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EXHIBIT 99.2 
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Quarterly Investor Supplement
March 31, 2016
This report should be read in conjunction with Voya Financial, Inc.‘s Quarterly Report on Form 10-Q for the three months ended March 31, 2016. 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.
Certain reclassifications have been made to prior period financial information to conform to current period classification.
Voya Financial Page 2 of 69
Table of Contents
Page Page
Consolidated Individual Life
Explanatory Note on Non-GAAP Financial Information 3—4 Sources of Operating Earnings 36
Organizational Chart 5 Operating Earnings 37
Key Metrics 6 Key Metrics 38
Adjusted Operating Return on Capital and Return on Equity 7 Employee Benefits
Adjusted Operating Earnings Before Interest, After Income Taxes 8 Sources of Operating Earnings 40
Operating Revenues and Operating Earnings by Segment 9 Operating Earnings 41
Adjusted Operating Earnings by Segment 10 Key Metrics 42
Consolidated Balance Sheets 11 Corporate
Consolidated Statements of Operations 12 Operating Earnings 44
Ongoing Business Sources of Operating Earnings 13 Closed Blocks
Consolidated Earnings Before Income Taxes 14 Closed Block Other Operating Earnings 46
Operating Earnings by Segment (QTD & YTD) 15 Closed Block Variable Annuity Income (Loss) Before Income Taxes 47
DAC/VOBA Segment Trends 16 Closed Block Variable Annuity Death and Living Benefits 48
Consolidated Capital Structure 17 Closed Block Variable Annuity Assets Under Management Rollforward 49
Consolidated Assets Under Management/Assets Under Administration 18 Investment Information
Retirement Portfolio Composition 51
Sources of Operating Earnings 20 Portfolio Results 52
Operating Earnings 21 Alternative Investment Income 53
Assets Under Management/Assets Under Administration 22 Unrealized Gains (Losses) 54
Assets Under Management Rollforward 23 Asset Backed Securities 55
Annuities RMBS Securities Summary 56
Sources of Operating Earnings 25 CMBS and Other Asset-Backed Securities Summary 57
Operating Earnings 26 Mortgage Loans on Real Estate 58
Assets Under Management 27 US and Foreign Corporate Securities 59
Assets Under Management Rollforward 28 Exposure to European Debt—Fixed Maturities and Equity Securities 60
Investment Management Additional Information
Sources of Operating Earnings 30 Adjustments to Operating Earnings by Segment 62
Operating Earnings 31 Calculation and Reconciliation of ROE and ROC 63
Key Metrics 32 Operating Revenues by Segment 64
Account Value Rollforward by Source 33 Ongoing Business Sources of Earnings Reconciliation 65—67
Account Value by Asset Type 34 Fixed Maturity Securities—Businesses Exited Through Reinsurance 68
Ratings 69
Voya Financial Page 3 of 69 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 (including net investment gains (losses) on securities sold and expenses directly related to these transactions);
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”); 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.
Income (loss) related to businesses exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions) is excluded from the results of operations from 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 businesses exited through reinsurance or divestment.
Effective April 1, 2015, we disposed of, via reinsurance, retained group reinsurance policies. Consistent with our practice to exclude business (including blocks of business) exited via reinsurance or divestment from Operating earnings before income taxes and from Operating revenues, beginning in the second quarter of 2015, the revenues and expenses of this reinsured block of business are excluded from these metrics.
Effective October 1, 2015, we disposed of, via reinsurance, a block of in-force term life contracts. Consistent with our practice to exclude business (including blocks of business) exited via reinsurance or divestment from operating earnings before income taxes and from operating revenues, beginning in the fourth quarter of 2015, the revenues and expenses of these reinsured blocks of business are excluded from these metrics.
Voya Financial Page 4 of 69 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 (including net investment gains (losses) on securities sold related to these transactions);
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, other items where the income is passed on to third parties, and the elimination of intercompany investment expenses included in operating revenues.
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 and the relative portions attributable to businesses exited through reinsurance or divestment.
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. Certain reclassifications have been made to prior period financial information to conform to current period classification.
Voya Financial Page 5 of 69 Organizational Chart
Ongoing Business
Retirement and Investment Solutions
Insurance Solutions
Closed Blocks
Variable Annuity Other
Corporate
Retirement
Full service products
Record keeping services
Stable value investment options
Custodial mutual fund IRA products
Advisory programs
Brokerage accounts
Investment Management
Retirement, Retail, Institutional Funds
Fixed income
Equity
Mutual-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
Voya Financial Page 6 of 69
Key Metrics
Three Months Ended Year-to-Date
(in millions USD, unless otherwise noted) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Adjusted operating earnings before income taxes—Ongoing Business 239.4 340.6 303.1 318.8 319.3 239.4 319.3
Operating earnings before income taxes—Ongoing Business 239.0 368.5 210.0 311.8 324.0 239.0 324.0
Operating earnings before income taxes—Total Consolidated 169.8 288.4 137.0 262.5 289.6 169.8 289.6
Net income (loss) 192.3 (160.4) 116.2 367.1 215.7 192.3 215.7
Net income (loss) attributable to noncontrolling interest 0.7 (53.6) 75.9 81.9 26.1 0.7 26.1
Net income (loss) available to Voya Financial, Inc.‘s common
shareholders 191.6 (106.8) 40.3 285.2 189.6 191.6 189.6
Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 11,985.1 12,010.9 12,240.4 12,746.6 12,613.2 11,985.1 12,613.2
Return on Equity:
Ongoing Business adjusted operating return on equity—TTM (1) (2) 11.4% 12.1% 12.3% 12.6% 12.6% 11.4% 12.6%
Debt to Capital (Excluding AOCI) 22.4% 22.4% 22.0% 21.3% 21.7% 22.4% 21.7%
Per Share:
Total Consolidated Operating earnings per share (Diluted) 0.55 0.91 0.42 0.78 0.82 0.55 0.82
Net income (loss) available to Voya Financial, Inc.‘s common shareholders
per common share:
Basic 0.93 (0.50) 0.18 1.25 0.80 0.93 0.80
Diluted 0.92 (0.49) 0.18 1.24 0.79 0.92 0.79
Book value per share (Excluding AOCI) 58.75 57.44 56.85 56.33 55.08 58.75 55.08
Shares:
Weighted-average common shares outstanding
Basic 206.9 213.4 221.8 228.3 238.5 206.9 238.5
Diluted 209.1 216.0 223.6 229.8 240.7 209.1 240.7
Ending shares outstanding 204.0 209.1 215.3 226.3 229.0 204.0 229.0
Returned to Shareholders:
Repurchase of common shares(3) 220.3 250.1 481.3 128.0 630.9 220.3 630.9
Dividends to shareholders 2.0 2.1 2.2 2.3 2.4 2.0 2.4
Total cash returned to shareholders 222.3 252.2 483.5 130.3 633.3 222.3 633.3
(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 a 32% tax rate on operating earnings described as “after tax”.
(3) Excludes commissions.
Voya Financial Page 7 of 69 Adjusted Operating Return on Capital and Return on Equity
Twelve Months Ended March 31, 2016
(in millions USD, unless otherwise Closed Corporate and Other
indicated) Block Closed Blocks
Investment Individual Employee Ongoing Variable
Retirement Annuities Management Life Benefits Business Annuity DTA (4) Other Consolidated
Ending Capital (1) 3,983 1,615 303 2,092 377 8,370 3,331 2,049 1,691 15,441
Average Capital (3) 3,966 1,683 331 2,217 390 8,587 2,919 2,108 2,140 15,754
Adjusted operating earnings before
interest and after income taxes 327.1 145.6 107.2 147.4 90.0 817.3 — —(53.1) 764.2
Adjusted Operating Return on Capital 8.2% 8.7% 32.3% 6.6% 23.1% 9.5% — N/M 4.9%
Adjusted Operating Return on Equity (2) 11.4%
Twelve Months Ended December 31, 2015
(in millions USD, unless otherwise Closed Corporate and Other
indicated) Block Closed Blocks
Investment Individual Employee Ongoing Variable
Retirement Annuities Management Life Benefits Business Annuity DTA (4) Other Consolidated
Ending Capital (1) 3,960 1,656 317 2,048 396 8,377 2,836 2,072 2,186 15,471
Average Capital (3) 3,965 1,689 329 2,327 387 8,697 2,803 2,148 2,319 15,967
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%
(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 a 32% tax rate on operating earnings described as “after tax”.
(3) Includes capital impacts related to the 2015 Term Life Coinsurance Agreement in our Individual Life segment effective 10/1/2015.
(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.
Voya Financial Page 8 of 69 Adjusted Operating Earnings Before Interest, After Income Taxes
Twelve Months Ended March 31, 2016
Closed Corporate
Block and Other
Investment Individual Employee Ongoing Variable Closed
(in millions USD, unless otherwise indicated) Retirement Annuities Management Life Benefits Business Annuity Blocks Consolidated
Operating earnings before income taxes 449.8 225.1 157.7 170.4 126.3 1,129.3(271.6) 857.7
Less:
Interest expense —(195.2)(195.2)
DAC/VOBA and other intangibles unlocking(31.2) 11.0 —(46.4)(6.0)(72.6) —(72.6)
Net gain from Lehman Recovery/LIHTC (1) — — 1.6 1.6
Adjusted operating earnings before interest 481.0 214.1 157.7 216.8 132.3 1,201.9 —(78.0) 1,123.9
Income tax expense 153.9 68.5 50.5 69.4 42.3 384.6(24.9) 359.7
Adjusted operating earnings before interest
and after income taxes 327.1 145.6 107.2 147.4 90.0 817.3 —(53.1) 764.2
Twelve Months Ended December 31, 2015
Closed Corporate
Block and Other
Investment Individual Employee Ongoing Variable Closed
(in millions USD, unless otherwise indicated) Retirement Annuities Management Life Benefits Business Annuity 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 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
(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”.
Voya Financial Page 9 of 69 Operating Revenues and Operating Earnings by Segment
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating Revenues
Retirement 937.7 662.5 1,137.3 593.8 600.5 937.7 600.5
Annuities 303.0 322.2 314.4 310.4 315.6 303.0 315.6
Investment Management 132.2 147.9 152.6 158.6 163.1 132.2 163.1
Individual Life 624.0 614.9 670.1 662.9 668.8 624.0 668.8
Employee Benefits 399.7 383.4 376.7 376.2 370.9 399.7 370.9
Ongoing Business 2,396.6 2,130.9 2,651.1 2,101.9 2,118.9 2,396.6 2,118.9
Corporate 12.9 16.7 14.1 18.6 20.4 12.9 20.4
Total Closed Blocks 15.8 13.8 14.9 16.0 21.9 15.8 21.9
Total operating revenues 2,425.3 2,161.4 2,680.1 2,136.5 2,161.2 2,425.3 2,161.2
Operating Earnings
Retirement 103.7 137.2 80.5 128.4 124.5 103.7 124.5
Annuities 50.7 62.9 50.5 61.0 68.6 50.7 68.6
Investment Management 22.7 42.4 45.6 47.0 46.9 22.7 46.9
Individual Life 41.1 102.4 (10.8) 37.7 43.4 41.1 43.4
Employee Benefits 20.8 23.6 44.2 37.7 40.6 20.8 40.6
Ongoing Business 239.0 368.5 210.0 311.8 324.0 239.0 324.0
Corporate (73.0) (82.1) (75.6) (53.3) (48.2) (73.0) (48.2)
Total Closed Blocks 3.8 2.0 2.6 4.0 13.8 3.8 13.8
Total operating earnings before income taxes 169.8 288.4 137.0 262.5 289.6 169.8 289.6
Closed Block Variable Annuity 46.0 (317.3) (7.1) 180.5 (29.4) 46.0 (29.4)
Net investment gains (losses) and related charges and adjustments (60.4) (59.7) (64.6) (9.4) 50.4 (60.4) 50.4
Net guaranteed benefit hedging gains (losses) and related charges
and adjustments 93.5 (39.6) (31.7) 24.6 (47.2) 93.5 (47.2)
Income (loss) related to businesses exited through reinsurance or
divestment 1.6 (104.2) (16.4) (33.3) (15.4) 1.6 (15.4)
Income (loss) attributable to noncontrolling interests 0.7 (53.6) 75.9 81.9 26.1 0.7 26.1
Income (loss) on early extinguishment of debt (1.7) — (0.2) (9.9) — (1.7) —
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 — — — — —
Other adjustments to operating earnings (1) (8.2) (20.0) (12.6) (10.7) (12.8) (8.2) (12.8)
Total non-operating adjustments 71.5 (531.7) (56.7) 223.7 (28.3) 71.5 (28.3)
Income (loss) before income taxes 241.3 (243.3) 80.3 486.2 261.3 241.3 261.3
Less: Income tax expense (benefit) 49.0 (82.9) (35.9) 119.1 45.6 49.0 45.6
Net income (loss) 192.3 (160.4) 116.2 367.1 215.7 192.3 215.7
Net income (loss) attributable to noncontrolling interest 0.7 (53.6) 75.9 81.9 26.1 0.7 26.1
Net income (loss) available to Voya Financial, Inc.‘s common 191.6
shareholders (106.8) 40.3 285.2 189.6 191.6 189.6
(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 69 Adjusted Operating Earnings by Segment
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating Earnings
Retirement 103.7 137.2 80.5 128.4 124.5 103.7 124.5
Annuities 50.7 62.9 50.5 61.0 68.6 50.7 68.6
Investment Management 22.7 42.4 45.6 47.0 46.9 22.7 46.9
Individual Life 41.1 102.4 (10.8) 37.7 43.4 41.1 43.4
Employee Benefits 20.8 23.6 44.2 37.7 40.6 20.8 40.6
Ongoing Business 239.0 368.5 210.0 311.8 324.0 239.0 324.0
Corporate (73.0) (82.1) (75.6) (53.3) (48.2) (73.0) (48.2)
Total Closed Blocks 3.8 2.0 2.6 4.0 13.8 3.8 13.8
Total operating earnings before income taxes 169.8 288.4 137.0 262.5 289.6 169.8 289.6
Adjustments to operating earnings
Retirement 1.8 11.7 (48.2) 3.5 (4.2) 1.8 (4.2)
Annuities 8.0 10.9 (12.9) 5.0 9.5 8.0 9.5
Investment Management — — — — — — —
Individual Life (7.9) 5.5 (29.4) (14.6) 0.1 (7.9) 0.1
Employee Benefits (2.3) (0.2) (2.6) (0.9) (0.7) (2.3) (0.7)
Ongoing Business (0.4) 27.9 (93.1) (7.0) 4.7 (0.4) 4.7
Corporate (48.7) (48.5) (46.5) (49.9) (48.0) (48.7) (48.0)
Total Closed Blocks — — — — — — —
Total adjustments to operating earnings (49.1) (20.6) (139.6) (56.9) (43.3) (49.1) (43.3)
Adjusted Operating Earnings
Retirement 101.9 125.5 128.7 124.9 128.7 101.9 128.7
Annuities 42.7 52.0 63.4 56.0 59.1 42.7 59.1
Investment Management 22.7 42.4 45.6 47.0 46.9 22.7 46.9
Individual Life 49.0 96.9 18.6 52.3 43.3 49.0 43.3
Employee Benefits 23.1 23.8 46.8 38.6 41.3 23.1 41.3
Ongoing Business 239.4 340.6 303.1 318.8 319.3 239.4 319.3
Corporate (24.3) (33.6) (29.1) (3.4) (0.2) (24.3) (0.2)
Total Closed Blocks 3.8 2.0 2.6 4.0 13.8 3.8 13.8
Total adjusted operating earnings before interest and income taxes 218.9 309.0 276.6 319.4 332.9 218.9 332.9
Voya Financial Page 11 of 69 Consolidated Balance Sheets
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Assets
Total investments 92,987.7 88,491.9 91,050.0 88,446.4 93,069.6
Cash and cash equivalents 2,526.4 2,512.7 2,511.1 2,495.5 1,875.4
Assets held in separate accounts 95,774.8 96,514.8 94,721.5 106,330.5 107,039.4
Reinsurance recoverable 7,558.0 7,653.7 7,332.5 7,269.1 7,048.8
Short term investments under securities loan agreement and accrued
investment income 2,120.7 1,559.0 1,664.6 1,585.7 1,920.9
Deferred policy acquisition costs, Value of business acquired 4,693.0 5,370.1 4,926.0 5,089.9 4,244.3
Goodwill and other intangible assets 245.7 250.8 258.6 266.0 276.3
Other assets (1) 2,879.6 3,392.4 2,974.2 3,010.0 2,227.9
Assets related to consolidated investment entities 5,221.8 12,478.1 13,245.8 12,064.3 11,294.7
Total Assets 214,007.7 218,223.5 218,684.3 226,557.4 228,997.3
Liabilities
Future policy benefits and contract owner account balances 89,471.0 88,172.1 87,874.5 85,593.2 85,666.2
Liabilities related to separate accounts 95,774.8 96,514.8 94,721.5 106,330.5 107,039.4
Funds held under reinsurance agreements 781.1 702.4 1,017.6 1,027.4 1,162.2
Payables under securities loan agreements, including collateral held 2,557.9 1,485.0 1,881.7 1,251.4 1,971.9
Long-term debt 3,455.9 3,459.8 3,458.7 3,458.3 3,487.6
Other liabilities (2) 2,931.7 2,705.8 2,946.2 2,678.1 2,967.0
Liabilities related to consolidated investment entities 3,332.9 8,907.8 9,535.5 8,669.6 7,993.9
Total Liabilities 198,305.3 201,947.7 201,435.7 209,008.5 210,288.2
Shareholders’ Equity
Common stock 2.7 2.7 2.7 2.7 2.7
Treasury stock(2,529.0)(2,302.3)(2,052.0)(1,570.5)(1,440.7)
Additional paid-in capital 23,735.1 23,716.8 23,593.4 23,674.1 23,654.2
Retained earnings (deficit)(9,223.7)(9,406.3)(9,303.7)(9,359.7)(9,603.0)
Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 11,985.1 12,010.9 12,240.4 12,746.6 12,613.2
Accumulated other comprehensive income 2,476.2 1,424.9 2,045.7 2,109.2 3,531.2
Total Voya Financial, Inc. Shareholders’ Equity 14,461.3 13,435.8 14,286.1 14,855.8 16,144.4
Noncontrolling interest 1,241.1 2,840.0 2,962.5 2,693.1 2,564.7
Total Shareholders’ Equity 15,702.4 16,275.8 17,248.6 17,548.9 18,709.1
Total Liabilities and Shareholders’ Equity 214,007.7 218,223.5 218,684.3 226,557.4 228,997.3
Includes Other assets, Sales inducements to contract holders, and Current/Deferred income taxes.
