.5)
DAC/VOBA and other intangibles amortization, excluding
unlocking (60.5) (59.2) (46.7) (49.5) (51.3) (215.9) (189.8)
DAC/VOBA and other intangibles unlocking 10.9 (12.9) 5.0 9.5 (1.1) 12.5 26.4
Operating earnings before income taxes 62.9 50.5 61.0 68.6 64.7 243.0 262.0
Gross investment income
Fixed income 252.9 252.9 254.3 252.6 257.3 1,012.7 1,034.6
Limited partnership income (2.9) 2.3 0.6 0.1 2.3 0.1 16.7
Prepayment fee income 23.6 8.2 4.6 11.4 15.7 47.8 34.3
Total gross investment income 273.6 263.4 259.5 264.1 275.3 1,060.6 1,085.6
Investment expenses (11.2) (11.0) (11.3) (10.5) (10.7) (44.0) (43.9)
Credited interest (143.1) (144.5) (143.5) (144.2) (152.1) (575.3) (628.3)
Net margin 119.3 107.9 104.7 109.4 112.5 441.3 413.4
Other investment income (1) (2) 10.7 12.4 15.3 13.5 16.2 51.9 68.4
Investment spread and other investment income 130.0 120.3 120.0 122.9 128.7 493.2 481.8
(1) The twelve months ended 12/31/15 and 12/31/14 include $1.4 million and $1.1 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 Page 27 of 70
Annuities Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Operating revenues
Net investment income and net realized gains (losses) 273.1 264.8 263.2 267.0 280.9 1,068.1 1,109.6
Fee income 16.4 16.0 16.0 15.2 14.6 63.6 57.0
Premiums 29.2 30.1 27.3 29.8 24.7 116.4 169.0
Other revenue 3.5 3.5 3.9 3.6 3.4 14.5 17.8
Total operating revenues 322.2 314.4 310.4 315.6 323.6 1,262.6 1,353.4
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (179.2) (166.0) (177.3) (175.4) (181.8) (697.9) (813.1)
Operating expenses (38.2) (38.1) (38.4) (37.6) (32.9) (152.3) (139.8)
Net amortization of DAC/VOBA (41.9) (59.8) (33.7) (34.0) (44.2) (169.4) (138.5)
Total operating benefits and expenses (259.3) (263.9) (249.4) (247.0) (258.9) (1,019.6) (1,091.4)
Operating earnings before income taxes 62.9 50.5 61.0 68.6 64.7 243.0 262.0
Voya Financial Page 28 of 70
Annuities AUM
Balances As Of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Assets Under Management by Product Group
Fixed single-year 3,384.5 3,440.7 3,496.5 3,558.5 3,617.2
Fixed multi-year 1,987.9 2,081.8 2,168.2 2,226.0 2,288.9
Indexed 13,901.7 13,661.6 13,521.7 13,435.5 13,350.5
SPIA & Payout 2,822.8 2,819.6 2,856.7 2,874.0 2,878.5
Investment-only products (1) 4,536.0 4,301.3 4,408.1 4,272.6 4,062.0
Other annuities 403.0 396.0 438.3 451.6 452.9
Total AUM 27,035.8 26,700.9 26,889.5 26,818.2 26,650.0
Assets Under Management by Fund Group
General account 21,790.6 21,704.1 21,715.3 21,753.7 21,795.5
Separate account 743.4 711.3 766.1 791.9 792.5
Mutual funds 4,501.8 4,285.5 4,408.1 4,272.6 4,062.0
Total AUM 27,035.8 26,700.9 26,889.5 26,818.2 26,650.0
(1) Includes Separate account and Mutual funds.
Voya Financial Page 29 of 70
Annuities AUM Rollforward
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Annual Reset Annuities/Multi-Year Guaranteed Annuities
Assets Under Management, beginning of period 5,522.6 5,664.7 5,784.6 5,906.1 6,331.4 5,906.1 7,335.2
Deposits 8.2 6.5 8.2 8.3 6.2 31.2 33.7
Surrenders, benefits, and product charges (206.5) (197.4) (175.9) (177.5) (486.7) (757.3) (1,710.3)
Net cash flow (198.3) (190.9) (167.7) (169.2) (480.5) (726.1) (1,676.6)
Interest credited and investment performance 48.2 48.8 47.8 47.7 55.2 192.5 247.5
Assets Under Management, end of period 5,372.5 5,522.6 5,664.7 5,784.6 5,906.1 5,372.5 5,906.1
Fixed Indexed Annuities
Assets Under Management, beginning of period 13,661.6 13,521.7 13,435.5 13,350.5 13,230.1 13,350.5 12,648.4
Deposits 584.3 463.3 343.1 325.7 360.1 1,716.4 1,564.8
Surrenders, benefits, and product charges (385.9) (378.0) (379.6) (344.6) (348.7) (1,488.1) (1,351.8)
Net cash flow 198.4 85.3 (36.5) (18.9) 11.4 228.3 213.1
Interest credited and investment performance 41.7 54.6 122.7 103.9 109.1 322.9 489.0
Assets Under Management, end of period 13,901.7 13,661.6 13,521.7 13,435.5 13,350.5 13,901.7 13,350.5
SPIA & Payout
Assets Under Management, beginning of period 2,819.6 2,856.7 2,874.0 2,878.5 2,892.1 2,878.5 2,803.5
Deposits 59.5 76.3 62.3 64.6 63.1 262.7 340.7
Surrenders, benefits, and product charges (99.8) (100.5) (108.9) (106.3) (111.2) (415.5) (408.4)
Net cash flow (40.3) (24.2) (46.6) (41.7) (48.1) (152.8) (67.7)
Interest credited and investment performance 43.5 (12.9) 29.3 37.2 34.5 97.1 142.7
Assets Under Management, end of period 2,822.8 2,819.6 2,856.7 2,874.0 2,878.5 2,822.8 2,878.5
Investment-only products (1)
Assets Under Management, beginning of period 4,301.3 4,408.1 4,272.6 4,062.0 3,880.2 4,062.0 3,384.9
Deposits 269.2 328.8 322.7 289.1 268.5 1,209.8 1,100.6
Surrenders, benefits, and product charges (164.9) (155.8) (163.7) (155.9) (147.2) (640.3) (585.5)
Net cash flow 104.3 173.0 159.0 133.2 121.3 569.4 515.0
Interest credited and investment performance 130.4 (279.7) (23.5) 77.4 60.5 (95.4) 162.1
Assets Under Management, end of period 4,536.0 4,301.3 4,408.1 4,272.6 4,062.0 4,536.0 4,062.0
Other Annuities
Assets Under Management, beginning of period 396.0 438.3 451.6 452.9 456.2 452.9 474.8
Deposits 0.8 0.6 1.8 1.2 1.1 4.4 4.8
Surrenders, benefits, and product charges (12.3) (9.7) (13.8) (13.4) (15.8) (49.2) (59.1)
Net cash flow (11.5) (9.1) (12.0) (12.2) (14.7) (44.7) (54.2)
Interest credited and investment performance 18.5 (33.3) (1.3) 10.9 11.4 (5.2) 32.3
Assets Under Management, end of period 403.0 396.0 438.3 451.6 452.9 403.0 452.9
Annuities—Total
Assets Under Management, beginning of period 26,700.9 26,889.5 26,818.2 26,650.0 26,790.1 26,650.0 26,646.7
Deposits 922.0 875.5 738.2 688.8 699.0 3,224.4 3,044.7
Surrenders, benefits, and product charges (869.4) (841.5) (842.0) (797.7) (1,109.6) (3,350.5) (4,115.1)
Net cash flow 52.6 34.0 (103.8) (108.9) (410.6) (126.1) (1,070.4)
Interest credited and investment performance 282.3 (222.6) 175.1 277.1 270.4 511.9 1,073.7
Assets Under Management, end of period 27,035.8 26,700.9 26,889.5 26,818.2 26,650.0 27,035.8 26,650.0
(1) Includes Separate account and Mutual funds.
