Voya Financial (VOYA) 8-K Voya Financial Announces First-Quarter 2017 Results

Exhibit 99.2

Quarterly Investor Supplement March 31, 2017 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, 2017. Voya Financial’s Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q, can be accessed upon filing at the Securities and Exchange Commission’s website at www.sec.gov, and at our website at investors.voya.com. All information is unaudited. 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

Table of Contents Page Page Consolidated Corporate Explanatory Note on Non-GAAP Financial Information 3—5 Operating Earnings 33 Key Metrics 6 Closed Block Variable Annuity Consolidated Statements of Operations 7 Closed Block Variable Annuity Income (Loss) Before Income Taxes 35 Consolidated Earnings Before Income Taxes 8 Closed Block Variable Annuity Death and Living Benefits 36 Operating Earnings by Segment (QTD) 9 Investment Information Consolidated Balance Sheets 10 Portfolio Composition 38 Adjusted Operating Earnings Before Interest, After Income Taxes 11 Portfolio Results 39 DAC/VOBA Segment Trends 12 Alternative Investment Income 40 Consolidated Capital Structure 13 Reconciliations Consolidated Assets Under Management/Assets Under Administration 14 Reconciliation of Operating Revenues and Earnings by Segment 42 Retirement Reconciliation of Operating Revenues by Segment 43 Sources of Operating Earnings 16 Reconciliation of Ongoing Business Adjusted Operating Earnings to Net Assets Under Management Rollforward 17 Income (Loss) 44—45 Investment Management Reconciliation of Adjusted Operating Earnings 46—47 Sources of Operating Earnings 19 Reconciliation of Adjusted Operating Earnings and Calculation of Key Metrics 20 Adjusted Operating Return on Capital 48—50 Account Value Rollforward by Source 21 Reconciliation of Ongoing Business Adjusted ROE and Capital 51 Account Value by Asset Type 22 Impacts of Prepayments and Alternative Income Above (Below) Long-Annuities Term Expectations 52 Sources of Operating Earnings 24 Calculation of ROE and ROC 53 Assets Under Management Rollforward 25 Reconciliation of Operating Earnings Per Share: Book Value Per Share Individual Life Excluding AOCI 54 Sources of Operating Earnings 27 Reconciliation of Average Capital: Debt to Capital, Excluding AOCI 55 Key Metrics 28 Reconciliation of Investment Management Operating Margin, Excluding Employee Benefits Investment Capital 56 Sources of Operating Earnings 30 Key Metrics 31

Voya Financial Page 3 of 56 Explanatory Note on Non-GAAP Financial Information Operating Earning Before Income Taxes Operating earnings before income taxes is a financial measure we use to evaluate segment performance. We believe that operating earnings before income taxes provides a meaningful measure of our business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of our underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. We use the same accounting policies and procedures to measure segment operating earnings before income taxes as we do for consolidated Net income (loss). Operating earnings before income taxes does not replace Net income (loss) as the U.S. GAAP measure of our consolidated results of operations. Therefore, we believe that it is useful to evaluate both Net income (loss) and Operating earnings before income taxes when reviewing our financial and operating performance. 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 DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in nonperformance spread; Income (loss) related to businesses exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Operating earnings before income taxes with how we manages our segments; Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Income (loss) attributable to noncontrolling interest represents such shareholders’ interests in the gains and (losses) of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where we repurchase outstanding principal amounts of debt; these losses are excluded from Operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations; Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. We immediately recognize actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and Other items not indicative of normal operations or performance of our segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with the 2016 Restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of our operating businesses. Operating earnings before income taxes, when presented on a consolidated basis, also does not reflect the results of operations of our CBVA segment because this segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics or generating net income. As a result of this focus on regulatory and rating agency capital, the financial results of the CBVA segment presented in accordance with GAAP tend to exhibit a high degree of volatility based on factors, such as the asymmetry between the accounting for certain liabilities and the corresponding hedging assets, and gains and losses due to changes in nonperformance risk, that are not necessarily reflective of the economic costs and benefits of the CBVA business. When we present the adjustments to Income (loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to our CBVA segment.

Voya Financial Page 4 of 56 Explanatory Note on Non-GAAP Financial Information 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. 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 Net income (loss) before income taxes, and from Total Operating earnings before income taxes to Total adjusted operating earnings before income taxes, refer to the “Reconciliations” section in this document. Ongoing Business Adjusted Operating ROE/ROC 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 apart from corporate and closed block activities, which include our Retirement, Investment Management, Annuities, Individual Life and Employee Benefits segments. 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 “Reconciliations” section in this document. 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. Ongoing Business adjusted operating ROE assumes a debt-to-capital ratio of approximately 25% and the actual weighted average pre-tax interest rate for all periods presented. Ongoing Business adjusted operating ROE assumes a 32% tax rate on operating earnings and all components of operating earnings described as ?after-tax” for 2015 to current, which reflects the estimated benefit of the dividend received deduction related to the Ongoing Business segments. Ongoing Business adjusted operating ROE assumes a 35% tax rate on operating earnings and all components of operating earnings described as ?after-tax” for periods prior to 2015 and a 5.5% interest rate for period prior to 3Q 2013. Adjusted Operating Earnings 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 and securities in conjunction with a Lehman Brothers bankruptcy settlement (“Lehman Recovery”), and losses as a result of the decision to dispose of certain Low Income Housing Tax Credit partnerships (“LIHTC”) as a mean of exiting this asset class; A gain related to the amendment or recapture of certain reinsurance agreements during 2014; The net loss included in operating earnings from the sale of certain alternative investments and investment income associated with assets disposed of during the portfolio restructuring effected during 2012; and Interest expense related to debt in our Corporate segment. Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability. The net gain from the Lehman Brothers bankruptcy settlement, loss from the disposition of low-income housing tax credit partnerships, gain on reinsurance recapture, and impact of investment portfolio restructuring affected run-rate results and we believe that this effect is not reflective of our ongoing performance.??? Operating Earnings per Share; Shareholders’ Equity/Book Value per Share, Excluding AOCI In addition to Net income (loss) per share, we report Operating Earnings per Share because we believe that operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of our financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. In addition to book value per share including accumulated other comprehensive income (AOCI), we also report book value per share excluding AOCI and shareholders’ equity excluding AOCI. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per share excluding AOCI and shareholders’ equity excluding AOCI provide a measure consistent with that view. For a reconciliation of these non-GAAP measures to Net income (loss) per share and book value per share, refer to the “Reconciliation of the Operating Earning Per Share; Book Value Per Share, Excluding AOCI” section on page 54 of this document.

Voya Financial Page 5 of 56 Explanatory Note on Non-GAAP Financial Information Operating Revenues 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 are significantly influenced by economic and market conditions, including interest rates and credit spreads and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the 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 are net of related amortization of unearned revenue; Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected 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 nonperformance spread; Revenues related to businesses exited through reinsurance or divestment, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in our core business, which would be obscured by including the effects of business exited, and more closely aligns Operating revenues with how we manages our segments; Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than those of Voya Financial, Inc., in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders’ interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which we are not economically entitled; 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, refer to the “Reconciliations” section in this document. Sources of Earnings We analyze our segment performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our 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. 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. Other Information Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

Voya Financial Page 6 of 56 Key Metrics Three Months Ended or As of Year-to-Date or As of (in millions USD, unless otherwise indicated) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Net income (loss) (142.4) (490.5) (236.5) 136.0 192.3 (142.4) 192.3 Net income (loss) attributable to noncontrolling interest 1.1 42.5 11.6 (25.5) 0.7 1.1 0.7 Net income (loss) available to Voya Financial, Inc.‘s common shareholders (143.5) (533.0) (248.1) 161.5 191.6 (143.5) 191.6 Operating earnings before income taxes—Total Consolidated (3) 231.1 264.0 108.4 235.1 169.8 231.1 169.8 Total Voya Financial, Inc. Shareholders’ Equity 12,890.4 12,993.9 15,206.0 15,338.9 14,461.3 12,890.4 14,461.3 Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI (3) 10,678.1 10,972.2 11,688.9 11,899.2 11,985.1 10,678.1 11,985.1 Return on Equity: GAAP Return on Equity—TTM (1) (5.3)% (2.9)% 0.0% 2.0% 2.8% (5.3)% 2.8% Ongoing Business Adjusted Operating Return on Equity—TTM (1) (2) (3) 13.2 % 12.3 % 12.1% 11.5% 11.4% 13.2 % 11.4% Debt to Capital: Debt to Capital 21.2 % 21.5 % 18.9% 18.8% 19.3% 21.2 % 19.3% Debt to Capital (Excluding AOCI) (3) 24.5 % 24.4 % 23.3% 23.0% 22.4% 24.5 % 22.4% Per Share: Net income (loss) available to shareholders per common share: Basic (0.75) (2.74) (1.24) 0.80 0.93 (0.75) 0.93 Diluted (0.75) (2.74) (1.24) 0.79 0.92 (0.75) 0.92 Total Consolidated Operating earnings per share (Diluted) (3) (4) 0.81 0.91 0.37 0.79 0.55 0.81 0.55 Book value per share (Including AOCI) 67.88 66.77 78.14 76.62 70.89 67.88 70.89 Book value per share (Excluding AOCI) (3) 56.23 56.38 60.07 59.44 58.75 56.23 58.75 Shares: Weighted-average common shares outstanding Basic 191.7 194.6 199.6 202.4 206.9 191.7 206.9 Diluted 191.7 194.6 199.6 203.5 209.1 191.7 209.1 Ending shares outstanding 189.9 194.6 194.6 200.2 204.0 189.9 204.0 Returned to Shareholders: Repurchase of common shares, excluding commissions 247.3 ? 150.0 116.7 220.3 247.3 220.3 Dividends to shareholders 1.9 1.9 2.0 2.1 2.0 1.9 2.0 Total cash returned to shareholders 249.2 1.9 152.0 118.8 222.3 249.2 222.3 (1) Trailing twelve months calculation. (2) Assumes a 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 and all components of operating earnings described as ?after-tax?, which reflects the estimated benefit of the dividend received deduction related to the Ongoing Business. (3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the ?Explanatory Note on Non-GAAP Financial Information? beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the ?Reconciliations? section beginning on page 41 of this document. (4) For an explanation of the diluted weighted-average common share measures used for Total Consolidated Operating earnings per share please refer to the “Reconciliation of the Operating Earning Per Share; Book Value Per Share, Excluding AOCI” section on page 54 of this document.

Voya Financial Page 7 of 56 Consolidated Statements of Operations Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Revenues Net investment income 1,155.5 1,188.1 1,163.4 1,175.2 1,094.1 1,155.5 1,094.1 Fee income 850.8 849.4 857.9 826.7 825.8 850.8 825.8 Premiums 591.6 1,109.5 726.7 711.6 966.8 591.6 966.8 Net realized capital gains (losses) (505.6) (804.8) (367.7) (101.3) 10.7 (505.6) 10.7 Income (loss) related to consolidated investment entities 27.3 103.0 57.7 (0.8) 29.1 27.3 29.1 Other revenues 93.8 103.2 90.5 84.6 82.8 93.8 82.8 Total revenues 2,213.4 2,548.4 2,528.5 2,696.0 3,009.3 2,213.4 3,009.3 Benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,478.0) (2,181.2) (1,906.9) (1,549.7) (1,875.7) (1,478.0) (1,875.7) Operating expenses (738.8) (777.1) (723.6) (716.4) (720.2) (738.8) (720.2) Net amortization of DAC/VOBA (92.7) (169.8) (180.7) (98.0) (102.5) (92.7) (102.5) Interest expense (45.9) (45.2) (45.4) (149.7) (47.7) (45.9) (47.7) Operating expenses related to consolidated investment entities (17.4) (27.0) (27.8) (29.1) (21.9) (17.4) (21.9) Total benefits and expenses (2,372.8) (3,200.3) (2,884.4) (2,542.9) (2,768.0) (2,372.8) (2,768.0) Income (loss) before income taxes (159.4) (651.9) (355.9) 153.1 241.3 (159.4) 241.3 Income tax (expense) benefit 17.0 161.4 119.4 (17.1) (49.0) 17.0 (49.0) Net income (loss) (142.4) (490.5) (236.5) 136.0 192.3 (142.4) 192.3 Less: Income tax (expense) benefit 17.0 161.4 119.4 (17.1) (49.0) 17.0 (49.0) Closed Block Variable Annuity (387.1) (729.5) (328.0) 56.5 46.0 (387.1) 46.0 Net investment gains (losses) and related charges and adjustments (26.3) 9.8 (65.6) (24.7) (60.4) (26.3) (60.4) Net guaranteed benefit hedging gains (losses) and related charges and adjustments 41.5 (142.9) (53.5) 21.2 93.5 41.5 93.5 Income (loss) related to businesses exited through reinsurance or (5.3) (16.9) 1.3 0.5 1.6 (5.3) 1.6 divestment Income (loss) attributable to noncontrolling interests 1.1 42.5 11.6 (25.5) 0.7 1.1 0.7 Income (loss) on early extinguishment of debt (0.7) ? (0.1) (102.4) (1.7) (0.7) (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 ? (48.1) (7.1) ? ? ? ?Other adjustments to operating earnings (1) (13.7) (30.8) (22.9) (7.6) (8.2) (13.7) (8.2) Operating earnings before income taxes (2) 231.1 264.0 108.4 235.1 169.8 231.1 169.8 (1) Includes restructuring expenses (severance, lease write-offs, etc.) and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc. (2) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the ?Explanatory Note on Non-GAAP Financial Information? beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the ?Reconciliations? section beginning on page 41 of this document.