Includes Other liabilities, Derivatives, Pension and other postretirement provisions, and Current/Deferred income taxes.
Voya Financial Page 12 of 69 Consolidated Statements of Operations
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Revenues
Net investment income 1,094.1 1,178.5 1,103.6 1,108.2 1,148.0 1,094.1 1,148.0
Fee income 825.8 837.1 871.8 872.4 899.8 825.8 899.8
Premiums 966.8 619.7 1,128.8 667.2 608.8 966.8 608.8
Net realized capital gains (losses) 10.7(772.6) 299.1(0.3)(259.5) 10.7(259.5)
Income (loss) related to consolidated investment entities 29.1 18.5 186.4 214.7 104.6 29.1 104.6
Other revenues 82.8 91.6 106.7 105.9 102.7 82.8 102.7
Total revenues 3,009.3 1,972.8 3,696.4 2,968.1 2,604.4 3,009.3 2,604.4
Benefits and expenses
Interest credited and other benefits to contract owners/
policyholders(1,875.7)(1,234.5)(2,454.8)(1,449.0)(1,371.7)(1,875.7)(1,371.7)
Operating expenses(720.2)(788.3)(727.8)(745.2)(742.2)(720.2)(742.2)
Net amortization of DAC/VOBA(102.5)(75.9)(316.3)(153.1)(118.1)(102.5)(118.1)
Interest expense(47.7)(46.1)(46.4)(56.6)(47.4)(47.7)(47.4)
Operating expenses related to consolidated investment
entities(21.9)(71.3)(70.8)(78.0)(63.7)(21.9)(63.7)
Total benefits and expenses(2,768.0)(2,216.1)(3,616.1)(2,481.9)(2,343.1)(2,768.0)(2,343.1)
Income (loss) before income taxes 241.3(243.3) 80.3 486.2 261.3 241.3 261.3
Voya Financial Page 13 of 69 Ongoing Business Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sources of operating earnings before income taxes:
Investment spread and other investment income 344.6 385.7 369.8 372.6 388.6 344.6 388.6
Fee based margin 351.9 377.3 372.7 383.1 382.0 351.9 382.0
Net underwriting gain (loss) and other revenue 186.6 214.4 194.8 197.1 191.1 186.6 191.1
Administrative expenses (438.1) (414.2) (410.6) (425.4) (429.5) (438.1) (429.5)
Trail commissions (81.1) (83.5) (78.6) (81.2) (79.6) (81.1) (79.6)
DAC/VOBA and other intangibles amortization, excluding
unlocking (124.5) (139.1) (145.0) (127.4) (133.3) (124.5) (133.3)
DAC/VOBA and other intangibles unlocking (0.4) 27.9 (93.1) (7.0) 4.7 (0.4) 4.7
Operating earnings before income taxes 239.0 368.5 210.0 311.8 324.0 239.0 324.0
Voya Financial Consolidated Earnings Before Income Taxes Page 14 of 69
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Net investment income and net realized gains (losses) 900.5 950.1 934.3 931.8 951.6 900.5 951.6
Fee income 633.2 640.0 669.9 655.0 660.6 633.2 660.6
Premiums 858.1 537.1 1,044.9 516.9 518.2 858.1 518.2
Other revenue 33.5 34.2 31.0 32.8 30.8 33.5 30.8
Total operating revenues 2,425.3 2,161.4 2,680.1 2,136.5 2,161.2 2,425.3 2,161.2
Operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders (1,506.4) (1,157.9) (1,714.5) (1,155.9) (1,141.8) (1,506.4) (1,141.8)
Operating expenses (590.2) (575.7) (564.3) (556.9) (561.3) (590.2) (561.3)
Net amortization of DAC/VOBA (112.2) (93.0) (218.0) (112.7) (120.7) (112.2) (120.7)
Interest expense (46.7) (46.4) (46.3) (48.5) (47.8) (46.7) (47.8)
Total operating benefits and expenses (2,255.5) (1,873.0) (2,543.1) (1,874.0) (1,871.6) (2,255.5) (1,871.6)
Operating earnings before income taxes 169.8 288.4 137.0 262.5 289.6 169.8 289.6
Adjustments
Closed Block Variable Annuity 46.0 (317.3) (7.1) 180.5 (29.4) 46.0 (29.4)
Net investment gains (losses) and related charges and adjustments (60.4) (59.7) (64.6) (9.4) 50.4 (60.4) 50.4
Net guaranteed benefit hedging gains (losses) and related charges 93.5 (39.6) (31.7) 24.6
and adjustments (47.2) 93.5 (47.2)
Income (loss) related to businesses exited through reinsurance or
divestment 1.6 (104.2) (16.4) (33.3) (15.4) 1.6 (15.4)
Income (loss) attributable to noncontrolling interests 0.7 (53.6) 75.9 81.9 26.1 0.7 26.1
Income (loss) on early extinguishment of debt (1.7) — (0.2) (9.9) — (1.7) —
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 — — — — —
Other adjustments to operating earnings(1) (8.2) (20.0) (12.6) (10.7) (12.8) (8.2) (12.8)
Total non-operating adjustments 71.5 (531.7) (56.7) 223.7 (28.3) 71.5 (28.3)
Income (loss) before income taxes 241.3 (243.3) 80.3 486.2 261.3 241.3 261.3
(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 69 Operating Earnings by Segment
Three Months Ended March 31, 2016
Investment Individual Employee Ongoing Closed
(in millions USD) Retirement Annuities Management Life Benefits Business Corporate Blocks Consolidated
Operating revenues
Net investment income and net realized gains 400.7 255.1 (14.7) 207.9 25.4 874.4
(losses) 13.4 12.7 900.5
Fee income 165.1 15.8 139.3 297.2 15.8 633.2 — — 633.2
Premiums 354.6 27.8 — 114.5 359.5 856.4 — 1.7 858.1
Other revenue 17.3 4.3 7.6 4.4 (1.0) 32.6 (0.5) 1.4 33.5
Total operating revenues 937.7 303.0 132.2 624.0 399.7 2,396.6 12.9 15.8 2,425.3
Operating benefits and expenses
Interest credited and other benefits to contract
owners/policyholders (576.6) (175.9) — (458.8) (293.5) (1,504.8) 6.7 (8.3) (1,506.4)
Operating expenses (225.3) (40.5) (109.5) (85.6) (79.7) (540.6) (45.9) (3.7) (590.2)
Net amortization of DAC/VOBA (32.1) (35.9) — (38.5) (5.7) (112.2) — — (112.2)
Interest expense — — — — — — (46.7) — (46.7)
Total operating benefits and expenses (834.0) (252.3) (109.5) (582.9) (378.9) (2,157.6) (85.9) (12.0) (2,255.5)
Operating earnings before income taxes 103.7 50.7 22.7 41.1 20.8 239.0 (73.0) 3.8 169.8
Three Months Ended March 31, 2015
Investment Individual Employee Ongoing Closed
Retirement Annuities Management Life Benefits Business Corporate Blocks Consolidated
Operating revenues
Net investment income and net realized gains 388.9 267.0
(losses) 6.1 222.4 26.5 910.9 20.2 20.5 951.6
Fee income 186.9 15.2 146.9 295.3 15.8 660.1 0.5 — 660.6
Premiums 10.7 29.8 — 146.6 330.0 517.1 (0.1) 1.2 518.2
Other revenue 14.0 3.6 10.1 4.5 (1.4) 30.8 (0.2) 0.2 30.8
Total operating revenues 600.5 315.6 163.1 668.8 370.9 2,118.9 20.4 21.9 2,161.2
Operating benefits and expenses
Interest credited and other benefits to contract
owners/policyholders (216.6) (175.4) — (490.6) (255.4) (1,138.0) — (3.8) (1,141.8)
Operating expenses (219.8) (37.6) (116.2) (92.3) (70.3) (536.2) (20.8) (4.3) (561.3)
Net amortization of DAC/VOBA (39.6) (34.0) — (42.5) (4.6) (120.7) — — (120.7)
Interest expense — — — — — — (47.8) — (47.8)
Total operating benefits and expenses (476.0) (247.0) (116.2) (625.4) (330.3) (1,794.9) (68.6) (8.1) (1,871.6)
Operating earnings before income taxes 124.5 68.6 46.9 43.4 40.6 324.0 (48.2) 13.8 289.6
Voya Financial Page 16 of 69 DAC/VOBA Segment Trends
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Retirement
Balance as of Beginning-of-Period 1,402.5 1,239.7 1,274.2 972.6 1,081.0 1,402.5 1,081.0
Deferrals of commissions and expenses 23.4 27.5 25.1 23.9 24.5 23.4 24.5
Amortization (14.4) (34.2) (18.0) (40.8) (39.5) (14.4) (39.5)
Unlocking 12.7 10.5 (66.2) (1.4) 7.1 12.7 7.1
Change in unrealized capital gains/losses (256.2) 159.0 24.6 319.9 (100.4) (256.2) (100.4)
Balance as of End-of-Period 1,168.0 1,402.5 1,239.7 1,274.2 972.6 1,168.0 972.6
Annuities
Balance as of Beginning-of-Period 604.6 493.4 585.7 440.4 492.3 604.6 492.3
Deferrals of commissions and expenses 35.5 37.2 29.9 22.1 21.7 35.5 21.7
Amortization (72.8) (20.5) (89.0) (54.1) (30.6) (72.8) (30.6)
Unlocking 26.9 4.4 (77.4) 11.4 8.0 26.9 8.0
Change in unrealized capital gains/losses (130.8) 90.1 44.2 165.9 (51.0) (130.8) (51.0)
Balance as of End-of-Period 463.4 604.6 493.4 585.7 440.4 463.4 440.4
Individual Life
Balance as of Beginning-of-Period 2,856.8 2,675.4 2,700.1 2,285.4 2,440.4 2,856.8 2,440.4
Deferrals of commissions and expenses 35.4 44.2 35.2 34.7 35.6 35.4 35.6
Amortization (29.0) (42.5) (38.0) (41.8) (43.4) (29.0) (43.4)
Unlocking (7.7) 16.0 (6.7) (0.9) 0.1 (7.7) 0.1
Change in unrealized capital gains/losses (288.2) 163.7 (15.2) 422.0 (148.0) (288.2) (148.0)
Balance as of End-of-Period 2,567.3 2,856.8 2,675.4 2,700.1 2,285.4 2,567.3 2,285.4
Other (1)
Balance as of Beginning-of-Period 84.1 84.4 89.3 91.5 91.6 84.1 91.6
Deferrals of commissions and expenses 3.9 4.1 4.8 4.8 4.6 3.9 4.6
Amortization (4.3) (1.8) (9.3) (5.4) (4.7) (4.3) (4.7)
Unlocking (2.3) (0.2) (2.6) (0.9) (0.7) (2.3) (0.7)
Change in unrealized capital gains/losses 1.0 (2.4) 2.2 (0.7) 0.7 1.0 0.7
Balance as of End-of-Period 82.4 84.1 84.4 89.3 91.5 82.4 91.5
Closed Block Variable Annuity
Balance as of Beginning-of-Period 422.1 433.1 440.6 454.4 465.6 422.1 465.6
Deferrals of commissions and expenses 1.4 1.4 1.6 1.8 2.0 1.4 2.0
Amortization (11.1) (12.2) (13.3) (13.0) (13.5) (11.1) (13.5)
Unlocking (0.5) (0.2) 4.2 (2.6) 0.3 (0.5) 0.3
Change in unrealized capital gains/losses — — — — — — —
Balance as of End-of-Period 411.9 422.1 433.1 440.6 454.4 411.9 454.4
Total
Balance as of Beginning-of-Period 5,370.1 4,926.0 5,089.9 4,244.3 4,570.9 5,370.1 4,570.9
Deferrals of commissions and expenses 99.6 113.0 96.6 88.0 89.1 99.6 89.1
Amortization (131.6) (108.6) (167.6) (158.7) (130.7) (131.6) (130.7)
Unlocking 29.1 32.7 (148.7) 5.6 12.6 29.1 12.6
Change in unrealized capital gains/losses (674.2) 407.0 55.8 910.7 (297.6) (674.2) (297.6)
Balance as of End-of-Period 4,693.0 5,370.1 4,926.0 5,089.9 4,244.3 4,693.0 4,244.3
(1) Includes Employee Benefits, Investment Management, and Other Closed Blocks.