Investment Management
Voya Financial Page 31 of 70
Investment Management Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Sources of operating earnings before income taxes:
Investment capital and other investment income (8.7) 0.1 3.5 6.5 (4.4) 1.4 20.6
Fee based margin 156.6 152.5 155.1 156.6 167.8 620.8 634.8
Administrative expenses (105.5) (107.0) (111.6) (116.2) (116.4) (440.3) (445.1)
Operating earnings before income taxes 42.4 45.6 47.0 46.9 47.0 181.9 210.3
Voya Financial Page 32 of 70
Investment Management Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Operating revenues
Net investment income and net realized gains (losses) (8.8) 0.4 3.4 6.1 (4.6) 1.1 19.7
Fee income 145.1 145.0 147.6 146.9 148.7 584.6 591.1
Other revenue 11.6 7.2 7.6 10.1 19.3 36.5 44.6
Total operating revenues 147.9 152.6 158.6 163.1 163.4 622.2 655.4
Operating benefits and expenses
Operating expenses (105.5) (107.0) (111.6) (116.2) (116.4) (440.3) (445.1)
Total operating benefits and expenses (105.5) (107.0) (111.6) (116.2) (116.4) (440.3) (445.1)
Operating earnings before income taxes 42.4 45.6 47.0 46.9 47.0 181.9 210.3
Voya Financial Page 33 of 70
Investment Management Key Metrics
Balances as of Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Client Assets by Source:
External clients
Investment Management sourced 68,143.7 67,929.9 70,812.0 71,188.4 69,644.3 68,143.7 69,644.3
Affiliate sourced 54,403.4 53,830.5 57,390.9 59,005.1 58,956.2 54,403.4 58,956.2
Subtotal external clients 122,547.1 121,760.4 128,202.9 130,193.5 128,600.5 122,547.1 128,600.5
General Account (1) 78,174.1 79,748.5 77,795.8 78,566.4 77,630.2 78,174.1 77,630.2
Total Client Assets (AUM) 200,721.2 201,508.9 205,998.7 208,759.9 206,230.7 200,721.2 206,230.7
Administration Only Assets (AUA) 48,820.2 47,930.1 51,391.1 52,861.8 52,396.5 48,820.2 52,396.5
Total AUM and AUA 249,541.4 249,439.0 257,389.8 261,621.7 258,627.2 249,541.4 258,627.2
Three Months Ended Year-to-Date
12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Analysis of investment advisory and administrative revenues,
net, by source: (2)
External clients
Investment Management sourced 75.6 74.9 76.9 76.8 77.4 304.2 311.2
Affiliate sourced 29.8 30.9 30.9 30.7 31.7 122.3 121.0
Subtotal external clients 105.4 105.8 107.8 107.5 109.1 426.5 432.2
General Account 36.6 36.0 36.4 36.1 36.2 145.1 144.8
Total investment advisory and administrative revenues, net, from
AUM 142.0 141.8 144.2 143.6 145.3 571.6 577.0
Administration Only Fees 3.1 3.2 3.4 3.3 3.4 13.0 14.1
Total investment advisory and administrative revenues, net, by
source (2) 145.1 145.0 147.6 146.9 148.7 584.6 591.1
Revenue Yield (bps): (2) (3)
External clients
Investment Management sourced 44.2 43.1 43.2 43.6 44.6 43.5 45.2
Affiliate sourced 21.7 22.1 21.1 20.8 21.4 21.4 20.9
Revenue Yield on Institutional/retail 34.2 33.8 33.3 33.2 33.9 33.6 34.1
General Account 18.4 18.5 18.5 18.6 18.5 18.5 18.4
Revenue Yield on Client Assets (AUM) 28.0 27.9 27.7 27.7 28.1 27.8 28.1
Revenue Yield on Administration Only Assets (AUA) 2.5 2.6 2.6 2.5 2.6 2.6 2.6
Total Revenue Yield on AUM and AUA (bps) (2) (3) 23.0 22.9 22.7 22.6 22.9 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 Page 34 of 70
Investment Management Account Roll forward by Source
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Investment Management Sourced AUM:
Beginning of period AUM 67,929.9 70,812.0 71,188.4 69,644.3 69,232.2 69,644.3 66,362.2
Inflows
Inflows-other 2,497.5 3,884.9 3,748.0 3,891.1 3,932.3 14,021.5 14,100.5
Outflows (3,183.5) (5,010.9) (3,202.2) (3,142.6) (3,133.8) (14,539.2) (12,964.1)
Net Flows (686.0) (1,126.0) 545.8 748.5 798.5 (517.7) 1,136.4
Net Money Market Flows (7.9) 18.8 (2.8) 7.2 7.6 15.3 (11.5)
Change in Market Value 862.7 (2,136.2) (804.7) 879.2 1,222.8 (1,199.0) 2,628.6
Other (Including Acquisitions / Divestitures) 45.0 361.3 (114.7) (90.7) (1,616.8) 200.9 (471.4)
End of period AUM 68,143.7 67,929.9 70,812.0 71,188.4 69,644.3 68,143.7 69,644.3
Organic Growth (Net Flows / Beginning of period AUM) -1.01% -1.59% 0.77% 1.07% 1.15% -0.74% 1.71%
Market Growth % 1.27% -3.02% -1.13% 1.26% 1.77% -1.72% 3.96%
Affiliate Sourced AUM:
Beginning of period AUM 53,830.5 57,390.9 59,005.1 58,956.2 58,941.3 58,956.2 53,935.0
Inflows
Inflows from sub-advisor replacements — 1,405.9 — — 785.1 1,405.9 7,587.2
Inflows-other 867.4 866.4 976.9 964.2 923.8 3,674.9 3,297.8
Outflows (1,802.9) (3,049.8) (2,277.9) (2,038.4) (2,696.9) (9,169.0) (9,005.6)
Net Flows (935.5) (777.4) (1,301.0) (1,074.1) (988.0) (4,088.0) 1,879.4
Net Money Market Flows (78.0) 112.7 (31.1) (81.2) (110.0) (77.6) (285.4)
Change in Market Value 1,564.4 (2,345.7) (296.8) 1,323.1 1,300.0 244.9 3,562.2
Other (Including Acquisitions / Divestitures) 22.0 (549.9) 14.7 (118.9) (187.1) (632.1) (135.1)
End of period AUM 54,403.4 53,830.5 57,390.9 59,005.1 58,956.2 54,403.4 58,956.2
Organic Growth (Net Flows / Beginning of period AUM) -1.74% -1.35% -2.20% -1.82% -1.68% -6.93% 3.48%
Market Growth % 2.91% -4.09% -0.50% 2.24% 2.21% 0.42% 6.60%
Other affiliate sourced net flows (193.3) 28.3 (276.0) (230.9) 255.5 (671.9) 5,775.7
Variable annuity net flows (742.2) (805.7) (1,025.0) (843.2) (1,243.5) (3,416.2) (3,896.3)
Total Affiliate Sourced Net Flows (935.5) (777.4) (1,301.0) (1,074.1) (988.0) (4,088.0) 1,879.4
Total Investment Management Sourced Net Flows (686.0) (1,126.0) 545.8 748.5 798.5 (517.7) 1,136.4
Total Net Flows (1,621.5) (1,903.4) (755.2) (325.6) (189.5) (4,605.7) 3,015.8
Net Flows excluding sub-advisor replacements and variable
annuity net flows (879.3) (2,503.6) 269.8 517.6 268.9 (2,595.5) (675.1)
Voya Financial Page 35 of 70
Investment Management Account Value by Asset Type
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Institutional
Equity 17,524.6 17,101.8 17,992.4 18,136.8 18,095.7
Fixed Income 38,341.8 38,621.6 39,689.6 38,965.9 38,036.2
Real Estate — — — — —
Money Market — — 24.5 19.5 11.7
Total 55,866.4 55,723.4 57,706.5 57,122.2 56,143.6
Retail
Equity 39,978.6 39,148.2 42,992.0 44,245.8 43,880.8
Fixed Income 18,963.6 18,874.6 19,070.4 19,432.4 19,252.9
Real Estate 5,910.0 6,099.6 6,656.3 7,578.7 7,436.7
Money Market 1,828.5 1,914.6 1,777.7 1,814.4 1,886.5
Total 66,680.7 66,037.0 70,496.4 73,071.3 72,456.9
General Account
Equity 339.4 292.0 201.4 212.7 215.8
Fixed Income 77,662.4 78,156.8 76,741.9 77,102.4 76,125.5
Real Estate — — — — —
Money Market 172.3 1,299.7 852.5 1,251.3 1,288.9
Total 78,174.1 79,748.5 77,795.8 78,566.4 77,630.2
Combined Asset Type
Equity 57,842.6 56,542.0 61,185.8 62,595.3 62,192.3
Fixed Income 134,967.8 135,653.0 135,501.9 135,500.7 133,414.6
Real Estate 5,910.0 6,099.6 6,656.3 7,578.7 7,436.7
Money Market 2,000.8 3,214.3 2,654.7 3,085.2 3,187.1
Total 200,721.2 201,508.9 205,998.7 208,759.9 206,230.7
Individual Life
Voya Financial Page 37 of 70
Individual Life Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Sources of operating earnings before income taxes:
Investment spread and other investment income (1) 64.2 61.2 64.7 65.3 65.7 255.4 231.3
Fee based margin 3.9 4.1 4.2 4.2 4.3 16.4 18.6
Net underwriting gain (loss) and other revenue 128.4 63.3 90.7 88.2 137.7 370.6 441.7
Administrative expenses (58.4) (59.1) (60.0) (61.4) (60.8) (238.9) (255.8)
Trail commissions (7.5) (7.1) (5.3) (9.8) (3.5) (29.7) (21.9)
DAC/VOBA and other intangibles amortization, excluding
unlocking (33.7) (43.8) (42.0) (43.2) (45.9) (162.7) (166.4)
DAC/VOBA and other intangibles unlocking 5.5 (29.4) (14.6) 0.1 5.5 (38.4) (10.2)
Operating earnings before income taxes 102.4 (10.8) 37.7 43.4 103.0 172.7 237.3
Gross Investment Income
Fixed income 209.8 213.0 212.0 207.8 210.9 842.6 843.2
Limited partnership income (1.6) 2.6 0.9 0.3 1.6 2.2 13.3
Prepayment fee income 9.1 2.2 4.5 11.3 9.1 27.1 17.1
Total gross investment income 217.3 217.8 217.4 219.4 221.6 871.9 873.6
Investment expenses (6.3) (6.3) (6.4) (5.9) (5.9) (24.9) (24.2)
Credited interest (151.9) (157.0) (154.6) (155.4) (157.9) (618.9) (648.7)
Net margin 59.1 54.5 56.4 58.1 57.8 228.1 200.7
Other investment income (1)(2) 5.1 6.7 8.3 7.2 7.9 27.3 30.6
Investment spread and other investment income 64.2 61.2 64.7 65.3 65.7 255.4 231.3
Net underwriting gain (loss) and other revenue
Fee revenue / Premiums 429.6 453.2 458.7 459.9 460.8 1,801.4 1,945.9
Net mortality, including Reinsurance (270.9) (349.9) (309.0) (309.1) (244.8) (1,238.9) (1,197.0)
Reserve change / Other (30.3) (40.0) (59.0) (62.6) (78.3) (191.9) (307.2)
Total net underwriting gain (loss) and other revenue 128.4 63.3 90.7 88.2 137.7 370.6 441.7
(1) The twelve months ended 12/31/15 and 12/31/14 include $0.9 million and $0.8 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 Page 38 of 70
Individual Life Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Operating revenues
Net investment income and net realized gains (losses) 217.4 218.8 220.8 222.4 223.5 879.4 885.1
Fee income 283.1 307.0 287.0 295.3 273.2 1,172.4 1,111.6
Premiums 109.8 140.2 151.4 146.6 145.1 548.0 699.6
Other revenue 4.6 4.1 3.7 4.5 4.8 16.9 21.5
Total operating revenues 614.9 670.1 662.9 668.8 646.6 2,616.7 2,717.8
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (409.4) (527.5) (495.8) (490.6) (455.7) (1,923.3) (2,115.6)
Operating expenses (84.0) (90.1) (85.4) (92.3) (83.5) (351.8) (359.2)
Net amortization of DAC/VOBA (19.1) (63.3) (44.0) (42.5) (4.4) (168.9) (5.7)
Total operating benefits and expenses (512.5) (680.9) (625.2) (625.4) (543.6) (2,444.0) (2,480.5)
Operating earnings before income taxes 102.4 (10.8) 37.7 43.4 103.0 172.7 237.3
Voya Financial Page 39 of 70
Individual Life Key Metrics
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Sales by Product Line:
Guaranteed — 0.1 — — 0.1 0.1 0.1
Accumulation 1.1 1.4 1.0 1.6 2.3 5.1 9.8
Indexed 23.7 18.2 15.5 14.4 12.6 71.8 49.8
Total Universal life 24.8 19.7 16.5 16.0 15.0 77.0 59.7
Variable life 1.8 1.0 1.7 1.0 3.4 5.5 7.2
Term 3.8 4.0 5.1 4.9 5.9 17.8 28.0
Whole life — — — — — — 0.1
Total sales by product line 30.4 24.7 23.3 21.9 24.3 100.3 95.0
Gross Premiums and Deposits by Product (1):
Interest sensitive 320.9 289.6 282.5 297.2 295.5 1,190.2 1,155.5
Non—interest sensitive 146.4 175.1 187.8 177.7 184.1 687.0 859.2
Total gross premiums and deposits 467.3 464.7 470.2 475.0 479.6 1,877.2 2,014.7
Applications
New business policy count (Paid) 4,552 4,654 5,607 5,407 6,380 20,220 30,548
End of Period:
In-Force Face Amount by Product (1)
Universal life 78,274 77,846 77,736 77,580 77,798 78,274 77,798
Variable life 24,734 25,224 25,668 26,100 26,432 24,734 26,432
Term 252,274 361,173 364,618 367,382 369,498 252,274 369,498
Whole life 1,938 1,974 2,002 2,054 2,087 1,938 2,087
Total in-force face amount 357,220 466,216 470,023 473,115 475,816 357,220 475,816
In-Force Policy Count (in whole numbers) (1)
Universal life 269,568 272,179 274,989 277,713 280,722 269,568 280,722
Variable life 58,524 59,669 60,632 61,629 62,609 58,524 62,609
Term 474,389 633,872 639,932 644,643 648,634 474,389 648,634
Whole life 124,437 126,230 128,103 130,246 132,806 124,437 132,806
Total in-force policy count 926,918 1,091,950 1,103,656 1,114,231 1,124,771 926,918 1,124,771
Assets Under Management by Fund Group (1)
General account 12,603.1 13,015.3 13,032.3 13,035.7 12,995.3 12,603.1 12,995.3
Separate account 2,520.8 2,470.6 2,696.6 2,738.3 2,713.0 2,520.8 2,713.0
Total AUM 15,123.9 15,485.9 15,728.9 15,774.0 15,708.3 15,123.9 15,708.3
(1) Excludes amounts transferred to third parties through reinsurance transactions.