Voya Financial Page 8 of 56 Consolidated Operating Earnings Before Income Taxes Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Consolidated Operating Earnings Before Income Taxes Operating revenues Net investment income and net realized gains (losses) 942.6 997.8 957.5 950.5 900.5 942.6 900.5 Fee income 665.9 664.6 662.0 647.0 633.2 665.9 633.2 Premiums 538.9 792.0 558.7 613.0 858.1 538.9 858.1 Other revenue 41.2 51.4 37.7 31.9 33.5 41.2 33.5 Total operating revenues (1) 2,188.6 2,505.8 2,215.9 2,242.4 2,425.3 2,188.6 2,425.3 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,217.6) (1,504.0) (1,337.0) (1,269.9) (1,506.4) (1,217.6) (1,506.4) Operating expenses (597.4) (578.2) (566.3) (587.2) (590.2) (597.4) (590.2) Net amortization of DAC/VOBA (95.9) (113.8) (158.4) (101.7) (112.2) (95.9) (112.2) Interest expense (46.6) (45.8) (45.8) (48.5) (46.7) (46.6) (46.7) Total operating benefits and expenses (1,957.5) (2,241.8) (2,107.5) (2,007.3) (2,255.5) (1,957.5) (2,255.5) Operating earnings before income taxes (1) 231.1 264.0 108.4 235.1 169.8 231.1 169.8 Operating Revenues and Operating Earnings by Segment Operating Revenues Retirement 625.2 923.2 673.8 722.3 937.7 625.2 937.7 Investment Management 171.4 189.1 163.0 142.4 132.2 171.4 132.2 Annuities 301.4 321.0 310.6 319.1 303.0 301.4 303.0 Individual Life 630.0 640.9 637.7 624.9 624.0 630.0 624.0 Employee Benefits 446.2 410.0 405.9 400.8 399.7 446.2 399.7 Corporate 14.4 21.6 24.9 32.9 28.7 14.4 28.7 Total operating revenues (1) 2,188.6 2,505.8 2,215.9 2,242.4 2,425.3 2,188.6 2,425.3 Operating Earnings Retirement 148.1 142.7 62.9 140.5 103.7 148.1 103.7 Investment Management 49.3 64.8 51.5 31.8 22.7 49.3 22.7 Annuities 63.5 84.6 113.3 72.6 50.7 63.5 50.7 Individual Life 31.7 43.4 (76.2) 50.3 41.1 31.7 41.1 Employee Benefits 10.6 31.9 41.3 32.3 20.8 10.6 20.8 Corporate (72.1) (103.4) (84.4) (92.4) (69.2) (72.1) (69.2) Total Operating earnings before income taxes (1) 231.1 264.0 108.4 235.1 169.8 231.1 169.8 (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the ?Explanatory Note on Non-GAAP Financial Information? beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the ?Reconciliations? section beginning on page 41 of this document.

Voya Financial Page 9 of 56 Operating Earnings by Segment Three Months Ended March 31, 2017 Investment Employee (in millions USD) Retirement Management Annuities Individual Life Benefits Corporate Consolidated Operating revenues Net investment income and net realized gains (losses) 426.8 8.7 256.0 211.2 26.5 13.4 942.6 Fee income 178.2 150.4 18.3 303.0 15.9 0.1 665.9 Premiums (0.6) ? 22.4 110.7 405.1 1.3 538.9 Other revenue 20.8 12.3 4.7 5.1 (1.3) (0.4) 41.2 Total operating revenues (1) 625.2 171.4 301.4 630.0 446.2 14.4 2,188.6 Operating benefits and expenses Interest credited and other benefits to contract owners/ (232.1) ? (160.3) (475.4) (342.5) (7.3) (1,217.6) policyholders Operating expenses (226.5) (122.1) (47.7) (78.4) (90.1) (32.6) (597.4) Net amortization of DAC/VOBA (18.5) ? (29.9) (44.5) (3.0) ? (95.9) Interest expense ? ? ? ? ? (46.6) (46.6) Total operating benefits and expenses (477.1) (122.1) (237.9) (598.3) (435.6) (86.5) (1,957.5) Operating earnings before income taxes (1) 148.1 49.3 63.5 31.7 10.6 (72.1) 231.1 Three Months Ended March 31, 2016 Investment Employee Retirement Management Annuities Individual Life Benefits Corporate Consolidated Operating revenues Net investment income and net realized gains (losses) 400.7 (14.7) 255.1 207.9 25.4 26.1 900.5 Fee income 165.1 139.3 15.8 297.2 15.8 ? 633.2 Premiums 354.6 ? 27.8 114.5 359.5 1.7 858.1 Other revenue 17.3 7.6 4.3 4.4 (1.0) 0.9 33.5 Total operating revenues (1) 937.7 132.2 303.0 624.0 399.7 28.7 2,425.3 Operating benefits and expenses Interest credited and other benefits to contract owners/ (576.6) ? (175.9) (458.8) (293.5) (1.6) (1,506.4) policyholders Operating expenses (225.3) (109.5) (40.5) (85.6) (79.7) (49.6) (590.2) Net amortization of DAC/VOBA (32.1) ? (35.9) (38.5) (5.7) ? (112.2) Interest expense ? ? ? ? ? (46.7) (46.7) Total operating benefits and expenses (834.0) (109.5) (252.3) (582.9) (378.9) (97.9) (2,255.5) Operating earnings before income taxes (1) 103.7 22.7 50.7 41.1 20.8 (69.2) 169.8 (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the ?Explanatory Note on Non-GAAP Financial Information? beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the ?Reconciliations? section beginning on page 41 of this document.

Voya Financial Page 10 of 56 Consolidated Balance Sheets Balances as of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 Assets Total investments 92,375.4 92,638.4 97,352.4 95,639.2 92,987.7 Cash and cash equivalents 2,298.3 2,910.7 2,766.7 3,799.7 2,526.4 Assets held in separate accounts 100,778.1 97,118.7 97,975.7 96,307.3 95,774.8 Premium receivable and reinsurance recoverable 7,353.7 7,318.0 7,305.1 7,473.1 7,558.0 Short term investments under securities loan agreement and accrued 1,735.0 1,679.6 2,056.8 2,219.4 2,120.7 investment income Deferred policy acquisition costs, Value of business acquired 4,793.7 4,887.5 4,059.5 4,263.8 4,693.0 Goodwill and other intangible assets 208.0 219.5 227.3 239.5 245.7 Other assets (1) 3,339.2 3,406.7 2,336.7 2,212.9 2,879.6 Assets related to consolidated investment entities 4,144.1 4,056.0 4,542.0 4,910.5 5,221.8 Total Assets 217,025.5 214,235.1 218,622.2 217,065.4 214,007.7 Liabilities Future policy benefits and contract owner account balances 91,585.6 92,053.4 91,406.0 90,622.7 89,471.0 Liabilities related to separate accounts 100,778.1 97,118.7 97,975.7 96,307.3 95,774.8 Funds held under reinsurance agreements 742.3 729.1 773.3 802.0 781.1 Payables under securities loan agreements, including collateral held 1,740.9 1,841.3 2,878.0 3,012.3 2,557.9 Short-term debt 735.5 ? ? ? ?Long-term debt 2,725.7 3,549.5 3,548.5 3,547.5 3,455.9 Other liabilities (2) 2,294.9 2,481.0 2,896.1 3,116.7 2,931.7 Liabilities related to consolidated investment entities 2,544.8 2,495.0 2,989.2 3,291.3 3,332.9 Total Liabilities 203,147.8 200,268.0 202,466.8 200,699.8 198,305.3 Shareholders’ Equity Common stock 2.7 2.7 2.7 2.7 2.7 Treasury stock (3,050.4) (2,796.0) (2,795.8) (2,645.8) (2,529.0) Additional paid-in capital 23,697.2 23,608.8 23,792.3 23,604.5 23,735.1 Retained earnings (deficit) (9,971.4) (9,843.3) (9,310.3) (9,062.2) (9,223.7) Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 10,678.1 10,972.2 11,688.9 11,899.2 11,985.1 Accumulated other comprehensive income 2,212.3 2,021.7 3,517.1 3,439.7 2,476.2 Total Voya Financial, Inc. Shareholders’ Equity 12,890.4 12,993.9 15,206.0 15,338.9 14,461.3 Noncontrolling interest 987.3 973.2 949.4 1,026.7 1,241.1 Total Shareholders’ Equity 13,877.7 13,967.1 16,155.4 16,365.6 15,702.4 Total Liabilities and Shareholders’ Equity 217,025.5 214,235.1 218,622.2 217,065.4 214,007.7 (1) Includes Other assets, Sales inducements to contract holders, and Current/Deferred income taxes. (2) Includes Other liabilities, Derivatives, Pension and other postretirement provisions, and Current/Deferred income taxes.

Voya Financial Page 11 of 56 Adjusted Operating Return on Capital Closed Corporate Investment Individual Employee Ongoing Block (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Variable DTA (2) Other Consolidated Annuity Twelve Months Ended March 31, 2017 Operating earnings before income taxes (1) 494.2 197.4 334.0 49.2 116.1 1,190.9 (352.3) 838.6 Less: Interest expense ? (192.2) (192.2) DAC/VOBA and other intangibles unlocking (54.0) ? 91.0 (143.5) (2.2) (108.7) ? (108.7) Gain on Lehman Recovery 4.1 2.8 4.5 8.0 1.0 20.4 0.3 20.7 Adjusted operating earnings before interest 544.1 194.6 238.5 184.7 117.3 1,279.2 ? (160.4) 1,118.8 Income tax expense 174.1 62.3 76.3 59.1 37.5 409.3 (51.3) 358.0 Adjusted operating earnings before interest and after 370.0 132.3 162.2 125.6 79.8 869.9 ? (109.1) 760.8 income taxes Ending Capital (1) 4,015 309 1,477 1,488 367 7,656 1,832 2,951 1,700 14,139 Average Capital (2) 3,982 295 1,524 1,893 370 8,064 2,745 2,335 1,855 14,999 Adjusted Operating Return on Capital (1) 9.3% 44.8% 10.6% 6.6% 21.6% 10.8% N/M N/M N/M 5.1% Twelve Months Ended December 31, 2016 Operating earnings before income taxes (1) 449.8 170.8 321.2 58.6 126.3 1,126.7 ? (349.4) 777.3 Less: Interest expense ? ? ? ? ? ? ? (192.8) (192.8) DAC/VOBA and other intangibles unlocking (65.6) ? 91.5 (143.5) (4.0) (121.6) ? ? (121.6) Net gain from Lehman Recovery/LIHTC 4.1 2.8 4.5 8.0 1.0 20.4 ? 0.3 20.7 Adjusted operating earnings before interest 511.3 168.0 225.2 194.1 129.3 1,227.9 ? (156.9) 1,071.0 Income tax expense 163.6 53.8 72.1 62.1 41.4 393.0 ? (50.2) 342.8 Adjusted operating earnings before interest and after 347.7 114.2 153.1 132.0 87.9 834.9 ? (106.7) 728.2 income taxes Ending Capital (1) 4,068 295 1,497 1,677 341 7,878 2,246 2,660 1,738 14,522 Average Capital (2) 3,964 297 1,561 2,015 378 8,215 3,006 2,149 1,910 15,280 Adjusted Operating Return on Capital (1) 8.8% 38.5% 9.8% 6.6% 23.3% 10.2% N/M N/M N/M 4.8% (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the ?Explanatory Note on Non-GAAP Financial Information? beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the ?Reconciliations? section beginning on page 41 of this document. (2) 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 $745 million tax valuation allowance related to Federal NOLs for the twelve months ending December 31, 2016.

Voya Financial Page 12 of 56 DAC/VOBA Segment Trends Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Retirement Balance as of Beginning-of-Period 1,165.2 814.3 967.3 1,168.0 1,402.5 1,165.2 1,402.5 Deferrals of commissions and expenses 25.4 22.1 24.6 24.9 23.4 25.4 23.4 Amortization (24.5) (24.2) (39.6) (36.7) (14.4) (24.5) (14.4) Unlocking 13.2 (23.2) (99.6) 27.7 12.7 13.2 12.7 Change in unrealized capital gains/losses (38.3) 376.2 (38.4) (216.6) (256.2) (38.3) (256.2) Balance as of End-of-Period 1,141.0 1,165.2 814.3 967.3 1,168.0 1,141.0 1,168.0 Deferred Sales Inducements as of End-of-Period 35.2 35.9 35.3 36.8 38.5 35.2 38.5 Annuities Balance as of Beginning-of-Period 647.5 401.5 352.9 463.4 604.6 647.5 604.6 Deferrals of commissions and expenses 25.3 31.4 23.6 30.4 35.5 25.3 35.5 Amortization (48.9) 33.2 (6.9) (53.0) (72.8) (48.9) (72.8) Unlocking 16.5 (8.2) 34.2 23.2 26.9 16.5 26.9 Change in unrealized capital gains/losses (23.0) 189.6 (2.3) (111.1) (130.8) (23.0) (130.8) Balance as of End-of-Period 617.4 647.5 401.5 352.9 463.4 617.4 463.4 Deferred Sales Inducements as of End-of-Period 136.0 141.8 88.9 77.2 100.0 136.0 100.0 Individual Life Balance as of Beginning-of-Period 2,702.2 2,377.6 2,476.9 2,567.3 2,856.8 2,702.2 2,856.8 Deferrals of commissions and expenses 34.8 32.9 36.6 42.1 35.4 34.8 35.4 Amortization (43.4) (37.9) (21.1) (37.2) (29.0) (43.4) (29.0) Unlocking (4.1) (5.0) (40.9) (2.5) (7.7) (4.1) (7.7) Change in unrealized capital gains/losses (32.4) 334.6 (73.9) (92.8) (288.2) (32.4) (288.2) Balance as of End-of-Period 2,657.1 2,702.2 2,377.6 2,476.9 2,567.3 2,657.1 2,567.3 Other (1) Balance as of Beginning-of-Period 76.2 69.3 67.0 82.4 84.1 76.2 84.1 Deferrals of commissions and expenses 5.7 5.0 5.0 4.9 3.9 5.7 3.9 Amortization (3.0) (3.2) (2.8) (4.6) (4.3) (3.0) (4.3) Unlocking (0.5) ? (0.2) (1.5) (2.3) (0.5) (2.3) Change in unrealized capital gains/losses 0.3 5.1 0.3 (14.2) 1.0 0.3 1.0 Balance as of End-of-Period 78.7 76.2 69.3 67.0 82.4 78.7 82.4 Closed Block Variable Annuity Balance as of Beginning-of-Period 296.4 396.8 399.7 411.9 422.1 296.4 422.1 Deferrals of commissions and expenses 1.1 0.9 0.9 1.2 1.4 1.1 1.4 Amortization (9.0) (10.1) (13.2) (11.2) (11.1) (9.0) (11.1) Unlocking and loss recognition (2) 11.0 (91.2) 9.4 (2.2) (0.5) 11.0 (0.5) Change in unrealized capital gains/losses ? ? ? ? ? ? ? Balance as of End-of-Period 299.5 296.4 396.8 399.7 411.9 299.5 411.9 Deferred Sales Inducements as of End-of-Period 65.8 65.1 87.2 87.8 90.6 65.8 90.6 Total Balance as of Beginning-of-Period 4,887.5 4,059.5 4,263.8 4,693.0 5,370.1 4,887.5 5,370.1 Deferrals of commissions and expenses 92.3 92.3 90.7 103.5 99.6 92.3 99.6 Amortization (128.8) (42.2) (83.6) (142.7) (131.6) (128.8) (131.6) Unlocking 36.1 (127.6) (97.1) 44.7 29.1 36.1 29.1 Change in unrealized capital gains/losses (93.4) 905.5 (114.3) (434.7) (674.2) (93.4) (674.2) Balance as of End-of-Period 4,793.7 4,887.5 4,059.5 4,263.8 4,693.0 4,793.7 4,693.0 Deferred Sales Inducements as of End-of-Period 237.0 242.8 211.4 201.8 229.1 237.0 229.1 (1) Includes Employee Benefits, Investment Management and Corporate. (2) Includes a portion of loss recognition in the periods ended 12/31/2016 for the $85.1 million write-down of DAC/VOBA.