Voya Financial Page 17 of 69 Consolidated Capital Structure
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Financial Debt
Senior bonds 2,699.4 2,703.4 2,702.4 2,702.1 2,731.4
Subordinated bonds 751.6 751.5 751.4 751.3 751.3
Other debt 4.9 4.9 4.9 4.9 4.9
Total Debt 3,455.9 3,459.8 3,458.7 3,458.3 3,487.6
Equity
Total common equity (Excluding AOCI) 11,985.1 12,010.9 12,240.4 12,746.6 12,613.2
Accumulated other comprehensive income (AOCI) 2,476.2 1,424.9 2,045.7 2,109.2 3,531.2
Total Voya Financial, Inc. Shareholders’ Equity 14,461.3 13,435.8 14,286.1 14,855.8 16,144.4
Total Equity (Excluding AOCI) 11,985.1 12,010.9 12,240.4 12,746.6 12,613.2
Capital
Total Capitalization 17,917.2 16,895.6 17,744.8 18,314.1 19,632.0
Total Capitalization (Excluding AOCI) 15,441.0 15,470.7 15,699.1 16,204.9 16,100.8
Debt to Capital
Debt to Capital 19.3% 20.5% 19.5% 18.9% 17.8%
Debt to Capital (Excluding AOCI) 22.4% 22.4% 22.0% 21.3% 21.7%
Voya Financial Page 18 of 69 Consolidated Assets Under Management/Assets Under Administration
As of March 31, 2016
Total AUM— AUA—Assets
General Separate Institutional/ Assets Under Under Total AUM +
(in millions USD) Account Account Mutual Funds Management Administration AUA
Retirement (1) 30,502.9 56,484.3 25,440.0 112,427.2 183,479.3 295,906.5
Annuities (2) 21,873.3 736.1 4,572.3 27,181.7 — 27,181.7
Investment Management 79,577.3 44,191.0 79,486.0 203,254.3 48,431.2 251,685.5
Individual Life (3) 12,758.4 2,477.6 — 15,236.0 — 15,236.0
Employee Benefits 1,769.0 14.8 — 1,783.8 — 1,783.8
Eliminations (72,000.2) (42,534.2) (10,830.6) (125,365.0) (47,631.5) (172,996.5)
Total Ongoing Business 74,480.7 61,369.6 98,667.7 234,518.0 184,279.0 418,797.0
Closed Block Variable Annuity 3,642.0 34,209.4 — 37,851.4 — 37,851.4
Closed Block Other 1,454.6 195.8 — 1,650.4 — 1,650.4
Total AUM and AUA 79,577.3 95,774.8 98,667.7 274,019.8 184,279.0 458,298.8
(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 20 of 69 Retirement Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sources of operating earnings before income taxes:
Investment spread and other investment income 177.3 188.5 176.6 171.6 182.9 177.3 182.9
Fee based margin 185.5 200.4 200.1 207.6 205.7 185.5 205.7
Net underwriting gain (loss) and other revenue (4.0) (7.5) (2.0) (2.3) (7.4) (4.0) (7.4)
Administrative expenses (187.4) (177.1) (172.3) (181.2) (180.6) (187.4) (180.6)
Trail commissions (34.4) (36.9) (34.3) (36.3) (35.2) (34.4) (35.2)
DAC/VOBA and other intangibles amortization, excluding unlocking (35.1) (41.9) (39.4) (34.5) (36.7) (35.1) (36.7)
DAC/VOBA and other intangibles unlocking 1.8 11.7 (48.2) 3.5 (4.2) 1.8 (4.2)
Operating earnings before income taxes 103.7 137.2 80.5 128.4 124.5 103.7 124.5
Gross investment income
Fixed income 389.5 376.7 365.1 357.6 358.1 389.5 358.1
Limited partnership income (2.1) (1.4) 1.0 0.5 0.3 (2.1) 0.3
Prepayment fee income 6.3 25.5 15.7 4.7 14.8 6.3 14.8
Total gross investment income 393.7 400.8 381.8 362.8 373.2 393.7 373.2
Investment expenses (15.7) (14.6) (15.3) (14.7) (14.8) (15.7) (14.8)
Credited interest (218.3) (218.6) (213.3) (205.4) (200.7) (218.3) (200.7)
Net margin 159.7 167.6 153.2 142.7 157.7 159.7 157.7
Other investment income (1) 17.6 20.9 23.4 28.9 25.2 17.6 25.2
Investment spread and other investment income 177.3 188.5 176.6 171.6 182.9 177.3 182.9
Fee based margin
Fee based margin—excluding Recordkeeping 146.8 156.2 157.6 164.1 159.6 146.8 159.6
Fee based margin—Recordkeeping 38.7 44.1 42.6 43.5 46.2 38.7 46.2
Fee based margin 185.5 200.3 200.1 207.6 205.7 185.5 205.7
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.
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Voya Financial Page 21 of 69 Retirement Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Net investment income and net realized gains (losses) 400.7 411.9 395.1 382.1 388.9 400.7 388.9
Fee income 165.1 179.4 180.9 188.9 186.9 165.1 186.9
Premiums 354.6 55.4 543.6 3.7 10.7 354.6 10.7
Other revenue 17.3 15.8 17.7 19.1 14.0 17.3 14.0
Total operating revenues 937.7 662.5 1,137.3 593.8 600.5 937.7 600.5
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (576.6) (278.6) (759.9) (214.2) (216.6) (576.6) (216.6)
Operating expenses (225.3) (217.9) (210.6) (221.3) (219.8) (225.3) (219.8)
Net amortization of DAC/VOBA (32.1) (28.8) (86.3) (29.9) (39.6) (32.1) (39.6)
Total operating benefits and expenses (834.0) (525.3) (1,056.8) (465.4) (476.0) (834.0) (476.0)
Operating earnings before income taxes 103.7 137.2 80.5 128.4 124.5 103.7 124.5
Voya Financial Retirement AUM/AUA
Page 22 of 69
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Assets Under Management by Product Group
Corporate markets 45,588.4 45,088.6 43,215.1 45,317.2 44,987.5
Tax-exempt markets 51,850.2 51,641.9 50,226.4 55,415.5 55,314.3
Total full service plans 97,438.6 96,730.5 93,441.5 100,732.7 100,301.8
Stable value and Pension risk transfer 11,639.3 10,762.9 10,664.6 8,974.8 8,925.0
Retail wealth management 3,349.3 3,313.7 3,186.7 3,276.0 3,275.5
Total AUM 112,427.2 110,807.1 107,292.8 112,983.5 112,502.3
AUA 183,479.3 180,949.9 181,056.9 201,116.9 201,584.0
Total AUM and AUA 295,906.5 291,757.0 288,349.7 314,100.4 314,086.3
Assets Under Management by Fund Group
General account 30,502.9 29,752.6 29,324.4 28,328.7 28,006.7
Guaranteed separate account 7,093.1 6,895.6 6,872.2 7,686.0 8,050.2
Non-guaranteed separate account 49,391.2 49,746.3 47,970.2 52,432.4 52,726.7
Mutual funds / Institutional funds 25,440.0 24,412.6 23,126.0 24,536.4 23,718.7
Total AUM 112,427.2 110,807.1 107,292.8 112,983.5 112,502.3
AUA 183,479.3 180,949.9 181,056.9 201,116.9 201,584.0
Total AUM and AUA 295,906.5 291,757.0 288,349.7 314,100.4 314,086.3
Voya Financial Page 23 of 69 Retirement AUM Rollforward
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Full service—Corporate markets
Assets under management, beginning of period 45,088.5 43,215.1 45,317.2 44,987.5 43,806.9 45,088.5 43,806.9
Transfer/Single deposits 711.2 1,439.1 922.8 767.1 956.6 711.2 956.6
Recurring deposits 1,342.8 1,026.6 1,068.3 1,086.1 1,238.9 1,342.8 1,238.9
Total Deposits 2,054.0 2,465.7 1,991.1 1,853.2 2,195.5 2,054.0 2,195.5
Surrenders, benefits, and product charges (1,713.5) (2,106.0) (1,572.6) (1,481.8) (2,021.3) (1,713.5) (2,021.3)
Net Flows 340.5 359.7 418.5 371.4 174.2 340.5 174.2
Interest credited and investment performance 159.4 1,513.7 (2,520.6) (41.7) 1,006.3 159.4 1,006.3
Transfer to reinsurer (3) / between markets — — — — — — —
Assets under management, end of period 45,588.4 45,088.5 43,215.1 45,317.2 44,987.5 45,588.5 44,987.5
Full service—Tax-exempt markets
Assets under management, beginning of period 51,641.9 50,226.4 55,415.5 55,314.3 53,896.6 51,641.9 53,896.6
Transfer/Single deposits 253.4 374.8 299.7 319.8 837.6 253.4 837.6
Recurring deposits 807.4 734.6 678.3 782.8 778.5 807.4 778.5
Total Deposits 1,060.8 1,109.4 978.0 1,102.6 1,616.1 1,060.8 1,616.1
Surrenders, benefits, and product charges (1,051.2) (1,071.5) (3,110.2) (1,062.8) (1,221.5) (1,051.2) (1,221.5)
Net Flows 9.6 37.9 (2,132.2) 39.8 394.6 9.6 394.6
Interest credited and investment performance 198.7 1,377.5 (1,939.2) 61.4 1,023.1 198.7 1,023.1
Transfer to reinsurer (3) / between markets (4) — — (1,117.8) — — — —
Assets under management, end of period 51,850.2 51,641.9 50,226.4 55,415.5 55,314.3 51,850.2 55,314.3
Stable value (1) and Pension risk transfer
Assets under management, beginning of period 10,762.9 10,664.6 8,974.8 8,925.0 8,778.4 10,762.9 8,778.4
Transfer/Single deposits 719.2 259.9 633.9 299.9 169.5 719.2 169.5
Recurring deposits 105.7 75.0 73.5 42.1 42.7 105.7 42.7
Total Deposits 824.9 334.9 707.4 342.0 212.2 824.9 212.2
Surrenders, benefits, and product charges (108.7) (232.3) (150.2) (288.9) (126.1) (108.7) (126.1)
Net Flows 716.2 102.6 557.2 53.1 86.1 716.2 86.1
Interest credited and investment performance 160.2 (4.3) 15.0 (3.5) 60.5 160.2 60.5
Transfer to reinsurer (3) / between markets (4) — — 1,117.8 — — — —
Assets under management, end of period 11,639.3 10,762.9 10,664.6 8,974.8 8,925.0 11,639.3 8,925.0
Retail wealth management
Assets under management, beginning of period 3,313.7 3,186.7 3,276.0 3,275.5 3,211.4 3,313.7 3,211.4
Transfer/Single deposits 242.3 259.2 257.7 251.1 243.6 242.3 243.6
Recurring deposits 0.6 0.3 0.2 0.7 0.6 0.6 0.6
Total Deposits 242.9 259.5 257.9 251.8 244.2 242.9 244.2
Surrenders, benefits, and product charges (226.9) (203.1) (230.4) (240.9) (238.7) (226.9) (238.7)
Net Flows 16.0 56.4 27.5 10.9 5.5 16.0 5.5
Interest credited and investment performance 19.6 70.6 (116.9) (10.4) 58.5 19.6 58.5
Transfer to reinsurer (3) / between markets — — — — — — —
Assets under management, end of period 3,349.3 3,313.7 3,186.7 3,276.0 3,275.5 3,349.3 3,275.5
Total AUM (2)
Assets under management, beginning of period 110,807.1 107,292.8 112,983.5 112,502.3 109,693.3 110,807.1 109,693.3
Transfer/Single deposits 1,926.1 2,333.1 2,114.1 1,637.9 2,207.4 1,926.1 2,207.4
Recurring deposits 2,256.5 1,836.6 1,820.3 1,911.7 2,060.8 2,256.5 2,060.8
Total Deposits 4,182.6 4,169.7 3,934.4 3,549.6 4,268.2 4,182.6 4,268.2
Surrenders, benefits, and product charges (3,100.3) (3,612.9) (5,063.4) (3,074.3) (3,607.6) (3,100.3) (3,607.6)
Net Flows 1,082.3 556.8 (1,129.0) 475.3 660.6 1,082.3 660.6
Interest credited and investment performance 537.8 2,957.5 (4,561.7) 5.9 2,148.4 537.8 2,148.4
Transfer to reinsurer (3) / between markets — — — — — — —
Assets under management, end of period 112,427.2 110,807.1 107,292.8 112,983.5 112,502.3 112,427.2 112,502.3
(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 25 of 69 Annuities Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sources of operating earnings before income taxes:
Investment spread and other investment income 115.1 130.0 120.3 120.0 122.9 115.1 122.9
Fee based margin 15.8 16.4 16.0 16.2 15.5 15.8 15.5
Net underwriting gain (loss) and other revenue 4.0 4.1 24.1 4.6 7.5 4.0 7.5
Administrative expenses (28.3) (24.6) (24.8) (25.2) (25.4) (28.3) (25.4)
Trail commissions (11.9) (13.4) (13.0) (12.9) (11.9) (11.9) (11.9)
DAC/VOBA and other intangibles amortization, excluding
unlocking (52.0) (60.5) (59.2) (46.7) (49.5) (52.0) (49.5)
DAC/VOBA and other intangibles unlocking 8.0 10.9 (12.9) 5.0 9.5 8.0 9.5
Operating earnings before income taxes 50.7 62.9 50.5 61.0 68.6 50.7 68.6
Gross investment income
Fixed income 254.4 252.9 252.9 254.3 252.6 254.4 252.6
Limited partnership income (2.0) (2.9) 2.3 0.6 0.1 (2.0) 0.1
Prepayment fee income 5.0 23.6 8.2 4.6 11.4 5.0 11.4
Total gross investment income 257.4 273.6 263.4 259.5 264.1 257.4 264.1
Investment expenses (11.3) (11.2) (11.0) (11.3) (10.5) (11.3) (10.5)
Credited interest (140.3) (143.1) (144.5) (143.5) (144.2) (140.3) (144.2)
Net margin 105.8 119.3 107.9 104.7 109.4 105.8 109.4
Other investment income (1) 9.3 10.7 12.4 15.3 13.5 9.3 13.5
Investment spread and other investment income 115.1 130.0 120.3 120.0 122.9 115.1 122.9
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.
Voya Financial Page 26 of 69 Annuities Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Net investment income and net realized gains (losses) 255.1 273.1 264.8 263.2 267.0 255.1 267.0
Fee income 15.8 16.4 16.0 16.0 15.2 15.8 15.2
Premiums 27.8 29.2 30.1 27.3 29.8 27.8 29.8
Other revenue 4.3 3.5 3.5 3.9 3.6 4.3 3.6
Total operating revenues 303.0 322.2 314.4 310.4 315.6 303.0 315.6
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (175.9) (179.2) (166.0) (177.3) (175.4) (175.9) (175.4)
Operating expenses (40.5) (38.2) (38.1) (38.4) (37.6) (40.5) (37.6)
Net amortization of DAC/VOBA (35.9) (41.9) (59.8) (33.7) (34.0) (35.9) (34.0)
Total operating benefits and expenses (252.3) (259.3) (263.9) (249.4) (247.0) (252.3) (247.0)
Operating earnings before income taxes 50.7 62.9 50.5 61.0 68.6 50.7 68.6
Voya Financial Page 27 of 69
Annuities AUM
Balances As Of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Assets Under Management by Product Group
Fixed single-year 3,350.4 3,384.5 3,440.7 3,496.5 3,558.5
Fixed multi-year 1,913.7 1,987.9 2,081.8 2,168.2 2,226.0
Indexed 14,081.0 13,901.7 13,661.6 13,521.7 13,435.5
SPIA & Payout 2,825.7 2,822.8 2,819.6 2,856.7 2,874.0
Investment-only products (1) 4,620.1 4,536.0 4,301.3 4,408.1 4,272.6
Other annuities 390.8 403.0 396.0 438.3 451.6
Total AUM 27,181.7 27,035.8 26,700.9 26,889.5 26,818.2
Assets Under Management by Fund Group
General account 21,873.3 21,790.6 21,704.1 21,715.3 21,753.7
Separate account 736.1 743.4 711.3 766.1 791.9
Mutual funds 4,572.3 4,501.8 4,285.5 4,408.1 4,272.6
Total AUM 27,181.7 27,035.8 26,700.9 26,889.5 26,818.2
(1) Includes Separate account and Mutual funds.
Voya Financial Page 28 of 69 Annuities AUM Rollforward
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Annual Reset Annuities/Multi-Year Guaranteed Annuities
Assets Under Management, beginning of period 5,372.5 5,522.6 5,664.7 5,784.6 5,906.1 5,372.5 5,906.1
Deposits 9.2 8.2 6.5 8.2 8.3 9.2 8.3
Surrenders, benefits, and product charges (161.5) (206.5) (197.4) (175.9) (177.5) (161.5) (177.5)
Net cash flow (152.3) (198.3) (190.9) (167.7) (169.2) (152.3) (169.2)
Interest credited and investment performance 44.1 48.2 48.8 47.8 47.7 44.1 47.7
Assets Under Management, end of period 5,264.3 5,372.5 5,522.6 5,664.7 5,784.6 5,264.3 5,784.6
Fixed Indexed Annuities
Assets Under Management, beginning of period 13,901.7 13,661.6 13,521.7 13,435.5 13,350.5 13,901.7 13,350.5
Deposits 540.4 584.3 463.3 343.1 325.7 540.4 325.7
Surrenders, benefits, and product charges (368.4) (385.9) (378.0) (379.6) (344.6) (368.4) (344.6)
Net cash flow 172.0 198.4 85.3 (36.5) (18.9) 172.0 (18.9)
Interest credited and investment performance 7.3 41.7 54.6 122.7 103.9 7.3 103.9
Assets Under Management, end of period 14,081.0 13,901.7 13,661.6 13,521.7 13,435.5 14,081.0 13,435.5
SPIA & Payout
Assets Under Management, beginning of period 2,822.8 2,819.6 2,856.7 2,874.0 2,878.5 2,822.8 2,878.5
Deposits 71.3 59.5 76.3 62.3 64.6 71.3 64.6
Surrenders, benefits, and product charges (98.5) (99.8) (100.5) (108.9) (106.3) (98.5) (106.3)
Net cash flow (27.2) (40.3) (24.2) (46.6) (41.7) (27.2) (41.7)
Interest credited and investment performance 30.1 43.5 (12.9) 29.3 37.2 30.1 37.2
Assets Under Management, end of period 2,825.7 2,822.8 2,819.6 2,856.7 2,874.0 2,825.7 2,874.0
Investment-only products (1)
Assets Under Management, beginning of period 4,536.0 4,301.3 4,408.1 4,272.6 4,062.0 4,536.0 4,062.0
Deposits 234.8 269.2 328.8 322.7 289.1 234.8 289.1
Surrenders, benefits, and product charges (169.1) (164.9) (155.8) (163.7) (155.9) (169.1) (155.9)
Net cash flow 65.7 104.3 173.0 159.0 133.2 65.7 133.2
Interest credited and investment performance 18.4 130.4 (279.7) (23.5) 77.4 18.4 77.4
Assets Under Management, end of period 4,620.1 4,536.0 4,301.3 4,408.1 4,272.6 4,620.1 4,272.6
Other Annuities
Assets Under Management, beginning of period 403.0 396.0 438.3 451.6 452.9 403.0 452.9
Deposits 0.9 0.8 0.6 1.8 1.2 0.9 1.2
Surrenders, benefits, and product charges (8.9) (12.3) (9.7) (13.8) (13.4) (8.9) (13.4)
Net cash flow (8.0) (11.5) (9.1) (12.0) (12.2) (8.0) (12.2)
Interest credited and investment performance (4.2) 18.5 (33.3) (1.3) 10.9 (4.2) 10.9
Assets Under Management, end of period 390.8 403.0 396.0 438.3 451.6 390.8 451.6
Annuities—Total
Assets Under Management, beginning of period 27,035.8 26,700.9 26,889.5 26,818.2 26,650.0 27,035.8 26,650.0
Deposits 856.6 922.0 875.5 738.2 688.8 856.6 688.8
Surrenders, benefits, and product charges (806.4) (869.4) (841.5) (842.0) (797.7) (806.4) (797.7)
Net cash flow 50.2 52.6 34.0 (103.8) (108.9) 50.2 (108.9)
Interest credited and investment performance 95.7 282.3 (222.6) 175.1 277.1 95.7 277.1
Assets Under Management, end of period 27,181.7 27,035.8 26,700.9 26,889.5 26,818.2 27,181.7 26,818.2
(1) Includes Separate account and Mutual funds.