Employee Benefits
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Employee Benefits Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Sources of operating earnings before income taxes:
Investment spread and other investment income 11.7 11.6 12.8 11.0 12.5 47.1 49.1
Net underwriting gain (loss) and other revenue 89.4 109.4 104.2 102.8 111.7 405.8 374.6
Administrative expenses (48.6) (47.4) (47.5) (45.9) (43.5) (189.4) (170.2)
Trail commissions (25.7) (24.2) (26.7) (22.7) (20.2) (99.3) (83.5)
DAC/VOBA and other intangibles amortization, excluding unlocking (3.0) (2.6) (4.2) (3.9) (3.3) (13.7) (13.3)
DAC/VOBA and other intangibles unlocking (0.2) (2.6) (0.9) (0.7) — (4.4) (7.8)
Operating earnings before income taxes 23.6 44.2 37.7 40.6 57.2 146.1 148.9
Gross Investment Income
Fixed income 24.4 24.7 24.5 24.8 25.0 98.4 100.6
Limited partnership income (0.3) 0.2 0.1 — 0.1 — 1.4
Prepayment fee income 1.5 0.4 1.3 0.1 0.8 3.3 2.0
Total gross investment income 25.6 25.3 25.9 24.9 25.9 101.7 104.0
Investment expenses (0.8) (0.8) (0.8) (0.8) (0.8) (3.2) (3.0)
Credited interest (15.1) (15.2) (15.2) (15.4) (15.3) (60.9) (62.4)
Net margin 9.7 9.3 9.9 8.7 9.8 37.6 38.6
Other investment income (1) 2.0 2.3 2.9 2.3 2.7 9.5 10.5
Investment spread and other investment income 11.7 11.6 12.8 11.0 12.5 47.1 49.1
Group life
Premiums 119.0 119.4 122.5 116.1 114.1 477.0 454.9
Benefits (93.7) (90.3) (90.6) (86.1) (82.4) (360.7) (346.0)
Other (2) (2.4) (2.4) (2.4) (1.9) (2.5) (9.1) (8.7)
Total 22.9 26.7 29.5 28.1 29.2 107.2 100.2
Loss Ratio (Interest adjusted) 78.7% 75.6% 74.0% 74.2% 72.2% 75.6% 76.1%
Group stop loss
Premiums 196.1 191.2 193.5 192.9 167.4 773.7 659.4
Benefits (148.9) (128.7) (139.8) (135.7) (103.7) (553.1) (459.2)
Other (2) (1.2) (1.1) (0.2) (2.6) (1.4) (5.1) (4.5)
Total 46.0 61.4 53.5 54.6 62.4 215.5 195.7
Loss Ratio 75.9% 67.3% 72.2% 70.4% 61.9% 71.5% 69.6%
Voluntary Benefits, Disability, and Other 20.4 21.3 21.1 20.2 20.0 84.1 78.7
Net underwriting gain (loss) and other revenue 89.4 109.4 104.2 102.8 111.7 405.8 374.6
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment.
(2) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
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Employee Benefits Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Operating revenues
Net investment income and net realized gains (losses) 26.8 26.8 28.0 26.5 27.8 108.1 111.3
Fee income 16.0 21.0 15.5 15.8 15.4 68.3 69.6
Premiums 342.0 330.2 334.4 330.0 303.4 1,336.6 1,196.2
Other revenue (1.4) (1.3) (1.7) (1.4) (0.9) (5.8) (4.1)
Total operating revenues 383.4 376.7 376.2 370.9 345.7 1,507.2 1,373.0
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (282.3) (252.7) (260.1) (255.4) (220.9) (1,050.5) (940.7)
Operating expenses (74.3) (71.2) (73.3) (70.3) (64.5) (289.1) (254.7)
Net amortization of DAC/VOBA (3.2) (8.6) (5.1) (4.6) (3.1) (21.5) (28.7)
Total operating benefits and expenses (359.8) (332.5) (338.5) (330.3) (288.5) (1,361.1) (1,224.1)
Operating earnings before income taxes 23.6 44.2 37.7 40.6 57.2 146.1 148.9
Voya Financial Page 43 of 70
Employee Benefits Key Metrics
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Sales by Product Line:
Group life (Basic / Sup / AD&D) 4.9 6.1 6.0 36.6 5.4 53.6 54.2
Group stop loss 16.8 28.2 21.9 203.0 11.6 269.9 225.2
Disability 0.5 2.7 0.2 6.9 1.2 10.3 11.5
Association (Life, DI, PAI) 3.0 0.2 2.0 11.2 4.5 16.4 5.2
Other (PAI) — — — 0.6 0.1 0.6 1.4
Total group products 25.2 37.3 30.1 258.3 22.8 350.9 297.5
Voluntary products 6.8 5.6 10.6 14.5 9.0 37.5 40.8
Total sales by product line 32.0 42.9 40.7 272.8 31.8 388.4 338.3
Total gross premiums and deposits 390.9 380.2 383.4 374.6 342.4 1,529.1 1,374.2
Total annualized in-force premiums 1,603.9 1,599.7 1,579.8 1,564.7 1,406.4 1,603.9 1,406.4
Assets Under Management by Fund Group
General account 1,777.9 1,795.3 1,798.9 1,755.4 1,761.1 1,777.9 1,761.1
Separate account 15.1 14.4 15.7 16.1 16.1 15.1 16.1
Total AUM 1,793.0 1,809.7 1,814.6 1,771.5 1,777.2 1,793.0 1,777.2
Corporate
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Corporate Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Interest expense (48.5) (48.1) (49.9) (48.0) (47.5) (194.5) (188.0)
Amortization of intangibles (9.1) (9.1) (9.2) (9.2) (9.2) (36.6) (35.6)
Strategic investment program (1) (34.7) (31.7) (13.1) — — (79.5) —
Other (2) 10.2 13.3 18.9 9.0 9.0 51.4 53.2
Operating earnings before income taxes (82.1) (75.6) (53.3) (48.2) (47.7) (259.2) (170.4)
(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)
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Closed Block Other Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Closed Block Institutional Spread Products 2.1 4.0 3.2 5.1 (1.0) 14.4 19.5
Closed Block Other (0.1) (1.4) 0.8 8.7 3.8 8.0 5.2
Operating earnings before income taxes 2.0 2.6 4.0 13.8 2.8 22.4 24.7
Closed Block Institutional Spread Products
Operating revenues
Net investment income and net realized gains (losses) 12.2 13.7 13.8 15.0 20.6 54.7 72.8
Premiums — — — — 0.5 — 2.3
Other revenue (0.2) (0.2) (0.3) (0.1) (0.2) (0.8) (1.0)
Total operating revenues 12.0 13.5 13.5 14.9 20.9 53.9 74.1
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (7.6) (7.2) (7.7) (7.2) (19.5) (29.7) (43.3)
Operating expenses (2.3) (2.3) (2.6) (2.6) (2.3) (9.8) (10.9)
Net amortization of DAC/VOBA — — — — (0.1) — (0.4)
Total operating benefits and expenses (9.9) (9.5) (10.3) (9.8) (21.9) (39.5) (54.6)
Operating earnings before income taxes 2.1 4.0 3.2 5.1 (1.0) 14.4 19.5
Closed Block Other
Operating revenues
Net investment income and net realized gains (losses) 0.3 0.3 2.5 5.5 5.7 8.6 23.8
Premiums 0.7 0.8 0.1 1.2 1.1 2.8 4.5
Other revenue 0.8 0.3 (0.1) 0.3 — 1.3 0.3
Total operating revenues 1.8 1.4 2.5 7.0 6.8 12.7 28.6
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (0.8) (1.2) (0.8) 3.4 (1.1) 0.6 (9.6)
Operating expenses (1.1) (1.6) (0.9) (1.7) (1.9) (5.3) (13.8)
Total operating benefits and expenses (1.9) (2.8) (1.7) 1.7 (3.0) (4.7) (23.4)
Operating earnings before income taxes (0.1) (1.4) 0.8 8.7 3.8 8.0 5.2
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Closed Block Variable Annuity Income (Loss) before income taxes
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Revenues
Net investment income 64.4 61.1 54.7 50.9 46.5 231.1 163.2
Fee income 264.2 274.9 291.2 288.0 302.9 1,118.3 1,251.7
Premiums 80.3 82.4 164.3 89.2 303.0 416.2 522.2
Net realized gains (losses) (537.7) 370.3 145.5 (166.2)R (462.3)R (188.1) (689.7)R
Other revenues and premiums 1.4 0.3 2.8 2.5 3.6 7.0 14.6
Total revenues (127.4) 789.0 658.5 264.4 193.7 1,584.5 1,262.0
Benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (72.7) (682.9) (351.8) (168.5) (376.2) (1,275.9) (994.8)
Operating expenses and interest expense (104.8) (104.1) (110.5) (112.1) (116.0) (431.5) (473.6)
Net amortization of DAC/VOBA (12.4) (9.1) (15.7) (13.2) (18.8) (50.4) (32.8)
Total benefits and expenses (189.9) (796.1) (478.0) (293.8) (511.0) (1,757.8) (1,501.2)
Income (loss) before income taxes (317.3) (7.1) 180.5 (29.4) (317.3) (173.3) (239.2)
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) (229.7) (601.7) 47.5 (305.1)R (638.1)R (1,089.0) (1,454.2)R
Gains (losses) related to CHO program (1) (131.5) 122.4 (14.4) (2.3)R (65.0)R (25.8) (121.1)R
Gain (loss) due to nonperformance risk (1) (156.8) 240.9 (68.2) 56.0 R 152.1 R 71.9 327.7 R
Net investment gains (losses) (1) (13.5) (3.1) — 1.5 1.1 (15.1) (0.4)
DAC/VOBA and other intangibles unlocking and loss
recognition (0.1) 4.1 (2.6) 0.3 (5.4) 1.7 34.4
(1) Excludes net amortization of DAC/VOBA and other intangibles.
(R) Revised
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Closed Block Variable Annuity Death and Living Benefits
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Death and living benefits-account value
GMAB/GMWB 631 636 709 749 777
GMIB 11,680 11,645 12,962 13,796 14,027
GMWBL 14,128 14,032 15,248 15,766 15,804
No living benefits 9,085 9,049 9,929 10,326 10,469
Total (1) 35,524 35,362 38,848 40,637 41,077
Net Amount at Risk (after reinsurance)
Total DB NAR 6,152 6,630 5,203 4,895 5,048
LB NAR
GMAB/GMWB 19 21 16 15 17
GMIB (2) 3,044 3,385 2,389 2,469 2,361
GMWBL(2) 2,106 2,374 1,271 1,646 1,324
Total LB NAR 5,169 5,780 3,676 4,130 3,702
(1) Excludes assets associated with Payout Reserves, Policy Loans, and Life Insurance Business.