Voya Financial Page 13 of 56 Consolidated Capital Structure Balances as of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 Financial Debt Senior bonds 2,704.4 2,792.8 2,791.9 2,790.9 2,699.4 Subordinated bonds 751.9 751.8 751.7 751.7 751.6 Other debt 4.9 4.9 4.9 4.9 4.9 Total Debt 3,461.2 3,549.5 3,548.5 3,547.5 3,455.9 Equity Total common equity (Excluding AOCI) (1) 10,678.1 10,972.2 11,688.9 11,899.2 11,985.1 Accumulated other comprehensive income (AOCI) 2,212.3 2,021.7 3,517.1 3,439.7 2,476.2 Total Voya Financial, Inc. Shareholders’ Equity 12,890.4 12,993.9 15,206.0 15,338.9 14,461.3 Total Equity (Excluding AOCI) (1) 10,678.1 10,972.2 11,688.9 11,899.2 11,985.1 Capital Total Capitalization 16,351.6 16,543.4 18,754.5 18,886.4 17,917.2 Total Capitalization (Excluding AOCI) (1) 14,139.3 14,521.7 15,237.4 15,446.7 15,441.0 Debt to Capital Debt to Capital 21.2% 21.5% 18.9% 18.8% 19.3% Debt to Capital (Excluding AOCI) (1) 24.5% 24.4% 23.3% 23.0% 22.4% (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the ?Explanatory Note on Non-GAAP Financial Information? beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the ?Reconciliations? section beginning on page 41 of this document.

Voya Financial Page 14 of 56 Consolidated Assets Under Management/Assets Under Administration As of March 31, 2017 Total AUM—AUA—Assets General Separate Institutional/ Assets Under Under Total AUM + (in millions USD) Account Account Mutual Funds Management Administration AUA Retirement (1) 32,495.6 63,567.2 30,380.0 126,442.8 209,308.1 335,750.9 Investment Management 82,068.7 43,981.4 86,849.5 212,899.6 50,519.4 263,419.0 Annuities (2) 21,991.1 819.4 5,329.7 28,140.2 ? 28,140.2 Individual Life (3) 12,715.0 2,625.7 ? 15,340.7 ? 15,340.7 Employee Benefits 1,786.4 15.3 ? 1,801.7 ? 1,801.7 Closed Block Variable Annuity (2) 5,481.9 31,942.6 ? 37,424.5 ? 37,424.5 Eliminations/Other (74,470.0) (42,173.5) (11,149.9) (127,793.4) (48,668.6) (176,462.0) Total AUM and AUA 82,068.7 100,778.1 111,409.3 294,256.1 211,158.9 505,415.0 (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 16 of 56 Retirement Sources of Operating Earnings and Key Metrics Three Months Ended or As of Year-to-Date or As of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Sources of operating earnings before income taxes: Investment spread and other investment income 191.7 193.2 185.2 190.8 177.3 191.7 177.3 Fee based margin 201.9 197.9 196.8 190.9 185.5 201.9 185.5 Net underwriting gain (loss) and other revenue (2.6) (4.3) (0.9) (4.6) (4.0) (2.6) (4.0) Administrative expenses (183.8) (165.5) (166.7) (174.0) (187.4) (183.8) (187.4) Trail commissions (39.5) (37.8) (37.6) (36.1) (34.4) (39.5) (34.4) DAC/VOBA and other intangibles amortization, excluding unlocking (33.0) (36.8) (39.8) (37.2) (35.1) (33.0) (35.1) DAC/VOBA and other intangibles unlocking 13.4 (4.0) (74.1) 10.7 1.8 13.4 1.8 Operating earnings before income taxes (2) 148.1 142.7 62.9 140.5 103.7 148.1 103.7 Gross investment income Fixed income 384.5 387.8 386.6 383.6 389.5 384.5 389.5 Limited partnership income 1.2 2.4 0.4 (2.5) (2.1) 1.2 (2.1) Prepayment fee income 5.6 12.5 16.3 20.8 6.3 5.6 6.3 Total gross investment income 391.3 402.7 403.3 401.9 393.7 391.3 393.7 Investment expenses (18.8) (18.1) (17.4) (16.7) (15.7) (18.8) (15.7) Credited interest (229.9) (234.8) (229.7) (223.2) (218.3) (229.9) (218.3) Net margin 142.6 149.8 156.2 162.0 159.7 142.6 159.7 Other investment income (1) 49.1 43.4 29.0 28.8 17.6 49.1 17.6 Investment spread and other investment income 191.7 193.2 185.2 190.8 177.3 191.7 177.3 Fee based margin Fee based margin—excluding Recordkeeping 163.0 158.0 157.3 152.6 146.8 163.0 146.8 Fee based margin—Recordkeeping 38.9 39.9 39.5 38.3 38.7 38.9 38.7 Fee based margin 201.9 197.9 196.8 190.9 185.5 201.9 185.5 Assets Under Management by Fund Group General account 32,495.6 32,469.2 31,672.3 31,101.3 30,502.9 32,495.6 30,502.9 Guaranteed separate account 7,186.0 7,192.2 7,522.7 7,260.9 7,093.1 7,186.0 7,093.1 Non-guaranteed separate account 56,381.2 52,881.7 52,269.9 50,260.7 49,391.2 56,381.2 49,391.2 Mutual funds / Institutional funds 30,380.0 28,865.2 28,103.5 26,289.2 25,440.0 30,380.0 25,440.0 Total AUM 126,442.8 121,408.3 119,568.4 114,912.1 112,427.2 126,442.8 112,427.2 AUA 209,308.1 195,440.7 195,136.9 188,335.2 183,479.3 209,308.1 183,479.3 Total AUM and AUA 335,750.9 316,849.0 314,705.3 303,247.3 295,906.5 335,750.9 295,906.5 (1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans. (2) The three months ended 12/31/16 include $5.3 million of net investment income, and $(1.2) million of DAC/VOBA and other intangibles amortization from Lehman Recovery.

Voya Financial Page 17 of 56 Retirement AUM Rollforward by Product Group Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Full service—Corporate markets Assets under management, beginning of period 49,920.7 48,963.8 46,848.4 45,588.4 45,088.5 49,920.7 45,088.5 Transfer/Single deposits 1,499.2 1,498.5 1,036.7 868.6 711.2 1,499.2 711.2 Recurring deposits 1,502.3 1,102.9 1,173.8 1,178.5 1,342.8 1,502.3 1,342.8 Total Deposits 3,001.5 2,601.4 2,210.5 2,047.1 2,054.0 3,001.5 2,054.0 Surrenders, benefits, and product charges (2,061.3) (2,160.0) (1,787.3) (1,641.1) (1,713.5) (2,061.3) (1,713.5) Net Flows 940.3 441.4 423.2 406.0 340.5 940.2 340.5 Interest credited and investment performance 2,301.6 568.9 1,692.2 854.0 159.4 2,301.6 159.4 Transfer to reinsurer / between markets (3) ? (53.4) ? ? ? ? ? Assets under management, end of period 53,162.5 49,920.7 48,963.8 46,848.4 45,588.4 53,162.5 45,588.4 Full service—Tax-exempt markets Assets under management, beginning of period 55,497.0 54,796.4 52,699.4 51,850.2 51,641.9 55,497.0 51,641.9 Transfer/Single deposits 613.0 442.8 957.7 325.7 253.4 613.0 253.4 Recurring deposits 868.4 743.4 693.3 751.0 807.4 868.4 807.4 Total Deposits 1,481.4 1,186.2 1,651.0 1,076.7 1,060.8 1,481.4 1,060.8 Surrenders, benefits, and product charges (1,728.5) (1,115.1) (997.7) (995.0) (1,051.2) (1,728.5) (1,051.2) Net Flows (247.1) 71.1 653.3 81.7 9.6 (247.1) 9.6 Interest credited and investment performance 1,935.4 629.5 1,443.9 767.5 198.7 1,935.4 198.7 Transfer to reinsurer / between markets (3) ? ? ? ? ? ? ? Assets under management, end of period 57,185.3 55,497.0 54,796.4 52,699.4 51,850.2 57,185.3 51,850.2 Stable value (1) and Pension risk transfer Assets under management, beginning of period 12,505.5 12,346.5 11,967.3 11,639.3 10,762.9 12,505.5 10,762.9 Transfer/Single deposits 157.8 404.9 381.8 258.3 719.2 157.8 719.2 Recurring deposits 133.0 120.7 129.3 101.5 105.7 133.0 105.7 Total Deposits 290.8 525.6 511.1 359.8 824.9 290.8 824.9 Surrenders, benefits, and product charges (336.5) (239.1) (213.1) (153.6) (108.7) (336.5) (108.7) Net Flows (45.7) 286.5 298.0 206.2 716.2 (45.7) 716.2 Interest credited and investment performance 75.8 (180.9) 81.2 121.8 160.2 75.8 160.2 Transfer to reinsurer / between markets (3) ? 53.4 ? ? ? ? ? Assets under management, end of period 12,535.6 12,505.5 12,346.5 11,967.3 11,639.3 12,535.6 11,639.3 Retail wealth management Assets under management, beginning of period 3,485.1 3,461.7 3,397.0 3,349.3 3,313.7 3,485.1 3,313.7 Transfer/Single deposits 220.9 231.3 236.5 250.0 242.3 220.9 242.3 Recurring deposits 1.1 0.5 0.3 0.8 0.6 1.1 0.6 Total Deposits 222.0 231.8 236.8 250.8 242.9 222.0 242.9 Surrenders, benefits, and product charges (259.1) (227.8) (254.4) (252.3) (226.9) (259.1) (226.9) Net Flows (37.1) 4.0 (17.6) (1.5) 16.0 (37.1) 16.0 Interest credited and investment performance 111.4 19.3 82.3 49.2 19.6 111.4 19.6 Assets under management, end of period 3,559.4 3,485.1 3,461.7 3,397.0 3,349.3 3,559.4 3,349.3 Total AUM (2) Assets under management, beginning of period 121,408.3 119,568.4 114,912.1 112,427.2 110,807.1 121,408.3 110,807.1 Transfer/Single deposits 2,490.8 2,577.6 2,612.7 1,702.6 1,926.1 2,490.8 1,926.1 Recurring deposits 2,504.9 1,967.5 1,996.7 2,031.8 2,256.5 2,504.9 2,256.5 Total Deposits 4,995.7 4,545.1 4,609.3 3,734.4 4,182.6 4,995.7 4,182.6 Surrenders, benefits, and product charges (4,385.5) (3,742.0) (3,252.6) (3,041.9) (3,100.3) (4,385.5) (3,100.3) Net Flows 610.2 803.1 1,356.7 692.5 1,082.3 610.2 1,082.3 Interest credited and investment performance 4,424.3 1,036.8 3,299.6 1,792.4 537.8 4,424.3 537.8 Assets under management, end of period 126,442.8 121,408.3 119,568.4 114,912.1 112,427.2 126,442.8 112,427.2 (1) Where Voya is the Investment Manager. (2) Excludes Recordkeeping and Stable Value where Voya is not the Investment Manager. (3) AUM transfers between Retirement market.

Investment Management

Investment Management Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Sources of operating earnings before income taxes: Net investment income and net realized gains (losses) 8.7 8.6 6.7 (8.6) (14.7) 8.7 (14.7) Fee based margin 162.8 180.6 156.2 150.9 146.9 162.8 146.9 Administrative expenses (122.1) (124.3) (111.5) (110.6) (109.5) (122.1) (109.5) Total earnings before income taxes (1) 49.3 64.8 51.5 31.8 22.7 49.3 22.7 Fee based margin Investment advisory and administrative revenue 150.4 152.1 145.9 144.4 139.3 150.4 139.3 Other revenue 12.3 28.4 10.4 6.6 7.6 12.3 7.6 Fee based margin 162.8 180.6 156.2 150.9 146.9 162.8 146.9 (1) The three months ended 9/30/2016 and 12/31/16 include $2.6 million and $0.2 million, respectively of net investment income from Lehman Recovery. Voya Financial Page 19 of 56

Voya Financial Page 20 of 56 Investment Management Key Metrics Balances as of Balances as of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Client Assets by Source: External clients Investment Management sourced 76,194.9 73,991.9 72,813.2 71,034.0 69,472.4 76,194.9 69,472.4 Affiliate sourced 54,636.0 54,254.1 55,356.1 54,277.4 54,204.6 54,636.0 54,204.6 Subtotal external clients 130,830.9 128,246.0 128,169.3 125,311.4 123,677.0 130,830.9 123,677.0 General Account (1) 82,068.7 82,760.0 80,212.9 78,671.2 79,577.3 82,068.7 79,577.3 Total Client Assets (AUM) 212,899.6 211,006.0 208,382.2 203,982.6 203,254.3 212,899.6 203,254.3 Administration Only Assets (AUA) 50,519.4 49,685.0 50,087.9 48,962.3 48,431.2 50,519.4 48,431.2 Total AUM and AUA 263,419.0 260,691.0 258,470.1 252,944.9 251,685.5 263,419.0 251,685.5 Three Months Ended Year-to-Date 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Analysis of (2) investment advisory and administrative revenues, net, by source: External clients Investment Management sourced 79.0 81.2 75.8 75.0 71.8 79.0 71.8 Affiliate sourced 29.0 29.2 29.5 28.9 28.2 29.0 28.2 Subtotal external clients 108.0 110.4 105.3 103.9 100.0 108.0 100.0 General Account 39.2 38.7 37.5 37.6 36.4 39.2 36.4 Total investment advisory and administrative revenues, net, from AUM 147.2 149.1 142.8 141.5 136.4 147.2 136.4 Administration Only Fees 3.2 3.0 3.1 2.9 2.9 3.2 2.9 Total investment (2) advisory and administrative revenues, net, by 150.4 152.1 145.9 144.4 139.3 150.4 139.3 source Revenue Yield (bps): (2) (3) External clients Investment Management sourced 41.9 44.4 42.0 42.8 42.5 41.9 42.5 Affiliate sourced 21.2 21.4 21.4 21.3 21.2 21.2 21.2 Revenue Yield on Institutional/retail 33.2 34.6 33.1 33.4 33.1 33.2 33.1 General Account 18.9 19.3 19.1 18.9 18.6 18.9 18.6 Revenue Yield on Client Assets (AUM) 27.7 28.7 27.7 27.7 27.4 27.7 27.4 Revenue Yield on Administration Only Assets (AUA) 2.5 2.4 2.5 2.4 2.4 2.5 2.4 Total Revenue Yield on AUM and AUA (bps) (2) (3) 22.9 23.6 22.8 22.9 22.6 22.9 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 21 of 56 Investment Management Account Rollforward by Source Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Investment Management Sourced AUM: Beginning of period AUM 73,991.9 72,813.2 71,034.0 69,472.4 68,143.7 73,991.9 68,143.7 Inflows Inflows-other 3,832.6 5,995.2 3,459.4 3,540.4 3,858.2 3,832.6 3,858.2 Outflows(3,264.2)(4,412.2)(3,284.6)(3,076.4)(3,340.9)(3,264.2)(3,340.9) Net Flows 568.4 1,583.0 174.8 464.0 517.3 568.4 517.3 Net Money Market Flows(45.1) 16.7 1.5 7.1(53.5)(45.1)(53.5) Change in Market Value 1,804.9(346.3) 1,696.8 1,260.1 953.7 1,804.9 953.7 Other (Including Acquisitions / Divestitures)(125.2)(74.7)(93.9)(169.6)(88.8)(125.2)(88.8) End of period AUM 76,194.9 73,991.9 72,813.2 71,034.0 69,472.4 76,194.9 69,472.4 Organic Growth (Net Flows / Beginning of period AUM) 0.77% 2.17% 0.25% 0.67% 0.76% 0.77% 0.76% Market Growth % 2.44% -0.48% 2.39% 1.81% 1.40% 2.44% 1.40% Affiliate Sourced AUM: Beginning of period AUM 54,254.1 55,356.1 54,277.4 54,204.6 54,403.4 54,254.1 54,403.4 Inflows Inflows from sub-advisor replacements 186.9 Inflows-other 1,130.0 1,250.7 1,061.4 798.9 1,082.9 1,130.0 1,082.9 Outflows(2,851.7)(2,204.6)(1,752.6)(1,507.3)(1,787.7)(2,851.7)(1,787.7) Net Flows(1,721.7)(953.9)(504.3)(708.4)(704.8)(1,721.7)(704.8) Net Money Market Flows(86.7)(22.4)(9.5)(62.2) 40.3(86.7) 40.3 Change in Market Value 2,167.2 208.1 1,464.5 1,013.3 410.1 2,167.2 410.1 Other (Including Acquisitions / Divestitures) 23.1(333.8) 128.0(169.9) 55.6 23.1 55.6 End of period AUM 54,636.0 54,254.1 55,356.1 54,277.4 54,204.6 54,636.0 54,204.6 Organic Growth (Net Flows / Beginning of period AUM) -3.17% -1.72% -0.93% -1.31% -1.30% -3.17% -1.30% Market Growth % 3.99% 0.38% 2.70% 1.87% 0.75% 3.99% 0.75% Other affiliate sourced net flows(306.9)(46.0) 309.5(30.0)(31.9)(306.9)(31.9) Variable annuity net flows(1,414.8)(907.9)(813.8)(678.4)(672.9)(1,414.8)(672.9) Total Affiliate Sourced Net Flows(1,721.7)(953.9)(504.3)(708.4)(704.8)(1,721.7)(704.8) Total Investment Management Sourced Net Flows 568.4 1,583.0 174.8 464.0 517.3 568.4 517.3 Total Net Flows(1,153.3) 629.1(329.5)(244.4)(187.5)(1,153.3)(187.5) Net Flows excluding sub-advisor replacements and variable annuity net flows 261.5 1,537.0 297.4 434.0 485.4 261.5 485.4