Investment Management
Voya Financial Page 30 of 69 Investment Management Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sources of operating earnings before income taxes:
Investment capital and other investment income (14.7) (8.7) 0.1 3.5 6.5 (14.7) 6.5
Fee based margin 146.9 156.6 152.5 155.1 156.6 146.9 156.6
Administrative expenses (109.5) (105.5) (107.0) (111.6) (116.2) (109.5) (116.2)
Operating earnings before income taxes 22.7 42.4 45.6 47.0 46.9 22.7 46.9
Voya Financial Page 31 of 69 Investment Management Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Net investment income and net realized gains (losses) (14.7) (8.8) 0.4 3.4 6.1 (14.7) 6.1
Fee income 139.3 145.1 145.0 147.6 146.9 139.3 146.9
Other revenue 7.6 11.6 7.2 7.6 10.1 7.6 10.1
Total operating revenues 132.2 147.9 152.6 158.6 163.1 132.2 163.1
Operating benefits and expenses
Operating expenses (109.5) (105.5) (107.0) (111.6) (116.2) (109.5) (116.2)
Total operating benefits and expenses (109.5) (105.5) (107.0) (111.6) (116.2) (109.5) (116.2)
Operating earnings before income taxes 22.7 42.4 45.6 47.0 46.9 22.7 46.9
Voya Financial Page 32 of 69 Investment Management Key Metrics
Balances as of Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Client Assets by Source:
External clients
Investment Management sourced 69,472.4 68,143.7 67,929.9 70,812.0 71,188.4 69,472.4 71,188.4
Affiliate sourced 54,204.6 54,403.4 53,830.5 57,390.9 59,005.1 54,204.6 59,005.1
Subtotal external clients 123,677.0 122,547.1 121,760.4 128,202.9 130,193.5 123,677.0 130,193.5
General Account (1) 79,577.3 78,174.1 79,748.5 77,795.8 78,566.4 79,577.3 78,566.4
Total Client Assets (AUM) 203,254.3 200,721.2 201,508.9 205,998.7 208,759.9 203,254.3 208,759.9
Administration Only Assets (AUA) 48,431.2 48,820.2 47,930.1 51,391.1 52,861.8 48,431.2 52,861.8
Total AUM and AUA 251,685.5 249,541.4 249,439.0 257,389.8 261,621.7 251,685.5 261,621.7
Three Months Ended Year-to-Date
3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Analysis of investment advisory and administrative revenues,
net, by source: (2)
External clients
Investment Management sourced 71.8 75.6 74.9 76.9 76.8 71.8 76.8
Affiliate sourced 28.2 29.8 30.9 30.9 30.7 28.2 30.7
Subtotal external clients 100.0 105.4 105.8 107.8 107.5 100.0 107.5
General Account 36.4 36.6 36.0 36.4 36.1 36.4 36.1
Total investment advisory and administrative revenues, net, from 136.4 142.0 141.8 144.2
AUM 143.6 136.4 143.6
Administration Only Fees 2.9 3.1 3.2 3.4 3.3 2.9 3.3
Total investment advisory and administrative revenues, net, by
source (2) 139.3 145.1 145.0 147.6 146.9 139.3 146.9
Revenue Yield (bps): (2) (3)
External clients
Investment Management sourced 42.5 44.2 43.1 43.2 43.6 42.5 43.6
Affiliate sourced 21.2 21.7 22.1 21.1 20.8 21.2 20.8
Revenue Yield on Institutional/retail 33.1 34.2 33.8 33.3 33.2 33.1 33.2
General Account 18.6 18.4 18.5 18.5 18.6 18.6 18.6
Revenue Yield on Client Assets (AUM) 27.4 28.0 27.9 27.7 27.7 27.4 27.7
Revenue Yield on Administration Only Assets (AUA) 2.4 2.5 2.6 2.6 2.5 2.4 2.5
Total Revenue Yield on AUM and AUA (bps) (2) (3) 22.6 23.0 22.9 22.7 22.6 22.6 22.6
(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 33 of 69 Investment Management Account Rollforward by Source
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Investment Management Sourced AUM:
Beginning of period AUM 68,143.7 67,929.9 70,812.0 71,188.4 69,644.3 68,143.7 69,644.3
Inflows
Inflows-other 3,858.2 2,497.5 3,884.9 3,748.0 3,891.1 3,858.2 3,891.1
Outflows (3,340.9) (3,183.5) (5,010.9) (3,202.2) (3,142.6) (3,340.9) (3,142.6)
Net Flows 517.3 (686.0) (1,126.0) 545.8 748.5 517.3 748.5
Net Money Market Flows (53.5) (7.9) 18.8 (2.8) 7.2 (53.5) 7.2
Change in Market Value 953.7 862.7 (2,136.2) (804.7) 879.2 953.7 879.2
Other (Including Acquisitions / Divestitures) (88.8) 45.0 361.3 (114.7) (90.7) (88.8) (90.7)
End of period AUM 69,472.4 68,143.7 67,929.9 70,812.0 71,188.4 69,472.4 71,188.4
Organic Growth (Net Flows / Beginning of period AUM) 0.76% -1.01% -1.59% 0.77% 1.07% 0.76% 1.07%
Market Growth % 1.40% 1.27% -3.02% -1.13% 1.26% 1.40% 1.26%
Affiliate Sourced AUM:
Beginning of period AUM 54,403.4 53,830.5 57,390.9 59,005.1 58,956.2 54,403.4 58,956.2
Inflows
Inflows from sub-advisor replacements — — 1,405.9 — — — —
Inflows-other 1,082.9 867.4 866.4 976.9 964.2 1,082.9 964.2
Outflows (1,787.6) (1,802.9) (3,049.8) (2,277.9) (2,038.4) (1,787.6) (2,038.4)
Net Flows (704.7) (935.5) (777.4) (1,301.0) (1,074.1) (704.7) (1,074.1)
Net Money Market Flows 40.2 (78.0) 112.7 (31.1) (81.2) 40.2 (81.2)
Change in Market Value 410.1 1,564.4 (2,345.7) (296.8) 1,323.1 410.1 1,323.1
Other (Including Acquisitions / Divestitures) 55.6 22.0 (549.9) 14.7 (118.9) 55.6 (118.9)
End of period AUM 54,204.6 54,403.4 53,830.5 57,390.9 59,005.1 54,204.6 59,005.1
Organic Growth (Net Flows / Beginning of period AUM) -1.30% -1.74% -1.35% -2.20% -1.82% -1.30% -1.82%
Market Growth % 0.75% 2.91% -4.09% -0.50% 2.24% 0.75% 2.24%
Other affiliate sourced net flows (31.9) (193.3) 28.3 (276.0) (230.9) (31.9) (230.9)
Variable annuity net flows (672.9) (742.2) (805.7) (1,025.0) (843.2) (672.9) (843.2)
Total Affiliate Sourced Net Flows (704.8) (935.5) (777.4) (1,301.0) (1,074.1) (704.8) (1,074.1)
Total Investment Management Sourced Net Flows 517.3 (686.0) (1,126.0) 545.8 748.5 517.3 748.5
Total Net Flows (187.5) (1,621.5) (1,903.4) (755.2) (325.6) (187.5) (325.6)
Net Flows excluding sub-advisor replacements and variable annuity net flows 485.4 (879.3) (2,503.6) 269.8 517.6 485.4 517.6
Voya Financial Page 34 of 69 Investment Management Account Value by Asset Type
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Institutional
Equity 17,984.0 17,524.6 17,101.8 17,992.4 18,136.8
Fixed Income 39,616.6 38,341.8 38,621.6 39,689.6 38,965.9
Real Estate — — — — —
Money Market — — — 24.5 19.5
Total 57,600.6 55,866.4 55,723.4 57,706.5 57,122.2
Retail
Equity 39,107.5 39,978.6 39,148.2 42,992.0 44,245.8
Fixed Income 19,378.9 18,963.6 18,874.6 19,070.4 19,432.4
Real Estate 5,788.2 5,910.0 6,099.6 6,656.3 7,578.7
Money Market 1,801.8 1,828.5 1,914.6 1,777.7 1,814.4
Total 66,076.4 66,680.7 66,037.0 70,496.4 73,071.3
General Account
Equity 319.2 339.4 292.0 201.4 212.7
Fixed Income 78,727.6 77,662.4 78,156.8 76,741.9 77,102.4
Real Estate — — — — —
Money Market 530.5 172.3 1,299.7 852.5 1,251.3
Total 79,577.3 78,174.1 79,748.5 77,795.8 78,566.4
Combined Asset Type
Equity 57,410.8 57,842.6 56,542.0 61,185.8 62,595.3
Fixed Income 137,723.0 134,967.8 135,653.0 135,501.9 135,500.7
Real Estate 5,788.2 5,910.0 6,099.6 6,656.3 7,578.7
Money Market 2,332.3 2,000.8 3,214.3 2,654.7 3,085.2
Total 203,254.3 200,721.2 201,508.9 205,998.7 208,759.9
Individual Life
Voya Financial Page 36 of 69 Individual Life Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sources of operating earnings before income taxes:
Investment spread and other investment income 56.7 64.2 61.2 64.7 65.3 56.7 65.3
Fee based margin 3.7 3.9 4.1 4.2 4.2 3.7 4.2
Net underwriting gain (loss) and other revenue 90.8 128.4 63.3 90.7 88.2 90.8 88.2
Administrative expenses (61.4) (58.4) (59.1) (60.0) (61.4) (61.4) (61.4)
Trail commissions (6.8) (7.5) (7.1) (5.3) (9.8) (6.8) (9.8)
DAC/VOBA and other intangibles amortization, excluding
unlocking (34.0) (33.7) (43.8) (42.0) (43.2) (34.0) (43.2)
DAC/VOBA and other intangibles unlocking (7.9) 5.5 (29.4) (14.6) 0.1 (7.9) 0.1
Operating earnings before income taxes 41.1 102.4 (10.8) 37.7 43.4 41.1 43.4
Gross Investment Income
Fixed income 206.6 209.8 213.0 212.0 207.8 206.6 207.8
Limited partnership income (0.8) (1.6) 2.6 0.9 0.3 (0.8) 0.3
Prepayment fee income 2.7 9.1 2.2 4.5 11.3 2.7 11.3
Total gross investment income 208.5 217.3 217.8 217.4 219.4 208.5 219.4
Investment expenses (6.6) (6.3) (6.3) (6.4) (5.9) (6.6) (5.9)
Credited interest (149.7) (151.9) (157.0) (154.6) (155.4) (149.7) (155.4)
Net margin 52.2 59.1 54.5 56.4 58.1 52.2 58.1
Other investment income (1) 4.5 5.1 6.7 8.3 7.2 4.5 7.2
Investment spread and other investment income 56.7 64.2 61.2 64.7 65.3 56.7 65.3
Net underwriting gain (loss) and other revenue
Fee revenue / Premiums 425.6 429.6 453.2 458.7 459.9 425.6 459.9
Net mortality, including Reinsurance (309.9) (270.9) (349.9) (309.0) (309.1) (309.9) (309.1)
Reserve change / Other (24.9) (30.3) (40.0) (59.0) (62.6) (24.9) (62.6)
Total net underwriting gain (loss) and other revenue 90.8 128.4 63.3 90.7 88.2 90.8 88.2
(1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.
Voya Financial Page 37 of 69 Individual Life Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Net investment income and net realized gains (losses) 207.9 217.4 218.8 220.8 222.4 207.9 222.4
Fee income 297.2 283.1 307.0 287.0 295.3 297.2 295.3
Premiums 114.5 109.8 140.2 151.4 146.6 114.5 146.6
Other revenue 4.4 4.6 4.1 3.7 4.5 4.4 4.5
Total operating revenues 624.0 614.9 670.1 662.9 668.8 624.0 668.8
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (458.8) (409.4) (527.5) (495.8) (490.6) (458.8) (490.6)
Operating expenses (85.6) (84.0) (90.1) (85.4) (92.3) (85.6) (92.3)
Net amortization of DAC/VOBA (38.5) (19.1) (63.3) (44.0) (42.5) (38.5) (42.5)
Total operating benefits and expenses (582.9) (512.5) (680.9) (625.2) (625.4) (582.9) (625.4)
Operating earnings before income taxes 41.1 102.4 (10.8) 37.7 43.4 41.1 43.4
Voya Financial Page 38 of 69 Individual Life Key Metrics
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sales by Product Line:
Guaranteed 0.1 — 0.1 — — 0.1 —
Accumulation 1.8 1.1 1.4 1.0 1.6 1.8 1.6
Indexed 17.3 23.7 18.2 15.5 14.4 17.3 14.4
Total Universal life 19.2 24.8 19.7 16.5 16.0 19.2 16.0
Variable life 0.8 1.8 1.0 1.7 1.0 0.8 1.0
Term 3.5 3.8 4.0 5.1 4.9 3.5 4.9
Whole life — — — — — — —
Total sales by product line 23.5 30.4 24.7 23.3 21.9 23.5 21.9
Gross Premiums and Deposits by Product (1)
Interest sensitive 296.7 320.9 289.6 282.5 297.2 296.7 297.2
Non—interest sensitive 142.9 146.4 175.1 187.8 177.7 142.9 177.7
Total gross premiums and deposits 439.6 467.3 464.7 470.2 475.0 439.6 475.0
Applications
New business policy count (Paid) 4,251 4,552 4,654 5,607 5,407 4,251 5,407
End of Period:
In-Force Face Amount by Product (1)
Universal life 78,518 78,274 77,846 77,736 77,580 78,518 77,580
Variable life 24,361 24,734 25,224 25,668 26,100 24,361 26,100
Term 252,871 252,274 361,173 364,618 367,382 252,871 367,382
Whole life 1,923 1,938 1,974 2,002 2,054 1,923 2,054
Total in-force face amount 357,673 357,220 466,216 470,023 473,115 357,673 473,115
In-Force Policy Count (in whole numbers) (1)
Universal life 266,463 269,568 272,179 274,989 277,713 266,463 277,713
Variable life 57,593 58,524 59,669 60,632 61,629 57,593 61,629
Term 473,843 474,389 633,872 639,932 644,643 473,843 644,643
Whole life 122,402 124,437 126,230 128,103 130,246 122,402 130,246
Total in-force policy count 920,301 926,918 1,091,950 1,103,656 1,114,231 920,301 1,114,231
Assets Under Management by Fund Group (1)
General account 12,758.4 12,603.1 13,015.3 13,032.3 13,035.7 12,758.4 13,035.7
Separate account 2,477.6 2,520.8 2,470.6 2,696.6 2,738.3 2,477.6 2,738.3
Total AUM 15,236.0 15,123.9 15,485.9 15,728.9 15,774.0 15,236.0 15,774.0
(1) Excludes amounts transferred to third parties through reinsurance transactions.
