8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

November 5, 2014

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-35897	No. 52-1222820
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

230 Park Avenue New York, New York	10169
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 309-8200

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On November 5, 2014, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and nine months ended September 30, 2014. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item 2.02.

As previously announced, Voya Financial will host a conference call on Wednesday, November 5, 2014 at 10:00 am EST to discuss its third quarter 2014 results. The call can be accessed via Voya Financial’s investor relations website at http://investors.voya.com. The call will be accompanied by a slide presentation, which will be accessible via Voya Financial’s investor relations website at http://investors.voya.com beginning at 9:30 am EST on Wednesday, November 5, 2014. In addition, more detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement for the three and nine months ended September 30, 2014, available on Voya Financial’s investor relations website at http://investors.voya.com. The Quarterly Investor Supplement for the three and nine months ended September 30, 2014 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 2.02.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1	Press release of Voya Financial, Inc., dated November 5, 2014 (furnished and not filed)
99.2	Quarterly Investor Supplement for the three and nine months ended September 30, 2014 (furnished and not filed)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Voya Financial, Inc. (Registrant)
By:	/s/ HARRIS OLINER
	Name:	Harris Oliner
	Title:	Senior Vice President and Corporate Secretary

Dated: November 5, 2014

EX-99.1

Exhibit 99.1

NEWS RELEASE RETIREMENT INVESTMENTS INSURANCE

NEW YORK, November 5, 2014

Voya Financial Announces Third Quarter 2014 Results

Voya Financial, Inc. (NYSE: VOYA) today reported financial results for the third quarter 2014:

• After-tax operating earnings^1,2 of $191 million, or $0.75 per diluted share, compared with $283 million, or $1.08 per diluted share in the third quarter of 2013³. The following items primarily accounted for the change:

• A $78 million net gain in the third quarter of 2013 related to a Lehman Brothers bankruptcy settlement and the disposal of low-income housing tax credit (LIHTC) partnerships, which did not recur in the third quarter of 2014; and

• $21 million of negative DAC/VOBA and other intangibles unlocking in the third quarter of 2014, compared with $100 million of positive DAC/VOBA and other intangibles unlocking in the third quarter of 2013.

• Net income available to common shareholders of $401 million, or $1.58 per diluted share, compared with $347 million, or $1.32 per diluted share in the third quarter of 2013³. Third quarter 2014 net income available to common shareholders incorporates the Closed Block Variable Annuity (CBVA) segment’s after-tax gain of $85 million, which includes an after-tax gain of $122 million related to nonperformance risk⁴. The CBVA segment reflects the effect of its hedge program, which focuses on protecting regulatory and rating agency capital from market movements, rather than minimizing GAAP earnings volatility.

ONGOING BUSINESS RESULTS

Voya Financial’s Ongoing Business includes the Retirement, Annuities, Investment Management, Individual Life, and Employee Benefits segments. The Corporate, CBVA, Closed Block Institutional Spread Products, and Closed Block Other segments are not reflected in Ongoing Business results.

	Three months ended September 30,
($ in millions, before income taxes)	2014			2013
Ongoing Business operating earnings	$	331		$	484
Less: Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles unlocking)		—			78
Less: DAC/VOBA and other intangibles unlocking		(21	)		100
Ongoing Business adjusted operating earnings	$	352		$	307

¹  Voya Financial assumes a 35% tax rate on items described as “after-tax.” The 35% tax rate does not reflect the actual tax expense of $37 million, including the benefit from recognizing certain deferred tax assets. Net income (loss) available to common shareholders reflects the actual effective tax rate.

²  Operating earnings, Ongoing Business operating earnings, and Ongoing Business adjusted operating earnings are each non-GAAP financial measures; information regarding the non-GAAP financial measures included in this press release, and reconciliations to the most comparable U.S. GAAP measures, are provided in the tables that accompany this release and in the Quarterly Investor Supplement.

³  For the three months ended September 30, 2014 and 2013, weighted-average fully diluted common shares outstanding were 254.4 million and 262.3 million, respectively.

⁴  Nonperformance risk, which the company considers a noneconomic factor, is influenced by the credit quality of the insurance company subsidiary that issued the guarantee and the priority of policyholder claims. Improving credit quality will typically produce a loss, and worsening credit quality will typically produce a gain.

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Ongoing Business adjusted operating earnings before income taxes were $352 million, compared with $307 million in the third quarter of 2013. The following items primarily accounted for this increase:

• Higher investment spread and other investment income ($50 million positive variance) primarily driven by higher alternative and prepayment income;

• Increased fee-based margin ($20 million positive variance) on higher assets under management (AUM);

• Lower underwriting gain and other revenue ($17 million negative variance) driven by less favorable mortality in Individual Life, partially offset by profitable growth in Stop Loss and a lower loss ratio in Group Life; and

• Higher trail commissions ($10 million negative variance) due to higher AUM.

Ongoing Business adjusted operating return on equity (“Adjusted Operating ROE”)⁵ for the twelve-month period ended September 30, 2014 was 11.2%, compared with 10.7% for the twelve months ending June 30, 2014.

“In the third quarter of 2014, we continued to execute on our plans to improve shareholder value while also taking steps to achieve our vision of being America’s Retirement Company,” said Rodney O. Martin, Jr., chairman and chief executive officer, Voya Financial. “We made further progress toward achieving our 2016 Adjusted Operating ROE target of 12% to 13%. Specifically, for the twelve-month period ended September 30, our Adjusted Operating ROE grew to 11.2% – up 50 basis points from 10.7% for the twelve months ended June 30, 2014.

“During the quarter, we increased Ongoing Business adjusted operating earnings by 15% over the third quarter of 2013, and we also continued to make effective use of our excess capital. We repurchased $325 million of our common stock in the quarter – in part by repurchasing 7.7 million shares from ING Group in connection with their recent offering of Voya Financial shares that reduced their ownership stake to 32.5%.

“In addition to our positive financial performance during the quarter, we also completed the re-branding of all our businesses to Voya Financial and launched our advertising program for our re-branding to raise awareness of our new name. We are pleased with the response so far and are excited about continuing to further engage with clients about how we can help them with their retirement readiness needs,” concluded Martin.

THIRD QUARTER 2014 SUMMARY

• Retirement Solutions and Investment Management accounted for approximately 76% of Ongoing Business adjusted operating earnings before income taxes for the three-month period ended September 30, 2014

• Retirement net outflows of $66 million

• Investment Management operating margin of 31.1%, excluding results from investment capital; net inflows of $0.2 billion, including $2.1 billion in sub-advisor replacements and $1.0 billion in variable annuity outflows.

• Continued shift in Individual Life sales, with indexed universal life products accounting for 60% of the $27 million in sales during the quarter

⁵  Ongoing Business adjusted operating ROE is a non-GAAP financial measure. A reconciliation to the most comparable U.S. GAAP measure is provided in the tables that accompany this release.

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• Employee Benefits loss ratios of 72.1% for Stop Loss and 75.4% for Group Life – better than the expected annual range of 77-80% for both loss ratios

• Total AUM of $279 billion and total assets under management and administration of $520 billion

• Estimated combined risk-based capital (RBC) ratio of 512%⁶, which is above the company’s target of 425%

• Debt-to-capital ratio excluding accumulated other comprehensive income (AOCI) of 23.0%

• Book value per share (excluding AOCI) of $47.75⁷

	Three months ended September 30,
($ in millions, except per share amounts)	2014			2013			% Change
Operating earnings before income taxes by segment
Retirement	$	117		$	187			(37	)%
Annuities		78			97			(20	)
Investment Management		59			54			9
Individual Life		40			117			(66	)
Employee Benefits		37			29			28
Ongoing Business	$	331		$	484			(32	)%
Corporate		(47	)		(64	)		27
Closed Block Institutional Spread Products and Other		10			15			(33	)
Total operating earnings before income taxes	$	294		$	435			(32	)%
Total operating earnings, after-tax*	$	191		$	283			(33	)%
Closed Block Variable Annuity, after-tax*		85			(109	)		NM
Net investment gains (losses), after-tax*		28			42			(33	)
Other, after-tax**		(20	)		(8	)		NM
Difference between actual tax (expense) benefit and assumed 35% tax rate		117			139			(16	)
Net income (loss) available to common shareholders	$	401		$	347			16	%
Operating earnings per diluted share	$	0.75		$	1.08			(31	)%
Net income (loss) per diluted share	$	1.58		$	1.32			20
Fully diluted weighted average shares outstanding (in millions)		254.4			262.3

* Assumes 35% tax rate. The 35% tax rate does not reflect the actual tax expense or benefit, including the benefit or expense from recognizing certain deferred tax assets.