Voya Financial Page 22 of 56 Investment Management Account Value by Asset Type Balances as of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 Institutional Equity 20,485.4 19,416.5 19,097.4 19,134.5 17,984.0 Fixed Income 44,162.0 43,252.5 41,980.7 40,292.0 39,616.6 Real Estate Money Market Total 64,647.4 62,669.0 61,078.1 59,426.5 57,600.6 Retail Equity 40,829.0 39,481.5 39,796.4 38,629.8 39,107.5 Fixed Income 19,851.9 19,905.8 20,247.2 19,997.6 19,378.9 Real Estate 3,905.2 4,461.0 5,313.4 5,520.2 5,788.2 Money Market 1,597.4 1,728.7 1,734.2 1,737.5 1,801.8 Total 66,183.5 65,577.0 67,091.2 65,885.1 66,076.4 General Account Equity 246.4 238.9 299.1 313.1 319.2 Fixed Income 79,756.5 79,928.1 79,605.0 78,265.7 78,727.6 Real Estate Money Market 2,065.8 2,593.0 308.8 92.4 530.5 Total 82,068.7 82,760.0 80,212.9 78,671.2 79,577.3 Combined Asset Type Equity 61,560.8 59,136.9 59,192.9 58,077.3 57,410.8 Fixed Income 143,770.4 143,086.4 141,832.9 138,555.3 137,723.0 Real Estate 3,905.2 4,461.0 5,313.4 5,520.2 5,788.2 Money Market 3,663.2 4,321.7 2,043.0 1,829.8 2,332.3 Total 212,899.6 211,006.0 208,382.2 203,982.6 203,254.3

Annuities

Voya Financial Page 24 of 56 Annuities Sources of Operating Earnings and Key Metrics Three Months Ended or As of Year-to-Date or As of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Sources of operating earnings before income taxes: Investment spread and other investment income 123.7 144.8 129.2 131.7 115.1 123.7 115.1 Fee based margin 18.4 17.5 17.1 16.5 15.8 18.4 15.8 Net underwriting gain (loss) and other revenue 5.8 4.2 ? 4.9 4.0 5.8 4.0 Administrative expenses(34.0)(25.7)(26.8)(26.1)(28.3)(34.0)(28.3) Trail commissions(13.5)(15.2)(12.5)(12.5)(11.9)(13.5)(11.9) DAC/VOBA and other intangibles amortization, excluding unlocking(44.4)(54.8)(50.1)(56.3)(52.0)(44.4)(52.0) DAC/VOBA and other intangibles unlocking 7.5 13.8 56.4 14.4 8.0 7.5 8.0 Operating earnings before income taxes (2) 63.5 84.6 113.3 72.6 50.7 63.5 50.7 Gross investment income Fixed income 238.4 246.9 248.2 250.6 254.4 238.4 254.4 Limited partnership income 1.0 4.6 1.1(1.6)(2.0) 1.0(2.0) Prepayment fee income 3.5 16.5 15.0 16.6 5.0 3.5 5.0 Total gross investment income 242.9 268.0 264.3 265.6 257.4 242.9 257.4 Investment expenses(11.5)(12.3)(11.6)(11.2)(11.3)(11.5)(11.3) Credited interest(132.2)(132.9)(138.1)(137.6)(140.3)(132.2)(140.3) Net margin 99.2 122.8 114.6 116.8 105.8 99.2 105.8 Other investment income (1) 24.5 22.0 14.6 14.9 9.3 24.5 9.3 Investment spread and other investment income 123.7 144.8 129.2 131.7 115.1 123.7 115.1 Assets Under Management by Fund Group General account 21,991.1 21,888.0 21,792.2 21,840.6 21,873.3 21,991.1 21,873.3 Separate account 819.4 781.5 773.8 750.9 736.1 819.4 736.1 Mutual funds 5,329.7 5,056.4 4,951.1 4,746.1 4,572.3 5,329.7 4,572.3 Total AUM 28,140.2 27,725.9 27,517.1 27,337.6 27,181.7 28,140.2 27,181.7 (1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans. (2) The three months ended 12/31/16 include $5.1 million of net investment income, $(1.7) million of DAC/VOBA and other intangibles amortization, and $1.1 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery.

Voya Financial Page 25 of 56 Annuities AUM Rollforward by Product Group Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Annual Reset Annuities/Multi-Year Guaranteed Annuities (AR/MYGA) Assets Under Management, beginning of period 4,950.1 5,033.7 5,142.4 5,264.3 5,372.5 4,950.1 5,372.5 Deposits 6.5 5.7 7.5 7.9 9.2 6.5 9.2 Surrenders, benefits, and product charges(124.2)(130.5)(158.4)(172.9)(161.5)(124.2)(161.5) Net cash flow(117.7)(124.8)(150.9)(165.0)(152.3)(117.7)(152.3) Interest credited and investment performance 40.5 41.2 42.2 43.1 44.1 40.5 44.1 AR/MYGA, end of period 4,872.9 4,950.1 5,033.7 5,142.4 5,264.3 4,872.9 5,264.3 Fixed Indexed Annuities (FIA) Assets Under Management, beginning of period 14,409.7 14,224.6 14,163.2 14,081.0 13,901.7 14,409.7 13,901.7 Deposits 458.0 467.1 353.0 457.9 540.4 458.0 540.4 Surrenders, benefits, and product charges(378.1)(351.1)(361.7)(384.2)(368.4)(378.1)(368.4) Net cash flow 79.9 116.0(8.7) 73.7 172.0 79.9 172.0 Interest credited and investment performance 114.1 69.1 70.1 8.5 7.3 114.1 7.3 FIA, end of period 14,603.7 14,409.7 14,224.6 14,163.2 14,081.0 14,603.7 14,081.0 Single Premium Immediate Annuity (SPIA) & Payout Assets Under Management, beginning of period 2,822.8 2,832.9 2,832.3 2,825.7 2,822.8 2,822.8 2,822.8 Deposits 52.0 54.5 55.0 65.7 71.3 52.0 71.3 Surrenders, benefits, and product charges(101.3)(100.1)(101.6)(99.0)(98.5)(101.3)(98.5) Net cash flow(49.3)(45.6)(46.6)(33.3)(27.2)(49.3)(27.2) Interest credited and investment performance 44.5 35.5 47.2 39.9 30.1 44.5 30.1 SPIA and Payout, end of period 2,818.0 2,822.8 2,832.9 2,832.3 2,825.7 2,818.0 2,825.7 Investment-only products (1) Assets Under Management, beginning of period 5,151.4 5,030.9 4,809.7 4,620.1 4,536.0 5,151.4 4,536.0 Deposits 290.3 283.9 276.8 268.1 234.8 290.3 234.8 Surrenders, benefits, and product charges(238.9)(194.0)(196.3)(179.4)(169.1)(238.9)(169.1) Net cash flow 51.4 89.9 80.5 88.7 65.7 51.4 65.7 Interest credited and investment performance 237.8 30.6 140.7 100.9 18.4 237.8 18.4 Investment-only Products, end of period 5,440.6 5,151.4 5,030.9 4,809.7 4,620.1 5,440.6 4,620.1 Other Annuities Assets Under Management, beginning of period 391.9 395.0 390.0 390.8 403.0 391.9 403.0 Deposits 1.2 0.5 0.6 1.0 0.9 1.2 0.9 Surrenders, benefits, and product charges(10.9)(11.9)(10.3)(10.6)(8.9)(10.9)(8.9) Net cash flow(9.7)(11.4)(9.7)(9.6)(8.0)(9.7)(8.0) Interest credited and investment performance 22.8 8.3 14.7 8.8(4.2) 22.8(4.2) Other Annuities, end of period 405.0 391.9 395.0 390.0 390.8 405.0 390.8 Annuities—Total AUM Assets Under Management, beginning of period 27,725.9 27,517.1 27,337.6 27,181.7 27,035.8 27,725.9 27,035.8 Deposits 808.0 811.7 692.9 800.7 856.6 808.0 856.6 Surrenders, benefits, and product charges(853.4)(787.6)(828.3)(846.1)(806.4)(853.4)(806.4) Net cash flow(45.4) 24.1(135.4)(45.4) 50.2(45.4) 50.2 Interest credited and investment performance 459.7 184.7 314.9 201.3 95.7 459.7 95.7 Annuities—Total AUM, end of period 28,140.2 27,725.9 27,517.1 27,337.6 27,181.7 28,140.2 27,181.7 (1) Includes Separate account and Mutual funds.

Individual Life

Voya Financial Page 27 of 56 Individual Life Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Sources of operating earnings before income taxes: Investment spread and other investment income 59.2 72.7 59.1 59.7 56.7 59.2 56.7 Fee based margin 3.5 3.4 3.6 3.7 3.7 3.5 3.7 Net underwriting gain (loss) and other revenue 82.1 72.8 67.5 86.1 90.8 82.1 90.8 Administrative expenses(58.4)(56.2)(57.0)(55.3)(61.4)(58.4)(61.4) Trail commissions(6.8)(7.0)(6.5)(7.4)(6.8)(6.8)(6.8) DAC/VOBA and other intangibles amortization, excluding unlocking(40.0)(35.2)(20.8)(32.5)(34.0)(40.0)(34.0) DAC/VOBA and other intangibles unlocking(7.9)(7.1)(122.1)(4.0)(7.9)(7.9)(7.9) Operating earnings before income taxes (2) 31.7 43.4(76.2) 50.3 41.1 31.7 41.1 Gross Investment Income Fixed income 199.1 204.6 204.6 206.7 206.6 199.1 206.6 Limited partnership income 1.5 11.4 1.3(0.7)(0.8) 1.5(0.8) Prepayment fee income 2.8 3.3 6.2 3.7 2.7 2.8 2.7 Total gross investment income 203.4 219.3 212.1 209.7 208.5 203.4 208.5 Investment expenses(6.6)(7.5)(7.4)(6.7)(6.6)(6.6)(6.6) Credited interest(149.7)(150.4)(153.1)(150.8)(149.7)(149.7)(149.7) Net margin 47.1 61.4 51.6 52.2 52.2 47.1 52.2 Other investment income (1) 12.1 11.3 7.5 7.5 4.5 12.1 4.5 Investment spread and other investment income 59.2 72.7 59.1 59.7 56.7 59.2 56.7 Net underwriting gain (loss) and other revenue Fee revenue / Premiums 430.1 429.9 423.6 425.4 425.6 430.1 425.6 Net mortality, including Reinsurance(331.2)(319.6)(312.7)(304.2)(309.9)(331.2)(309.9) Reserve change / Other(16.8)(37.5)(43.4)(35.1)(24.9)(16.8)(24.9) Total net underwriting gain (loss) and other revenue 82.1 72.8 67.5 86.1 90.8 82.1 90.8 (1) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans. (2) The three ended 12/31/16 include $9.1 million of net investment income, $(3.5) million of DAC/VOBA and other intangibles amortization, and $2.4 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery.