Employee Benefits
Voya Financial Page 40 of 69 Employee Benefits Sources of Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sources of operating earnings before income taxes:
Investment spread and other investment income 10.2 11.7 11.6 12.8 11.0 10.2 11.0
Net underwriting gain (loss) and other revenue 95.8 89.4 109.4 104.2 102.8 95.8 102.8
Administrative expenses (51.5) (48.6) (47.4) (47.5) (45.9) (51.5) (45.9)
Trail commissions (28.0) (25.7) (24.2) (26.7) (22.7) (28.0) (22.7)
DAC/VOBA and other intangibles amortization, excluding unlocking (3.4) (3.0) (2.6) (4.2) (3.9) (3.4) (3.9)
DAC/VOBA and other intangibles unlocking (2.3) (0.2) (2.6) (0.9) (0.7) (2.3) (0.7)
Operating earnings before income taxes 20.8 23.6 44.2 37.7 40.6 20.8 40.6
Gross Investment Income
Fixed income 24.5 24.4 24.7 24.5 24.8 24.5 24.8
Limited partnership income (0.3) (0.3) 0.2 0.1 — (0.3) —
Prepayment fee income 0.4 1.5 0.4 1.3 0.1 0.4 0.1
Total gross investment income 24.6 25.6 25.3 25.9 24.9 24.6 24.9
Investment expenses (0.8) (0.8) (0.8) (0.8) (0.8) (0.8) (0.8)
Credited interest (15.2) (15.1) (15.2) (15.2) (15.4) (15.2) (15.4)
Net margin 8.6 9.7 9.3 9.9 8.7 8.6 8.7
Other investment income 1.6 2.0 2.3 2.9 2.3 1.6 2.3
Investment spread and other investment income 10.2 11.7 11.6 12.8 11.0 10.2 11.0
Group life
Premiums 123.6 119.0 119.4 122.5 116.1 123.6 116.1
Benefits (104.4) (93.7) (90.3) (90.6) (86.1) (104.4) (86.1)
Other (1) (2.0) (2.4) (2.4) (2.4) (1.9) (2.0) (1.9)
Total 17.2 22.9 26.7 29.5 28.1 17.2 28.1
Loss Ratio (Interest adjusted) 84.5% 78.7% 75.6% 74.0% 74.2% 84.5% 74.2%
Group stop loss
Premiums 209.2 196.1 191.2 193.5 192.9 209.2 192.9
Benefits (157.5) (148.9) (128.7) (139.8) (135.7) (157.5) (135.7)
Other (1) (0.8) (1.2) (1.1) (0.2) (2.6) (0.8) (2.6)
Total 50.9 46.0 61.4 53.5 54.6 50.9 54.6
Loss Ratio 75.3% 75.9% 67.3% 72.2% 70.4% 75.3% 70.4%
Voluntary Benefits, Disability, and Other 27.7 20.4 21.3 21.1 20.2 27.7 20.2
Net underwriting gain (loss) and other revenue 95.8 89.4 109.4 104.2 102.8 95.8 102.8
(1) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
Voya Financial Page 41 of 69 Employee Benefits Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Net investment income and net realized gains (losses) 25.4 26.8 26.8 28.0 26.5 25.4 26.5
Fee income 15.8 16.0 21.0 15.5 15.8 15.8 15.8
Premiums 359.5 342.0 330.2 334.4 330.0 359.5 330.0
Other revenue (1.0) (1.4) (1.3) (1.7) (1.4) (1.0) (1.4)
Total operating revenues 399.7 383.4 376.7 376.2 370.9 399.7 370.9
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (293.5) (282.3) (252.7) (260.1) (255.4) (293.5) (255.4)
Operating expenses (79.7) (74.3) (71.2) (73.3) (70.3) (79.7) (70.3)
Net amortization of DAC/VOBA (5.7) (3.2) (8.6) (5.1) (4.6) (5.7) (4.6)
Total operating benefits and expenses (378.9) (359.8) (332.5) (338.5) (330.3) (378.9) (330.3)
Operating earnings before income taxes 20.8 23.6 44.2 37.7 40.6 20.8 40.6
Voya Financial Page 42 of 69 Employee Benefits Key Metrics
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Sales by Product Line:
Group life (Basic / Sup / AD&D) 42.9 4.9 6.1 6.0 36.6 42.9 36.6
Group stop loss 172.3 16.8 28.2 21.9 203.0 172.3 203.0
Disability 21.8 0.5 2.7 0.2 6.9 21.8 6.9
Association (Life, DI, PAI) — 3.0 0.2 2.0 11.2 — 11.2
Other (PAI) 0.1 — — — 0.6 0.1 0.6
Total group products 237.1 25.2 37.3 30.1 258.3 237.1 258.3
Voluntary products 29.9 6.8 5.6 10.6 14.5 29.9 14.5
Total sales by product line 267.0 32.0 42.9 40.7 272.8 267.0 272.8
Total gross premiums and deposits 410.1 390.9 380.2 383.4 374.6 410.1 374.6
Total annualized in-force premiums 1,706.3 1,603.9 1,599.7 1,579.8 1,564.7 1,706.3 1,564.7
Assets Under Management by Fund Group
General account 1,769.0 1,777.9 1,795.3 1,798.9 1,755.4 1,769.0 1,755.4
Separate account 14.8 15.1 14.4 15.7 16.1 14.8 16.1
Total AUM 1,783.8 1,793.0 1,809.7 1,814.6 1,771.5 1,783.8 1,771.5
Corporate
Voya Financial Page 44 of 69 Corporate Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Interest expense (48.7) (48.5) (48.1) (49.9) (48.0) (48.7) (48.0)
Amortization of intangibles (9.1) (9.1) (9.1) (9.2) (9.2) (9.1) (9.2)
Strategic investment program (1) (33.3) (34.7) (31.7) (13.1) — (33.3) —
Other (2) 18.1 10.2 13.3 18.9 9.0 18.1 9.0
Operating earnings before income taxes (73.0) (82.1) (75.6) (53.3) (48.2) (73.0) (48.2)
(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 9/30/15 include $1.6 million of net investment income from Lehman Recovery/LIHTC.
Closed Blocks (Variable Annuity and Other)
Voya Financial Page 46 of 69 Closed Block Other Operating Earnings
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Net investment income and net realized gains (losses) 12.7 12.5 14.0 16.3 20.5 12.7 20.5
Fee income — — — — — — —
Premiums 1.7 0.7 0.8 0.1 1.2 1.7 1.2
Other revenue 1.4 0.6 0.1 (0.4) 0.2 1.4 0.2
Total operating revenues 15.8 13.8 14.9 16.0 21.9 15.8 21.9
Operating benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (8.3) (8.4) (8.4) (8.5) (3.8) (8.3) (3.8)
Operating expenses (3.7) (3.4) (3.9) (3.5) (4.3) (3.7) (4.3)
Net amortization of DAC/VOBA — — — — — — —
Interest expense — — — — — — —
Impairment — — — — — — —
Total operating benefits and expenses (12.0) (11.8) (12.3) (12.0) (8.1) (12.0) (8.1)
Operating earnings before income taxes 3.8 2.0 2.6 4.0 13.8 3.8 13.8
Voya Financial Page 47 of 69 Closed Block Variable Annuity Income (Loss) before income taxes
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Revenues
Net investment income 67.6 64.4 61.1 54.7 50.9 67.6 50.9
Fee income 245.6 264.2 274.9 291.2 288.0 245.6 288.0
Premiums 107.2 80.3 82.4 164.3 89.2 107.2 89.2
Net realized gains (losses) 31.0 (537.7) 370.3 145.5 (166.2) 31.0 (166.2)
Other revenues and premiums 1.6 1.4 0.3 2.8 2.5 1.6 2.5
Total revenues 453.0 (127.4) 789.0 658.5 264.4 453.0 264.4
Benefits and expenses
Interest credited and other benefits to contract owners/
policyholders (296.8) (72.7) (682.9) (351.8) (168.5) (296.8) (168.5)
Operating expenses and interest expense (98.6) (104.8) (104.1) (110.5) (112.1) (98.6) (112.1)
Net amortization of DAC/VOBA (11.6) (12.4) (9.1) (15.7) (13.2) (11.6) (13.2)
Total benefits and expenses (407.0) (189.9) (796.1) (478.0) (293.8) (407.0) (293.8)
Income (loss) before income taxes 46.0 (317.3) (7.1) 180.5 (29.4) 46.0 (29.4)
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) (566.4) (229.7) (601.7) 47.5 (305.1) (566.4) (305.1)
Gains (losses) related to CHO program (1) (17.4) (131.5) 122.4 (14.4) (2.3) (17.4) (2.3)
Gain (loss) due to nonperformance risk (1) 421.2 (156.8) 240.9 (68.2) 56.0 421.2 56.0
Net investment gains (losses) (1) 13.7 (13.5) (3.1) — 1.5 13.7 1.5
DAC/VOBA and other intangibles unlocking and loss recognition (0.5) (0.1) 4.1 (2.6) 0.3 (0.5) 0.3
(1) Excludes net amortization of DAC/VOBA and other intangibles.
Voya Financial Page 48 of 69 Closed Block Variable Annuity Death and Living Benefits
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Death and living benefits-account value
GMAB/GMWB 604 631 636 709 749
GMIB 11,275 11,680 11,645 12,962 13,796
GMWBL 13,883 14,128 14,032 15,248 15,766
No living benefits 8,836 9,085 9,049 9,929 10,326
Total (1) 34,598 35,524 35,362 38,848 40,637
Net Amount at Risk (after reinsurance)
Total DB NAR 6,256 6,152 6,630 5,203 4,895
LB NAR
GMAB/GMWB 19 19 21 16 15
GMIB (2) 3,527 3,044 3,385 2,389 2,469
GMWBL(2) 3,014 2,106 2,374 1,271 1,646
Total LB NAR 6,560 5,169 5,780 3,676 4,130
(1) Excludes assets associated with Payout Reserves, Policy Loans, and Life Insurance Business.
(2) GMIB and GMWBL values represent discounted net amount at risk.
Voya Financial Page 49 of 69 Closed Block Variable Annuity AUM Rollforward
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Products in accumulation phase
Balance as of beginning of period 35,575.8 35,411.8 38,902.6 40,691.9 41,132.0 35,575.8 41,132.0
Deposits 28.1 28.1 27.8 33.9 34.0 28.1 34.0
Surrenders, benefits, and product charges (885.3) (973.5) (1,016.6) (1,439.4) (1,229.5) (885.3) (1,229.5)
Net cash flow (857.2) (945.4) (988.8) (1,405.5) (1,195.5) (857.2) (1,195.5)
Interest credited and investment performance (70.7) 1,109.5 (2,502.0) (383.8) 755.4 (70.7) 755.4
Balance as of end of period 34,647.9 35,575.8 35,411.8 38,902.6 40,691.9 34,647.9 40,691.9
End of period contracts in payout status 3,203.5 2,976.0 2,817.4 2,676.8 2,275.8 3,203.5 2,275.8
Total balance as of end of period (1) 37,851.4 38,551.8 38,229.2 41,579.4 42,967.7 37,851.4 42,967.7
Assets under management by fund group
General account 3,642.0 3,410.4 3,269.8 3,128.7 2,739.0 3,642.0 2,739.0
Separate account 34,209.4 35,141.4 34,959.4 38,450.7 40,228.7 34,209.4 40,228.7
Total AUM (1) 37,851.4 38,551.8 38,229.2 41,579.4 42,967.7 37,851.4 42,967.7
(1) Includes products in accumulation and payout phase, Policy Loans, and Life Insurance Business
Investment Informations
Voya Financial Page 51 of 69
Portfolio Composition
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
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, after consolidation 69,248.8 74.4% 67,733.4 76.5% 69,211.8 76.1% 68,162.5 77.2% 71,417.4 76.7%
Fixed maturities, at fair value using the fair value option 3,778.1 4.1% 3,226.6 3.6% 3,595.4 3.9% 3,568.1 4.0% 3,675.3 3.9% Equity securities, available for sale, before consolidation 380.3 N/M 421.6 N/M 363.2 N/M 279.6 N/M 283.6 N/M
VOE Adjustments (109.6) N/M (89.9) N/M (25.0) N/M — N/M — N/M
Equity securities, available for sale, at fair value 270.7 0.3% 331.7 0.4% 338.2 0.4% 279.6 0.3% 283.6 0.3%
Short-term investments 1,360.2 1.5% 1,496.7 1.7% 1,572.9 1.7% 1,064.5 1.2% 1,615.5 1.7%
Mortgage loans on real estate 11,065.9 11.8% 10,447.5 11.8% 10,727.2 11.8% 10,366.7 11.7% 10,194.5 11.0%
Policy loans 2,009.4 2.2% 2,002.7 2.3% 2,027.2 2.2% 2,034.1 2.3% 2,074.1 2.2%
Limited partnerships/corporations, before consolidation 1,098.6 N/M 1,233.4 N/M 1,210.2 N/M 1,186.4 N/M 1,066.7 N/M CLO/VOEs Adjustments (1) (538.5) N/M (632.9) N/M (719.6) N/M (714.6) N/M (691.2) N/M
Limited partnerships/corporations, after consolidation 560.1 0.6% 510.6 0.6% 465.6 0.5% 471.8 0.5% 375.5 0.4%
Derivatives 2,484.2 2.7% 1,538.5 1.7% 1,919.5 2.1% 1,429.3 1.6% 2,127.0 2.3%
Other investments 89.9 0.1% 91.6 0.1% 92.7 0.1% 93.3 0.1% 97.0 0.1%
Securities pledged to creditors 2,120.4 2.3% 1,112.6 1.3% 1,099.5 1.2% 976.5 1.1% 1,209.7 1.3%