** Other, after-tax consists of net guaranteed benefit hedging gains (losses) and related charges and adjustments; income (loss) from business exited; certain expenses and deal incentives related to the divestment of Voya Financial by ING Group; expenses associated with the rebranding of Voya Financial from ING U.S.; and restructuring expenses (severance, lease write-offs, etc.).

NM = Not Meaningful

⁶  Estimated combined RBC ratio primarily for Voya Financial’s four principal U.S. insurance subsidiaries.

⁷  Book value per share (excluding AOCI) is a non-GAAP financial measure. For a reconciliation to the most comparable U.S. GAAP measure, see the tables accompanying this press release.

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BUSINESS SEGMENT DISCUSSIONS

The following discussions compare the third quarters of 2014 and 2013 unless otherwise noted. All figures are presented before income taxes.

RETIREMENT – HIGHER INVESTMENT SPREAD DUE TO PREPAYMENT AND ALTERNATIVE INCOME DRIVE IMPROVEMENT

	Three months ended September 30,
($ in millions, before income taxes)	2014			2013
Operating earnings	$	117		$	187
Less: Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles unlocking)		—			13
Less: DAC/VOBA and other intangibles unlocking		(30	)		40
Ongoing Business adjusted operating earnings	$	148		$	135

Retirement adjusted operating earnings were $148 million, compared with $135 million. The following items primarily accounted for this increase:

• Higher investment spread and other investment income ($19 million positive variance) as higher prepayment income and alternative income were slightly offset by lower investment income related to business reinsured in the second quarter of 2014;

• Higher trail commissions ($4 million negative variance) due to higher AUM;

• Lower underwriting income ($4 million negative variance) due in part to increased costs of contingent capital facility fees associated with the stable value business;

• Higher fee-based margin ($2 million positive variance) on higher variable assets partially offset by reduced recordkeeping revenues; and

• Lower administrative expenses ($2 million positive variance), primarily related to lower recordkeeping expenses.

Retirement net outflows were $66 million, compared with net inflows of $234 million in the third quarter of 2013 and net outflows of $22 million in the second quarter of 2014. Net flows vary in size and timing, sometimes substantially, from one quarter to the next. Retirement AUM totaled $108 billion as of September 30, 2014, compared with $108 billion as of June 30, 2014 and $100 billion as of September 30, 2013.

ANNUITIES – IMPROVED INVESTMENT SPREAD DUE TO HIGHER PREPAYMENT AND ALTERNATIVE INCOME

	Three months ended September 30,
($ in millions, before income taxes)	2014		2013
Operating earnings	$	78	$	97
Less: Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles unlocking)		—		13
Less: DAC/VOBA and other intangibles unlocking		18		40
Adjusted operating earnings	$	61	$	45

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Annuities adjusted operating earnings were $61 million, compared with $45 million. The following items primarily accounted for this increase:

• Higher investment spread and other investment income ($17 million positive variance) due to higher alternative and prepayment income and a favorable change in the mix of business, as the expected runoff of fixed rate annuities was offset in part by growth in fixed indexed annuities;

• Higher fee based margin ($3 million positive variance) on increased levels of mutual fund custodial assets; and

• Higher trail commissions ($3 million negative variance) due to increased mutual fund custodial AUM and higher sales of fixed indexed annuities.

Net outflows were $623 million as a $704 million net outflow for fixed rate annuities – mostly due to a large block reaching the end of its initial term – was partially offset by net inflows from mutual fund custodial sales.

AUM for the Annuities segment totaled $27 billion as of September 30, 2014, compared with $27 billion as of June 30, 2014 and $26 billion as of September 30, 2013. Included in AUM is the company’s mutual fund custodial product (Select Advantage), which increased to $3.9 billion as of September 30, 2014, up from $3.8 billion as of June 30, 2014 and $3.1 billion as of September 30, 2013.

INVESTMENT MANAGEMENT – HIGHER FEE-BASED MARGIN ON HIGHER AUM

	Three months ended September 30,
($ in millions, before income taxes)	2014		2013
Operating earnings	$	59	$	54
Less: Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles unlocking)		—		12
Adjusted operating earnings	$	59	$	43

Investment Management adjusted operating earnings were $59 million, compared with $43 million. The following items primarily accounted for this increase:

• Higher fee-based margin ($16 million positive variance) due to higher AUM from a combination of cumulative net positive client flows, equity market appreciation, and higher performance fees;

• Higher investment capital and other investment income ($4 million positive variance) due to higher income on investment capital; and

• Higher operating expenses ($4 million negative variance) resulting from investments to support the growth of the business.

Investment Management’s operating margin was 34.8%, compared with 33.7% in the third quarter of 2013 and 33.6% in the second quarter of 2014. The increase in operating margin compared with the third quarter of 2013 reflects the benefit of higher fees, higher investment capital revenues, and managed expense growth, partially offset by the $12 million gain on the Lehman recovery in the third quarter of 2013. The operating margin excluding investment capital revenues was 31.1%, compared with 26.0% in the third quarter of 2013 and 30.2% in the second quarter of 2014.

Investment Management had total net inflows of $0.2 billion, compared with net inflows of $1.8 billion in the third quarter of 2013 and net outflows of $1.9 billion in the second quarter of 2014. Excluding sub-advisor replacement net flows (performance-driven replacement of non-Voya mutual fund sub-advisors) and excluding VA net flows, Investment Management had net outflows of $1.0 billion. This compares with net inflows of $1.6 billion in the third quarter of 2013 and net outflows of

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$1.0 billion in the second quarter of 2014. There were $2.1 billion of sub-advisor replacement net flows in the third quarter of 2014, compared with $0.9 billion of such flows in the third quarter of 2013 and no such flows in the second quarter of 2014.

Third-party⁸ inflows were $5.7 billion, compared with $6.6 billion in the third quarter of 2013 and $3.9 billion in the second quarter of 2014. Third-party AUM totaled $128 billion as of September 30, 2014, up from $115 billion as of September 30, 2013, but down from $129 billion as of June 30, 2014. Equity market declines drove the slight decrease in AUM from June 30, 2014.

INDIVIDUAL LIFE – LOWER UNDERWRITING GAIN DRIVEN BY LESS FAVORABLE MORTALITY

	Three months ended September 30,
($ in millions, before income taxes)	2014			2013
Operating earnings	$	40		$	117
Less: Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles unlocking)		—			37
Less: DAC/VOBA and other intangibles unlocking		(7	)		20
Adjusted operating earnings	$	47		$	60

Individual Life adjusted operating earnings were $47 million, compared with $60 million. The following items primarily accounted for this decrease:

• Lower net underwriting gain and other revenue ($27 million negative variance) reflecting less favorable mortality due to higher frequency;

• Higher investment spread and other investment income ($8 million positive variance) driven by higher alternative income; and

• Lower amortization expense ($5 million positive variance) due to lower gross profits.

Sales were $27 million, compared with $23 million in the third quarter of 2013 and $25 million in the second quarter of 2014. Sales of indexed life products accounted for 60% of total sales in the third quarter of 2014, compared with 25% in the third quarter of 2013 and 53% in the second quarter of 2014.