(2) GMIB and GMWBL values represent discounted net amount at risk.
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Closed Block Variable Annuity AUM Rollforward
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Products in accumulation phase
Balance as of beginning of period 35,411.7 38,902.6 40,691.9 41,132.0 42,238.2 41,132.0 44,788.2
Deposits 28.1 27.8 33.9 34.0 34.5 123.8 170.4
Surrenders, benefits, and product charges (973.5) (1,016.6) (1,439.4) (1,229.5) (1,789.6) (4,659.0) (5,593.7)
Net cash flow (945.4) (988.8) (1,405.5) (1,195.5) (1,755.1) (4,535.2) (5,423.3)
Interest credited and investment performance 1,109.5 (2,502.0) (383.8) 755.4 648.9 (1,021.0) 1,767.1
Balance as of end of period 35,575.8 35,411.8 38,902.6 40,691.9 41,132.0 35,575.8 41,132.0
End of period contracts in payout status 2,976.0 2,817.4 2,676.8 2,275.8 2,082.2 2,976.0 2,082.2
Total balance as of end of period (1) 38,551.8 38,229.2 41,579.4 42,967.7 43,214.2 38,551.8 43,214.2
Assets under management by fund group
General account 3,410.4 3,269.8 3,128.7 2,739.0 2,556.3 3,410.4 2,556.3
Separate account 35,141.4 34,959.4 38,450.7 40,228.7 40,657.9 35,141.4 40,657.9
Total AUM (1) 38,551.8 38,229.2 41,579.4 42,967.7 43,214.2 38,551.8 43,214.2
(1) Includes products in accumulation and payout phase, Policy Loans, and Life Insurance Business
Investment Information
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Portfolio Composition
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Composition of Investment Portfolio Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
Fixed maturities, available for sale, at fair value, before consolidation 67,733.4 69,211.8 68,162.5 71,417.4 69,910.3
CLOs Adjustments (1) (38.2) (45.6) (61.6) (42.4) (46.6)
VOEs Adjustments (1) 38.2 45.6 61.6 42.4 46.6
Fixed maturities, available for sale, at fair value, after consolidation 67,733.4 76.5% 69,211.8 76.1% 68,162.5 77.2% 71,417.4 76.8% 69,910.3 77.0%
Fixed maturities, at fair value using the fair value option 3,226.6 3.6% 3,595.4 3.9% 3,568.1 4.0% 3,675.3 3.9% 3,564.5 3.9%
Equity securities, available for sale, at fair value 331.7 0.4% 338.2 0.4% 279.6 0.3% 283.6 0.3% 271.8 0.3%
Short-term investments 1,496.7 1.7% 1,572.9 1.7% 1,064.5 1.2% 1,615.5 1.7% 1,711.4 1.9%
Mortgage loans on real estate 10,447.5 11.8% 10,727.2 11.8% 10,366.7 11.7% 10,194.5 11.0% 9,794.1 10.8%
Policy loans 2,002.7 2.3% 2,027.2 2.2% 2,034.1 2.3% 2,074.1 2.2% 2,104.0 2.3%
Limited partnerships/corporations, before consolidation 1,233.4 1,210.2 1,186.4 1,066.7 1,057.6
VOEs Adjustments (1) (722.8) (744.6) (714.6) (691.2) (694.4)
Limited partnerships/corporations, after consolidation 510.6 0.6% 465.6 0.5% 471.8 0.5% 375.5 0.4% 363.2 0.4%
Derivatives 1,538.5 1.7% 1,919.5 2.1% 1,429.3 1.6% 2,127.0 2.3% 1,819.6 2.0%
Other investments 91.6 0.1% 92.7 0.1% 93.3 0.1% 97.0 0.1% 110.3 0.1%
Securities pledged to creditors 1,112.6 1.3% 1,099.5 1.2% 976.5 1.1% 1,209.7 1.3% 1,184.6 1.3%
Total investments, after consolidation 88,491.9 100.0% 91,050.0 100.0% 88,446.4 100.0% 93,069.6 100.0% 90,833.8 100.0%
Fixed Maturity Securities - Security Sector (2)
U.S. Government agencies and authorities 4,001.6 5.6% 4,484.4 6.1% 3,652.3 5.0% 4,223.3 5.6% 4,339.9 5.8%
U.S. Corporate - Public 33,616.0 46.6% 34,516.0 46.7% 34,049.2 46.8% 36,204.0 47.4% 34,343.7 46.0%
U.S. Corporatev - Private 6,641.1 9.2% 6,498.4 8.8% 6,405.9 8.8% 6,155.3 8.1% 6,397.1 8.7%
Foreign Government / Agency 922.2 1.3% 888.7 1.2% 884.5 1.2% 911.3 1.2% 891.3 1.2%
Foreign Corporate - Public 7,101.4 9.8% 7,179.6 9.7% 7,544.0 10.4% 7,770.6 10.2% 7,497.9 10.0%
Foreign Corporate - Private 7,348.6 10.2% 7,702.5 10.4% 7,805.6 10.7% 8,031.1 10.5% 8,055.0 10.8%
State, municipalities and political subdivisions 1,346.2 1.9% 1,166.9 1.6% 840.6 1.2% 798.1 1.0% 694.4 0.9%
Residential mortgaged-backed securities:
CMO-B Agency 3,233.4 4.5% 3,318.2 4.5% 3,323.4 4.6% 3,416.5 4.5% 3,310.2 4.4%
CMO-B Non-Agency 322.3 0.4% 354.5 0.5% 346.6 0.5% 391.8 0.5% 393.3 0.5%
Agency 1,682.2 2.3% 1,725.3 2.3% 1,789.2 2.5% 1,992.9 2.6% 2,153.6 2.9%
Non-Agency (3) 1,062.2 1.5% 1,135.8 1.5% 1,194.8 1.6% 1,273.9 1.7% 1,333.5 1.8%
Total Residential mortgage-backed securities 6,300.1 8.7% 6,533.8 8.8% 6,654.0 9.2% 7,075.1 9.3% 7,190.6 9.7%
Commercial mortgage-backed securities 4,092.6 5.7% 4,115.2 5.6% 3,987.7 5.5% 4,185.9 5.5% 4,188.2 5.6%
Other asset-backed securities (3) 702.8 1.0% 821.2 1.1% 883.3 1.2% 947.7 1.2% 1,061.3 1.4%
Total fixed maturities, including securities pledged (5) 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0%
Fixed Maturity Securities - Contractual Maturity Dates
Due to mature:
Due in one year or less 1,353.2 1.9% 1,393.7 1.9% 1,825.8 2.5% 2,091.4 2.7% 2,218.5 3.0%
Due after one year through five years 13,843.2 19.2% 13,629.5 18.5% 13,257.7 18.2% 13,448.4 17.6% 13,199.4 17.7%
Due after five years through ten years 20,511.7 28.5% 21,075.1 28.5% 20,720.6 28.5% 21,582.6 28.3% 20,935.9 28.0%
Due after ten years 25,269.0 35.0% 26,338.2 35.6% 25,378.0 34.9% 26,971.3 35.4% 25,865.5 34.6%
CMO-B 3,555.7 4.9% 3,672.7 5.0% 3,670.0 5.1% 3,808.3 5.0% 3,703.5 5.0%
Mortgage-backed securities 6,837.0 9.5% 6,976.3 9.4% 6,971.7 9.6% 7,452.7 9.8% 7,675.3 10.3%
Other asset-backed securities (3) 702.8 1.0% 821.2 1.1% 883.3 1.2% 947.7 1.2% 1,061.3 1.4%
Total fixed maturities, including securities pledged (5) 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0%
Fixed Maturity Securities - NAIC Quality Designation
1 41,315.4 57.3% 42,700.0 57.8% 40,955.0 56.3% 43,273.9 56.7% 42,566.5 56.9%
2 27,553.9 38.2% 28,034.3 37.9% 28,559.2 39.3% 29,736.5 39.0% 28,903.0 38.7%
3 2,571.7 3.6% 2,645.6 3.6% 2,645.6 3.6% 2,702.0 3.5% 2,594.4 3.5%
4 421.0 0.6% 296.0 0.4% 324.1 0.4% 342.2 0.4% 344.8 0.5%
5 44.0 0.1% 45.0 0.1% 36.8 0.1% 43.6 0.1% 55.2 0.1%
6 166.6 0.2% 185.8 0.2% 186.4 0.3% 204.2 0.3% 195.5 0.3%
Total fixed maturities, including securities pledged (4) (5) 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0%
Fixed Maturity Securities - ARO Quality Rating
AAA 13,201.2 18.3% 13,812.9 18.7% 12,814.2 17.6% 14,001.1 18.3% 13,974.3 18.7%
AA 4,722.7 6.6% 4,749.2 6.4% 4,585.4 6.3% 4,896.3 6.4% 4,689.0 6.3%
A 21,514.3 29.9% 22,228.1 30.1% 21,447.5 29.5% 22,389.8 29.4% 21,994.7 29.5%
BBB 28,013.6 38.8% 28,444.5 38.5% 29,074.7 40.0% 29,882.3 39.2% 29,092.5 38.9%
BB 2,897.4 4.0% 2,938.0 4.0% 2,982.1 4.1% 3,218.4 4.2% 2,943.5 4.0%
B and below 1,723.4 2.4% 1,734.0 2.3% 1,803.2 2.5% 1,914.5 2.5% 1,965.4 2.6%
Total fixed maturities, including securities pledged (5) 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% 74,659.4 100.0%
(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 the page in “Additional Information” section.