Voya Financial Page 28 of 56 Individual Life Key Metrics Three Months Ended or As of Year-to-Date or As of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Sales by Product Line: Indexed 20.7 19.8 19.7 23.1 17.3 20.7 17.3 Accumulation 1.1 1.0 0.9 1.3 1.8 1.1 1.8 Guaranteed 0.1 0.1 0.1 0.1 Total Universal life 21.9 20.8 20.6 24.4 19.2 21.9 19.2 Variable life 1.2 1.2 0.7 1.0 0.8 1.2 0.8 Term 1.9 2.6 2.6 3.0 3.5 1.9 3.5 Whole life Total sales by product line 25.0 24.6 23.9 28.4 23.5 25.0 23.5 Gross Premiums and Deposits by Product (1) Interest sensitive 310.7 327.8 302.0 308.4 296.7 310.7 296.7 Non—interest sensitive 136.6 140.3 140.6 139.6 142.9 136.6 142.9 Total gross premiums and deposits 447.3 468.1 442.6 448.0 439.6 447.3 439.6 Applications New business policy count (Paid) 3,045 3,378 3,526 3,969 4,251 3,045 4,251 End of Period: In-Force Face Amount by Product (1) Universal life 80,108 79,559 79,443 79,131 78,518 80,108 78,518 Variable life 22,681 23,061 23,430 23,878 24,361 22,681 24,361 Term 238,409 242,608 246,453 249,561 252,871 238,409 252,871 Whole life 1,806 1,842 1,871 1,895 1,923 1,806 1,923 Total in-force face amount 343,004 347,070 351,197 354,465 357,673 343,004 357,673 In-Force Policy Count (in whole numbers) (1) Universal life 256,269 258,413 260,777 263,781 266,463 256,269 266,463 Variable life 54,182 55,048 55,776 56,695 57,593 54,182 57,593 Term 448,250 455,548 462,001 467,925 473,843 448,250 473,843 Whole life 115,886 117,348 118,913 120,597 122,402 115,886 122,402 Total in-force policy count 874,587 886,357 897,467 908,998 920,301 874,587 920,301 Assets Under Management by Fund Group (1) General account 12,715.0 12,688.5 12,663.1 12,632.1 12,758.4 12,715.0 12,758.4 Separate account 2,625.7 2,532.9 2,529.9 2,473.4 2,477.6 2,625.7 2,477.6 Total AUM 15,340.7 15,221.4 15,193.0 15,105.5 15,236.0 15,340.7 15,236.0 (1) Excludes amounts transferred to third parties through reinsurance transactions.

Employee Benefits

Voya Financial Page 30 of 56 Employee Benefits Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Sources of operating earnings before income taxes: Investment spread and other investment income 11.7 15.4 13.5 12.5 10.2 11.7 10.2 Net underwriting gain (loss) and other revenue 91.8 92.0 105.7 102.3 95.8 91.8 95.8 Administrative expenses(54.5)(46.7)(46.6)(49.0)(51.5)(54.5)(51.5) Trail commissions(35.4)(26.4)(29.0)(28.2)(28.0)(35.4)(28.0) DAC/VOBA and other intangibles amortization, excluding unlocking(2.5)(2.4)(2.1)(3.8)(3.4)(2.5)(3.4) DAC/VOBA and other intangibles unlocking(0.5) ?(0.2)(1.5)(2.3)(0.5)(2.3) Operating earnings before income taxes (2) 10.6 31.9 41.3 32.3 20.8 10.6 20.8 Gross Investment Income Fixed income 22.5 24.4 25.0 24.7 24.5 22.5 24.5 Limited partnership income 0.1 0.9 0.1(0.1)(0.3) 0.1(0.3) Prepayment fee income 0.4 1.6 1.3 1.1 0.4 0.4 0.4 Total gross investment income 23.0 26.9 26.4 25.7 24.6 23.0 24.6 Investment expenses(1.0)(1.0)(0.9)(0.8)(0.8)(1.0)(0.8) Credited interest(14.8)(14.7)(14.7)(15.0)(15.2)(14.8)(15.2) Net margin 7.2 11.2 10.8 9.9 8.6 7.2 8.6 Other investment income 4.5 4.2 2.7 2.6 1.6 4.5 1.6 Investment spread and other investment income 11.7 15.4 13.5 12.5 10.2 11.7 10.2 Group life Premiums 115.2 122.2 119.2 119.4 123.6 115.2 123.6 Benefits(95.8)(89.7)(92.9)(87.1)(104.4)(95.8)(104.4) Other (1)(2.0)(2.2)(2.4)(2.3)(2.0)(2.0)(2.0) Total 17.4 30.3 23.9 30.0 17.2 17.4 17.2 Loss Ratio (Interest adjusted) 83.2% 73.4% 77.9% 72.9% 84.5% 83.2% 84.5% Group stop loss Premiums 241.0 211.3 207.5 206.6 209.2 241.0 209.2 Benefits(195.2)(173.5)(165.0)(158.6)(157.5)(195.2)(157.5) Other (1)(1.0)(0.8)(0.8)(0.8)(0.8)(1.0)(0.8) Total 44.8 37.0 41.7 47.2 50.9 44.8 50.9 Loss Ratio 81.0% 82.1% 79.5% 76.8% 75.3% 81.0% 75.3% Voluntary Benefits, Disability, and Other 29.6 24.6 40.0 25.0 27.7 29.6 27.7 Net underwriting gain (loss) and other revenue 91.8 92.0 105.7 102.3 95.8 91.8 95.8 (1) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other. (2) The three months ended 12/31/16 include $1.0 million of net investment income from Lehman Recovery.

Voya Financial Page 31 of 56 Employee Benefits Key Metrics Three Months Ended or As of Year-to-Date or As of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Sales by Product Line: Group life (Basic / Sup / AD&D) 29.8 5.1 8.1 5.1 42.9 29.8 42.9 Group stop loss 248.0 22.5 32.1 9.7 172.3 248.0 172.3 Disability 16.2 3.7 4.8 2.2 21.8 16.2 21.8 Association (Life, DI, PAI) 0.7 2.7 0.7 Other (PAI) 0.1 0.1 0.1 0.1 0.1 0.1 Total group products 294.8 34.1 45.0 17.1 237.1 294.8 237.1 Voluntary products 45.6 8.9 9.4 8.2 29.9 45.6 29.9 Total sales by product line 340.4 43.0 54.4 25.3 267.0 340.4 267.0 Total gross premiums and deposits 458.0 413.7 412.0 407.2 410.1 458.0 410.1 Total annualized in-force premiums 1,887.9 1,713.9 1,699.0 1,682.5 1,706.3 1,887.9 1,706.3 Assets Under Management by Fund Group General account 1,786.4 1,776.2 1,800.9 1,794.7 1,769.0 1,786.4 1,769.0 Separate account 15.3 14.9 14.7 14.5 14.8 15.3 14.8 Total AUM 1,801.7 1,791.1 1,815.6 1,809.2 1,783.8 1,801.7 1,783.8

Corporate

Voya Financial Page 33 of 56 Corporate Operating Earnings Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Interest expense(48.1)(47.5)(47.6)(49.0)(48.7)(48.1)(48.7) Amortization of intangibles(8.2)(8.9)(8.9)(9.1)(9.1)(8.2)(9.1) Strategic investment program (1)(19.8)(23.9)(28.9)(31.3)(33.3)(19.8)(33.3) Other 4.0(23.1) 1.0(3.0) 21.9 4.0 21.9 Operating earnings before income taxes (2)(72.1)(103.4)(84.4)(92.4)(69.2)(72.1)(69.2) (1) In 2015, we announced that we would incur an incremental $350.0 million of expenses through 2018 for IT simplification, digital and analytics and cross-enterprise initiatives (Strategic Investment Program). (2) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer the Explanatory Note on Non-GAAP Financial Information beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the Reconciliations section beginning on page 41 of this document.

Closed Block Variable Annuity

Voya Financial Page 35 of 56 Closed Block Variable Annuity Income (Loss) Before Income Taxes Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/201 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Revenues Net investment income 79.4 76.8 72.0 69.1 67.6 79.4 67.6 Fee income 238.8 244.8 252.4 249.1 245.6 238.8 245.6 Premiums 51.2 316.0 166.6 97.2 107.2 51.2 107.2 Net realized gains (losses)(426.5)(428.5)(219.8)(54.4) 31.0(426.5) 31.0 Other revenues and premiums 1.0 0.4 0.5 1.0 1.6 1.0 1.6 Total revenues(56.1) 209.5 271.7 362.0 453.0(56.1) 453.0 Benefits and expenses Interest credited and other benefits to contract owners/policyholders(237.9)(740.1)(497.9)(193.7)(296.8)(237.9)(296.8) Operating expenses and interest expense(95.1)(97.6)(98.0)(98.4)(98.6)(95.1)(98.6) Net amortization of DAC/VOBA 2.0(101.3)(3.8)(13.4)(11.6) 2.0(11.6) Total benefits and expenses(331.0)(939.0)(599.7)(305.5)(407.0)(331.0)(407.0) Income (loss) before income taxes(387.1)(729.5)(328.0) 56.5 46.0(387.1) 46.0 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 Variable Annuity Hedge Program, excluding nonperformance risk (1)(454.3)(152.9)(400.6)(364.4)(583.8)(454.3)(583.8) Gain (loss) due to nonperformance risk (1)(133.7)(443.7)(123.3) 221.2 421.2(133.7) 421.2 Net investment gains (losses) (1)(6.6) ? 2.5 3.3 13.7(6.6) 13.7 DAC/VOBA and other intangibles unlocking and loss recognition (2) 13.3(109.7) 9.4(2.2)(0.5) 13.3(0.5) (1) Excludes net amortization of DAC/VOBA and other intangibles. (2) During the periods ended December 31, 2016, we recorded loss recognition in our CBVA segment of $321.0 million before income taxes, of which $103.8 million is included in DAC/VOBA and other intangibles unlocking.

Voya Financial Page 36 of 56 Closed Block Variable Annuity Death and Living Benefits and AUM Three Months Ended or As of Year-to-Date or As of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Death and living benefits-account value GMAB/GMWB 567 566 586 592 604 567 604 GMIB 9,182 10,120 10,864 11,054 11,275 9,182 11,275 GMWBL 13,837 13,608 13,921 13,810 13,883 13,837 13,883 No living benefits 8,725 8,618 8,780 8,723 8,836 8,725 8,836 Total (1) 32,311 32,912 34,151 34,179 34,598 32,311 34,598 Net Amount at Risk (NAR), after reinsurance Total DB NAR 4,876 5,563 5,664 6,112 6,256 4,876 6,256 LB NAR GMAB/GMWB 13 15 15 17 19 13 19 GMIB (2) 2,452 2,946 3,662 3,698 3,527 2,452 3,527 GMWBL(2) 1,992 2,210 3,219 3,444 3,014 1,992 3,014 Total LB NAR 4,457 5,171 6,896 7,159 6,560 4,457 6,560 Nonperformance Risk Adjustment (3)(643)(776)(1,220)(1,343)(1,122)(643)(1,122) Products in accumulation phase Balance as of beginning of period 32,962.4 34,200.4 34,227.9 34,647.9 35,575.8 32,962.4 35,575.8 Deposits 20.5 16.0 15.5 21.5 28.1 20.5 28.1 Surrenders, benefits, and product charges(2,051.6)(1,407.2)(1,099.2)(920.8)(885.3)(2,051.6)(885.3) Net cash flow(2,031.1)(1,391.2)(1,083.7)(899.3)(857.2)(2,031.1)(857.2) Interest credited and investment performance 1,432.2 153.2 1,056.2 479.3(70.7) 1,432.2(70.7) Balance as of end of period 32,363.5 32,962.4 34,200.4 34,227.9 34,647.9 32,363.5 34,647.9 End of period contracts in payout status 5,061.0 4,780.5 3,892.4 3,406.3 3,203.5 5,061.0 3,203.5 Total balance as of end of period (4) 37,424.5 37,742.9 38,092.8 37,634.2 37,851.4 37,424.5 37,851.4 Assets under management by fund group General account 5,481.9 5,207.6 4,334.2 3,835.5 3,642.0 5,481.9 3,642.0 Separate account 31,942.6 32,535.3 33,758.6 33,798.7 34,209.4 31,942.6 34,209.4 Total AUM (4) 37,424.5 37,742.9 38,092.8 37,634.2 37,851.4 37,424.5 37,851.4 (1) Excludes assets associated with Payout Reserves, Policy Loans, and Life Insurance Business. (2) GMIB and GMWBL values represent discounted net amount at risk. (3) Represents reduction to liabilities for the GMAB, GMWB, and GMWBL embedded derivatives. (4) Includes products in accumulation and payout phase, Policy Loans, and Life Insurance Business