EMPLOYEE BENEFITS – HIGHER UNDERWRITING GAIN IN STOP LOSS AND IMPROVED GROUP LIFE LOSS RATIO

	Three months ended September 30,
($ in millions, before income taxes)	2014			2013
Operating earnings	$	37		$	29
Less: Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles unlocking)		—			4
Less: DAC/VOBA and other intangibles unlocking		(1	)		—
Adjusted operating earnings	$	38		$	25

⁸  Excludes general account assets of Voya Financial’s insurance company subsidiaries.

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Employee Benefits adjusted operating earnings were $38 million, compared with $25 million. The following items primarily accounted for this increase:

• Higher net underwriting gain ($12 million positive variance) due to higher Stop Loss premiums combined with an improved Group Life loss ratio;

• Higher investment spread and other investment income ($2 million positive variance) due to higher alternative income; and

• Higher trail commissions ($2 million negative variance) due to growth in the business.

The loss ratio for Group Life was 75.4%, compared with 82.1%, while the loss ratio for Stop Loss was 72.1%, compared with 72.8%. The expected annual loss ratio for Group Life and Stop Loss is 77-80%.

Employee Benefits sales were $36 million, down from $52 million, driven by lower Stop Loss sales.

CORPORATE

Corporate operating losses were $47 million, compared with losses of $64 million due to lower expenses.

CLOSED BLOCK INSTITUTIONAL SPREAD PRODUCTS AND CLOSED BLOCK OTHER

	Three months ended September 30,
($ in millions, before income taxes)	2014		2013
Closed Block Institutional Spread Products	$	9	$	9
Closed Block Other		2		6
Operating earnings	$	11	$	15

Closed Block Institutional Spread Products and Closed Block Other operating earnings were $11 million, compared with $15 million. The decline in earnings was primarily a result of lower earnings in Closed Block Other.

The average AUM for Closed Block Institutional Spread Products decreased to $2.0 billion for the quarter ended September 30, 2014, down from $2.2 billion for the quarter ended June 30, 2014 and $3.5 billion for the quarter ended September 30, 2013, reflecting the continued run-off of the block.

CBVA

CBVA had a net gain of $131 million, compared with a net loss of $167 million in the third quarter of 2013. Changes in the fair value of guaranteed benefit derivatives related to nonperformance risk, which the company considers a non-economic factor, generated a gain of $187 million in the third quarter of 2014, compared with a $5 million gain in the third quarter of 2013.

The $131 million gain in the third quarter of 2014 included a $140 million gain due to annual assumption changes, primarily driven by a change to policyholder behavior assumptions which resulted in a net favorable result of $170 million and a $38 million gain related to changes in the technique used to estimate nonperformance risk, partially offset by unfavorable adjustments to the mortality assumption and revisions to projection model inputs. The gain from policyholder behavior assumption adjustments was primarily due to a favorable update to the utilization assumption on guaranteed minimum withdrawal benefit contracts, partially offset by an unfavorable update to lapse assumptions.

During the third quarter of 2014, the CBVA hedge program resulted in a net loss of $100 million to regulatory surplus as a result of the difference between the increase in reserves and the increase in hedge assets related to equity market movements. The hedge program is designed primarily to protect regulatory and rating agency capital from market movements, rather than minimize U.S. GAAP earnings volatility.

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The retained net amount at risk for CBVA living benefit guarantees was $3.2 billion as of September 30, 2014, up from $2.6 billion at June 30, 2014, primarily driven by fund underperformance.

Share Repurchases

During the third quarter of 2014, Voya Financial repurchased 7,722,007 shares of its common stock from ING Group for an aggregate purchase price of $300 million. Voya Financial also entered into an accelerated share repurchase (ASR) arrangement with a financial institution under which it ultimately repurchased 655,457 shares of Voya Financial common stock for an aggregate purchase price of $25 million, with 505,305 of those shares being delivered prior to the end of the third quarter. As a result of the total $325 million in share repurchases during the quarter, Voya Financial had $186 million remaining under its share repurchase authorization as of September 30, 2014.

Supplementary Financial Information

More detailed financial information can be found in Voya Financial’s Quarterly Investor Supplement, which is available on Voya Financial’s investor relations website, investors.voya.com.

Earnings Conference Call and Slide Presentation

Voya Financial will host a conference call on Wednesday, November 5, 2014 at 10:00 a.m. ET to discuss the company’s third quarter 2014 results. The call and slide presentation can be accessed via the company’s investor relations website at investors.voya.com.

A replay of the call will be available on the company’s investor relations website at investors.voya.com starting at 1:00 p.m. ET on November 5th.

About Voya Financial

Voya Financial, Inc. (NYSE: VOYA), formerly ING U.S., is composed of premier retirement, investment and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company’s vision is to be America’s Retirement Company^TM and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, Voya provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, Voya is grounded in a clear mission to make a secure financial future possible — one person, one family, one institution at a time. For more information, visit http://voya.com or view our Voya Financial Interactive Company Profile. Follow Voya Financial on Facebook and Twitter @Voya.

Media Contact:	Investor Contact:
Christopher Breslin 212-309-8941 Christopher.Breslin@voya.com	Darin Arita 212-309-8999 IR@voya.com

Use of Non-GAAP Financial Measures

We use operating earnings, which consists of operating revenues minus operating benefits and expenses, to evaluate segment performance. We also report operating earnings on an aggregate basis (both before and after income taxes) for both our Ongoing Business and for our Company as a whole. Operating earnings does not replace net income (loss) as the measure of our results of operations. Each segment’s operating earnings before income taxes is calculated by adjusting income (loss) before income taxes for the following items:

• Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option 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;

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• Net guaranteed benefit hedging gains (losses), which include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in our nonperformance spread;

• Income (loss) related to businesses exited through reinsurance or divestment;

• Income (loss) attributable to noncontrolling interest;

• Income (loss) related to early extinguishment of debt;

• Impairment of goodwill, value of management contract rights and value of customer relationships acquired;

• Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and

• Other items, including restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of Voya Financial by ING Group and expenses associated with the rebranding of Voya Financial from ING U.S.

Our CBVA segment is managed to focus on protecting regulatory and rating agency capital rather than U.S. GAAP earnings and, therefore, we do not include its results of operations within operating earnings before income taxes. When we present the adjustments to Income (loss) before income taxes on a consolidated basis, each adjustment excludes the portions attributable to our CBVA segment.

We also use adjusted operating earnings before income taxes as a measure of our financial performance. This measure excludes from operating earnings the following items: (1) DAC/VOBA and other intangibles unlocking, (2) gains or losses in conjunction with a Lehman Brothers bankruptcy settlement for assets held in a partnership owned by the Company, and (3) losses recognized in certain periods of 2013 as a result of the disposal of low-income housing tax credit partnerships. Because DAC/VOBA and other intangibles unlocking can be volatile, excluding the effect of this item can improve period to period comparability. The gains and losses from the Lehman Brothers bankruptcy settlement and loss from the disposition of low-income housing tax credit partnerships affected the run-rate level of investment income and we believe that this effect is not reflective of our ongoing performance.

We report Ongoing Business operating earnings before income taxes (both adjusted and unadjusted as described above) because we believe this measure is a useful indicator of the business performance for our Ongoing Business segments, excluding the effect of our Closed Block and Corporate segments.

The most directly comparable U.S. GAAP measure to operating earnings (both before and after income taxes), adjusted operating earnings before income taxes, Ongoing Business operating earnings before income taxes and Ongoing Business adjusted operating earnings before income taxes, is in each case income (loss) before income taxes. For a reconciliation of each of these non-GAAP measures to income (loss) before income taxes, see the tables that accompany this release, as well as our Quarterly Investor Supplement.

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 Business. The most directly comparable U.S. GAAP measure to Ongoing Business adjusted operating ROE and adjusted operating ROC is return on equity. For a reconciliation of these non-GAAP measures to return on equity, see the tables that accompany this release as well as our Quarterly Investor Supplement.