Voya Financial Page 53 of 70
Portfolio Results
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
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) 847.0 5.03 % 837.8 5.06% 830.2 5.04% 829.5 5.03% 835.1 5.05% 3,344.5 5.04% 3,342.8 5.03%
Equity securities 2.7 4.08 % 3.2 4.44% 1.1 1.97% 2.7 3.93% 3.1 4.64% 9.7 3.65% 12.8 4.85%
Mortgage loans 120.3 4.69 % 122.0 4.76% 120.3 4.80% 119.0 4.88% 118.4 4.92% 481.6 4.78% 466.8 5.01%
Limited partnerships (19.9) (6.71)% 9.1 3.13% 21.8 7.64% 13.8 5.29% 5.9 2.26% 24.8 2.19% 120.9 12.70%
Policy loans 26.2 5.38 % 27.0 5.48% 26.9 5.44% 27.6 5.48% 27.8 5.42% 107.7 5.44% 111.2 5.41%
Short-term investments 0.7 0.08 % 0.7 0.07% 0.7 0.10% 0.9 0.11% 0.6 0.10% 3.0 0.09% 3.0 0.15%
Derivatives (1) 12.1 N/A 7.3 N/A 9.3 N/A 8.9 N/A 7.2 N/A 37.6 N/A 13.7 N/A
Pre payment fee income 65.7 0.30 % 29.3 0.14% 16.1 0.08% 38.3 0.18% 58.0 0.28% 149.4 0.18% 118.5 0.14%
Other assets 0.8 N/A 0.7 N/A (0.2) N/A 1.3 N/A (2.7) N/A 2.6 N/A 3.7 N/A
Gross investment income before expenses
and fees 1,055.6 4.99 % 1,037.1 4.96% 1,026.2 4.98% 1,042.0 5.05% 1,053.4 5.18% 4,160.9 5.00% 4,193.4 5.16%
Expenses and fees (41.1) -0.20 % (41.7) -0.20% (39.7) -0.20% (39.5) -0.19% (39.0) -0.20% (162.0) -0.20% (160.9) -0.20%
Total investment income and annualized
yield 1,014.5 4.79 % 995.4 4.76% 986.5 4.78% 1,002.5 4.86% 1,014.4 4.98% 3,998.9 4.80% 4,032.5 4.96%
Less: Closed Block Variable Annuity (CBVA)
investment income net of expenses and
fees 64.4 61.1 54.7 50.9 46.5 231.1 163.2
Total investment income, excluding CBVA 950.1 934.3 931.8 951.6 967.9 3,767.8 3,869.3
Trading gains/losses (5)
Fixed maturities (13.8) (5.7) 1.4 5.1 (1.7) (13.0) 29.9
Equity securities 2.8 (0.1) (0.3) 0.1 — 2.5 18.9
Mortgage loans 0.5 (0.5) 0.9 0.1 0.5 1.0 0.8
Other investments 1.1 (1.3) 0.6 0.2 2.2 0.6 20.6
Total trading gains/losses, excluding CBVA (9.4) (7.6) 2.6 5.5 1.0 (8.9) 70.2
Impairments (5)
Fixed maturities (54.5) (36.5) (7.3) (3.5) (6.4) (101.8) (18.1)
Equity securities — — — (0.1) 0.1 (0.1) (0.9)
Mortgage loans — — — — — — —
Other investments — — — — (0.1) — (0.1)
Total impairments, excluding CBVA (54.5) (36.5) (7.3) (3.6) (6.4) (101.9) (19.1)
Fair value adjustments (2) (41.4) 17.7 8.9 65.4 50.6 50.6 181.8
Derivatives, including change in fair value
of derivatives related to guaranteed
benefits, excluding CBVA (18.9) 55.4 20.9 (67.5) (27.5) (10.1) (50.2)
Net realized investment gains (losses) and
Net guaranteed benefit hedging gains
(losses), excluding CBVA (5) (124.2) 29.0 25.1 (0.2) 17.7 (70.3) 182.7
CBVA investment income and realized
capital gains (losses) (473.3) 431.4 200.2 (115.3) (415.8) 43.0 (526.5)
Businesses exited through reinsurance (3) 9.8 17.6 (40.2) 37.3 67.1 24.5 145.0
Consolidation/eliminations (4) 67.5 13.5 16.8 41.7 34.5 139.5 65.9
Total investment income and realized
capital gains (losses) 429.9 1,425.8 1,133.7 915.1 671.4 3,904.5 3,736.4
(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) Includes i) the impact of consolidation of investment entities into the Consolidated Statements of Operations, net of the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the
Company, ii) the elimination of intersegment expenses, primarily consisting of asset-based management and administration fees charged by our Investment Management Segment, iii) and other intersegment eliminations.
(5) Investment results related to businesses exited through reinsurance are excluded.
Voya Financial Page 54 of 70
Alternative Investment Income
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Retirement
Average alternative investments 426.4 436.3 414.8 349.1 341.0 406.7 310.6
Alternative investment income (3.6) 1.7 8.6 2.5 1.9 9.2 28.8
Annuities
Average alternative investments 266.2 270.0 260.9 231.4 214.3 257.1 199.6
Alternative investment income (3.9) 2.6 5.0 1.3 2.9 5.0 25.0
Investment Management
Average alternative investments 194.1 219.4 185.7 148.3 146.9 186.9 145.3
Alternative investment income (8.8) 0.4 3.4 6.1 (4.6) 1.1 19.7
Individual Life
Average alternative investments 179.8 178.4 173.6 155.8 156.8 171.9 143.0
Alternative investment income (2.3) 2.8 3.7 1.1 2.0 5.3 19.8
Employee Benefits
Average alternative investments 43.4 44.4 42.0 34.7 33.5 41.1 29.5
Alternative investment income (0.5) 0.2 0.9 0.2 0.2 0.8 3.2
Total Ongoing Business
Average alternative investments 1,109.9 1,148.5 1,077.0 919.3 892.5 1,063.7 828.0
Alternative investment income (19.1) 7.7 21.6 11.2 2.4 21.4 96.5
Corporate (1)
Average alternative investments — — — 109.8 109.2 27.5 106.7
Alternative investment income — — — 2.8 3.7 2.8 16.6
Closed Blocks (2)
Average alternative investments 23.6 28.2 30.5 23.4 30.0 26.4 33.2
Alternative investment income (0.1) — 0.7 0.2 0.2 0.8 4.2
Total Consolidated (3)
Average alternative investments 1,133.5 1,176.7 1,107.5 1,052.5 1,031.7 1,117.6 967.9
Alternative investment income (19.2) 7.7 22.3 14.2 6.3 25.0 117.3
(1) Effective in the second quarter of 2015, approximately $110 million of alternative assets previously allocated to the 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 Page 55 of 70
Unrealized Gains (Losses)
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Amount
% of
Total Amount
% of
Total Amount
% of
Total Amount
% of
Total Amount
% of
Total
Fixed Maturities, available for sale (including
securities pledged)
Aging Schedule
Less than 20% (1,015.1) 64.4% (782.4) 74.4% (703.7) 93.6% (206.2) 85.7% (294.0) 90.8%
20% or more for less than six months (524.5) 33.2% (254.9) 24.2% (32.6) 4.3% (30.9) 12.8% (26.5) 8.2%
20% or more for six months or greater (38.5) 2.4% (14.6) 1.4% (15.6) 2.1% (3.6) 1.5% (3.1) 1.0%
Total unrealized loss (1,578.1) 100.0% (1,051.9) 100.0% (751.9) 100.0% (240.7) 100.0% (323.6) 100.0%
Total unrealized gain 3,700.8 4,542.7 4,432.3 7,018.0 6,168.4
Net unrealized gain (loss) 2,122.7 3,490.8 3,680.4 6,777.3 5,844.8
Fixed Maturities Securities by Security Sector—Net
unrealized gain (loss) (1)
US Treasuries and US government agencies and
authorities 555.4 635.2 502.6 775.0 684.8
US Corporate—Public 821.7 1,477.4 1,566.1 3,490.3 2,928.1
US Corporate—Private 113.6 216.6 204.9 415.4 387.2
Foreign Government / Agency (8.0) 0.7 26.4 46.4 33.0
Foreign Corporate—Public (97.5) 46.3 218.9 509.7 381.2
Foreign Corporate—Private 96.1 305.5 380.6 547.1 498.4
State, municipalities, and political subdivisions 8.4 14.6 1.2 43.8 34.9
Residential mortgaged-backed securities:
CMO-B Agency 309.7 364.9 368.4 385.3 366.7
CMO-B Non-Agency 102.7 111.7 105.6 123.1 121.8
Agency 24.6 38.6 31.0 51.6 41.3
Non-Agency 59.8 69.0 77.7 77.5 73.6
Total residential mortgage-backed securities 496.8 584.2 582.7 637.5 603.4
Commercial mortgage-backed securities 124.8 189.9 179.1 288.9 271.9
Other asset-backed securities (1) 11.4 20.4 17.9 23.2 21.9
Total net unrealized gain (loss) 2,122.7 3,490.8 3,680.4 6,777.3 5,844.8
(1) Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.
Voya Financial Page 56 of 70
Asset Backed Securities
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
RMBS Balances by Collateral Type (1) (2) Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost
Prime Agency 4,915.4 4,522.7 5,043.5 4,574.7 5,105.1 4,641.1 5,401.7 4,894.0 5,456.0 4,974.9
Prime / Non-Agency 591.5 473.8 648.3 518.5 671.4 545.3 751.1 607.4 776.8 632.2
Alt-A RMBS 332.0 283.3 352.2 298.7 367.0 313.6 392.8 334.7 408.7 351.7
Subprime Mortgage-Backed Securities 461.2 428.6 489.8 452.4 510.5 468.0 529.5 487.5 549.1 512.6
Total 6,300.1 5,708.4 6,533.8 5,844.3 6,654.0 5,968.0 7,075.1 6,323.6 7,190.6 6,471.4
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
CMBS Balances by Year of Origination (1) (2) Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost
2015 747.9 745.5 394.4 389.0 115.5 118.7 66.3 64.8 — —
2014 738.5 722.7 722.3 695.0 631.9 623.9 687.5 639.5 640.4 613.1
2013 554.6 521.4 555.8 511.1 516.5 488.2 542.1 487.6 513.4 476.8
2012 19.6 19.3 29.8 28.7 21.4 20.8 22.0 20.7 14.6 13.9
2011 46.0 45.9 33.1 32.5 11.8 11.9 12.2 11.9 9.9 10.0
2010 17.1 16.9 16.6 16.2 15.6 15.5 16.3 15.8 13.8 13.5
2008 10.3 9.6 10.8 9.7 10.9 9.6 11.0 9.6 11.0 9.5
2007 1,063.7 1,012.5 1,079.6 1,008.4 1,093.2 1,008.5 1,109.9 1,011.1 1,112.5 1,009.2
2006 812.2 793.8 1,033.9 1,000.8 1,134.4 1,085.4 1,156.6 1,093.0 1,166.0 1,090.9
2005 and prior 82.7 80.2 238.9 233.9 436.5 426.1 562.0 543.0 706.6 679.4
Total 4,092.6 3,967.8 4,115.2 3,925.3 3,987.7 3,808.6 4,185.9 3,897.0 4,188.2 3,916.3
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Other ABS Balances by Loan Classification (1) (2) Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost
Credit Card Receivables 387.0 380.7 461.6 448.2 469.7 457.7 527.7 511.4 611.6 597.0
Automobile Receivables 121.9 122.1 134.1 134.0 145.7 145.6 170.5 170.2 182.0 181.8
CLO’s (1) 10.0 10.0 13.4 13.4 66.1 64.9 65.1 64.1 63.9 62.8
Other 183.9 178.6 212.1 205.2 201.8 197.2 184.4 178.8 203.8 197.8
Total 702.8 691.4 821.2 800.8 883.3 865.4 947.7 924.5 1,061.3 1,039.4
(1) Excludes consolidated CLO’s.
(2) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to the page in “Additional Information” section.