Total investments, after consolidation 92,987.7 100.0% 88,491.9 100.0% 91,050.0 100.0% 88,446.4 100.0% 93,069.6 100.0%
Fixed Maturity Securities—Security Sector (2)
U.S. Government agencies and authorities 4,420.6 5.9% 4,001.6 5.6% 4,484.4 6.1% 3,652.3 5.0% 4,223.3 5.6%
U.S. Corporate—Public 34,744.8 46.1% 33,616.0 46.6% 34,516.0 46.7% 34,049.2 46.8% 36,204.0 47.4%
U.S. Corporate—Private 6,688.8 8.9% 6,641.1 9.2% 6,498.4 8.8% 6,405.9 8.8% 6,155.3 8.1%
Foreign Government / Agency 988.0 1.3% 922.2 1.3% 888.7 1.2% 884.5 1.2% 911.3 1.2%
Foreign Corporate—Public 7,191.2 9.6% 7,101.4 9.8% 7,179.6 9.7% 7,544.0 10.4% 7,770.6 10.2%
Foreign Corporate—Private 7,669.1 10.2% 7,348.6 10.2% 7,702.5 10.4% 7,805.6 10.7% 8,031.1 10.5%
State, municipalities and political subdivisions 1,558.9 2.1% 1,346.2 1.9% 1,166.9 1.6% 840.6 1.2% 798.1 1.0%
Residential mortgaged-backed securities:
CMO-B Agency 3,471.8 4.6% 3,233.4 4.5% 3,318.2 4.5% 3,323.4 4.6% 3,416.5 4.5%
CMO-B Non-Agency 582.2 0.8% 322.3 0.4% 354.5 0.5% 346.6 0.5% 391.8 0.5%
Agency 1,927.0 2.6% 1,682.2 2.3% 1,725.3 2.3% 1,789.2 2.5% 1,992.9 2.6%
Non-Agency (3) 988.5 1.3% 1,062.2 1.5% 1,135.8 1.5% 1,194.8 1.6% 1,273.9 1.7%
Total Residential mortgage-backed securities 6,969.5 9.3% 6,300.1 8.7% 6,533.8 8.8% 6,654.0 9.2% 7,075.1 9.3%
Commercial mortgage-backed securities 4,191.0 5.6% 4,092.6 5.7% 4,115.2 5.6% 3,987.7 5.5% 4,185.9 5.5%
Other asset-backed securities (3) 725.4 1.0% 702.8 1.0% 821.2 1.1% 883.3 1.2% 947.7 1.2%
Total fixed maturities, including securities pledged (5) 75,147.3 100.0% 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% Fixed Maturity Securities—Contractual Maturity Dates Due to mature:
Due in one year or less 1,688.8 2.2% 1,353.2 1.9% 1,393.7 1.9% 1,825.8 2.5% 2,091.4 2.7%
Due after one year through five years 14,403.2 19.2% 13,843.2 19.2% 13,629.5 18.5% 13,257.7 18.2% 13,448.4 17.6%
Due after five years through ten years 20,388.0 27.1% 20,511.7 28.5% 21,075.1 28.5% 20,720.6 28.5% 21,582.6 28.3%
Due after ten years 26,781.4 35.6% 25,269.0 35.0% 26,338.2 35.6% 25,378.0 34.9% 26,971.3 35.4%
CMO-B 4,054.0 5.4% 3,555.7 4.9% 3,672.7 5.0% 3,670.0 5.1% 3,808.3 5.0%
Mortgage-backed securities 7,106.5 9.6% 6,837.0 9.5% 6,976.3 9.4% 6,971.7 9.6% 7,452.7 9.8%
Other asset-backed securities (3) 725.4 1.0% 702.8 1.0% 821.2 1.1% 883.3 1.2% 947.7 1.2%
Total fixed maturities, including securities pledged (5) 75,147.3 100.1% 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0% Fixed Maturity Securities—NAIC Quality Designation
1 43,843.3 58.3% 41,315.4 57.3% 42,700.0 57.8% 40,955.0 56.3% 43,273.9 56.7%
2 27,784.3 37.0% 27,553.9 38.2% 28,034.3 37.9% 28,559.2 39.3% 29,736.5 39.0%
3 2,630.0 3.5% 2,571.7 3.6% 2,645.6 3.6% 2,645.6 3.6% 2,702.0 3.5%
4 613.6 0.8% 421.0 0.6% 296.0 0.4% 324.1 0.4% 342.2 0.4%
5 81.2 0.1% 44.0 0.1% 45.0 0.1% 36.8 0.1% 43.6 0.1%
6 194.9 0.3% 166.6 0.2% 185.8 0.2% 186.4 0.3% 204.2 0.3%
Total fixed maturities, including securities pledged (4) (5) 75,147.3 100.0% 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0%
Fixed Maturity Securities—ARO Quality Rating
AAA 14,499.5 19.3% 13,201.2 18.3% 13,812.9 18.7% 12,814.2 17.6% 14,001.1 18.3%
AA 4,667.3 6.2% 4,722.7 6.6% 4,749.2 6.4% 4,585.4 6.3% 4,896.3 6.4%
A 22,839.4 30.4% 21,514.3 29.9% 22,228.1 30.1% 21,447.5 29.5% 22,389.8 29.4%
BBB 28,128.1 37.4% 28,013.6 38.8% 28,444.5 38.5% 29,074.7 40.0% 29,882.3 39.2%
BB 3,078.9 4.1% 2,897.4 4.0% 2,938.0 4.0% 2,982.1 4.1% 3,218.4 4.2%
B and below 1,934.1 2.6% 1,723.4 2.4% 1,734.0 2.3% 1,803.2 2.5% 1,914.5 2.5%
Total fixed maturities, including securities pledged (5) 75,147.3 100.0% 72,072.6 100.0% 73,906.7 100.0% 72,707.1 100.0% 76,302.4 100.0%
(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 52 of 69
Portfolio Results
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Net Net Net Net Net Net Net
Operating investment income and Investment Annualized Investment Annualized Investment Annualized Investment Annualized Investment Annualized Investment Annualized Investment Annualized
annualized yield (5) Income Yield Income Yield Income Yield Income Yield Income Yield Income Yield Income Yield
Fixed maturity securities (1) 863.6 5.12 % 847.0 5.03 % 837.8 5.06% 830.2 5.04% 829.5 5.03% 863.6 5.12 % 829.5 5.03%
Equity securities 3.4 6.44 % 2.7 4.08 % 3.2 4.44% 1.1 1.97% 2.7 3.93% 3.4 6.44 % 2.7 3.93%
Mortgage loans 122.9 4.68 % 120.3 4.69 % 122.0 4.76% 120.3 4.80% 119.0 4.88% 122.9 4.68 % 119.0 4.88%
Limited partnerships (34.1) (11.69)% (19.9) (6.71)% 9.1 3.13% 21.8 7.64% 13.8 5.29% (34.1) (11.69)% 13.8 5.29%
Policy loans 26.0 5.31 % 26.2 5.38 % 27.0 5.48% 26.9 5.44% 27.6 5.48% 26.0 5.31 % 27.6 5.48%
Short-term investments 1.4 0.15 % 0.7 0.08 % 0.7 0.07% 0.7 0.10% 0.9 0.11% 1.4 0.15 % 0.9 0.11%
Derivatives (1) 10.2 N/A 12.1 N/A 7.3 N/A 9.3 N/A 8.9 N/A 10.2 N/A 8.9 N/A
Pre payment fee income 16.1 0.07 % 65.7 0.30 % 29.3 0.14% 16.1 0.08% 38.3 0.18% 16.1 0.07 % 38.3 0.18%
Other assets 0.5 N/A 0.8 N/A 0.7 N/A (0.2) N/A 1.3 N/A 0.5 N/A 1.3 N/A
Gross investment income before expenses
and fees 1,010.0 4.75 % 1,055.6 4.99 % 1,037.1 4.96% 1,026.2 4.98% 1,042.0 5.05% 1,010.0 4.75 % 1,042.0 5.05%
Expenses and fees (41.9) -0.20 % (41.1) -0.20 % (41.7) -0.20% (39.7) -0.20% (39.5) -0.19% (41.9) -0.20 % (39.5) -0.19%
Total investment income and annualized
yield 968.1 4.55 % 1,014.5 4.79 % 995.4 4.76% 986.5 4.78% 1,002.5 4.86% 968.1 4.55 % 1,002.5 4.86%
Less: Closed Block Variable Annuity (CBVA)
investment income net of expenses and
fees 67.6 64.4 61.1 54.7 50.9 67.6 50.9
Total investment income, excluding CBVA 900.5 950.1 934.3 931.8 951.6 900.5 951.6
Trading gains/losses (5)
Fixed maturities (57.1) (13.8) (5.7) 1.4 5.1 (57.1) 5.1
Equity securities — 2.8 (0.1) (0.3) 0.1 — 0.1
Mortgage loans (0.1) 0.5 (0.5) 0.9 0.1 (0.1) 0.1
Other investments — 1.1 (1.3) 0.6 0.2 — 0.2
Total trading gains/losses, excluding CBVA (57.2) (9.4) (7.6) 2.6 5.5 (57.2) 5.5
Impairments (5)
Fixed maturities (10.7) (54.5) (36.5) (7.3) (3.5) (10.7) (3.5)
Equity securities — — — — (0.1) — (0.1)
Mortgage loans — — — — — — —
Other investments — — — — — — —
Total impairments, excluding CBVA (10.7) (54.5) (36.5) (7.3) (3.6) (10.7) (3.6)
Fair value adjustments (2) 58.1 (41.4) 17.7 8.9 65.4 58.1 65.4
Derivatives, including change in fair value
of derivatives related to guaranteed
benefits, excluding CBVA (22.4) (18.9) 55.4 20.9 (67.5) 35.0 (67.5)
Net realized investment gains (losses) and
Net guaranteed benefit hedging gains
(losses), excluding CBVA (5) 25.2 (124.2) 29.0 25.1 (0.2) 25.2 (0.2)
CBVA investment income and realized
capital gains (losses) 98.6 (473.3) 431.4 200.2 (115.3) 98.6 (115.3)
Businesses exited through reinsurance (3) 61.2 9.8 17.6 (40.2) 37.3 61.2 37.3
Consolidation/eliminations (4) 19.3 43.5 (9.6) (9.0) 15.1 19.3 15.1
Total investment income and realized
capital gains (losses) 1,104.8 405.9 1,402.7 1,107.9 888.5 1,104.8 888.5
(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 53 of 69 Alternative Investment Income
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Retirement
Average alternative investments 417.2 426.4 436.3 414.8 349.1 417.2 349.1
Alternative investment income (7.9) (3.6) 1.7 8.6 2.5 (7.9) 2.5
Annuities
Average alternative investments 259.6 266.2 270.0 260.9 231.4 259.6 231.4
Alternative investment income (4.9) (3.9) 2.6 5.0 1.3 (4.9) 1.3
Investment Management
Average alternative investments 185.5 194.1 219.4 185.7 148.3 185.5 148.3
Alternative investment income (14.7) (8.8) 0.4 3.4 6.1 (14.7) 6.1
Individual Life
Average alternative investments 181.3 179.8 178.4 173.6 155.8 181.3 155.8
Alternative investment income (2.7) (2.3) 2.8 3.7 1.1 (2.7) 1.1
Employee Benefits
Average alternative investments 41.1 43.4 44.4 42.0 34.7 41.1 34.7
Alternative investment income (0.8) (0.5) 0.2 0.9 0.2 (0.8) 0.2
Total Ongoing Business
Average alternative investments 1,084.7 1,109.9 1,148.5 1,077.0 919.3 1,084.7 919.3
Alternative investment income (31.0) (19.1) 7.7 21.6 11.2 (31.0) 11.2
Corporate (1)
Average alternative investments — — — — 109.8 — 109.8
Alternative investment income — — — — 2.8 — 2.8
Closed Blocks (2)
Average alternative investments 8.3 23.6 28.2 30.5 23.4 8.3 23.4
Alternative investment income (0.1) (0.1) — 0.7 0.2 (0.1) 0.2
Total Consolidated (3)
Average alternative investments 1,093.0 1,133.5 1,176.7 1,107.5 1,052.5 1,093.0 1,052.5
Alternative investment income (31.1) (19.2) 7.7 22.3 14.2 (31.1) 14.2
(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.
Voya Financial Page 54 of 69 Unrealized Gains (Losses)
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
% of % of % of % of % of
Amount Total Amount Total Amount Total Amount Total Amount Total
Fixed Maturities, available for sale (including
securities pledged)
Aging Schedule
Less than 20% (503.9) 61.1% (1,015.1) 64.4% (782.4) 74.4% (703.7) 93.6% (206.2) 85.7%
20% or more for less than six months (206.5) 25.0% (524.5) 33.2% (254.9) 24.2% (32.6) 4.3% (30.9) 12.8%
20% or more for six months or greater (114.3) 13.9% (38.5) 2.4% (14.6) 1.4% (15.6) 2.1% (3.6) 1.5%
Total unrealized loss (824.7) 100.0% (1,578.1) 100.0% (1,051.9) 100.0% (751.9) 100.0% (240.7) 100.0%
Total unrealized gain 5,271.3 3,700.8 4,542.7 4,432.3 7,018.0
Net unrealized gain (loss) 4,446.6 2,122.7 3,490.8 3,680.4 6,777.3
Fixed Maturities Securities by Security Sector—Net
unrealized gain (loss) (1)
US Treasuries and US government agencies and
authorities 764.2 555.4 635.2 502.6 775.0
US Corporate—Public 2,127.4 821.7 1,477.4 1,566.1 3,490.3
US Corporate—Private 268.6 113.6 216.6 204.9 415.4
Foreign Government / Agency 27.9 (8.0) 0.7 26.4 46.4
Foreign Corporate—Public 116.4 (97.5) 46.3 218.9 509.7
Foreign Corporate—Private 343.9 96.1 305.5 380.6 547.1
State, municipalities, and political subdivisions 61.9 8.4 14.6 1.2 43.8
Residential mortgaged-backed securities:
CMO-B Agency 332.7 309.7 364.9 368.4 385.3
CMO-B Non-Agency 109.7 102.7 111.7 105.6 123.1
Agency 43.5 24.6 38.6 31.0 51.6
Non-Agency 41.3 59.8 69.0 77.7 77.5
Total residential mortgage-backed securities 527.2 496.8 584.2 582.7 637.5
Commercial mortgage-backed securities 195.3 124.8 189.9 179.1 288.9
Other asset-backed securities (1) 13.8 11.4 20.4 17.9 23.2
Total net unrealized gain (loss) 4,446.6 2,122.7 3,490.8 3,680.4 6,777.3
(1) Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.