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In our Investment Management business we report the operating margin excluding Investment Capital results. Because results from Investment Capital can be volatile, excluding the effect of this item can improve period to period comparability.

In addition to book value per share including AOCI, we report book value per share 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 provides a measure consistent with that view.

We also analyze our Ongoing Business performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our financial performance, because it provides insight into the main drivers of operating earnings (loss) before income taxes of our Ongoing Business. The sources of earnings are defined as follows:

• 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 AUM, AUA, and transaction based recordkeeping fees.

• Net underwriting gain (loss) and other revenue contains 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 detailed explanation of DAC/VOBA and other intangibles amortization/unlocking see “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles” in our 2013 Annual Report on Form 10-K, filed with the SEC on March 10, 2014, and our Quarterly Report on Form 10-Q, to be filed with the SEC.

More details on these sources of earnings can be found in Voya Financial’s Quarterly Investor Supplement, which is available on Voya Financial’s investor relations website, investors.voya.com.

Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations and (x) changes in the policies of governments and/or regulatory authorities. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Results of Operations and Financial Condition—Trends and Uncertainties” in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission on March 10, 2014, and our Quarterly Reports for the three months and six months ended March 31, 2014 and June 30, 2014, filed with the Securities and Exchange Commission on May 12, 2014 and August 7, 2014, respectively.

10

Voya Financial

Calculation and Reconciliation of Return on Equity and Return on Capital – TTM

($ in millions, unless otherwise indicated)	Twelve Months  ended September 30, 2014			Twelve Months ended June 30, 2014
GAAP Return on Equity
Net income (loss) available to Voya Financial, Inc.’s common shareholders	$	1,453.3		$	1,399.1
Voya Financial, Inc. shareholders’ equity: end of period	$	14,585		$	14,818
Voya Financial, Inc. shareholders’ equity: average for period	$	13,943		$	13,422
GAAP Return on Equity		10.4	%		10.4	%
Ongoing Business Adjusted Operating Return on Capital and Adjusted Operating Return on Equity
Ongoing Business adjusted operating earnings before income taxes	$	1,308.7		$	1,263.6
Income taxes on adjusted operating earnings (based on an assumed tax rate of 35%)		(458.1	)		(442.3	)
Ongoing Business adjusted operating earnings after income taxes		850.6			821.3
Interest expense after-tax1		(78.5	)		(79.0	)
Ongoing Business adjusted operating earnings after income taxes and interest expense	$	772.1		$	742.3
End of period capital for Ongoing Business	$	9,115		$	9,063
Average capital for Ongoing Business	$	9,167		$	9,221
Average debt (based on 25% debt-to-capital ratio)	$	(2,292	)	$	(2,305	)
Average equity for Ongoing Business	$	6,875		$	6,916
Adjusted Operating Return on Capital for Ongoing Business 2		9.3	%		8.9	%
Adjusted Operating Return on Equity for Ongoing Business 1,2		11.2	%		10.7	%
Voya Financial Reconciliation of Ongoing Business Adjusted Operating Earnings to Net Income (Loss) - Trailing Twelve Months

($ in millions)	Twelve Months ended September 30, 2014			Twelve Months ended June 30, 2014
Ongoing Business adjusted operating earnings before income taxes	$	1,308.7		$	1,263.6
DAC/VOBA and other intangibles unlocking		(8.1	)		112.8
Lehman bankruptcy/LIHTC loss, net of DAC		6.1			83.6
Operating earnings before income taxes for Ongoing Business		1,306.7			1,460.0
Corporate		(166.7	)		(183.3	)
Closed Blocks Institutional Spread Products and Other		18.6			22.6
Total operating earnings before income taxes		1,158.6			1,299.3
Income taxes (based on an assumed tax rate of 35%)		(405.5	)		(454.8	)
Operating earnings, after-tax		753.1			844.5
Closed Block Variable Annuity, after-tax		(103.5	)		(297.5	)
Net investment gains (losses) and related charges and adjustments, after-tax		181.6			195.1
Other, after-tax		622.1			657.0
Net income (loss) available to Voya Financial, Inc.’s common shareholders		1,453.3			1,399.1
Net income (loss) attributable to noncontrolling interest		402.3			386.8
Net income (loss)	$	1,855.6		$	1,785.9
Voya Financial Reconciliation of Ongoing Business Adjusted Operating Earnings to Net Income (Loss) - Quarter-to-date

($ in millions)	Three Months ended September 30, 2014			Three Months ended September 30, 2013
Ongoing Business adjusted operating earnings before income taxes	$	352.0		$	306.9
DAC/VOBA and other intangibles unlocking		(21.1	)		99.8
Lehman bankruptcy/LIHTC loss, net of DAC		—			77.5
Operating earnings before income taxes for Ongoing Business		330.9			484.2
Corporate		(47.1	)		(63.7	)
Closed Blocks Institutional Spread Products and Other		10.5			14.5
Total operating earnings before income taxes		294.3			435.0
Income taxes (based on an assumed tax rate of 35%)		(103.0	)		(152.2	)
Operating earnings, after-tax		191.3			282.8
Closed Block Variable Annuity, after-tax		85.2			(108.8	)
Net investment gains (losses) and related charges and adjustments, after-tax		28.2			41.7
Other, after-tax		96.1			130.9
Net income (loss) available to Voya Financial, Inc.’s common shareholders		400.8			346.6
Net income (loss) attributable to noncontrolling interest		116.6			101.1
Net income (loss)	$	517.4		$	447.7

11

Voya Financial

Reconciliation of End of Period Capital for Ongoing Business to Shareholders’ Equity

($ in millions)	As of September 30,  2014			As of June 30,  2014
End of Period Capital for Ongoing Business	$	9,115		$	9,063
Closed Block Variable Annuity, Corporate, and Other Closed Blocks	$	6,165		$	6,118
End of Period Capital	$	15,280		$	15,181
Long -Term Debt	$	(3,515	)	$	(3,515	)
Voya Financial, Inc. shareholders’ equity excluding AOCI end of period	$	11,765		$	11,665
AOCI	$	2,820		$	3,153
Voya Financial, Inc. shareholders’ equity: end of period	$	14,585		$	14,818

¹ Assumes debt-to-capital ratio of approximately 25% for all time periods presented, a weighted average pre-tax interest rate of 5.5% for all periods prior to the third quarter of 2013, when the company completed recapitilization, and the actual weighted average pre-tax interest rate for all periods starting with the third quarter of 2013.

² Effective with the twelve months ending March 31, 2014, average capital and equity are calculated by taking the average of the quarterly capital and equity averages for the trailing four quarters, whereas in previous periods, average capital and equity were calculated by a two point average (Beginning of Year and End of Current Period).

Voya Financial

Reconciliation of Book Value Per Share

	As of September 30,
	2014
Book value per share, including AOCI	$	59.19
Per share impact of AOCI	$	(11.44	)
Book value per share, excluding AOCI	$	47.75

Voya Financial

Reconciliation of Investment Management Operating Margin

($ in millions, unless otherwise indicated)	Three Months Ended September 30, 2014			Three Months Ended June 30, 2014			Three Months Ended September 30, 2013
Operating revenues	$	168.3		$	163.2		$	160.1
Operating expenses		109.7			108.3			106.1
Operating earnings before income taxes	$	58.6		$	54.9		$	54.0
Operating margin		34.8	%		33.6	%		33.7	%
Operating revenues	$	168.3		$	163.2		$	160.1
Less:
Investment Capital Results		9.0			8.0			16.8
Revenues excluding Investment Capital		159.3			155.2			143.3
Operating expenses		109.7			108.3			106.1
Operating earnings excluding Investment Capital	$	49.6		$	46.9		$	37.2
Operating margin excluding Investment Capital		31.1	%		30.2	%		26.0	%

12

EX-99.2

Exhibit 99.2

Exhibit 99.2

Quarterly Investor Supplement September 30, 2014 This report should be read in conjunction Voya Financial, Inc.‘s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2014. 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.