Investment Information

Voya Financial Page 38 of 56 Portfolio Composition Balances as of (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 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 69,139.2 74.8% 69,468.7 75.0% 72,644.1 74.6% 71,015.5 74.2% 69,248.8 74.4% Fixed maturities, at fair value using the fair value option 3,678.9 4.0% 3,712.3 4.0% 3,903.5 4.0% 3,985.3 4.2% 3,778.1 4.1% Equity securities, available for sale, before consolidation 297.6 N/M 274.2 N/M 396.5 N/M 391.6 N/M 380.3 N/M VOE Adjustments N/M N/M(111.2) N/M(115.5) N/M(109.6) N/M Equity securities, available for sale, at fair value 297.6 0.3% 274.2 0.3% 285.3 0.3% 276.1 0.3% 270.7 0.3% Short-term investments 578.2 0.6% 821.0 0.9% 1,346.8 1.4% 1,280.2 1.3% 1,360.2 1.5% Mortgage loans on real estate 12,385.8 13.4% 11,725.2 12.7% 11,475.7 11.8% 11,209.4 11.7% 11,065.9 11.8% Policy loans 1,934.9 2.1% 1,961.5 2.1% 1,995.6 2.0% 1,998.5 2.1% 2,009.4 2.2% Limited partnerships/corporations, before consolidation 1,313.4 N/M 1,235.4 N/M 1,191.1 N/M 1,110.9 N/M 1,098.6 N/M CLO/VOEs Adjustments (1)(486.7) N/M(476.8) N/M(492.3) N/M(477.3) N/M(538.5) N/M Limited partnerships/corporations, after consolidation 826.7 0.9% 758.6 0.8% 698.8 0.7% 633.6 0.7% 560.1 0.6% Derivatives 1,303.5 1.4% 1,712.4 1.8% 2,731.4 2.8% 2,948.6 3.1% 2,484.2 2.7% Other investments 43.3 0.1% 47.4 0.1% 77.7 0.1% 89.7 0.1% 89.9 0.1% Securities pledged to creditors 2,187.3 2.4% 2,157.1 2.3% 2,193.5 2.3% 2,202.3 2.3% 2,120.4 2.3% Total investments, after consolidation 92,375.4 100.0% 92,638.4 100.0% 97,352.4 100.0% 95,639.2 100.0% 92,987.7 100.0% Fixed Maturity Securities—Security Sector (2) U.S. Government agencies and authorities 3,913.3 5.2% 4,188.3 5.5% 4,191.9 5.3% 4,378.9 5.7% 4,420.6 5.9% U.S. Corporate—Public 33,426.4 44.6% 33,691.7 44.7% 35,601.3 45.2% 35,495.7 45.9% 34,744.8 46.1% U.S. Corporate—Private 8,062.2 10.8% 7,808.0 10.4% 7,684.9 9.8% 7,181.2 9.3% 6,688.8 8.9% Foreign Government / Agency 1,068.5 1.4% 1,023.8 1.4% 1,043.1 1.3% 1,019.3 1.3% 988.0 1.3% Foreign Corporate—Public 7,196.5 9.6% 7,055.6 9.4% 7,378.7 9.4% 7,170.0 9.3% 7,191.2 9.6% Foreign Corporate—Private 7,832.7 10.4% 7,785.8 10.3% 7,907.3 10.1% 7,701.2 10.0% 7,669.1 10.2% State, municipalities and political subdivisions 2,294.1 3.1% 2,135.6 2.8% 2,126.1 2.7% 1,906.0 2.5% 1,558.9 2.1% Residential mortgaged-backed securities: CMO-B Agency 3,174.1 4.3% 3,247.2 4.3% 3,489.6 4.4% 3,535.9 4.6% 3,471.8 4.6% CMO-B Non-Agency 780.7 1.0% 729.5 1.0% 769.8 1.0% 708.4 0.9% 582.2 0.8% Agency 2,191.0 2.9% 2,321.6 3.1% 2,669.0 3.4% 2,368.8 3.1% 1,927.0 2.6% Non-Agency (3) 749.7 1.0% 786.0 1.0% 952.7 1.2% 930.8 1.2% 988.5 1.3% Total Residential mortgage-backed securities 6,895.5 9.2% 7,084.3 9.4% 7,881.1 10.0% 7,543.9 9.8% 6,969.5 9.3% Commercial mortgage-backed securities 3,105.7 4.1% 3,358.9 4.5% 4,023.9 5.1% 4,077.8 5.3% 4,191.0 5.6% Other asset-backed securities (3) 1,210.5 1.6% 1,206.1 1.6% 902.8 1.1% 729.1 0.9% 725.4 1.0% Total fixed maturities, including securities pledged (5) 75,005.4 100.0% 75,338.1 100.0% 78,741.1 100.0% 77,203.1 100.0% 75,147.3 100.0% Fixed Maturity Securities—Contractual Maturity Dates Due to mature: Due in one year or less 2,248.8 3.0% 2,513.7 3.3% 2,168.6 2.8% 1,931.5 2.5% 1,688.8 2.2% Due after one year through five years 14,171.8 18.9% 13,845.2 18.4% 14,325.3 18.2% 14,572.6 18.9% 14,403.2 19.2% Due after five years through ten years 18,335.9 24.4% 19,303.8 25.6% 20,135.4 25.6% 19,955.8 25.8% 20,388.0 27.1% Due after ten years 29,037.2 38.7% 28,026.1 37.2% 29,304.0 37.2% 28,392.4 36.8% 26,781.4 35.6% CMO-B 3,954.8 5.3% 3,976.7 5.3% 4,259.4 5.4% 4,244.3 5.5% 4,054.0 5.4% Mortgage-backed securities 6,046.4 8.1% 6,466.5 8.6% 7,645.6 9.7% 7,377.4 9.6% 7,106.5 9.6% Other asset-backed securities (3) 1,210.5 1.6% 1,206.1 1.6% 902.8 1.1% 729.1 0.9% 725.4 1.0% Total fixed maturities, including securities pledged (5) 75,005.4 100.0% 75,338.1 100.0% 78,741.1 100.0% 77,203.1 100.0% 75,147.3 100.0% Fixed Maturity Securities—NAIC Quality Designation 1 43,560.5 58.1% 44,387.7 58.9% 46,271.2 58.8% 45,460.3 58.9% 43,843.3 58.3% 2 28,036.7 37.4% 27,469.2 36.5% 28,679.0 36.4% 28,111.1 36.4% 27,784.3 37.0% 3 2,683.0 3.5% 2,699.1 3.6% 2,914.1 3.7% 2,730.6 3.5% 2,630.0 3.5% 4 513.0 0.7% 501.5 0.7% 594.6 0.7% 616.5 0.8% 613.6 0.8% 5 67.6 0.1% 101.5 0.1% 68.8 0.1% 78.6 0.1% 81.2 0.1% 6 144.6 0.2% 179.1 0.2% 213.4 0.3% 206.0 0.3% 194.9 0.3% Total fixed maturities, including securities pledged (4) (5) 75,005.4 100.0% 75,338.1 100.0% 78,741.1 100.0% 77,203.1 100.0% 75,147.3 100.0% Fixed Maturity Securities—ARO Quality Rating AAA 13,981.4 18.6% 14,394.8 19.1% 14,961.3 19.0% 14,677.0 19.0% 14,499.5 19.3% AA 5,374.8 7.2% 5,359.4 7.1% 5,726.4 7.3% 5,338.0 6.9% 4,667.3 6.2% A 22,593.7 30.1% 22,902.4 30.4% 23,705.5 30.1% 23,527.4 30.5% 22,839.4 30.4% BBB 28,434.7 37.9% 27,926.5 37.1% 29,210.9 37.1% 28,589.9 37.0% 28,128.1 37.4% BB 2,849.2 3.8% 2,880.1 3.8% 3,099.0 3.9% 3,180.9 4.1% 3,078.9 4.1% B and below 1,771.6 2.4% 1,874.9 2.5% 2,038.0 2.6% 1,889.9 2.5% 1,934.1 2.6% Total fixed maturities, including securities pledged (5) 75,005.4 100.0% 75,338.1 100.0% 78,741.1 100.0% 77,203.1 100.0% 75,147.3 100.0% (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.

Voya Financial Page 39 of 56 Portfolio Results Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 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) Yield Yield Yield Yield Yield Yield Yield Income Income Income Income Income Income Income Fixed maturity securities (1) 831.0 4.82 % 842.4 4.89 % 847.1 4.97 % 859.5 5.07% 863.6 5.12% 831.0 4.82 % 863.6 5.12% Equity securities 9.7 22.59 % 2.1 4.65 % 5.3 10.14 % 5.5 10.30% 3.4 6.44% 9.7 22.59 % 3.4 6.44% Mortgage loans 130.8 4.44 % 127.7 4.51 % 126.4 4.55 % 122.5 4.47% 122.9 4.68% 130.8 4.44 % 122.9 4.68% Limited partnerships 40.6 13.29 % 63.2 23.06 % 16.2 5.71 %(8.1)(2.93)%(34.1)(11.69)% 40.6 13.29 %(34.1)(11.69)% Policy loans 24.7 5.23 % 26.4 5.52 % 25.7 5.29 % 26.1 5.36% 26.0 5.31% 24.7 5.23 % 26.0 5.31% Short-term investments 2.5 0.34 % 1.3 0.16 % 0.6 0.07 % 1.8 0.16% 1.4 0.15% 2.5 0.34 % 1.4 0.15% Derivatives (1) 7.5 N/A 12.5 N/A 10.6 N/A 10.8 N/A 10.2 N/A 7.5 N/A 10.2 N/A Prepayment fee income 13.2 0.06 % 37.3 0.17 % 40.6 0.18 % 43.7 0.20% 16.1 0.07% 13.2 0.06 % 16.1 0.07% Other assets 7.7 N/A 6.8 N/A 4.0 N/A 1.5 N/A 0.5 N/A 7.7 N/A 0.5 N/A Gross investment income before expenses and fees 1,067.7 4.90 % 1,119.7 5.16 % 1,076.5 4.99 % 1,063.3 4.92% 1,010.0 4.75% 1,067.7 4.90 % 1,010.0 4.75% Expenses and fees(45.7) -0.21 %(45.1) -0.21 %(47.0) -0.22 %(43.7) -0.21%(41.9) -0.20%(45.7) -0.21 %(41.9) -0.20% Total investment income and annualized yield 1,022.0 4.69 % 1,074.6 4.95 % 1,029.5 4.77 % 1,019.6 4.71% 968.1 4.55% 1,022.0 4.69 % 968.1 4.55% Less: Closed Block Variable Annuity (CBVA) investment income net of expenses and fees 79.4 76.8 72.0 69.1 67.6 79.4 67.6 Total investment income, excluding CBVA 942.6 997.8 957.5 950.5 900.5 942.6 900.5 Trading gains/losses (5) Fixed maturities(36.0)(10.6) 5.5(14.6)(57.1)(36.0)(57.1) Equity securities 0.8 0.2 Mortgage loans (0.1)(0.1) 0.4(0.1) (0.1) Other investments(0.5)(0.3)(0.6)(0.5) (0.5) Total trading gains/losses, excluding CBVA(36.5)(10.2) 4.8(14.5)(57.2)(36.5)(57.2) Impairments (5) Fixed maturities(3.0)(13.9)(12.1)(4.0)(10.7)(3.0)(10.7) Equity securities Mortgage loans Other investments Total impairments, excluding CBVA(3.0)(13.9)(12.1)(4.0)(10.7)(3.0)(10.7) Fair value adjustments (2)(24.4)(121.9)(6.7) 41.1 58.1(24.4) 58.1 Derivatives, including change in fair value of derivatives related to guaranteed benefits, excluding CBVA 71.2(55.3)(52.0)(26.3) 35.0 71.2 35.0 Net realized investment gains (losses) and Net guaranteed benefit hedging gains (losses), excluding CBVA (5) 7.3(201.3)(66.0)(3.7) 25.2 7.3 25.2 CBVA investment income and realized capital gains (losses)(347.1)(351.7)(147.8) 14.7 98.6(347.1) 98.6 Businesses exited through reinsurance (3) 23.6(59.4) 31.3 68.9 61.2 23.6 61.2 Consolidation/eliminations (4) 23.5(2.1) 20.7 43.5 19.3 23.5 19.3 Total investment income and realized capital gains (losses) 649.9 383.3 795.7 1,073.9 1,104.8 649.9 1,104.8 (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 40 of 56 Alternative Investment Income Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Retirement Average alternative investments 493.6 473.9 438.4 424.2 417.2 493.6 417.2 Alternative investment income 15.3 15.8 7.7 0.6(7.9) 15.3(7.9) Investment Management Average alternative investments 209.2 184.5 180.2 175.4 185.5 209.2 185.5 Alternative investment income 8.7 8.5 4.1(8.6)(14.7) 8.7(14.7) Annuities Average alternative investments 283.5 274.1 263.5 256.6 259.6 283.5 259.6 Alternative investment income 7.9 8.8 4.8 0.1(4.9) 7.9(4.9) Individual Life Average alternative investments 220.4 206.6 191.2 173.9 181.3 220.4 181.3 Alternative investment income 5.0 7.2 3.4 0.2(2.7) 5.0(2.7) Employee Benefits Average alternative investments 46.4 42.0 42.5 41.2 41.1 46.4 41.1 Alternative investment income 1.5 1.5 0.8 0.2(0.8) 1.5(0.8) Corporate Average alternative investments 1.6 2.1 5.7 7.9 8.3 1.6 8.3 Alternative investment income 0.1(0.1) (0.1) Total Consolidated (1)(2) Average alternative investments 1,254.7 1,183.2 1,121.5 1,079.2 1,093.0 1,254.7 1,093.0 Alternative investment income 38.4 41.8 20.8(7.4)(31.1) 38.4(31.1) (1) 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. (2) The investment income on alternative investments shown above excludes the net investment income from Lehman Recovery/LIHTC.

Reconciliations

Voya Financial Page 42 of 56 Reconciliation of Consolidated Statements of Operations Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Revenues Net investment income 1,155.5 1,188.1 1,163.4 1,175.2 1,094.1 1,155.5 1,094.1 Fee income 850.8 849.4 857.9 826.7 825.8 850.8 825.8 Premiums 591.6 1,109.5 726.7 711.6 966.8 591.6 966.8 Net realized capital gains (losses) (505.6) (804.8) (367.7) (101.3) 10.7 (505.6) 10.7 Income (loss) related to consolidated investment entities 27.3 103.0 57.7 (0.8) 29.1 27.3 29.1 Other revenues 93.8 103.2 90.5 84.6 82.8 93.8 82.8 Total revenues 2,213.4 2,548.4 2,528.5 2,696.0 3,009.3 2,213.4 3,009.3 Benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,478.0) (2,181.2) (1,906.9) (1,549.7) (1,875.7) (1,478.0) (1,875.7) Operating expenses (738.8) (777.1) (723.6) (716.4) (720.2) (738.8) (720.2) Net amortization of DAC/VOBA (92.7) (169.8) (180.7) (98.0) (102.5) (92.7) (102.5) Interest expense (45.9) (45.2) (45.4) (149.7) (47.7) (45.9) (47.7) Operating expenses related to consolidated investment entities (17.4) (27.0) (27.8) (29.1) (21.9) (17.4) (21.9) Total benefits and expenses (2,372.8) (3,200.3) (2,884.4) (2,542.9) (2,768.0) (2,372.8) (2,768.0) Income (loss) before income taxes (159.4) (651.9) (355.9) 153.1 241.3 (159.4) 241.3 Income tax (expense) benefit 17.0 161.4 119.4 (17.1) (49.0) 17.0 (49.0) Net income (loss) (142.4) (490.5) (236.5) 136.0 192.3 (142.4) 192.3 Less: Income tax (expense) benefit 17.0 161.4 119.4 (17.1) (49.0) 17.0 (49.0) Closed Block Variable Annuity (387.1) (729.5) (328.0) 56.5 46.0 (387.1) 46.0 Net investment gains (losses) and related charges and adjustments (26.3) 9.8 (65.6) (24.7) (60.4) (26.3) (60.4) Net guaranteed benefit hedging gains (losses) and related charges and adjustments 41.5 (142.9) (53.5) 21.2 93.5 41.5 93.5 Income (loss) related to businesses exited through reinsurance or (5.3) (16.9) 1.3 0.5 1.6 (5.3) 1.6 divestment Income (loss) attributable to noncontrolling interests 1.1 42.5 11.6 (25.5) 0.7 1.1 0.7 Income (loss) on early extinguishment of debt (0.7) (0.1) (102.4) (1.7) (0.7) (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 (48.1) (7.1) Other adjustments to operating earnings (1) (13.7) (30.8) (22.9) (7.6) (8.2) (13.7) (8.2) Operating earnings before income taxes 231.1 264.0 108.4 235.1 169.8 231.1 169.8 (1) Includes restructuring expenses (severance, lease write-offs, etc.) and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.

