Voya Financial (VOYA) S-8 Registration of securities for employees

Exhibit 5.1

September 13, 2019

Voya Financial, Inc.

230 Park Avenue

New York, New York 10169

Re:Voya Financial, Inc. Registration Statement on FormS-8

Ladies and Gentlemen:

We have acted as counsel to Voya Financial, Inc., a Delaware corporation (the “Company”), in connection with a registration statement on FormS-8 (the “Registration Statement”) to be filed today with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Act of 1933, as amended (the “Securities Act”), for the registration of 11,700,000 shares of the Company’s Common Stock, par value $0.01 per share (the “Shares”), to be issued by the Company pursuant to the Voya Financial, Inc. 2019 Omnibus Employee Incentive Plan (the “Plan”).

We have participated in the preparation of the Registration Statement and have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such corporate records of the Company and such other instruments and other certificates of public officials, officers and representatives of the Company and such other persons, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinion expressed below. We have further received a letter dated September 13, 2019 from Jean Weng, Senior Vice President, Deputy General Counsel and Corporate Secretary of the Company containing certain representations regarding the Company and the Shares and are relying on such representations.

In rendering the opinion expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed.

Cleary Gottlieb Steen & Hamilton LLP or an affiliated entity has an office in each of the cities listed above.

Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that the Shares have been duly authorized by all necessary corporate action of the Company and, when issued in accordance with the terms of the Plan, at prices not less than the par value thereof, will be validly issued, fully paid andnon-assessable.

The foregoing opinion is limited to the General Corporation Law of the State of

Delaware.

We hereby consent to the use of this opinion as a part (Exhibit 5.01) of the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission thereunder. The opinion expressed herein is rendered on and as of the date hereof, and we assume no obligation to advise you, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinion expressed herein.

Very truly yours,
CLEARY GOTTLIEB STEEN & HAMILTON LLP
By:
	Pamela L. Marcogliese, a Partner