`

Voya Financial

Table of Contents

Page

Consolidated

Explanatory Note on Non-GAAP Financial Information 3-4

Organizational Chart 5

Key Metrics 6

Adjusted Operating Return on Capital and Return on Equity 7

Adjusted Operating Earnings Before Interest, After Income Taxes 8

Operating Revenues and Operating Earnings by Segment 9

Adjusted Operating Earnings by Segment 10

Consolidated Balance Sheets 11

Consolidated Statements of Operations 12

Ongoing Business Sources of Operating Earnings 13

Consolidated Earnings Before Income Taxes 14

Operating Earnings by Segment 15-16

DAC/VOBA Segment Trends 17

Consolidated Capital Structure 18

Consolidated Assets Under Management/Assets Under Administration 19

Retirement

Sources of Operating Earnings 21

Operating Earnings 22

Assets Under Management/Assets Under Administration 23

Assets Under Management Rollforward 24

Annuities

Sources of Operating Earnings 26

Operating Earnings 27

Assets Under Management 28

Assets Under Management Rollforward 29

Investment Management

Sources of Operating Earnings 31

Operating Earnings 32

Key Metrics 33

Account Value Rollforward by Source 34

Account Value by Asset Type 35

Page

Individual Life

Sources of Operating Earnings 37

Operating Earnings 38

Key Metrics 39

Employee Benefits

Sources of Operating Earnings 41

Operating Earnings 42

Key Metrics 43

Corporate

Operating Earnings 45

Closed Blocks

ISP and Other Operating Earnings 47

Closed Block Variable Annuity Income (Loss) Before Income Taxes 48

Closed Block Variable Annuity Death and Living Benefits 49

Assets Under Management Rollforward 50

Investment Information

Portfolio Composition 52

Portfolio Results 53

Alternative Investment Income 54

Unrealized Gains (Losses) 55

Asset Backed Securities 56

RMBS Securities Summary 57

CMBS and Other Asset-Backed Securities Summary 58

Mortgage Loans on Real Estate 59

US and Foreign Corporate Securities 60

Exposure to European Debt—Fixed Maturities and Equity Securities 61

Additional Information

Adjustments to Operating Earnings by Segment 63

Calculation and Reconciliation of ROE and ROC 64

Operating Revenues by Segment 65

Ongoing Business Sources of Earnings Reconciliation 66-68

Fixed Maturity Securities—Businesses Exited Through Reinsurance 69

Financial Ratings 70

Voya Financial Explanatory Note on Non-GAAP Financial Information Page 3 of 70

Operating earnings before income taxes is a financial measure we use to evaluate segment performance. Operating earnings before income taxes is a non-GAAP financial measure and does not replace net income (loss) as the GAAP measure of our results of operations. Each segment’s operating earnings before income taxes is calculated by adjusting income (loss) before income taxes for the following items:

Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option (“FVO”) unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;

Net guaranteed benefit hedging gains (losses), which include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in our nonperformance spread;

Income (loss) related to businesses exited through reinsurance or divestment;

Income (loss) attributable to noncontrolling interest;

Income (loss) related to early extinguishment of debt;

Impairment of goodwill, value of management contract rights and value of customer relationships acquired;

Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and

Other items, including restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc. Adjusted operating earnings is also a non-GAAP financial measure. This measure excludes from operating earnings before income taxes the following items:

DAC/VOBA and other intangibles unlocking;

DAC/VOBA and other intangibles unlocking can be volatile, so excluding the effect of this can improve period to period comparability;

The net gains and losses included in operating earnings from a distribution of cash and securities in conjunction with a Lehman Brothers bankruptcy settlement and the losses as a result of the decision to dispose of certain Low Income Housing Tax Credit partnerships (“LIHTC”) as a means of exiting this asset class; and

Interest expense related to debt in our Corporate segment. We report Ongoing Business adjusted operating ROE and adjusted operating ROC because we believe these measures are useful indicators of how effectively we use capital resources allocated to our Ongoing Business. The most directly comparable GAAP measure to adjusted operating ROE and adjusted operating ROC is return on equity. For a reconciliation of these non-GAAP measures to return on equity, see the Calculation and Reconciliation of ROE and ROC page in this Supplement. 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.

Voya Financial Explanatory Note on Non-GAAP Financial Information Page 4 of 70

Our Closed Block Variable Annuity segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics and, therefore, we exclude its results of operations from operating earnings before income taxes. When we present the adjustments to Net Income (loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to our Closed Block Variable Annuity segment. The most directly comparable GAAP measure to operating earnings before income taxes is net income (loss) before income taxes. For a reconciliation of operating earnings before income taxes to income (loss) before income taxes, refer to the “Consolidated Earnings Before Income Taxes” page in this document. In addition, please refer to “Adjusted Operating Earnings by Segment” for reconciliation from Total operating earnings before income taxes to Total adjusted operating earnings before income taxes. Operating revenues is a measure of our segment revenues and a non-GAAP financial measure. We calculate operating revenues by adjusting each segment’s total revenue for the following items:

Net realized investment gains (losses) and related charges and adjustments, which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These items are net of related amortization of unearned revenue;

Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which include changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in our nonperformance spread;

Revenues related to businesses exited through reinsurance or divestment;

Revenues attributable to noncontrolling interest; and

Other adjustments to operating revenues primarily reflect fee income earned by our broker dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments’ operating revenues, as well as other items where the income is passed on to third parties. Operating revenues also excludes the revenues of our Closed Block Variable Annuity 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 Closed Block Variable Annuity segment. The most directly comparable GAAP measure to operating revenues is total revenues. For a reconciliation of operating revenue to total revenues, please refer to the “Operating Revenues by Segment” page in this document. We analyze our Ongoing Business performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our operating earnings (loss) before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of operating earnings (loss) before income taxes of our ongoing businesses. The sources of earnings are defined as such:

Investment spread and other investment income consists of net investment income and net realized investment gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves.

Fee based margin consists primarily of fees earned on AUM, AUA, and transaction based recordkeeping fees.

Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal life contracts, and that portion of traditional life insurance premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC.

Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses and fees on letters of credit.

Trail commissions are commissions paid that are not deferred and thus recorded directly to expense.

For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see “Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles” in our SEC filings. For a reconciliation of the sources of earnings presentation to the line items within operating revenues and operating benefits and expenses, please refer to the “Ongoing Business Sources of Earnings Reconciliation” pages in this document. Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.

Voya Financial Organizational Chart Page 5 of 70

Retirement Solutions

Retirement

Annuities

Investment Management

Insurance Solutions

Individual Life

Employee Benefits

Closed Blocks

Corporate

• Full service plans

• Recordkeeping services

• Stable value plans

• IRAs

• Brokerage accounts

• Advisory services

• Fixed indexed annuities

• Annuity and custodial products

• Retirement, Retail, Institutional funds

• Fixed income

• Equity

• Multi-asset strategies and solutions

• Senior bank loans

• Alternatives

• Stop loss

• Group life

• Voluntary benefits

• Group disability

• Term life

• Universal life

• Indexed universal life

• Variable universal life

• Variable Annuity

• Institutional Spread Products

• Other

Ongoing Business

Voya Financial Page 6 of 70 Key Metrics

Three Months Ended Year-to-Date

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

(in millions USD, unless otherwise indicated)

Adjusted operating earnings before income taxes - Ongoing Business 352.0 345.8 287.3 323.6 306.9 985.1 888.2

Operating earnings before income taxes - Ongoing Business 330.9 356.1 267.5 352.2 484.2 954.5 1,076.4

Operating earnings before income taxes - Total Consolidated 294.3 328.3 231.1 304.9 435.0 853.7 963.7