Voya Financial Page 57 of 70
RMBS Securities Summary
As of December 31, 2015
RMBS (1) by Rating and Origination Year
(in millions USD) Prime Agency Prime/Non-Agency Alt-A RMBS
Subprime Mortgage-
Backed Securities Total
NAIC Designation (2) Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost
1 4,901.1 4,507.0 392.2 344.5 319.0 272.6 421.4 386.6 6,033.7 5,510.7
2 — — 17.1 16.9 6.5 6.4 19.5 21.5 43.1 44.8
3 — — 5.9 4.3 3.4 1.6 11.7 10.6 21.0 16.5
4 14.3 15.7 2.6 0.2 0.3 0.2 7.0 8.0 24.2 24.1
5 — — 34.9 24.7 0.4 0.4 1.2 1.5 36.5 26.6
6 — — 138.8 83.2 2.4 2.1 0.4 0.4 141.6 85.7
Total by rating 4,915.4 4,522.7 591.5 473.8 332.0 283.3 461.2 428.6 6,300.1 5,708.4
(in millions USD) Prime Agency Prime/Non-Agency Alt-A RMBS
Subprime Mortgage-
Backed Securities Total
ARO Rating (2) Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost
AAA 4,897.4 4,503.3 5.2 5.0 0.1 0.1 — — 4,902.7 4,508.4
AA 0.4 0.4 19.9 18.3 0.4 0.4 6.5 6.5 27.2 25.6
A 3.3 3.3 9.1 8.8 2.7 2.6 16.4 17.0 31.5 31.7
BBB — — 52.5 52.2 9.0 9.1 36.7 39.0 98.2 100.3
BB — — 56.3 51.3 9.9 9.7 18.1 18.8 84.3 79.8
B and below 14.3 15.7 448.5 338.2 309.9 261.4 383.5 347.3 1,156.2 962.6
Total by rating 4,915.4 4,522.7 591.5 473.8 332.0 283.3 461.2 428.6 6,300.1 5,708.4
(in millions USD) Prime Agency Prime/Non-Agency Alt-A RMBS
Subprime Mortgage-
Backed Securities Total
Origination Year (2) Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost Fair Value
Amortized
Cost
2015 189.9 190.7 — — — — — — 189.9 190.7
2014 420.1 416.7 — — — — — — 420.1 416.7
2013 903.7 886.9 — — — — — — 903.7 886.9
2012 613.4 615.8 — — — — — — 613.4 615.8
2011 673.1 650.7 — — — — — — 673.1 650.7
2010 519.3 499.2 15.5 15.0 — — — — 534.8 514.2
2009 171.3 169.4 4.4 4.5 — — — — 175.7 173.9
2008 123.0 113.1 — — — — — — 123.0 113.1
2007 283.1 255.3 117.1 104.3 77.1 66.4 138.5 120.3 615.8 546.3
2006 332.9 246.8 155.4 92.2 112.8 87.6 121.8 106.8 722.9 533.4
2005 and prior 685.6 478.1 299.1 257.8 142.1 129.3 200.9 201.5 1,327.7 1,066.7
Total by origination year 4,915.4 4,522.7 591.5 473.8 332.0 283.3 461.2 428.6 6,300.1 5,708.4
(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 the page in “Additional Information” section.
Voya Financial Page 58 of 70
CMBS and Other Asset—Backed Securities Summary
As of December 31, 2015
CMBS by Rating and Origination Year
(in millions USD) AAA AA A BBB BB B & Below Total
Origination Year (3) 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 687.5 685.1 47.7 47.7 12.7 12.7 — — — — — — 747.9 745.5
2014 729.9 714.1 7.6 7.6 1.0 1.0 — — — — — — 738.5 722.7
2013 551.5 518.3 — — 3.1 3.1 — — — — — — 554.6 521.4
2012 19.6 19.3 — — — — — — — — — — 19.6 19.3
2011 46.0 45.9 — — — — — — — — — — 46.0 45.9
2010 16.9 16.7 0.2 0.2 — — — — — — — — 17.1 16.9
2008 — — — — — — — — 10.3 9.6 — — 10.3 9.6
2007 120.6 116.9 271.2 263.8 118.4 115.1 196.2 190.7 232.2 213.4 125.1 112.6 1,063.7 1,012.5
2006 317.7 315.8 97.0 95.6 163.2 161.2 142.1 138.2 51.0 49.5 41.2 33.5 812.2 793.8
2005 and prior 26.3 26.1 — — 33.4 33.5 0.7 0.7 8.5 8.2 13.8 11.7 82.7 80.2
Total by origination year 2,516.0 2,458.2 423.7 414.9 331.8 326.6 339.0 329.6 302.0 280.7 180.1 157.8 4,092.6 3,967.8
Other Asset-Backed Securities (1) by Rating and Classification
(in millions USD)
Credit Card
Receivables
Automobile
Receivables CLO’s (2) Other Total
ARO Rating (3) Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
AAA 387.0 380.7 121.9 122.1 10.0 10.0 97.6 94.5 616.5 607.3
AA — — — — — — 2.7 2.4 2.7 2.4
A — — — — — — 13.4 13.6 13.4 13.6
BBB — — — — — — 52.0 51.2 52.0 51.2
BB — — — — — — 18.2 16.9 18.2 16.9
B and below — — — — — — — — — —
Total by rating 387.0 380.7 121.9 122.1 10.0 10.0 183.9 178.6 702.8 691.4
(in millions USD)
Credit Card
Receivables
Automobile
Receivables CLO’s (2) Other Total
NAIC Designation (3) Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Amortized
Cost
1 387.0 380.7 121.9 122.1 10.0 10.0 152.0 148.8 670.9 661.6
2 — — — — — — 12.8 11.6 12.8 11.6
3 — — — — — — 7.0 6.6 7.0 6.6
4 — — — — — — 12.1 11.6 12.1 11.6
5 — — — — — — — — — —
6 — — — — — — — — — —
Total by rating 387.0 380.7 121.9 122.1 10.0 10.0 183.9 178.6 702.8 691.4
(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 Page 59 of 70
Mortgage Loans on Real Estate
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
U.S. Region (1)
Pacific 2,605.3 24.9% 2,708.1 25.3% 2,649.2 25.5% 2,566.5 25.2% 2,395.9 24.6%
South Atlantic 2,318.9 22.2% 2,321.3 21.6% 2,272.3 21.9% 2,214.7 21.7% 2,028.0 20.7%
Middle Atlantic 1,499.1 14.3% 1,506.3 14.0% 1,429.4 13.8% 1,447.0 14.2% 1,402.0 14.3%
East North Central 1,103.3 10.6% 1,137.6 10.6% 1,035.7 10.0% 1,049.5 10.3% 1,030.8 10.5%
West South Central 1,103.7 10.6% 1,235.5 11.5% 1,171.4 11.3% 1,145.7 11.2% 1,147.7 11.7%
Mountain 924.2 8.8% 913.7 8.5% 867.1 8.4% 852.9 8.4% 832.2 8.5%
West North Central 488.8 4.7% 497.8 4.7% 505.4 4.9% 501.8 4.9% 514.0 5.2%
New England 222.8 2.1% 228.6 2.1% 230.5 2.2% 204.8 2.0% 197.0 2.0%
East South Central 184.6 1.8% 181.6 1.7% 208.5 2.0% 214.3 2.1% 249.3 2.5%
Total Commercial Mortgage Loans 10,450.7 100.0% 10,730.5 100.0% 10,369.5 100.0% 10,197.2 100.0% 9,796.9 100.0%
Property Type (1)
Industrial 2,161.3 20.7% 2,481.7 23.1% 2,363.8 22.8% 2,177.7 21.4% 2,283.0 23.3%
Retail 3,672.8 35.1% 3,714.7 34.6% 3,717.1 35.8% 3,539.2 34.6% 3,408.4 34.8%
Office 1,617.7 15.5% 1,583.8 14.8% 1,406.5 13.6% 1,274.7 12.5% 1,246.5 12.7%
Apartments 1,942.9 18.6% 1,886.6 17.6% 1,823.0 17.6% 1,762.3 17.3% 1,680.7 17.2%
Hotel/Motel 425.0 4.1% 428.0 4.0% 399.3 3.9% 387.3 3.8% 382.7 3.9%
Other 525.9 5.0% 530.1 4.9% 553.6 5.3% 752.3 7.4% 449.1 4.6%
Mixed Use 105.1 1.0% 105.6 1.0% 106.2 1.0% 303.7 3.0% 346.5 3.5%
Total Commercial Mortgage Loans 10,450.7 100.0% 10,730.5 100.0% 10,369.5 100.0% 10,197.2 100.0% 9,796.9 100.0%
Loan Size (1)
Under $5 million 1,181.3 11.3% 1,266.7 12.1% 1,318.2 12.7% 1,376.2 13.5% 1,383.3 14.1%
$5 million but less than $10 million 1,586.6 15.2% 1,605.9 15.4% 1,618.2 15.6% 1,584.6 15.5% 1,543.8 15.8%
$10 million but less than $20 million 2,579.0 24.7% 2,548.5 24.4% 2,485.3 24.0% 2,367.2 23.2% 2,370.1 24.2%
$20 million but less than $30 million 1,487.9 14.2% 1,516.3 14.5% 1,500.2 14.5% 1,449.7 14.2% 1,307.9 13.4%
$30 million and over 3,615.9 34.6% 3,793.1 36.3% 3,447.6 33.2% 3,419.5 33.6% 3,191.8 32.5%
Total Commercial Mortgage Loans 10,450.7 100.0% 10,730.5 102.7% 10,369.5 100.0% 10,197.2 100.0% 9,796.9 100.0%
Other Stats (as ratios)
LTV—Origination 60.0% 60.1% 60.1% 60.2% 59.9%
LTV—Current 53.7% 55.2% 55.8% 55.8% 55.4%
Debt Service Coverage 2.2 2.1 2.0 2.0 2.0
Other Stats (in millions USD)
Allowance for loan losses 3.2 3.3 2.8 2.7 2.8
(1) Total Commercial Mortgage Loans shown do not include allowance for mortgage loan credit losses
Voya Financial Page 60 of 70
U.S. and Foreign Corporate Securities
Summary of Corporate Securities by
Industry Category
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Type Industry Fair Value
% of
Total Fair Value
% of
Total Fair Value
% of
Total Fair Value
% of
Total Fair Value
% of
Total
Public
Communications 3,670.0 9.0% 3,704.2 8.9% 3,790.4 9.1% 4,084.2 9.3% 4,073.3 9.7%
Financial 7,436.4 18.3% 7,319.5 17.6% 7,117.7 17.1% 7,661.1 17.4% 7,189.4 17.2%
Industrial and other companies 22,384.5 55.0% 23,306.7 55.9% 23,367.8 56.2% 23,919.3 54.4% 22,570.2 53.9%
Utilities 5,957.0 14.6% 6,105.5 14.6% 6,115.7 14.7% 7,048.6 16.0% 6,855.1 16.4%
Transportation 1,269.5 3.1% 1,259.7 3.0% 1,201.6 2.9% 1,261.4 2.9% 1,153.6 2.8%
Total by public industries 40,717.4 100.0% 41,695.6 100.0% 41,593.2 100.0% 43,974.6 100.0% 41,841.6 100.0%
Private
Communications 464.0 3.3% 425.1 3.0% 437.1 3.1% 372.5 2.6% 367.9 2.5%
Financial 931.1 6.7% 977.8 6.9% 1,006.1 7.1% 931.4 6.6% 1,100.4 7.6%
Industrial and other companies 8,912.5 63.7% 9,037.7 63.6% 9,241.7 64.9% 9,192.4 64.8% 9,363.9 64.8%
Utilities 3,216.0 23.0% 3,278.6 23.1% 3,049.5 21.5% 3,196.4 22.5% 3,131.4 21.7%