Voya Financial Page 55 of 69 Asset Backed Securities
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Amortized Amortized Amortized Amortized Amortized
RMBS Balances by Collateral Type (1) (2) Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost
Prime Agency 5,398.9 4,963.1 4,915.4 4,522.7 5,043.5 4,574.7 5,105.1 4,641.1 5,401.7 4,894.0
Prime / Non-Agency 828.7 705.3 591.5 473.8 648.3 518.5 671.4 545.3 751.1 607.4
Alt-A RMBS 304.3 260.8 332.0 283.3 352.2 298.7 367.0 313.6 392.8 334.7
Subprime Mortgage-Backed Securities 437.6 414.8 461.2 428.6 489.8 452.4 510.5 468.0 529.5 487.5
Total 6,969.5 6,344.0 6,300.1 5,708.4 6,533.8 5,844.3 6,654.0 5,968.0 7,075.1 6,323.6
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Amortized Amortized Amortized Amortized Amortized
CMBS Balances by Year of Origination (1) (2) Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost
2015 846.8 810.6 747.9 745.5 394.4 389.0 115.5 118.7 66.3 64.8
2014 760.4 715.4 738.5 722.7 722.3 695.0 631.9 623.9 687.5 639.5
2013 631.1 572.9 554.6 521.4 555.8 511.1 516.5 488.2 542.1 487.6
2012 29.4 27.8 19.6 19.3 29.8 28.7 21.4 20.8 22.0 20.7
2011 60.0 58.0 46.0 45.9 33.1 32.5 11.8 11.9 12.2 11.9
2010 23.7 23.0 17.1 16.9 16.6 16.2 15.6 15.5 16.3 15.8
2008 10.0 9.8 10.3 9.6 10.8 9.7 10.9 9.6 11.0 9.6
2007 1,031.6 992.1 1,063.7 1,012.5 1,079.6 1,008.4 1,093.2 1,008.5 1,109.9 1,011.1
2006 577.2 569.0 812.2 793.8 1,033.9 1,000.8 1,134.4 1,085.4 1,156.6 1,093.0
2005 and prior 74.3 72.1 82.7 80.2 238.9 233.9 436.5 426.1 562.0 543.0
Total 4,191.0 3,995.7 4,092.6 3,967.8 4,115.2 3,925.3 3,987.7 3,808.6 4,185.9 3,897.0
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Amortized Amortized Amortized Amortized Amortized
Other ABS Balances by Loan Classification (1) (2) (3) Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost
Credit Card Receivables 371.9 362.5 387.0 380.7 461.6 448.2 469.7 457.7 527.7 511.4
Automobile Receivables 172.1 172.2 121.9 122.1 134.1 134.0 145.7 145.6 170.5 170.2
CLO’s (1) 25.7 25.3 10.0 10.0 13.4 13.4 66.1 64.9 65.1 64.1
Other 155.7 151.6 183.9 178.6 212.1 205.2 201.8 197.2 184.4 178.8
Total 725.4 711.6 702.8 691.4 821.2 800.8 883.3 865.4 947.7 924.5
(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 56 of 69 RMBS Securities Summary
As of March 31, 2016
RMBS (1) by Rating and Origination Year
Subprime Mortgage-
(in millions USD) Prime Agency Prime/Non-Agency Alt-A RMBS Backed Securities Total
Amortized Amortized Amortized Amortized Amortized
NAIC Designation (2) Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost
1 5,384.9 4,947.8 563.4 514.9 248.1 206.7 399.2 373.5 6,595.6 6,042.9
2 — — 72.0 71.1 4.9 4.9 18.8 21.1 95.7 97.1
3 — — 5.5 3.9 3.3 1.6 11.3 10.5 20.1 16.0
4 14.0 15.3 2.6 0.1 0.3 0.2 6.8 7.9 23.7 23.5
5 — — 35.4 25.8 29.8 29.8 1.1 1.5 66.3 57.1
6 — — 149.8 89.5 17.9 17.6 0.4 0.3 168.1 107.4
Total by rating 5,398.9 4,963.1 828.7 705.3 304.3 260.8 437.6 414.8 6,969.5 6,344.0
Subprime Mortgage-
(in millions USD) Prime Agency Prime/Non-Agency Alt-A RMBS Backed Securities Total
Amortized Amortized Amortized Amortized Amortized
ARO Rating (2) Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost
AAA 5,381.9 4,944.8 16.1 15.6 0.1 0.1 — — 5,398.1 4,960.5
AA 0.5 0.5 6.8 5.8 0.3 0.3 5.6 5.6 13.2 12.2
A 2.5 2.5 8.6 8.5 2.4 2.4 15.9 16.6 29.4 30.0
BBB — — 48.6 48.9 8.9 9.1 36.2 38.5 93.7 96.5
BB — — 219.1 209.5 8.7 8.7 23.5 24.8 251.3 243.0
B and below 14.0 15.3 529.5 417.0 283.9 240.2 356.4 329.3 1,183.8 1,001.8
Total by rating 5,398.9 4,963.1 828.7 705.3 304.3 260.8 437.6 414.8 6,969.5 6,344.0
Subprime Mortgage-
(in millions USD) Prime Agency Prime/Non-Agency Alt-A RMBS Backed Securities Total
Amortized Amortized Amortized Amortized Amortized
Origination Year (2) Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost
2015 252.1 249.3 51.5 49.6 — — — — 303.6 298.9
2014 532.8 521.8 188.6 183.0 — — — — 721.4 704.8
2013 989.7 962.4 16.9 16.3 — — — — 1,006.6 978.7
2012 635.4 633.0 — — — — — — 635.4 633.0
2011 698.7 669.8 — — — — — — 698.7 669.8
2010 542.2 516.1 14.2 13.8 — — — — 556.4 529.9
2009 180.8 178.7 4.1 4.2 — — — — 184.9 182.9
2008 127.2 116.5 — — — — — — 127.2 116.5
2007 296.2 266.8 121.3 108.4 100.6 91.1 127.7 115.4 645.8 581.7
2006 339.0 253.8 155.6 89.7 82.0 58.4 116.6 104.0 693.2 505.9
2005 and prior 664.0 454.4 276.5 240.3 121.7 111.3 193.3 195.4 1,255.5 1,001.4
Total by origination year 5,398.9 4,963.1 828.7 705.3 304.3 260.8 437.6 414.8 6,969.5 6,344.0
(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 57 of 69 CMBS and Other Asset-Backed Securities Summary
As of March 31, 2016
CMBS by Rating and Origination Year
(in millions USD) AAA AA A BBB BB B & Below Total
Fair Amortized Fair Amortized Fair Amortized Fair Amortized Fair Amortized Fair Amortized Fair Amortized
Origination Year (3) Value Cost Value Cost Value Cost Value Cost Value Cost Value Cost Value Cost
2016 145.8 144.3 — — — — — — — — — — 145.8 144.3
2015 785.1 748.9 48.9 48.9 12.8 12.8 — — — — — — 846.8 810.6
2014 751.4 706.4 8.0 8.0 1.0 1.0 — — — — — — 760.4 715.4
2013 628.2 570.0 — — 2.9 2.9 — — — — — — 631.1 572.9
2012 29.4 27.8 — — — — — — — — — — 29.4 27.8
2011 60.0 58.0 — — — — — — — — — — 60.0 58.0
2010 23.6 22.9 0.1 0.1 — — — — — — — — 23.7 23.0
2009 0.7 0.7 — — — — — — — — — — 0.7 0.7
2008 — — — — — — — — 10.0 9.8 — — 10.0 9.8
2007 185.4 180.0 202.6 197.6 188.0 183.6 155.1 152.1 197.9 183.1 102.6 95.7 1,031.6 992.1
2006 204.3 203.6 75.0 74.2 122.1 120.9 86.1 85.2 50.4 49.6 39.3 35.5 577.2 569.0
2005 and prior 22.1 21.3 1.1 1.1 33.4 33.5 — — 7.7 7.5 10.0 8.7 74.3 72.1
Total by origination year 2,836.0 2,683.9 335.7 329.9 360.2 354.7 241.2 237.3 266.0 250.0 151.9 139.9 4,191.0 3,995.7
Other Asset-Backed Securities (1) by Rating and Classification
Credit Card Automobile
(in millions USD) Receivables Receivables CLO’s (2) Other Total
Fair Amortized Fair Amortized Fair Amortized Fair Amortized Fair Amortized
ARO Rating (3) Value Cost Value Cost Value Cost Value Cost Value Cost
AAA 371.9 362.5 172.1 172.2 10.2 10.2 83.4 80.8 637.6 625.7
AA — — — — — — 2.6 2.4 2.6 2.4
A — — — — — — 12.7 13.0 12.7 13.0
BBB — — — — — — 47.7 47.0 47.7 47.0
BB — — — — — — 9.3 8.4 9.3 8.4
B and below — — — — 15.5 15.1 — — 15.5 15.1
Total by rating 371.9 362.5 172.1 172.2 25.7 25.3 155.7 151.6 725.4 711.6
Credit Card Automobile
(in millions USD) Receivables Receivables CLO’s (2) Other Total
Fair Amortized Fair Amortized Fair Amortized Fair Amortized Fair Amortized
NAIC Designation (3) Value Cost Value Cost Value Cost Value Cost Value Cost
1 371.9 362.5 172.1 172.2 10.2 10.2 125.1 123.0 679.3 667.9
2 — — — — — — 11.4 10.5 11.4 10.5
3 — — — — — — 15.5 14.7 15.5 14.7
4 — — — — 15.5 15.1 3.7 3.4 19.2 18.5
5 — — — — — — — — — —
6 — — — — — — — — — —
Total by rating 371.9 362.5 172.1 172.2 25.7 25.3 155.7 151.6 725.4 711.6
(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 58 of 69 Mortgage Loans on Real Estate
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total
U.S. Region (1)
Pacific 2,649.1 23.9% 2,605.3 24.9% 2,708.1 25.3% 2,649.2 25.5% 2,566.5 25.2%
South Atlantic 2,557.4 23.1% 2,318.9 22.2% 2,321.3 21.6% 2,272.3 21.9% 2,214.7 21.7%
Middle Atlantic 1,498.9 13.6% 1,499.1 14.3% 1,506.3 14.0% 1,429.4 13.8% 1,447.0 14.2%
East North Central 1,226.7 11.1% 1,103.3 10.6% 1,137.6 10.6% 1,035.7 10.0% 1,049.5 10.3%
West South Central 1,144.5 10.3% 1,103.7 10.6% 1,235.5 11.5% 1,171.4 11.3% 1,145.7 11.2%
Mountain 1,066.9 9.6% 924.2 8.8% 913.7 8.5% 867.1 8.4% 852.9 8.4%
West North Central 519.7 4.7% 488.8 4.7% 497.8 4.7% 505.4 4.9% 501.8 4.9%
New England 217.8 2.0% 222.8 2.1% 228.6 2.1% 230.5 2.2% 204.8 2.0%
East South Central 188.2 1.7% 184.6 1.8% 181.6 1.7% 208.5 2.0% 214.3 2.1%
Total Commercial Mortgage Loans 11,069.2 100.0% 10,450.7 100.0% 10,730.5 100.0% 10,369.5 100.0% 10,197.2 100.0%
Property Type (1)
Industrial 2,365.9 21.4% 2,161.3 20.7% 2,481.7 23.1% 2,363.8 22.8% 2,177.7 21.4%
Retail 3,736.0 33.8% 3,672.8 35.1% 3,714.7 34.6% 3,717.1 35.8% 3,539.2 34.6%
Office 1,768.7 16.0% 1,617.7 15.5% 1,583.8 14.8% 1,406.5 13.6% 1,274.7 12.5%
Apartments 2,146.3 19.4% 1,942.9 18.6% 1,886.6 17.6% 1,823.0 17.6% 1,762.3 17.3%
Hotel/Motel 421.5 3.8% 425.0 4.1% 428.0 4.0% 399.3 3.9% 387.3 3.8%
Other 515.3 4.6% 525.9 5.0% 530.1 4.9% 553.6 5.3% 752.3 7.4%
Mixed Use 115.5 1.0% 105.1 1.0% 105.6 1.0% 106.2 1.0% 303.7 3.0%
Total Commercial Mortgage Loans 11,069.2 100.0% 10,450.7 100.0% 10,730.5 100.0% 10,369.5 100.0% 10,197.2 100.0%
Loan Size (1)
Under $5 million 1,228.5 11.1% 1,181.3 10.7% 1,266.7 12.1% 1,318.2 12.7% 1,376.2 13.5%
$5 million but less than $10 million 1,670.7 15.1% 1,586.6 14.3% 1,605.9 15.4% 1,618.2 15.6% 1,584.6 15.5%
$10 million but less than $20 million 2,726.0 24.6% 2,579.0 23.3% 2,548.5 24.4% 2,485.3 24.0% 2,367.2 23.2%
$20 million but less than $30 million 1,584.2 14.3% 1,487.9 13.4% 1,516.3 14.5% 1,500.2 14.5% 1,449.7 14.2%
$30 million and over 3,859.8 34.9% 3,615.9 32.7% 3,793.1 36.3% 3,447.6 33.2% 3,419.5 33.6%
Total Commercial Mortgage Loans 11,069.2 100.0% 10,450.7 94.4% 10,730.5 102.7% 10,369.5 100.0% 10,197.2 100.0%
Other Stats (as ratios)
LTV—Origination 60.2% 60.0% 60.1% 60.1% 60.2%
LTV—Current 54.1% 53.7% 55.2% 55.8% 55.8%
Debt Service Coverage 2.2 2.2 2.1 2.0 2.0
Other Stats (in millions USD)
Allowance for loan losses 3.3 3.2 3.3 2.8 2.7
(1) Total Commercial Mortgage Loans shown do not include allowance for mortgage loan credit losses
Voya Financial Page 59 of 69 U.S. and Foreign Corporate Securities
Summary of Corporate Securities by Industry Category
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
% of % of % of % of % of
Type Industry Fair Value Total Fair Value Total Fair Value Total Fair Value Total Fair Value Total
Communications 3,798.6 9.1% 3,670.0 9.0% 3,704.2 8.9% 3,790.4 9.1% 4,084.2 9.3%
Financial 7,640.1 18.2% 7,426.5 18.2% 7,319.5 17.6% 7,117.7 17.1% 7,661.1 17.4%
Industrial and other companies 18,723.9 44.6% 17,628.2 43.4% 18,210.6 43.6% 17,995.2 43.3% 18,719.8 42.5%
Public Energy 5,327.6 12.7% 5,859.1 14.4% 6,334.9 15.2% 6,714.4 16.1% 7,278.2 16.6%
Utilities 5,104.5 12.2% 4,864.1 11.9% 4,866.7 11.7% 4,773.9 11.5% 4,969.9 11.3%
Transportation 1,341.3 3.2% 1,269.5 3.1% 1,259.7 3.0% 1,201.6 2.9% 1,261.4 2.9%
Total by public industries 41,936.0 100.0% 40,717.4 100.0% 41,695.6 100.0% 41,593.2 100.0% 43,974.6 100.0%
Communications 482.2 3.4% 464.0 3.3% 425.1 3.0% 437.1 3.1% 372.5 2.6%
Financial 811.4 5.7% 931.1 6.7% 977.8 6.9% 1,006.1 7.1% 931.4 6.6%
Industrial and other companies 7,897.8 55.0% 7,612.5 54.4% 7,627.3 53.6% 7,767.3 54.6% 7,696.7 54.2%
Private Energy 1,549.4 10.7% 1,472.2 10.5% 1,598.3 11.3% 1,667.2 11.7% 1,716.7 12.1%
Utilities 3,120.8 21.7% 3,043.8 21.8% 3,090.7 21.8% 2,856.7 20.1% 2,975.4 21.0%
Transportation 496.3 3.5% 466.1 3.3% 481.7 3.4% 477.1 3.4% 493.7 3.5%
Total by private industries 14,357.9 100.0% 13,989.7 100.0% 14,200.9 100.0% 14,211.5 100.0% 14,186.4 100.0%
Communications 4,280.8 7.6% 4,134.0 7.6% 4,129.3 7.4% 4,227.5 7.6% 4,456.7 7.7%
Financial 8,451.5 15.0% 8,357.6 15.3% 8,297.3 14.8% 8,123.8 14.6% 8,592.5 14.8%
Industrial and other companies 26,621.7 47.3% 25,240.7 46.0% 25,837.9 46.3% 25,762.5 46.1% 26,416.5 45.3%
Totals Energy 6,877.0 12.2% 7,331.3 13.4% 7,933.2 14.2% 8,381.6 15.0% 8,994.9 15.5%
Utilities 8,225.3 14.6% 7,907.9 14.5% 7,957.4 14.2% 7,630.6 13.7% 7,945.3 13.7%
Transportation 1,837.6 3.3% 1,735.6 3.2% 1,741.4 3.1% 1,678.7 3.0% 1,755.1 3.0%
Total by industry categories 56,293.9 100.0% 54,707.1 100.0% 55,896.5 100.0% 55,804.7 100.0% 58,161.0 100.0%
Voya Financial Page 60 of 69 Exposure to European Debt-Fixed Maturities and Equity Securities
As of March 31, 2016
Corporate—Non-
Sovereign Debt Corporate—Financial Financial Total Total
Amortized
(in millions USD) Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Cost % of Total
Ireland — —% — —% 185.8 2.4% 185.8 2.1% 166.4 2.0%
Italy — —% — —% 300.4 3.9% 300.4 3.4% 282.6 3.4%
Portugal — —% — —% 10.2 0.1% 10.2 0.1% 8.4 0.1%
Spain — —% — —% 166.7 2.2% 166.7 1.9% 147.1 1.7%
Total Peripheral Euro-Zone — —% — —% 663.1 8.6% 663.1 7.5% 604.5 7.2%
Austria — —% — —% — —% — —% — —%
Belgium 37.4 15.1% — —% 447.4 5.8% 484.8 5.4% 428.0 5.1%
Bulgaria — —% — —% — —% — —% — —%
Croatia 28.1 11.3% — —% — —% 28.1 0.3% 25.7 0.3%
Czech Republic — —% — —% 10.6 0.1% 10.6 0.1% 10.0 0.1%
Denmark — —% — —% 122.5 1.6% 122.5 1.4% 115.3 1.4%
Finland — —% — —% 17.4 0.2% 17.4 0.2% 17.0 0.2%
France — —% 144.8 14.6% 433.7 5.6% 578.5 6.5% 544.5 6.5%
Germany — —% 29.4 3.0% 740.8 9.6% 770.2 8.6% 739.9 8.8%
Hungary — —% — —% — —% — —% — —%
Iceland — —% — —% — —% — —% — —%
Kazakhstan 43.7 17.6% 1.1 0.1% 20.8 0.3% 65.6 0.7% 66.5 0.8%
Latvia 4.7 1.9% — —% — —% 4.7 0.1% 4.5 0.1%
Lithuania 34.3 13.8% — —% — —% 34.3 0.4% 30.1 0.4%
Luxembourg — —% — —% — —% — —% — —%
Netherlands — —% 145.8 14.7% 945.8 12.4% 1,091.6 12.1% 1,036.7 12.2%
Norway — —% — —% 269.1 3.5% 269.1 3.0% 261.0 3.1%
Russian Federation 51.1 20.6% 5.1 0.5% 83.9 1.1% 140.1 1.6% 130.1 1.5%
Slovakia 5.7 2.3% — —% — —% 5.7 0.1% 5.0 0.1%
Slovenia — —% — —% — —% — —% — —%
Sweden — —% 33.5 3.4% 82.0 1.1% 115.5 1.3% 109.1 1.3%
Switzerland — —% 290.0 29.2% 660.9 8.6% 950.9 10.7% 888.8 10.6%
Turkey 43.2 17.4% — —% 85.8 1.1% 129.0 1.4% 125.8 1.5%
United Kingdom — —% 341.5 34.5% 3,098.1 40.4% 3,439.6 38.6% 3,278.4 38.8%
Total Non-Peripheral Europe 248.2 100.0% 991.2 100.0% 7,018.8 91.4% 8,258.2 92.5% 7,816.4 92.8%
Total Europe 248.2 100.0% 991.2 100.0% 7,681.9 100.0% 8,921.3 100.0% 8,420.9 100.0%
Additional Informations
Voya Financial Page 62 of 69 Adjustments to Operating Earnings by Segment
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
DAC/VOBA and other intangibles unlocking
Retirement 1.8 11.7 (48.2) 3.5 (4.2) 1.8 (4.2)
Annuities 8.0 10.9 (12.9) 5.0 9.5 8.0 9.5
Investment Management — — — — — — —
Individual Life (7.9) 5.5 (29.4) (14.6) 0.1 (7.9) 0.1
Employee Benefits (2.3) (0.2) (2.6) (0.9) (0.7) (2.3) (0.7)
Ongoing Business (0.4) 27.9 (93.1) (7.0) 4.7 (0.4) 4.7
Corporate — — — — — — —
Total Closed Blocks — — — — — — —
Total DAC/VOBA and other intangibles unlocking (0.4) 27.9 (93.1) (7.0) 4.7 (0.4) 4.7
Additional adjustments (1)
Retirement — — — — — — —
Annuities — — — — — — —
Investment Management — — — — — — —
Individual Life — — — — — — —
Employee Benefits — — — — — — —
Ongoing Business — — — — — — —
Corporate (48.7) (48.5) (46.5) (49.9) (48.0) (48.7) (48.0)
Total Closed Blocks — — — — — — —
Total additional adjustments (48.7) (48.5) (46.5) (49.9) (48.0) (48.7) (48.0)
Total adjustments to operating earnings
Retirement 1.8 11.7 (48.2) 3.5 (4.2) 1.8 (4.2)
Annuities 8.0 10.9 (12.9) 5.0 9.5 8.0 9.5
Investment Management — — — — — — —
Individual Life (7.9) 5.5 (29.4) (14.6) 0.1 (7.9) 0.1
Employee Benefits (2.3) (0.2) (2.6) (0.9) (0.7) (2.3) (0.7)
Ongoing Business (0.4) 27.9 (93.1) (7.0) 4.7 (0.4) 4.7
Corporate (48.7) (48.5) (46.5) (49.9) (48.0) (48.7) (48.0)
Total Closed Blocks — — — — — — —
Total adjustments to operating earnings (49.1) (20.6) (139.6) (56.9) (43.3) (49.1) (43.3)
(1) Includes the impact of interest expenses and the Net gain (loss) from Lehman Recovery/LIHTC.