Net income (loss) 517.4 412.9 271.6 653.7 447.7 1,201.9 136.9

Net income (loss) attributable to noncontrolling interest 116.6 166.6 13.5 105.6 101.1 296.7 84.5

Net income (loss) available to Voya Financial, Inc.‘s common shareholders 400.8 246.3 258.1 548.1 346.6 905.2 52.4

Total Voya Financial, Inc. Shareholders’ Equity - Excluding AOCI 11,764.9 11,665.4 11,424.0 11,423.1 10,820.0 11,764.9 10,820.0

Return on Equity

Ongoing Business adjusted operating return on equity - TTM (1) (2) 11.2% 10.7% 10.3% 10.3% N/A 11.2% N/A

Ongoing Business adjusted operating return on equity - Annualized (2) 12.3% 12.0% 9.7% 10.9% 10.3% 11.4% 9.9%

Debt to Capital (Excluding AOCI) 23.0% 23.2% 23.5% 23.5% 24.5% 23.0% 24.5%

Per Share

Total Consolidated Operating earnings per share (Diluted) 0.75 0.83 0.57 0.75 1.08 2.15 2.53

Net income (loss) available to Voya Financial, Inc.‘s common shareholders per common

share:

Basic 1.59 0.97 0.99 2.10 1.33 3.54 0.21

Diluted 1.58 0.96 0.98 2.08 1.32 3.51 0.21

Book value per share (Excluding AOCI) 47.75 45.82 44.85 43.65 41.49 47.75 41.49

Shares

Weighted-average common shares outstanding (in millions)

Basic 252.6 254.5 261.1 261.1 260.8 256.0 247.1

Diluted 254.4 256.2 263.5 263.3 262.3 258.1 247.8

Ending shares outstanding (in millions) 246.4 254.6 254.7 261.7 260.8 246.4 260.8

Returned to Shareholders ($)

Shares repurchased 320.0 30.5 258.9 - 609.4 -

Common dividends 2.5 2.6 2.6 2.6 2.6 7.7 2.6

Total 322.5 33.1 261.5 2.6 2.6 617.1 2.6

(1) Trailing twelve months calculation

(2) Assumes debt-to-capital ratio of 25% for all time periods presented, a weighted average pre-tax interest rate of 5.5% for all periods prior to the third quarter of 2013, when the company completed recapitalization, and the actual weighted average pre-tax interest rate for all periods starting with the third quarter of 2013.

Voya Financial Page 7 of 70 Adjusted Operating Return on Capital and Return on Equity

Twelve Months Ended September 30, 2014

Retirement Solutions Investment Insurance Solutions Ongoing Closed Block Corporate and Consolidated

Retirement Annuities Management Individual Life Employee Business Variable Annuity Closed Blocks

Benefits

(in millions USD, unless otherwise indicated)

Ending Capital (1) 3,843 1,694 314 2,904 360 9,115 3,474 2,691 15,280

Average Capital (2) 3,921 1,713 307 2,878 348 9,167 3,253 2,546 14,966

Adjusted operating earnings before interest and after

income taxes 349.0 146.5 139.4 131.1 84.6 850.6 - 21.0 871.6

Adjusted Operating Return on Capital (2) 8.9% 8.6% 45.4% 4.6% 24.3% 9.3% - N/M 5.8%

Adjusted Operating Return on Equity (2) (3) 11.2%

Twelve Months Ended December 31, 2013

Retirement Solutions Investment Insurance Solutions Ongoing Closed Block Corporate and Consolidated

Retirement Annuities Management Individual Life Employee Business Variable Annuity Other Closed

Benefits Blocks

(in millions USD, unless otherwise indicated)

Ending Capital (1) 4,007 1,713 302 2,848 346 9,216 3,119 2,603 14,938

Average Capital (2) 3,915 1,762 303 2,804 354 9,137 4,092 1,226 14,455

Adjusted operating earnings before interest and after

income taxes 349.2 128.0 107.2 136.7 66.5 787.6 - 10.6 798.2

Adjusted Operating Return on Capital (2) 8.9% 7.3% 35.4% 4.9% 18.8% 8.6% - N/M 5.5%

Adjusted Operating Return on Equity (2) (3) 10.3%

(1) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders’ equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences. Statutory surplus in excess of target statutory capital and certain corporate assets and liabilities, such as certain deferred tax assets and liabilities for unfunded pension plans, are allocated to the Corporate segment.

(2) Effective with the twelve months ending March 31,2014, average capital and equity are calculated by taking the average of the quarterly capital and equity averages for the trailing four quarters, whereas in previous periods, average capital and equity were calculated by two point average (Beginning of Year and End of Current Period) (3) Assumes debt-to-capital ratio of 25% for all time periods presented, a weighted average pre-tax interest rate of

5.5% for all periods prior to the third quarter of 2013, when the company completed recapitalization, and the actual weighted average pre-tax interest rate for all periods starting with the third quarter of 2013.

Voya Financial Adjusted Operating Earnings Before Interest, After Income Taxes Page 8 of 70

Twelve Months Ended September 30, 2014

Retirement Solutions Investment Management Insurance Solutions Ongoing Business Closed Block Variable Annuity Corporate and Other Closed Blocks Consolidated

(in millions USD, unless otherwise indicated) Retirement Annuities Individual Life Employee Benefits

Operating earnings before income taxes 506.5 280.5 216.2 181.3 122.2 1,306.7 - (148.1) 1,158.6

Less:

Interest expense - - - - - - - (187.5) (187.5)

DAC/VOBA and other intangibles unlocking (1) (30.6) 54.3 - (23.5) (8.3) (8.1) - - (8.1)

Net gain (loss) from Lehman Recovery/LIHTC (2) 0.2 0.8 1.7 3.1 0.3 6.1 - 7.1 13.2

Adjusted operating earnings before interest 536.9 225.4 214.5 201.7 130.2 1,308.7 - 32.3 1,341.0

Income tax expense (3) 187.9 78.9 75.1 70.6 45.6 458.1 - 11.3 469.4

Adjusted operating earnings before interest and after income taxes 349.0 146.5 139.4 131.1 84.6 850.6 - 21.0 871.6

Year Ended December 31, 2013

Retirement Solutions Investment Management Insurance Solutions Ongoing Business Closed Block Variable Annuity Corporate and Other Closed Blocks Consolidated

(in millions USD, unless otherwise indicated) Retirement Annuities Individual Life Employee Benefits

Operating earnings before income taxes 595.8 293.8 178.1 254.8 106.1 1,428.6 - (160.0) 1,268.6

Less:

Interest expense - - - - - - - (179.7) (179.7)

DAC/VOBA and other intangibles unlocking (1) 45.6 83.3 - 4.8 (0.5) 133.2 - - 133.2

Net gain (loss) from Lehman Recovery/LIHTC (2) 12.9 13.5 13.2 39.7 4.3 83.6 - 3.4 87.0

Adjusted operating earnings before interest 537.3 197.0 164.9 210.3 102.3 1,211.8 - 16.3 1,228.1

Income tax expense (3) 188.1 69.0 57.7 73.6 35.8 424.2 - 5.7 429.9

Adjusted operating earnings before interest and after income taxes 349.2 128.0 107.2 136.7 66.5 787.6 - 10.6 798.2

(1) DAC/VOBA and other intangibles unlocking excludes unlocking on net investment income from Lehman Recovery/LIHTC, as described below

(2) Includes the net gain (loss) included in operating earnings from a distribution of cash and securities in conjunction with a Lehman Brothers bankruptcy settlement and the losses as a result of the decision to dispose of certain Low Income Housing Tax Credit partnerships (“LIHTC”) as a means of exiting this asset class. Collectively these items, net of DAC/VOBA and other intangibles impacts, are referred to as “Net gain (loss) from Lehman Recovery/LIHTC”.

(3) Based on an assumed effective tax rate of 35%.