Transportation 466.1 3.3% 481.7 3.4% 477.1 3.4% 493.7 3.5% 488.5 3.4%
Total by private industries 13,989.7 100.0% 14,200.9 100.0% 14,211.5 100.0% 14,186.4 100.0% 14,452.1 100.0%
Totals
Communications 4,134.0 7.6% 4,129.3 7.4% 4,227.5 7.6% 4,456.7 7.7% 4,441.2 7.9%
Financial 8,367.5 15.3% 8,297.3 14.8% 8,123.8 14.6% 8,592.5 14.8% 8,289.8 14.7%
Industrial and other companies 31,297.0 57.1% 32,344.4 57.9% 32,609.5 58.4% 33,111.7 56.9% 31,934.1 56.8%
Utilities 9,173.0 16.8% 9,384.1 16.8% 9,165.2 16.4% 10,245.0 17.6% 9,986.5 17.7%
Transportation 1,735.6 3.2% 1,741.4 3.1% 1,678.7 3.0% 1,755.1 3.0% 1,642.1 2.9%
Total by industry categories 54,707.1 100.0% 55,896.5 100.0% 55,804.7 100.0% 58,161.0 100.0% 56,293.7 100.0%
Voya Financial Page 61 of 70
Exposure to European Debt—Fixed Maturities and Equity Securities
As of December 31, 2015
Sovereign Debt Corporate—Financial
Corporate—Non-
Financial Total Total
(in millions USD) Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total
Amortized
Cost % of Total
Ireland — —% — —% 180.9 2.5% 180.9 2.1% 166.4 2.0%
Italy — —% — —% 290.1 4.0% 290.1 3.4% 282.5 3.4%
Portugal — —% — —% 10.2 0.1% 10.2 0.1% 8.3 0.1%
Spain — —% — —% 172.8 2.4% 172.8 2.0% 155.5 1.9%
Total Peripheral Euro-Zone — —% — —% 654.0 9.0% 654.0 7.6% 612.7 7.4%
Austria — —% — —% — —% — —% — —%
Belgium 36.5 16.3% — —% 265.8 3.6% 302.3 3.5% 264.8 3.2%
Bulgaria — —% — —% — —% — —% — —%
Croatia 27.4 12.2% — —% — —% 27.4 0.3% 25.7 0.3%
Czech Republic — —% — —% 10.5 0.1% 10.5 0.1% 10.0 0.1%
Denmark — —% — —% 116.4 1.6% 116.4 1.4% 115.7 1.4%
Finland — —% — —% 17.4 0.2% 17.4 0.2% 17.0 0.2%
France — —% 145.3 15.0% 452.4 6.2% 597.7 7.0% 572.9 6.9%
Germany — —% 25.0 2.6% 715.1 9.7% 740.1 8.7% 729.8 8.8%
Hungary — —% — —% — —% — —% — —%
Iceland — —% — —% — —% — —% — —%
Kazakhstan 43.5 19.4% 1.1 0.1% 21.0 0.3% 65.6 0.8% 66.5 0.8%
Latvia 4.7 2.1% — —% — —% 4.7 0.1% 4.5 0.1%
Lithuania 33.9 15.1% — —% — —% 33.9 0.4% 30.2 0.4%
Luxembourg — —% — —% 6.2 0.1% 6.2 0.1% 6.2 0.1%
Netherlands — —% 149.7 15.5% 917.1 12.5% 1,066.8 12.5% 1,045.2 12.6%
Norway — —% — —% 266.1 3.6% 266.1 3.1% 263.4 3.2%
Russian Federation 55.6 24.7% 5.0 0.5% 87.3 1.2% 147.9 1.7% 141.4 1.7%
Slovakia 5.5 2.5% — —% — —% 5.5 0.1% 5.0 0.1%
Slovenia — —% — —% — —% — —% — —%
Sweden — —% 33.0 3.4% 81.8 1.1% 114.8 1.3% 109.3 1.3%
Switzerland — —% 267.4 27.7% 651.7 8.9% 919.1 10.8% 879.1 10.6%
Turkey 17.3 7.7% — —% 58.7 0.8% 76.0 0.9% 76.3 0.9%
United Kingdom — —% 339.5 35.2% 3,017.0 41.1% 3,356.5 39.4% 3,295.6 39.9%
Total Non-Peripheral Europe 224.4 100.0% 966.0 100.0% 6,684.5 91.0% 7,874.9 92.4% 7,658.6 92.6%
Total Europe 224.4 100.0% 966.0 100.0% 7,338.5 100.0% 8,528.9 100.0% 8,271.3 100.0%
Additional Information
Voya Financial Page 63 of 70
Adjustments to Operating Earnings by Segment
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
DAC/VOBA and other intangibles unlocking
Retirement 11.7 (48.2) 3.5 (4.2) 4.6 (37.2) (30.0)
Annuities 10.9 (12.9) 5.0 9.5 (1.1) 12.5 26.4
Investment Management — — — — — — —
Individual Life 5.5 (29.4) (14.6) 0.1 5.5 (38.4) (10.2)
Employee Benefits (0.2) (2.6) (0.9) (0.7) — (4.4) (7.8)
Ongoing Business 27.9 (93.1) (7.0) 4.7 9.0 (67.5) (21.6)
Corporate — — — — — — —
Total Closed Blocks — — — — — — —
Total DAC/VOBA and other intangibles unlocking 27.9 (93.1) (7.0) 4.7 9.0 (67.5) (21.6)
Additional adjustments (1)
Retirement — — — — — — —
Annuities — — — — — — —
Investment Management — — — — — — —
Individual Life — — — — 20.0 — 20.0
Employee Benefits — — — — — — —
Ongoing Business — — — — 20.0 — 20.0
Corporate (48.5) (46.5) (49.9) (48.0) (47.4) (192.9) (184.0)
Total Closed Blocks — — — — — — —
Total additional adjustments (48.5) (46.5) (49.9) (48.0) (27.4) (192.9) (164.0)
Total adjustments to operating earnings
Retirement 11.7 (48.2) 3.5 (4.2) 4.6 (37.2) (30.0)
Annuities 10.9 (12.9) 5.0 9.5 (1.1) 12.5 26.4
Investment Management — — — — — — —
Individual Life 5.5 (29.4) (14.6) 0.1 25.5 (38.4) 9.8
Employee Benefits (0.2) (2.6) (0.9) (0.7) — (4.4) (7.8)
Ongoing Business 27.9 (93.1) (7.0) 4.7 29.0 (67.5) (1.6)
Corporate (48.5) (46.5) (49.9) (48.0) (47.4) (192.9) (184.0)
Total Closed Blocks — — — — — — —
Total adjustments to operating earnings (20.6) (139.6) (56.9) (43.3) (18.4) (260.4) (185.6)
(1) Includes the impact of interest expenses, the Net gain (loss) from Lehman Recovery/LIHTC, and the Gain on reinsurance recapture.
Voya Financial Page 64 of 70
Calculation and Reconciliation of ROE and ROC
Three Months Ended Twelve Months Ended
(in millions USD, unless otherwise indicated) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
GAAP Return on Equity:
Net income (loss) available to Voya Financial, Inc.‘s common
shareholders (106.8) 40.3 285.2 189.6 1,378.8 408.3 2,295.0
Voya Financial, Inc. shareholders’ equity: end of period 13,436 14,286 14,856 16,144 16,146 13,436 16,144
Voya Financial, Inc. shareholders’ equity: average for period 13,861 14,571 15,500 16,145 15,393 15,019 14,571
GAAP Return on Equity (3.1)% 1.1% 7.4% 4.7% 35.8% 2.7% 15.8%
Ongoing Business Adjusted Operating Return on Capital and Adjusted
Operating Return on Equity:
Ongoing Business adjusted operating earnings before income taxes 340.6 303.1 318.8 319.3 392.8 1,281.8 1,377.9
Income taxes on adjusted operating earnings (1) (109.0) (97.0) (102.0) (102.2) (137.5) (410.3) (482.2)
Ongoing Business adjusted operating earnings after income taxes 231.6 206.1 216.8 217.1 255.3 871.5 895.7
Interest expense after-tax (2) (19.7) (20.6) (20.9) (20.9) (18.7) (82.1) (77.3)
Ongoing Business adjusted operating earnings after income taxes and
interest expense 211.9 185.5 195.9 196.2 236.6 789.4 818.4
End of period capital for Ongoing Business 8,377 8,643 8,841 8,864 8,777 8,377 8,777
Average capital for Ongoing Business 8,377 8,743 8,852 8,819 8,763 8,697 9,028
Average debt (based on 25% debt-to-capital ratio) (2,094) (2,186) (2,213) (2,205) (2,191) (2,175) (2,257)
Average equity for Ongoing Business 6,283 6,557 6,639 6,614 6,572 6,522 6,771
Adjusted Operating Return on Capital for Ongoing Business 11.1 % 9.4% 9.8% 9.8% 11.7% 10.0% 9.9%
Adjusted Operating Return on Equity for Ongoing Business (2) 13.5 % 11.3% 11.8% 11.9% 14.4% 12.1% 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 Page 65 of 70
Operating Revenues by Segment
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Operating revenues
Retirement 662.5 1,137.3 593.8 600.5 630.3 2,994.1 2,427.4
Annuities 322.2 314.4 310.4 315.6 323.6 1,262.6 1,353.4
Investment Management 147.9 152.6 158.6 163.1 163.4 622.2 655.4
Individual Life 614.9 670.1 662.9 668.8 646.6 2,616.7 2,717.8
Employee Benefits 383.4 376.7 376.2 370.9 345.7 1,507.2 1,373.0
Ongoing Business 2,130.9 2,651.1 2,101.9 2,118.9 2,109.6 9,002.8 8,527.0
Corporate 16.7 14.1 18.6 20.4 19.5 69.8 91.3
Total Closed Blocks 13.8 14.9 16.0 21.9 27.7 66.6 102.7
Total operating revenues 2,161.4 2,680.1 2,136.5 2,161.2 2,156.8 9,139.2 8,721.0
Adjustments
Closed Block Variable Annuity (127.4) 789.0 658.5 264.4 193.7 1,584.5 1,262.0
Net realized investment gains (losses) and related
charges and adjustments (86.0) (97.8) (19.1) 53.1 51.9 (149.8) 216.7
Gain (loss) on change in fair value of derivatives
related to guaranteed benefits (38.7) 119.9 44.4 (53.6) (30.5) 72.0 (30.5)
Revenues (losses) related to business exited through
reinsurance or divestment 9.9 27.3 (52.2) 40.6 68.2 25.6 149.3
Revenues (loss) attributable to noncontrolling interests 17.7 146.8 159.8 89.8 0.2 414.1 455.0
Other adjustments to operating revenues (1) 59.9 54.2 66.0 75.5 75.5 255.6 313.4
Total revenue 1,996.8 3,719.5 2,993.9 2,631.0 2,515.8 11,341.2 11,086.9
(1) Includes fee income earned by the Company’s broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company’s segments’ operating
revenues, as well as other items where the income is passed on to third parties.