Voya Financial Page 43 of 56 Reconciliation of Operating Revenues by Segment Three Months Ended Year-to-Date (in millions USD) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Operating revenues Retirement 625.2 923.2 673.8 722.3 937.7 625.2 937.7 Investment Management 171.4 189.1 163.0 142.4 132.2 171.4 132.2 Annuities 301.4 321.0 310.6 319.1 303.0 301.4 303.0 Individual Life 630.0 640.9 637.7 624.9 624.0 630.0 624.0 Employee Benefits 446.2 410.0 405.9 400.8 399.7 446.2 399.7 Corporate 14.4 21.6 24.9 32.9 28.7 14.4 28.7 Total operating revenues 2,188.6 2,505.8 2,215.9 2,242.4 2,425.3 2,188.6 2,425.3 Adjustments Closed Block Variable Annuity (56.1) 209.5 271.7 362.0 453.0 (56.1) 453.0 Net realized investment gains (losses) and related charges and adjustments (39.1) (5.0) (12.8) (39.6) (107.7) (39.1) (107.7) Gain (loss) on change in fair value of derivatives related to guaranteed benefits 46.4 (196.4) (51.1) 35.6 130.1 46.4 130.1 Revenues (losses) related to business exited through reinsurance or divestment 20.4 (61.0) 32.3 66.1 58.5 20.4 58.5 Revenues (loss) attributable to noncontrolling interests 18.5 67.8 39.3 3.5 22.5 18.5 22.5 Other adjustments to operating revenues (1) 34.7 27.7 33.2 26.0 27.6 34.7 27.6 Total revenue 2,213.4 2,548.4 2,528.5 2,696.0 3,009.3 2,213.4 3,009.3 (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 44 of 56 Reconciliation of Ongoing Business Adjusted Operating Earnings to Net Income (Loss) Three Months Ended Twelve Months Ended (in millions USD) 3/31/2017 12/31/2016 3/31/2016 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 Net Income (loss) (142.4) (490.5) 192.3 (733.4) (398.7) (68.6) 284.1 515.2 Less: Net income (loss) attributable to noncontrolling interest 1.1 42.5 0.7 29.7 29.3 (66.8) (2.5) 104.9 Net Income (loss) available to Voya Financial, Inc.‘s common shareholders (143.5) (533.0) 191.6 (763.1) (428.0) (1.8) 286.6 410.3 Less: Adjustments to operating earnings Closed Block Variable Annuity (387.1) (729.5) 46.0 (1,388.1) (955.0) (542.8) (221.9) (97.9) Net Investment gains (losses) and related charges and adjustments (26.3) 9.8 (60.4) (106.8) (140.9) (210.4) (209.4) (194.1) Other adjustments 21.8 (238.7) 85.2 (387.5) (324.1) (186.5) (165.1) (106.1) Total Adjustments to operating earnings before tax effect (391.6) (958.4) 70.8 (1,882.4) (1,420.0) (939.7) (596.4) (398.1) Income taxes on adjustments to operating earnings (1) 137.1 335.4 (24.8) 658.9 497.0 328.9 208.7 139.3 Total Adjustments to operating earnings, after tax(1) (254.5) (623.0) 46.0 (1,223.5) (923.0) (610.8) (387.7) (258.8) Less: Difference between actual tax (expense) benefit and assumed tax rate (46.1) (89.5) 30.1 (109.8) (33.6) 63.8 109.7 85.9 Operating earnings, after-tax (1) 157.1 179.5 115.5 570.2 528.6 545.2 564.6 583.2 Less: Income taxes (1) (74.0) (84.5) (54.3) (268.4) (248.7) (256.5) (265.7) (274.5) Total operating earnings before income taxes 231.1 264.0 169.8 838.6 777.3 801.7 830.3 857.7 Less: Corporate (72.1) (103.4) (69.2) (352.3) (349.4) (326.1) (314.7) (271.6) Operating earnings before income taxes for Ongoing Business 303.2 367.4 239.0 1,190.9 1,126.7 1,127.8 1,145.0 1,129.3 Less: DAC/VOBA and other intangibles unlocking (2) 12.5 (0.8) (0.4) (108.7) (121.6) (92.9) (46.0) (72.6) Less: Other Operating Adjustments (3) 17.8 20.4 20.4 2.6 Ongoing Business adjusted operating earnings before income taxes 290.7 350.4 239.4 1,279.2 1,227.9 1,218.1 1,191.0 1,201.9 (1) Assumes a 32% tax rate on operating earnings and all components of operating earnings described as after-tax. A 35% tax rate is applied to all non-operating items. The 32% tax rate for operating earnings and components reflects the estimated benefit of the dividend received deduction related to Ongoing Business. (2) DAC/VOBA and other intangibles unlocking excludes unlocking on net investment income from Lehman Recovery/LIHTC. (3) See page 3 for a description of the Other Operating Adjustments.

Voya Financial Page 45 of 56 Reconciliation of Ongoing Business Adjusted Operating Earnings to Net Income (Loss) Twelve Months Ended (in millions USD) 12/31/2015 12/31/2014 12/31/2013 12/31/2012 Net Income (loss) 538.6 2,532.7 788.6 628.2 Less: Net income (loss) attributable to noncontrolling interest 130.3 237.7 190.1 138.2 Net Income (loss) available to Voya Financial, Inc.‘s common shareholders 408.3 2,295.0 598.5 490.0 Less: Adjustments to operating earnings Closed Block Variable Annuity (173.3) (239.2) (1,211.3) (675.3) Net Investment gains (losses) and related charges and adjustments (83.3) 215.1 212.1 455.5 Other adjustments (266.7) (643.0) 296.6 (213.7) Total Adjustments to operating earnings before tax effect (523.3) (667.1) (702.6) (433.5) Income taxes on adjustments to operating earnings (1) 183.2 233.5 245.9 151.7 Total Adjustments to operating earnings, after tax(1) (340.1) (433.6) (456.7) (281.8) Less: Difference between actual tax (expense) benefit and assumed tax rate 83.7 1,928.7 230.6 174.9 Operating earnings, after-tax (1) 664.7 799.9 824.6 596.9 Less: Income taxes (1) (312.8) (430.7) (444.0) (321.4) Total operating earnings before income taxes 977.5 1,230.6 1,268.6 918.3 Less: Corporate (236.8) (145.7) (160.0) (72.6) Operating earnings before income taxes for Ongoing Business 1,214.3 1,376.3 1,428.6 990.9 Less: DAC/VOBA and other intangibles unlocking (2) (67.5) (21.6) 133.2 (77.0) Less: Other Operating Adjustments (3) 20.0 83.6 (25.3) Ongoing Business adjusted operating earnings before income taxes 1,281.8 1,377.9 1,211.8 1,093.2 (1) Assumes a 32% tax rate for 2015 and later and 35% tax rate for 2014 and earlier on operating earnings and all components of operating earnings described as after-tax. A 35% tax rate is applied to all non-operating items. The 32% tax rate for operating earnings and components reflects the estimated benefit of the dividend received deduction related to Ongoing Business. (2) DAC/VOBA and other intangibles unlocking excludes unlocking on net investment income from Lehman Recovery/LIHTC. (3) See page 3 for a description of Other Operating Adjustments.

Voya Financial Page 46 of 56 Reconciliation of Adjusted Operating Earnings; Adjusted Operating Return on Capital Twelve Months Ended March 31, 2017 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Corporate Consolidated Operating earnings before income taxes 494.2 197.4 334.0 49.2 116.1 1,190.9 (352.3) 838.6 Less: Interest expense (192.2) (192.2) DAC/VOBA and other intangibles unlocking (54.0) 91.0 (143.5) (2.2) (108.7) (108.7) Gain on Lehman Recovery 4.1 2.8 4.5 8.0 1.0 20.4 0.3 20.7 Adjusted operating earnings before interest 544.1 194.6 238.5 184.7 117.3 1,279.2 (160.4) 1,118.8 Income tax expense 174.1 62.3 76.3 59.1 37.5 409.3 (51.3) 358.0 Adjusted operating earnings before interest and after income taxes 370.0 132.3 162.2 125.6 79.8 869.9 (109.1) 760.8 Average Capital 3,982 295 1,524 1,893 370 8,064 2,745 4,190 14,999 Adjusted Operating Return on Capital 9.3% 44.8% 10.6% 6.6% 21.6% 10.8% N/M N/M 5.1% Twelve Months Ended December 31, 2016 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Corporate Consolidated Operating earnings before income taxes 449.8 170.8 321.2 58.6 126.3 1,126.7 (349.4) 777.3 Less: Interest expense (192.8) (192.8) DAC/VOBA and other intangibles unlocking (65.6) 91.5 (143.5) (4.0) (121.6) (121.6) Gain on Lehman Recovery 4.1 2.8 4.5 8.0 1.0 20.4 0.3 20.7 Adjusted operating earnings before interest 511.3 168.0 225.2 194.1 129.3 1,227.9 (156.9) 1,071.0 Income tax expense 163.6 53.8 72.1 62.1 41.4 393.0 (50.2) 342.8 Adjusted operating earnings before interest and after income taxes 347.7 114.2 153.1 132.0 87.9 834.9 (106.7) 728.2 Average Capital 3,964 297 1,561 2,015 378 8,215 3,006 4,059 15,280 Adjusted Operating Return on Capital 8.8% 38.5% 9.8% 6.6% 23.3% 10.2% N/M N/M 4.8%

Voya Financial Page 47 of 56 Reconciliation of Adjusted Operating Earnings; Adjusted Operating Return on Capital Twelve Months Ended September 30, 2016 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Corporate Consolidated Operating earnings before income taxes 444.3 148.4 299.5 117.6 118.0 1,127.8 (326.1) 801.7 Less: Interest expense (193.8) (193.8) DAC/VOBA and other intangibles unlocking (49.9) 89.7 (128.5) (4.2) (92.9) (92.9) Gain on Lehman Recovery 2.6 2.6 2.6 Adjusted operating earnings before interest 494.2 145.8 209.8 246.1 122.2 1,218.1 (132.3) 1,085.8 Income tax expense 158.1 46.7 67.1 78.8 39.1 389.8 (42.3) 347.5 Adjusted operating earnings before interest and after income taxes 336.1 99.1 142.7 167.3 83.1 828.3 (90.0) 738.3 Average Capital (1) 3,951 309 1,608 2,058 386 8,312 3,119 4,026 15,457 Adjusted Operating Return on Capital 8.5% 32.1% 8.9% 8.1% 21.5% 10.0% N/M N/M 4.8% Twelve Months Ended June 30, 2016 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Corporate Consolidated Operating earnings before income taxes 461.9 142.5 236.7 183.0 120.9 1,145.0 (314.7) 830.3 Less: Interest expense (194.3) (194.3) DAC/VOBA and other intangibles unlocking (24.0) 20.4 (35.8) (6.6) (46.0) (46.0) Net gain from Lehman Recovery/LIHTC 1.6 1.6 Adjusted operating earnings before interest 485.9 142.5 216.3 218.8 127.5 (1,191.0) (122.0) 1,069.0 Income tax expense 155.5 45.6 69.2 70.0 40.8 381.1 (39.0) 342.1 Adjusted operating earnings before interest and after income taxes 330.4 96.9 147.1 148.8 86.7 809.9 (83.0) 726.9 Average Capital (1) 3,957 325 1,656 2,127 388 8,453 3,088 4,068 15,609 Adjusted Operating Return on Capital 8.3% 29.8% 8.9% 7.0% 22.3% 9.6% N/M N/M 4.7% (1) Includes capital impacts related to the 2015 Term Life Coinsurance Agreement in our Individual Life segment effective 10/1/2015

Voya Financial Page 48 of 56 Reconciliation of Adjusted Operating Earnings; Adjusted Operating Return on Capital Twelve Months Ended March 31, 2016 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Other Consolidated Operating earnings before income taxes 449.8 157.7 225.1 170.4 126.3 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 1.6 1.6 Adjusted operating earnings before interest 481.0 157.7 214.1 216.8 132.3 1,201.9 (78.0) 1,123.9 Income tax expense 153.9 50.5 68.5 69.4 42.3 384.6 (24.9) 359.7 Adjusted operating earnings before 327.1 107.2 145.6 147.4 90.0 817.3 (53.1) 764.2 interest and after income taxes Average Capital (1) 3,966 331 1,683 2,217 390 8,587 2,919 4,248 15,754 Adjusted Operating Return on Capital 8.2% 32.3% 8.7% 6.6% 23.1% 9.5% N/M N/M 4.9% Twelve Months Ended December 31, 2015 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Other Consolidated Operating earnings before income taxes 470.6 181.9 243.0 172.7 146.1 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) Gain on Lehman Recovery 1.6 1.6 Adjusted operating earnings before interest 507.8 181.9 230.5 211.1 150.5 1,281.8 (43.9) 1,237.9 Income tax expense 162.5 58.2 73.8 67.6 48.2 410.3 (14.0) 396.3 Adjusted operating earnings before interest and after income taxes 345.3 123.7 156.7 143.5 102.3 871.5 (29.9) 841.6 Average Capital (1) 3,965 329 1,689 2,327 387 8,697 2,803 4,467 15,967 Adjusted Operating Return on Capital 8.7% 37.6% 9.3% 6.2% 26.5% 10.0% N/M N/M 5.3% (1) Includes capital impacts related to the 2015 Term Life Coinsurance Agreement in our Individual Life segment effective 10/1/2015

Voya Financial Page 49 of 56 Reconciliation of Adjusted Operating Earnings; Adjusted Operating Return on Capital Twelve Months Ended December 31, 2014 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Other Consolidated Operating earnings before income taxes 517.8 210.3 262.0 237.3 148.9 1,376.3 (145.7) 1,230.6 Less: Interest expense (188.0) (188.0) DAC/VOBA and other intangibles unlocking (30.0) 26.4 (10.2) (7.8) (21.6) (21.6) Gain on reinsurance recapture (3) 20.0 20.0 20.0 Net gain from Lehman Recovery/LIHTC 4.0 4.0 Adjusted operating earnings before interest 547.8 210.3 235.6 227.5 156.7 1,377.9 38.3 1,416.2 Income tax expense 191.7 73.6 82.5 79.6 54.8 482.2 13.4 495.6 Adjusted operating earnings before 356.1 136.7 153.1 147.9 101.9 895.7 24.9 920.6 interest and after income taxes Average Capital (1) 3,891 310 1,694 2,781 352 9,028 3,233 3,023 15,284 Adjusted Operating Return on Capital 9.2% 44.2% 9.0% 5.3% 28.9% 9.9% N/M N/M 6.0% Twelve Months Ended December 31, 2013 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Other Consolidated Operating earnings before income taxes 595.8 178.1 293.8 254.8 106.1 1,428.6 (160.0) 1,268.6 Less: Interest expense (179.7) (179.7) DAC/VOBA and other intangibles unlocking 45.6 83.3 4.8 (0.5) 133.2 133.2 Net gain from Lehman Recovery/LIHTC 12.9 13.2 13.5 39.7 4.3 83.6 3.4 87.0 Adjusted operating earnings before interest 537.3 164.9 197.0 210.3 102.3 1,211.8 16.3 1,228.1 Income tax expense 188.1 57.7 69.0 73.6 35.8 424.2 5.7 429.9 Adjusted operating earnings before interest and after income taxes 349.2 107.2 128.0 136.7 66.5 787.6 10.6 798.2 Average Capital 3,915 303 1,762 2,804 354 9,137 3,235 2,104 14,476 Adjusted Operating Return on Capital 8.9% 35.4% 7.3% 4.9% 18.8% 8.6% N/M N/M 5.5% (1) Includes capital impacts related to the 2014 Term Life Coinsurance Agreement in our Individual Life segment effective 10/1/2014