Voya Financial Page 63 of 69 Calculation and Reconciliation of ROE and ROC
Three Months Ended Twelve Months Ended
(in millions USD, unless otherwise indicated) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 12/31/2015
GAAP Return on Equity:
Net income (loss) available to Voya Financial, Inc.‘s common
shareholders 191.6 (106.8) 40.3 285.2 189.6 410.3 408.3
Voya Financial, Inc. shareholders’ equity: end of period 14,461 13,436 14,286 14,856 16,144 14,461 13,436
Voya Financial, Inc. shareholders’ equity: average for period 13,949 13,861 14,571 15,500 16,145 14,470 15,019
GAAP Return on Equity 5.5% (3.1)% 1.1% 7.4% 4.7% 2.8% 2.7%
Ongoing Business Adjusted Operating Return on Capital and Adjusted
Operating Return on Equity:
Ongoing Business adjusted operating earnings before income taxes 239.4 340.6 303.1 318.8 319.3 1,201.9 1,281.8
Income taxes on adjusted operating earnings (1) (76.6) (109.0) (97.0) (102.0) (102.2) (384.6) (410.3)
Ongoing Business adjusted operating earnings after income taxes 162.8 231.6 206.1 216.8 217.1 817.3 871.5
Interest expense after-tax (2) (19.7) (19.7) (20.6) (20.9) (20.9) (80.9) (82.1)
Ongoing Business adjusted operating earnings after income taxes and
interest expense 143.1 211.9 185.5 195.9 196.2 736.4 789.4
End of period capital for Ongoing Business 8,370 8,377 8,643 8,841 8,864 8,370 8,377
Average capital for Ongoing Business 8,374 8,377 8,743 8,852 8,819 8,587 8,697
Average debt (based on 25% debt-to-capital ratio) (2,094) (2,094) (2,186) (2,213) (2,205) (2,147) (2,175)
Average equity for Ongoing Business 6,280 6,283 6,557 6,639 6,614 6,440 6,522
Adjusted Operating Return on Capital for Ongoing Business 7.8% 11.1 % 9.4% 9.8% 9.8% 9.5% 10.0%
Adjusted Operating Return on Equity for Ongoing Business (2) 9.1% 13.5 % 11.3% 11.8% 11.9% 11.4% 12.1%
(1) Assumes a 32% tax rate on operating earnings described as “after tax”.
(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 64 of 69 Operating Revenues by Segment
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Operating revenues
Retirement 937.7 662.5 1,137.3 593.8 600.5 937.7 600.5
Annuities 303.0 322.2 314.4 310.4 315.6 303.0 315.6
Investment Management 132.2 147.9 152.6 158.6 163.1 132.2 163.1
Individual Life 624.0 614.9 670.1 662.9 668.8 624.0 668.8
Employee Benefits 399.7 383.4 376.7 376.2 370.9 399.7 370.9
Ongoing Business 2,396.6 2,130.9 2,651.1 2,101.9 2,118.9 2,396.6 2,118.9
Corporate 12.9 16.7 14.1 18.6 20.4 12.9 20.4
Total Closed Blocks 15.8 13.8 14.9 16.0 21.9 15.8 21.9
Total operating revenues 2,425.3 2,161.4 2,680.1 2,136.5 2,161.2 2,425.3 2,161.2
Adjustments
Closed Block Variable Annuity 453.0 (127.4) 789.0 658.5 264.4 453.0 264.4
Net realized investment gains (losses) and related
charges and adjustments (107.7) (86.0) (97.8) (19.1) 53.1 (107.7) 53.1
Gain (loss) on change in fair value of derivatives
related to guaranteed benefits 130.1 (38.7) 119.9 44.4 (53.6) 130.1 (53.6)
Revenues (losses) related to business exited through
reinsurance or divestment 58.5 9.9 27.3 (52.2) 40.6 58.5 40.6
Revenues (loss) attributable to noncontrolling interests 22.5 17.7 146.8 159.8 89.8 22.5 89.8
Other adjustments to operating revenues (1) 27.6 35.9 31.1 40.2 48.9 27.6 48.9
Total revenue 3,009.3 1,972.8 3,696.4 2,968.1 2,604.4 3,009.3 2,604.4
(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, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues.
Voya Financial Page 65 of 69 Ongoing Business Sources of Earnings Reconciliation
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Investment spread and other investment income:
Net investment income and net realized gains (losses)
Retirement 400.7 411.9 395.1 382.1 388.9 400.7 388.9
Annuities 255.1 273.1 264.8 263.2 267.0 255.1 267.0
Investment Management (14.7) (8.8) 0.4 3.4 6.1 (14.7) 6.1
Individual Life 207.9 217.4 218.8 220.8 222.4 207.9 222.4
Employee Benefits 25.4 26.8 26.8 28.0 26.5 25.4 26.5
Total Ongoing Business 874.4 920.4 905.9 897.5 910.9 874.4 910.9
Adjustments:
Interest credited (523.5) (528.7) (530.1) (519.6) (515.7) (523.5) (515.7)
Credit facility fees (1.8) (2.1) (2.1) (2.3) (2.0) (1.8) (2.0)
Other (4.5) (3.9) (3.9) (3.0) (4.6) (4.5) (4.6)
Total (529.8) (534.7) (536.1) (524.9) (522.3) (529.8) (522.3)
Ongoing investment spread and other investment income 344.6 385.7 369.8 372.6 388.6 344.6 388.6
Fee based margin:
Fee income
Retirement 165.1 179.4 180.9 188.9 186.9 165.1 186.9
Annuities 15.8 16.4 16.0 16.0 15.2 15.8 15.2
Investment Management 139.3 145.1 145.0 147.6 146.9 139.3 146.9
Individual Life 297.2 283.1 307.0 287.0 295.3 297.2 295.3
Employee Benefits 15.8 16.0 21.0 15.5 15.8 15.8 15.8
Total 633.2 640.0 669.9 655.0 660.1 633.2 660.1
Other revenue
Retirement 17.3 15.8 17.7 19.1 14.0 17.3 14.0
Annuities 4.3 3.5 3.5 3.9 3.6 4.3 3.6
Investment Management 7.6 11.6 7.2 7.6 10.1 7.6 10.1
Individual Life 4.4 4.6 4.1 3.7 4.5 4.4 4.5
Employee Benefits (1.0) (1.4) (1.3) (1.7) (1.4) (1.0) (1.4)
Total 32.6 34.1 31.2 32.6 30.8 32.6 30.8
Total Ongoing Business 665.8 674.1 701.1 687.6 690.9 665.8 690.9
Adjustments:
Surrender fees and MVA charges (4.8) 0.1 (6.8) (7.2) (2.3) (4.8) (2.3)
Insurance Solutions FAS 97 fees and unearned revenue
reserve amortization/unlocking (307.9) (293.8) (322.5) (297.0) (305.4) (307.9) (305.4)
Other (1.2) (3.1) 0.9 (0.3) (1.2) (1.2) (1.2)
Total (313.9) (296.8) (328.4) (304.5) (308.9) (313.9) (308.9)
Ongoing fee based margin 351.9 377.3 372.7 383.1 382.0 351.9 382.0
Voya Financial Page 66 of 69 Ongoing Business Sources of Earnings Reconciliation
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Net underwriting gain (loss) and other revenue:
Premiums
Retirement 354.6 55.4 543.6 3.7 10.7 354.6 10.7
Annuities 27.8 29.2 30.1 27.3 29.8 27.8 29.8
Investment Management — — — — — — —
Individual Life 114.5 109.8 140.2 151.4 146.6 114.5 146.6
Employee Benefits 359.5 342.0 330.2 334.4 330.0 359.5 330.0
Total 856.4 536.4 1,044.1 516.8 517.1 856.4 517.1
Interest credited and other policyholder benefits
Retirement (576.6) (278.6) (759.9) (214.2) (216.6) (576.6) (216.6)
Annuities (175.9) (179.2) (166.0) (177.3) (175.4) (175.9) (175.4)
Investment Management — — — — — — —
Individual Life (458.8) (409.4) (527.5) (495.8) (490.6) (458.8) (490.6)
Employee Benefits (293.5) (282.3) (252.7) (260.1) (255.4) (293.5) (255.4)
Total (1,504.8) (1,149.5) (1,706.1) (1,147.4) (1,138.0) (1,504.8) (1,138.0)
Total Ongoing Business (648.4) (613.1) (662.0) (630.6) (620.9) (648.4) (620.9)
Adjustments:
Interest credited 523.5 528.7 530.1 519.6 515.7 523.5 515.7
Surrender fees and MVA charges 4.8 (0.1) 6.8 7.2 2.3 4.8 2.3
Insurance Solutions FAS 97 fees and unearned revenue reserve
amortization/unlocking 307.5 305.9 307.1 294.4 306.2 307.5 306.2
Sales inducements amortization and unlocking 9.3 9.1 13.7 9.0 7.2 9.3 7.2
FAS 113 and SOP 03-1 amortization and unlocking 3.8 (2.9) 25.2 15.1 (0.2) 3.8 (0.2)
Credit facility fees (19.5) (18.9) (22.7) (21.8) (21.6) (19.5) (21.6)
Other 5.5 5.6 (3.4) 4.2 2.4 5.5 2.4
Total 834.9 827.4 856.8 827.7 812.0 834.9 812.0
Ongoing net underwriting gain (loss) and other revenue 186.5 214.3 194.8 197.1 191.1 186.5 191.1
Voya Financial Page 67 of 69 Ongoing Business Sources of Earnings Reconciliation
Three Months Ended Year-to-Date
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015 3/31/2016 3/31/2015
Administrative expenses and trail commissions:
Operating and interest expense
Retirement (225.3) (217.9) (210.6) (221.3) (219.8) (225.3) (219.8)
Annuities (40.5) (38.2) (38.1) (38.4) (37.6) (40.5) (37.6)
Investment Management (109.5) (105.5) (107.0) (111.6) (116.2) (109.5) (116.2)
Individual Life (85.6) (84.0) (90.1) (85.4) (92.3) (85.6) (92.3)
Employee Benefits (79.7) (74.3) (71.2) (73.3) (70.3) (79.7) (70.3)
Total Ongoing Business (540.6) (519.9) (517.0) (530.0) (536.2) (540.6) (536.2)
Adjustments:
Credit facility fees 21.3 21.0 24.8 24.1 23.6 21.3 23.6
Other 0.1 1.2 3.0 (0.7) 3.5 0.1 3.5
Total 21.4 22.2 27.8 23.4 27.1 21.4 27.1
Ongoing administrative expenses and trail commissions (519.2) (497.7) (489.2) (506.7) (509.1) (519.2) (509.1)
DAC/VOBA and other intangibles amortization and unlocking:
Net amortization of DAC/VOBA
Retirement (32.1) (28.8) (86.3) (29.9) (39.6) (32.1) (39.6)
Annuities (35.9) (41.9) (59.8) (33.7) (34.0) (35.9) (34.0)
Investment Management — — — — — — —
Individual Life (38.5) (19.1) (63.3) (44.0) (42.5) (38.5) (42.5)
Employee Benefits (5.7) (3.2) (8.6) (5.1) (4.6) (5.7) (4.6)
Total Ongoing Business (112.2) (93.0) (218.0) (112.7) (120.7) (112.2) (120.7)
Adjustments:
Sales inducements amortization and unlocking (9.3) (9.1) (13.7) (9.0) (7.2) (9.3) (7.2)
FAS 113 and SOP 03-1 amortization and unlocking (3.8) 2.9 (25.2) (15.1) 0.2 (3.8) 0.2
Unearned revenue reserve amortization and unlocking 0.4 (12.1) 15.4 2.6 (0.8) 0.4 (0.8)
Other — 0.1 3.4 (0.2) (0.1) — (0.1)
Total (12.7) (18.2) (20.1) (21.7) (7.9) (12.7) (7.9)
Ongoing DAC/VOBA and other intangibles amortization and unlocking (124.9) (111.2) (238.1) (134.4) (128.6) (124.9) (128.6)
Voya Financial Page 68 of 69 Fixed Maturity Securities —Businesses Exited Through Reinsurance
Balances as of
(in millions USD) 3/31/2016 12/31/2015 9/30/2015 6/30/2015 3/31/2015
Fixed Maturity Securities—Businesses Exited Through Reinsurance
By Security Sector:
U.S. Government agencies and authorities 58.6 49.7 82.5 61.9 71.1
U.S. Corporate—Public 1,075.1 1,064.7 1,337.8 1,353.0 1,411.8
Foreign Government / Agency — — — — —
Foreign Corporate—Public 166.7 175.9 183.0 192.3 203.6
State, municipalities and political subdivisions 129.5 88.4 105.4 106.5 114.1
Residential mortgaged-backed securities:
Agency 48.8 28.5 55.6 61.5 68.1
Non—Agency 29.5 73.3 76.6 79.1 88.0
Total Residential mortgage-backed securities 78.3 101.8 132.2 140.6 156.1
Commercial mortgage-backed securities 126.5 120.0 124.1 69.0 74.6
Other asset-backed securities 43.7 23.9 42.8 93.4 93.2
Total fixed maturities, including securities pledged (1) 1,678.4 1,624.4 2,007.8 2,016.7 2,124.5
Fixed Maturity Securities—Businesses Exited Through Reinsurance Balance as of March 31, 2016
By ARO Rating: Total AAA AA A BBB BB B & Below
Residential mortgaged-backed securities:
Agency 48.8 48.8 — — — — —
Non—Agency 29.5 — — 0.2 0.1 — 29.2
Total Residential mortgage-backed securities 78.3 48.8 — 0.2 0.1 — 29.2
Commercial mortgage-backed securities 126.5 35.4 60.0 21.2 3.6 — 6.3
Other asset-backed securities 43.7 13.3 — — — — 30.4
Total Structured securities 248.5 97.5 60.0 21.4 3.7 — 65.9
Non-structured securities 1,429.9 114.0 166.9 698.7 448.0 2.3 —
Total fixed maturities, including securities pledged (1) 1,678.4 211.5 226.9 720.1 451.7 2.3 65.9
Fixed Maturity Securities—Businesses Exited Through Reinsurance Balance as of March 31, 2016
By NAIC Designation: Total 1 2 3 4 5 6
Residential mortgaged-backed securities:
Agency 48.8 48.8 — — — — —
Non—Agency 29.5 14.9 — — — 14.6 —
Total Residential mortgage-backed securities 78.3 63.7 — — — 14.6 —
Commercial mortgage-backed securities 126.5 126.5 — — — — —
Other asset-backed securities 43.7 13.3 — — — 14.8 15.6
Total Structured securities 248.5 203.5 — — — 29.4 15.6
Non-structured securities 1,429.9 980.0 447.6 2.3 — — —
Total fixed maturities, including securities pledged (1) 1,678.4 1,183.5 447.6 2.3 — 29.4 15.6
(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 69 of 69
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