Voya Financial Page 66 of 70
Ongoing Business Sources of Earnings Reconciliation
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Investment spread and other investment income:
Net investment income and net realized gains (losses)
Retirement 411.9 395.1 382.1 388.9 394.4 1,578.0 1,556.1
Annuities 273.1 264.8 263.2 267.0 280.9 1,068.1 1,109.6
Investment Management (8.8) 0.4 3.4 6.1 (4.6) 1.1 19.7
Individual Life 217.4 218.8 220.8 222.4 223.5 879.4 885.1
Employee Benefits 26.8 26.8 28.0 26.5 27.8 108.1 111.3
Total Ongoing Business 920.4 905.9 897.5 910.9 922.0 3,634.7 3,681.8
Adjustments:
Interest credited (528.7) (530.1) (519.6) (515.7) (529.1) (2,094.1) (2,150.6)
Credit facility fees (2.1) (2.1) (2.3) (2.0) (2.0) (8.5) (10.1)
Other (3.9) (3.9) (3.0) (4.6) (4.0) (15.4) (16.2)
Total (534.7) (536.1) (524.9) (522.3) (535.1) (2,118.0) (2,176.9)
Ongoing investment spread and other investment income 385.7 369.8 372.6 388.6 386.9 1,516.7 1,504.9
Fee based margin:
Fee income
Retirement 179.4 180.9 188.9 186.9 194.8 736.1 772.3
Annuities 16.4 16.0 16.0 15.2 14.6 63.6 57.0
Investment Management 145.1 145.0 147.6 146.9 148.7 584.6 591.1
Individual Life 283.1 307.0 287.0 295.3 273.2 1,172.4 1,111.6
Employee Benefits 16.0 21.0 15.5 15.8 15.4 68.3 69.6
Total 640.0 669.9 655.0 660.1 646.7 2,625.0 2,601.6
Other revenue
Retirement 15.8 17.7 19.1 14.0 19.3 66.6 72.4
Annuities 3.5 3.5 3.9 3.6 3.4 14.5 17.8
Investment Management 11.6 7.2 7.6 10.1 19.3 36.5 44.6
Individual Life 4.6 4.1 3.7 4.5 4.8 16.9 21.5
Employee Benefits (1.4) (1.3) (1.7) (1.4) (0.9) (5.8) (4.1)
Total 34.1 31.2 32.6 30.8 45.9 128.7 152.2
Total Ongoing Business 674.1 701.1 687.6 690.9 692.6 2,753.7 2,753.8
Adjustments:
Surrender fees and MVA charges 0.1 (6.8) (7.2) (2.3) (5.2) (16.2) (28.3)
Insurance Solutions FAS 97 fees and unearned revenue
reserve amortization/unlocking (293.8) (322.5) (297.0) (305.4) (282.9) (1,218.7) (1,156.1)
Other (3.1) 0.9 (0.3) (1.2) (1.0) (3.7) (9.6)
Total (296.8) (328.4) (304.5) (308.9) (289.1) (1,238.6) (1,194.0)
Ongoing fee based margin 377.3 372.7 383.1 382.0 403.5 1,515.1 1,559.8
Voya Financial Page 67 of 70
Ongoing Business Sources of Earnings Reconciliation
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Net underwriting gain (loss) and other revenue:
Premiums
Retirement 55.4 543.6 3.7 10.7 21.8 613.4 26.6
Annuities 29.2 30.1 27.3 29.8 24.7 116.4 169.0
Investment Management — — — — — —
Individual Life 109.8 140.2 151.4 146.6 145.1 548.0 699.6
Employee Benefits 342.0 330.2 334.4 330.0 303.4 1,336.6 1,196.2
Total 536.4 1,044.1 516.8 517.1 495.0 2,614.4 2,091.4
Interest credited and other policyholder benefits
Retirement (278.6) (759.9) (214.2) (216.6) (230.9) (1,469.3) (860.3)
Annuities (179.2) (166.0) (177.3) (175.4) (181.8) (697.9) (813.1)
Investment Management — — — — — —
Individual Life (409.4) (527.5) (495.8) (490.6) (455.7) (1,923.3) (2,115.6)
Employee Benefits (282.3) (252.7) (260.1) (255.4) (220.9) (1,050.5) (940.7)
Total (1,149.5) (1,706.1) (1,147.4) (1,138.0) (1,089.3) (5,141.0) (4,729.7)
Total Ongoing Business (613.1) (662.0) (630.6) (620.9) (594.3) (2,526.6) (2,638.3)
Adjustments:
Interest credited 528.7 530.1 519.6 515.7 529.1 2,094.1 2,150.6
Surrender fees and MVA charges (0.1) 6.8 7.2 2.3 5.2 16.2 28.3
Insurance Solutions FAS 97 fees and unearned revenue reserve
amortization/unlocking 305.9 307.1 294.4 306.2 301.1 1,213.6 1,180.5
Sales inducements amortization and unlocking 9.1 13.7 9.0 7.2 9.6 39.0 30.3
FAS 113 and SOP 03-1 amortization and unlocking (2.9) 25.2 15.1 (0.2) 18.0 37.2 138.6
Credit facility fees (18.9) (22.7) (21.8) (21.6) (21.1) (85.0) (88.0)
Other 5.6 (3.4) 4.2 2.4 3.4 8.8 23.5
Total 827.4 856.8 827.7 812.0 845.3 3,323.9 3,463.8
Ongoing net underwriting gain (loss) and other revenue 214.3 194.8 197.1 191.1 251.0 797.3 825.5
Voya Financial Page 68 of 70
Ongoing Business Sources of Earnings Reconciliation
Three Months Ended Year-to-Date
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014 12/31/2015 12/31/2014
Administrative expenses and trail commissions:
Operating and interest expense
Retirement (217.9) (210.6) (221.3) (219.8) (214.3) (869.6) (866.2)
Annuities (38.2) (38.1) (38.4) (37.6) (32.9) (152.3) (139.8)
Investment Management (105.5) (107.0) (111.6) (116.2) (116.4) (440.3) (445.1)
Individual Life (84.0) (90.1) (85.4) (92.3) (83.5) (351.8) (359.2)
Employee Benefits (74.3) (71.2) (73.3) (70.3) (64.5) (289.1) (254.7)
Total Ongoing Business (519.9) (517.0) (530.0) (536.2) (511.6) (2,103.1) (2,065.0)
Adjustments:
Credit facility fees 21.0 24.8 24.1 23.6 23.1 93.5 98.1
Other 1.2 3.0 (0.7) 3.5 1.5 7.0 2.8
Total 22.2 27.8 23.4 27.1 24.6 100.5 100.9
Ongoing administrative expenses and trail commissions (497.7) (489.2) (506.7) (509.1) (487.0) (2,002.6) (1,964.1)
DAC/VOBA and other intangibles amortization and unlocking:
Net amortization of DAC/VOBA
Retirement (28.8) (86.3) (29.9) (39.6) (35.2) (184.6) (183.1)
Annuities (41.9) (59.8) (33.7) (34.0) (44.2) (169.4) (138.5)
Investment Management — — — — — —
Individual Life (19.1) (63.3) (44.0) (42.5) (4.4) (168.9) (5.7)
Employee Benefits (3.2) (8.6) (5.1) (4.6) (3.1) (21.5) (28.7)
Total Ongoing Business (93.0) (218.0) (112.7) (120.7) (86.9) (544.4) (356.0)
Adjustments:
Sales inducements amortization and unlocking (9.1) (13.7) (9.0) (7.2) (9.6) (39.0) (30.3)
FAS 113 and SOP 03-1 amortization and unlocking 2.9 (25.2) (15.1) 0.2 (18.0) (37.2) (138.6)
Unearned revenue reserve amortization and unlocking (12.1) 15.4 2.6 (0.8) (18.2) 5.1 (24.4)
Other 0.1 3.4 (0.2) (0.1) 0.1 3.2 (0.5)
Total (18.2) (20.1) (21.7) (7.9) (45.7) (67.9) (193.8)
Ongoing DAC/VOBA and other intangibles amortization and
unlocking (111.2) (238.1) (134.4) (128.6) (132.6) (612.3) (549.8)
Voya Financial Page 69 of 70
Fixed Maturity Securities—Businesses Exited Through Reinsurance
Balances as of
(in millions USD) 12/31/2015 9/30/2015 6/30/2015 3/31/2015 12/31/2014
Fixed Maturity Securities—Businesses Exited Through Reinsurance
By Security Sector:
U.S. Government agencies and authorities 49.7 82.5 61.9 71.1 70.3
U.S. Corporate—Public 1,064.7 1,337.8 1,353.0 1,411.8 1,397.3
Foreign Government / Agency — — — — —
Foreign Corporate—Public 175.9 183.0 192.3 203.6 201.4
State, municipalities and political subdivisions 88.4 105.4 106.5 114.1 112.7
Residential mortgaged-backed securities:
Agency 28.5 55.6 61.5 68.1 70.0
Non—Agency 73.3 76.6 79.1 88.0 99.1
Total Residential mortgage-backed securities 101.8 132.2 140.6 156.1 169.1
Commercial mortgage-backed securities 120.0 124.1 69.0 74.6 81.4
Other asset-backed securities 23.9 42.8 93.4 93.2 93.0
Total fixed maturities, including securities pledged (1) 1,624.4 2,007.8 2,016.7 2,124.5 2,125.2
Fixed Maturity Securities—Businesses Exited Through Reinsurance Balance as of December 31, 2015
By ARO Rating: Total AAA AA A BBB BB B & Below
Residential mortgaged-backed securities:
Agency 28.5 28.5 — — — — —
Non—Agency 73.3 — — 0.2 0.1 — 73.0
Total Residential mortgage-backed securities 101.8 28.5 — 0.2 0.1 — 73.0
Commercial mortgage-backed securities 120.0 26.7 61.5 21.4 3.7 — 6.7
Other asset-backed securities 23.9 13.2 — — 10.7 — —
Total Structured securities 245.7 68.4 61.5 21.6 14.5 — 79.7
Non-structured securities 1,378.7 97.0 158.9 580.3 538.7 — 3.8
Total fixed maturities, including securities pledged (1) 1,624.4 165.4 220.4 601.9 553.2 — 83.5
Fixed Maturity Securities—Businesses Exited Through Reinsurance Balance as of December 31, 2015
By NAIC Designation: Total 1 2 3 4 5 6
Residential mortgaged-backed securities:
Agency 28.5 28.5 — — — — —
Non—Agency 73.3 73.3 — — — — —
Total Residential mortgage-backed securities 101.8 101.8 — — — — —
Commercial mortgage-backed securities 120.0 120.0 — — — — —
Other asset-backed securities 23.9 23.9 — — — — —
Total Structured securities 245.7 245.7 — — — — —
Non-structured securities 1,378.7 836.6 538.3 — 3.8 — —
Total fixed maturities, including securities pledged (1) 1,624.4 1,082.3 538.3 — 3.8 — —
(1) Total investments, after consolidation (refer to the “Portfolio Composition” page), include amounts related to businesses exited through reinsurance where assets are retained on the Company’s balance sheet.
Voya Financial Page 70 of 70
Ratings
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