Voya Financial Page 50 of 56 Reconciliation of Adjusted Operating Earnings; Adjusted Operating Return on Capital Twelve Months Ended December 31, 2012 Closed Block Investment Individual Employee Ongoing Variable (in millions USD, unless otherwise indicated) Retirement Management Annuities Life Benefits Business Annuity Corporate Consolidated Operating earnings before income taxes 448.6 134.5 102.2 196.2 109.4 990.9 (72.6) 918.3 Less: Interest expense (127.8) (127.8) DAC/VOBA and other intangibles unlocking 5.8 (86.2) 3.4 (77.0) (77.0) Impact of investment portfolio restructuring (31.2) 2.2 (11.2) 14.8 0.1 (25.3) (5.8) (31.1) Adjusted operating earnings before interest 474.0 132.3 199.6 178.0 109.3 1,093.2 61.0 1,154.2 Income tax expense 165.9 46.3 69.9 62.3 38.3 382.7 21.4 404.1 Adjusted operating earnings before interest and after income taxes 308.1 86.0 129.7 115.7 71.0 710.5 39.6 750.1 Average Capital 4,308 289 2,210 2,702 421 9,930 3,394 587 13,911 Adjusted Operating Return on Capital 7.2% 29.8% 5.9% 4.3% 16.9% 7.2% N/M N/M 5.4%

Voya Financial Page 51 of 56 Reconciliation of Ongoing Business Adjusted Return On Equity and Capital Twelve Months Ended 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 GAAP Return on Equity (5.3)% (2.9)% 0.0 % 2.0 % 2.8 % 2.7 % 15.8 % 4.4 % 3.7 % Effect of Adjustments to Ongoing Business Adjusted Operating Earnings After Income Tax and Ongoing Business Equity and Capital: Exclusion of AOCI 2.6 % 2.4 % 2.1 % 1.7 % 1.7 % 2.0 % 2.3 % 2.1 % 2.0 % DAC/VOBA and Other Intangible Unlocking Excluded from Ongoing Business Adjusted Operating Earnings 0.8 % 0.8 % 0.6 % 0.3 % 0.5 % 0.4 % 0.1 % (1.0)% 0.6 % Other Adjustments to Ongoing Business adjusted Operating Earnings (0.1)% (0.1) % (0.1)% (0.6)% 0.2 % Exclusion of Corporate Operating Earnings Before Income Taxes and Allocated Capital 2.8 % 2.7 % 2.6 % 2.4 % 2.2 % 2.2 % 2.0 % 0.8 % (0.1)% Exclusion of Capital Allocated to Deferred Tax Assets 2.2 % 1.8 % 1.7 % 1.7 % 1.7 % 1.7 % 0.2 % Effect of Calculated Interest Expense and Assumed 25% Debt-to-Capital Ratio (vs actual) (0.8)% (0.7)% (0.6)% (0.5)% (0.5)% (0.6)% (0.5)% (0.6)% (1.0)% Exclusion of Closed Block Variable Annuity Result and Allocated Capital 12.2 % 9.1 % 6.4 % 4.0 % 3.0 % 3.4 % 4.3 % 12.0 % 7.3 % Exclusion of Net Investment Gains and Losses 0.7 % 1.0 % 1.5 % 1.5 % 1.3 % 0.6 % (1.5)% (1.6)% (3.5)% Exclusion of Net Guaranteed Benefit Hedging Gains and Losses 0.9 % 0.6 % (0.1)% (0.3)% (0.3)% 0.6 % 0.1 % (0.1)% (0.7)% Exclusion of Income (Loss) Related to Business Exited Through Reinsurance or Divestment 0.1 % 0.1 % 0.7 % 0.8 % 1.1 % 1.1 % 1.1 % 0.4 % Exclusion of Loss Related to Early Extinguishment of Debt 0.7 % 0.7 % 0.7 % 0.7 % 0.1 % 0.1 % Exclusion of Immediate Recognition of Net Actuarial Gains (Losses) Related to Pension and Other Postretirement Benefit Obligations and Gains (Losses) from Plan Amendments and Curtailments 0.4 % 0.4 % (0.4)% (0.4)% (0.4)% (0.4)% 2.6 % (3.0)% 1.3 % Effect of Other Adjustments to Operating Earnings 0.6 % 0.3 % 0.3 % 0.4 % 0.3 % 0.5 % 0.6 % 0.5 % 1.1 % Effect of Assumed Tax Rate vs actual effective tax rate (0.4)% 0.2 % 2.6 % (4.1)% (1.7)% (1.9)% (21.3)% (3.1)% (2.6)% Other Income Tax Effects (4.2)% (4.1)% (6.0)% 1.3 % (0.4)% (0.3)% 6.4 % 0.1 % % Ongoing Business Adjusted Operating Return on Equity 13.2 % 12.3 % 12.1 % 11.5 % 11.4 % 12.1 % 12.1 % 10.3 % 8.3 % Inclusion of debt (based on 25% debt to capital ratio) (3.3)% (3.0)% (3.0)% (2.8)% (2.8)% (3.0)% (3.1)% (2.6)% (2.0)% Exclusion of assumed interest expense 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % 0.9 % Ongoing Business Adjusted Operating Return on Capital 10.8 % 10.2 % 10.0 % 9.6 % 9.5 % 10.0 % 9.9 % 8.6 % 7.2 %

Voya Financial Page 52 of 56 Impacts of Prepayments and Alternative Income Above (Below) Long-Term Expectations on ROC/ROE (bps) Twelve Months Ended (in basis points) 3/31/2017 12/31/2016 3/31/2016 12/31/2015 12/31/2014 Prepayments Above (Below) Long-term Expectations (1) Effect on ROC: Retirement 40 43 39 49 26 Annuities 81 84 56 69 33 Life 19 18 24 41 14 Employee Benefits 54 56 43 35 4 Total Effect on Ongoing Business ROC 42 44 37 48 22 Effect on Ongoing Business ROE 56 58 50 64 29 Alternatives Above (Below) Long-term Expectations (1) (2) Effect on ROC: Retirement 1 (35) (63) (44) 1 Annuities (2) (50) (86) (61) 14 Life (5) (25) (41) (27) 12 Employee Benefits 2 (37) (70) (49) 11 Total Effect on Ongoing Business ROC (5) (57) (89) (53) 12 Effect on Ongoing Business ROE (7) (75) (119) (71) 16 Prepayments and Alternative Income Above (Below) Long-Term Expectations (1) (2) Effect on ROC: Retirement 41 8 (24) 5 27 Annuities 79 34 (30) 8 47 Life 14 (7) (17) 14 26 Employee Benefits 56 19 (27) (14) 15 Total Effect on Ongoing Business ROC 37 (13) (52) (5) 34 Effect on Ongoing Business ROE 49 (17) (69) (7) 45 (1) Basis point impacts are after DAC and after tax. (2) Amounts exclude Gain on Lehman recovery

Voya Financial Page 53 of 56 Calculation of ROE and ROC Twelve Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 GAAP Return on Equity: Net income (loss) available to Voya Financial, Inc.‘s common shareholders (763.1) (428.0) (1.8) 286.6 410.3 408.3 2,295.0 598.5 490.0 Voya Financial, Inc. shareholders’ equity: end of period 12,890 12,994 15,206 15,339 14,461 13,436 16,146 13,315 13,920 Voya Financial, Inc. shareholders’ equity: average for period 14,304 14,555 14,496 14,320 14,470 15,019 14,571 13,618 13,151 GAAP Return on Equity (5.3)% (2.9)% 0.0% 2.0% 2.8% 2.7% 15.8% 4.4% 3.7% Ongoing Business Adjusted Operating Return on Capital and Adjusted Operating Return on Equity: Ongoing Business adjusted operating earnings before income taxes 1,279.2 1,227.9 1,218.1 1,191.0 1,201.9 1,281.8 1,377.9 1,211.8 1,093.2 Income taxes on adjusted operating earnings (1) (409.3) (393.0) (389.8) (381.1) (384.6) (410.3) (482.2) (424.2) (382.7) Ongoing Business adjusted operating earnings after income taxes 869.9 834.9 828.3 809.9 817.3 871.5 895.7 787.6 710.5 Interest expense after-tax (2) (73.1) (75.1) (76.7) (78.8) (80.9) (82.1) (77.3) (79.9) (88.7) Ongoing Business adjusted operating earnings after income taxes and interest expense 796.8 759.8 751.6 731.1 736.4 789.4 818.4 707.7 621.8 End of period capital for Ongoing Business 7,656 7,878 8,108 8,256 8,370 8,377 8,777 9,216 9,823 Average capital for Ongoing Business 8,064 8,215 8,312 8,453 8,587 8,697 9,028 9,137 9,930 Average debt (based on 25% debt-to-capital ratio) (2,016) (2,054) (2,078) (2,113) (2,147) (2,175) (2,257) (2,284) (2,483) Average equity for Ongoing Business 6,048 6,161 6,234 6,340 6,440 6,522 6,771 6,853 7,447 Adjusted Operating Return on Capital for Ongoing Business 10.8 % 10.2 % 10.0% 9.6% 9.5% 10.0% 9.9% 8.6% 7.2% Adjusted Operating Return on Equity for Ongoing Business (2) 13.2 % 12.3 % 12.1% 11.5% 11.4% 12.1% 12.1% 10.3% 8.3% (1) Assumes a 32% tax rate on operating earnings described as “after tax” beginning 2015 to current and a 35% tax rate for all periods prior to 2015. (2) Assumes debt-to-capital ratio of approximately 25% and the actual weighted average pre-tax interest rate for all periods presented. Assumes a 5.5% interest rate for periods prior to3Q 2013.

Voya Financial Page 54 of 56 Reconciliation of Operating Earnings Per Share; Book Value Per Share, Excluding AOCI Three Months Ended or As of Year-to-Date or As of (in whole dollars) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 3/31/2017 3/31/2016 Net income (loss) available to Voya Financial, Inc.‘s common shareholders per common share (Diluted) (0.75) (2.74) (1.24) 0.79 0.92 (0.75) 0.92 Exclusion of per share impact of: Closed Block Variable Annuity 1.31 2.44 1.07 (0.18) (0.14) 1.31 (0.14) Net investment gains (losses) and related charges and adjustments 0.09 (0.03) 0.21 0.08 0.19 0.09 0.19 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (0.14) 0.48 0.17 (0.07) (0.29) (0.14) (0.29) Income (loss) related to businesses exited through reinsurance or divestment 0.02 0.06 0.02 Income (loss) on early extinguishment of debt 0.33 0.01 0.01 Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments 0.16 0.02 Other adjustments to operating earnings 0.05 0.10 0.07 0.02 0.03 0.05 0.03 Effect of assumed tax rate vs actual effective tax rate 0.24 0.46 0.07 (0.18) (0.17) 0.24 (0.17) Adjustment due to antidilutive effect of net loss in the current period (1) (0.01) (0.02) (0.01) Consolidated Operating earnings per share (Diluted) (1) 0.81 0.91 0.37 0.79 0.55 0.81 0.55 Book value per share, including AOCI 67.88 66.77 78.14 76.62 70.89 67.88 70.89 Per share impact of AOCI (11.65) (10.39) (18.07) (17.18) (12.14) (11.65) (12.14) Book value per share, excluding AOCI 56.23 56.38 60.07 59.44 58.75 56.23 58.75 Reconciliation of shares used in Total Consolidated Operating earnings per share (Diluted) Weighted-average common shares outstanding—Diluted 191.7 194.6 199.6 203.5 209.1 191.7 209.1 Dilutive effect of the exercise or issuance of stock-based awards (1) 2.7 2.5 1.9 2.7 Weighted average common shares outstanding—Diluted (Operating) (1) 194.4 197.1 201.5 203.5 209.1 194.4 209.1 (1) For periods in which there is a Net loss available to common shareholders, Operating earnings per share calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the Operating earnings per share calculation.

Voya Financial Page 55 of 56 Reconciliation of Average Capital; Debt to Capital, Excluding AOCI Three Months Ended or As of Twelve Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2017 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 Voya Financial, Inc. shareholders’ equity: end of period 12,890.4 12,993.9 15,206.0 15,338.9 14,461.3 13,435.8 16,146.2 13,315.2 13,919.9 AOCI 2,212.3 2,021.7 3,517.1 3,439.7 2,476.2 1,424.9 3,103.7 1,849.1 3,710.7 Voya Financial, Inc. shareholders’ equity excluding AOCI end of period 10,678.1 10,972.2 11,688.9 11,899.2 11,985.1 12,010.9 13,042.5 11,466.1 10,209.2 Debt 3,461.2 3,549.5 3,548.5 3,547.5 3,455.9 3,459.8 3,486.5 3,481.1 3,796.3 End of Period Capital 14,139.3 14,521.7 15,237.4 15,446.7 15,441.0 15,470.7 16,529.0 14,947.2 14,005.5 Corporate and Closed Block Variable Annuity 6,483.3 6,643.7 7,129.4 7,190.7 7,071.0 7,093.7 7,752.0 5,731.2 4,182.5 End of Period Capital for Ongoing Business 7,656.0 7,878.0 8,108.0 8,256.0 8,370.0 8,377.0 8,777.0 9,216.0 9,823.0 Adjustments to TTM Average Capital (1) 408.0 337.0 204.0 197.0 217.0 320.0 251.0 (79.0) 107.0 Average (1) Capital for Ongoing Business- TTM 8,064.0 8,215.0 8,312.0 8,453.0 8,587.0 8,697.0 9,028.0 9,137.0 9,930.0 Debt to capital, including AOCI 21.2% 21.5% 18.9% 18.8% 19.3% 20.5% 17.8% 20.7% 21.4% Capital impact of AOCI 3.3% 2.9% 4.4% 4.2% 3.1% 1.9% 3.3% 2.6% 5.7% Debt to capital, excluding AOCI 24.5% 24.4% 23.3% 23.0% 22.4% 22.4% 21.1% 23.3% 27.1% (1) Trailing Twelve Months Calculation

Voya Financial Page 56 of 56 Reconciliation of Investment Management Operating Margin, Excluding Investment Capital Three Months Ended Twelve Months Ended (in millions USD, unless otherwise indicated) 3/31/2017 12/31/2016 3/31/2016 3/31/2017 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 Operating revenues (1) 171.4 188.9 132.2 663.1 623.9 622.2 655.4 594.5 545.5 Operating expenses (122.1) (124.3) (109.5) (468.5) (455.9) (440.3) (445.1) (429.6) (411.0) Operating earnings before income taxes 49.3 64.6 22.7 194.6 168.0 181.9 210.3 164.9 134.5 Operating margin 28.8% 34.2% 17.2% 29.3% 26.9% 29.2% 32.1% 27.7% 24.6% Operating revenues (1) 171.4 188.9 132.2 663.1 623.9 622.2 655.4 594.5 545.5 Less: Investment Capital Results (1) 8.7 8.4 (14.7) 12.6 (10.8) 1.1 19.7 23.8 41.6 Revenues excluding Investment Capital 162.7 180.5 146.9 650.5 634.7 621.1 635.7 570.7 503.9 Operating expenses (122.1) (124.3) (109.5) (468.5) (455.9) (440.3) (445.1) (429.6) (411.0) Operating earnings excluding Investment Capital 40.6 56.2 37.4 182.0 178.8 180.8 190.6 141.1 92.9 Operating margin excluding Investment Capital 25.0% 31.1% 25.5% 28.0% 28.2% 29.1% 30.0% 24.7% 18.4% (1) Excludes gain from Lehman recovery in 2013 and 2016.