Voya Financial Page 9 of 70 Operating Revenues and Operating Earnings by Segment

(in millions USD) Three Months Ended Year-to-Date

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Operating Revenues

Retirement 605.7 592.9 598.5 612.4 606.9 1,797.1 1,787.0

Annuities 344.6 330.8 354.4 313.9 319.1 1,029.8 930.7

Total Retirement Solutions 950.3 923.7 952.9 926.3 926.0 2,826.9 2,717.7

Investment Management 168.3 163.2 160.5 167.1 160.1 492.0 440.6

Individual Life 679.1 699.9 692.2 692.9 717.1 2,071.2 2,099.0

Employee Benefits 345.9 342.5 338.9 316.5 316.2 1,027.3 946.0

Total Insurance Solutions 1,025.0 1,042.4 1,031.1 1,009.4 1,033.3 3,098.5 3,045.0

Ongoing Business 2,143.6 2,129.3 2,144.5 2,102.8 2,119.4 6,417.4 6,203.3

Corporate 22.9 23.6 25.3 33.6 28.8 71.8 53.8

Total Closed Blocks 25.4 24.0 25.6 27.0 30.7 75.0 109.8

Total operating revenues 2,191.9 2,176.9 2,195.4 2,163.4 2,178.9 6,564.2 6,366.9

Operating Earnings

Retirement 117.2 135.8 114.9 138.6 187.3 367.9 457.2

Annuities 78.3 64.2 54.8 83.2 96.8 197.3 210.6

Total Retirement Solutions 195.5 200.0 169.7 221.8 284.1 565.2 667.8

Investment Management 58.6 54.9 49.8 52.9 54.0 163.3 125.2

Individual Life 39.8 63.4 31.1 47.0 117.0 134.3 207.8

Employee Benefits 37.0 37.8 16.9 30.5 29.1 91.7 75.6

Total Insurance Solutions 76.8 101.2 48.0 77.5 146.1 226.0 283.4

Ongoing Business 330.9 356.1 267.5 352.2 484.2 954.5 1,076.4

Corporate(47.1)(38.3)(37.3)(44.0)(63.7)(122.7)(166.6)

Total Closed Blocks 10.5 10.5 0.9(3.3) 14.5 21.9 53.9

Total operating earnings before income taxes 294.3 328.3 231.1 304.9 435.0 853.7 963.7

Closed Block Variable Annuity 131.0(84.1) 20.2(226.4)(167.4) 67.1(982.9)

Net investment gains (losses) and related charges and adjustments 43.4 73.0 57.6 105.4 64.1 174.0 106.7

Net guaranteed benefit hedging gains (losses) and related charges and adjustments 33.4(20.3) 6.4(26.6) 10.5 19.5 46.0

Income (loss) related to businesses exited through reinsurance or divestment(31.9)(26.9)(10.5)(12.8)(13.1)(69.3)(46.9)

Income (loss) attributable to noncontrolling interests 116.6 166.6 13.5 105.6 101.1 296.7 84.5

Immediate recognition of net actuarial gains (losses) related to pension and other

postretirement benefit obligations and gains (losses) from plan amendments and

curtailments ——405.2 — -

Other adjustments to operating earnings*(32.0)(17.6)(16.0)(27.7)(10.2)(65.6)(40.5)

Total non-operating 260.5 90.7 71.2 322.7(15.0) 422.4(833.2)

Income (loss) before income taxes 554.8 419.0 302.3 627.6 420.0 1,276.1 130.5

Less: Income tax expense (benefit) 37.4 6.1 30.7(26.1)(27.7) 74.2(6.4)

Net income (loss) 517.4 412.9 271.6 653.7 447.7 1,201.9 136.9

Net income (loss) attributable to noncontrolling interest 116.6 166.6 13.5 105.6 101.1 296.7 84.5

Net income (loss) available to Voya Financial, Inc.‘s common shareholders 400.8 246.3 258.1 548.1 346.6 905.2 52.4

* Other adjustments to operating earnings above includes:

Restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.

Voya Financial Page 10 of 70 Adjusted Operating Earnings by Segment

(in millions USD) Three Months Ended Year-to-Date

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Operating Earnings

Retirement 117.2 135.8 114.9 138.6 187.3 367.9 457.2

Annuities 78.3 64.2 54.8 83.2 96.8 197.3 210.6

Total Retirement Solutions 195.5 200.0 169.7 221.8 284.1 565.2 667.8

Investment Management 58.6 54.9 49.8 52.9 54.0 163.3 125.2

Individual Life 39.8 63.4 31.1 47.0 117.0 134.3 207.8

Employee Benefits 37.0 37.8 16.9 30.5 29.1 91.7 75.6

Total Insurance Solutions 76.8 101.2 48.0 77.5 146.1 226.0 283.4

Ongoing Business 330.9 356.1 267.5 352.2 484.2 954.5 1,076.4

Corporate(47.1)(38.3)(37.3)(44.0)(63.7)(122.7)(166.6)

Total Closed Blocks 10.5 10.5 0.9(3.3) 14.5 21.9 53.9

Total operating earnings before income taxes 294.3 328.3 231.1 304.9 435.0 853.7 963.7

Adjustments to operating earnings

Retirement(30.4) 7.1(11.3) 4.2 52.7(34.6) 54.3

Annuities 17.8 6.5 3.2 27.6 52.3 27.5 69.2

Total Retirement Solutions(12.6) 13.6(8.1) 31.8 105.0(7.1) 123.5

Investment Management ——1.7 11.5—11.5

Individual Life(7.1)(1.5)(7.1)(4.7) 56.8(15.7) 49.2

Employee Benefits(1.4)(1.8)(4.6)(0.2) 4.0(7.8) 4.0

Total Insurance Solutions(8.5)(3.3)(11.7)(4.9) 60.8(23.5) 53.2

Ongoing Business(21.1) 10.3(19.8) 28.6 177.3(30.6) 188.2

Corporate(46.8)(41.0)(48.8)(43.8)(47.6)(136.5)(132.7)

Total Closed Blocks — -(0.4) 0.6—0.6

Total adjustments to operating earnings(67.9)(30.7)(68.6)(15.6) 130.3(167.1) 56.1

Adjusted Operating Earnings

Retirement 147.6 128.7 126.2 134.4 134.6 402.5 402.9

Annuities 60.5 57.7 51.6 55.6 44.5 169.8 141.4

Total Retirement Solutions 208.1 186.4 177.8 190.0 179.1 572.3 544.3

Investment Management 58.6 54.9 49.8 51.2 42.5 163.3 113.7

Individual Life 46.9 64.9 38.2 51.7 60.2 150.0 158.6

Employee Benefits 38.4 39.6 21.5 30.7 25.1 99.5 71.6

Total Insurance Solutions 85.3 104.5 59.7 82.4 85.3 249.5 230.2

Ongoing Business 352.0 345.8 287.3 323.6 306.9 985.1 888.2

Corporate(0.3) 2.7 11.5(0.2)(16.1) 13.8(33.9)

Total Closed Blocks 10.5 10.5 0.9(2.9) 13.9 21.9 53.3

Total adjusted operating earnings before interest and income taxes 362.2 359.0 299.7 320.5 304.7 1,020.8 907.6

Voya Financial Consolidated Balance Sheets Page 11 of 70

Balances as of

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13

Assets

Total investments 89,824.4 89,821.3 88,891.4 87,050.8 89,007.3

Cash and cash equivalents 1,908.5 3,142.0 2,499.8 2,840.8 1,716.6

Assets held in separate accounts 107,059.3 110,648.2 107,840.0 106,827.1 103,853.6

Reinsurance recoverable 6,752.5 6,637.1 6,785.8 6,702.2 6,755.6

Short term investments under securities loan agreement and

accrued investment income 1,520.7 1,509.7 1,494.2 1,450.0 1,395.6

Deferred policy acquisition costs, Value of business acquired 4,779.9 4,511.2 4,860.8 5,351.6 5,265.0

Goodwill and other intangible assets 296.1 303.2 312.5 323.7 323.4

Other assets (1) 1,319.7 1,384.7 1,274.7 1,477.6 1,416.6

Assets related to consolidated investment entities 10,842.7 10,120.6 9,551.5 8,999.4 7,924.5

Total Assets 224,303.8 228,078.0 223,510.7 221,023.2 217,658.2

Liabilities

Future policy benefits and contract owner account balances 84,139.1 84,424.5 84,256.1 84,006.7 84,887.9

Liabilities related to separate accounts 107,059.3 110,648.2 107,840.0 106,827.1 103,853.6

Funds held under reinsurance agreements 1,136.7 1,167.6 1,174.5 1,181.5 1,212.1

Payables under securities loan agreements, including collateral held 927.1 904.9 864.5 769.4 576.7

Long-term debt 3,515.5 3,515.2 3,515.0 3,514.7 3,514.5

Other liabilities (2) 2,874.2 3,217.4 2,999.6 3,144.9 3,598.9

Liabilities related to consolidated investment entities 7,507.7 6,936.9 6,493.0 6,064.9 5,150.0

Total Liabilities 207,159.6 210,814.7 207,142.7 205,509.2 202,793.7

Shareholders’ Equity

Common stock 2.6 2.6 2.6 2.6 2.6

Treasury stock (624.2) (304.2) (269.8) —

Additional paid-in capital 23,621.5 23,599.9 23,579.5 23,563.7 23,524.7

Retained earnings (deficit) (11,235.0) (11,632.9) (11,888.3) (12,143.2) (12,707.3)

Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 11,764.9 11,665.4 11,424.0 11,423.1 10,820.0

Accumulated other comprehensive income 2,820.2 3,152.7 2,577.5 1,849.1 1,950.0

Total Voya Financial, Inc. Shareholders’ Equity 14,585.1 14,818.1 14,001.5 13,272.2 12,770.0

Noncontrolling interest 2,559.1 2,445.2 2,366.5 2,241.8 2,094.5

Total Shareholders’ Equity 17,144.2 17,263.3 16,368.0 15,514.0 14,864.5

Total Liabilities and Shareholders’ Equity 224,303.8 228,078.0 223,510.7 221,023.2 217,658.2

(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

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Voya Financial Consolidated Statements of Operations Page 12 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Revenues

Net investment income 1,163.6 1,120.9 1,145.6 1,156.5 1,221.6 3,430.1 3,532.5

Fee income 908.9 897.3 931.8 943.9 920.8 2,738.0 2,722.4

Premiums 595.1 629.4 600.9 515.4 494.2 1,825.4 1,440.9

Net realized capital gains (losses) 181.0 (366.5) (190.6) (577.0) (517.1) (376.1) (1,957.8)

Income (loss) related to consolidated investment entities 241.5 306.7 77.7 213.5 196.2 625.9 335.2

Other revenues 101.0 110.3 105.5 111.7 119.6 316.8 321.3

Total revenues 3,191.1 2,698.1 2,670.9 2,364.0 2,435.3 8,560.1 6,394.5

Benefits and expenses

Interest credited and other benefits to contract owners/policyholders (1,732.9) (1,305.2) (1,358.1) (1,118.8) (1,087.7) (4,396.2) (3,379.0)

Operating expenses (767.3) (758.3) (789.5) (394.6) (762.8) (2,315.1) (2,292.1)

Net amortization of DAC/VOBA (30.6) (115.7) (126.1) (123.2) (64.6) (272.4) (319.6)

Interest expense (47.2) (47.5) (47.6) (48.2) (48.4) (142.3) (136.6)

Operating expenses related to consolidated investment entities (58.3) (52.4) (47.3) (51.6) (51.8) (158.0) (136.7)

Total benefits and expenses (2,636.3) (2,279.1) (2,368.6) (1,736.4) (2,015.3) (7,284.0) (6,264.0)

Income (loss) before income taxes 554.8 419.0 302.3 627.6 420.0 1,276.1 130.5

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Voya Financial Ongoing Business Sources of Operating Earnings Page 13 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Sources of operating earnings before income

taxes:

Investment spread and other investment income 394.2 361.9 361.9 384.7 437.4 1,118.0 1,162.1

Fee based margin 389.8 385.3 381.2 388.7 369.7 1,156.3 1,077.5

Net underwriting gain (loss) and other revenue 181.5 219.4 173.6 180.7 198.9 574.5 582.9

Administrative expenses (404.1) (417.9) (436.4) (422.4) (404.3) (1,258.4) (1,220.7)

Trail commissions (73.9) (71.1) (73.7) (68.1) (63.8) (218.7) (195.9)

DAC/VOBA and other intangibles amortization,

excluding unlocking (135.5) (131.8) (119.3) (136.1) (178.2) (386.6) (464.9)

DAC/VOBA and other intangibles unlocking (21.1) 10.3 (19.8) 24.7 124.5 (30.6) 135.4

Operating earnings before income taxes 330.9 356.1 267.5 352.2 484.2 954.5 1,076.4

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Voya Financial Consolidated Earnings Before Income Taxes Page 14 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Operating revenues

Net investment income and net realized gains (losses) 987.4 952.6 961.4 1,005.8 1,054.4 2,901.4 3,002.0

Fee income 651.2 654.4 649.3 644.1 632.1 1,954.9 1,868.4

Premiums 517.4 534.9 549.3 473.3 453.5 1,601.6 1,397.3

Other revenue 35.9 35.0 35.4 40.2 38.9 106.3 99.2

Total operating revenues 2,191.9 2,176.9 2,195.4 2,163.4 2,178.9 6,564.2 6,366.9

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (1,289.9) (1,154.2) (1,228.6) (1,166.3) (1,111.9) (3,672.7) (3,390.5)

Operating expenses (532.9) (534.0) (560.7) (547.6) (523.8) (1,627.6) (1,573.7)

Net amortization of DAC/VOBA (28.1) (113.3) (128.0) (96.8) (60.0) (269.4) (303.6)

Interest expense (46.7) (47.1) (47.0) (47.8) (48.2) (140.8) (135.4)

Total operating benefits and expenses (1,897.6) (1,848.6) (1,964.3) (1,858.5) (1,743.9) (5,710.5) (5,403.2)

Operating earnings before income taxes 294.3 328.3 231.1 304.9 435.0 853.7 963.7

Adjustments:

Closed Block Variable Annuity 131.0 (84.1) 20.2 (226.4) (167.4) 67.1 (982.9)

Net investment gains (losses) and related charges and adjustments 43.4 73.0 57.6 105.4 64.1 174.0 106.7

Net guaranteed benefit hedging gains (losses) and related charges and adjustments 33.4 (20.3) 6.4 (26.6) 10.5 19.5 46.0

Income (loss) related to businesses exited through reinsurance or divestment (31.9) (26.9) (10.5) (12.8) (13.1) (69.3) (47.0)

Income (loss) attributable to noncontrolling interests 116.6 166.6 13.5 105.6 101.1 296.7 84.5

Immediate recognition of net actuarial gains (losses) related to pension and other

postretirement benefit obligations and gains (losses) from plan amendments and

curtailments ——405.2 — -

Other adjustments to operating earnings* (32.0) (17.6) (16.0) (27.7) (10.2) (65.6) (40.5)

Total non-operating 260.5 90.7 71.2 322.7 (15.0) 422.4 (833.2)

Income (loss) before income taxes 554.8 419.0 302.3 627.6 420.0 1,276.1 130.5

* Other adjustments to operating earnings above includes:

Restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.

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Voya Financial Operating Earnings by Segment Page 15 of 70

(in millions USD) Three Months Ended September 30, 2014

Retirement Solutions Investment Insurance Solutions

Operating revenues Retirement Annuities Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated

Net investment income and net realized gains (losses) 393.6 282.3 9.0 226.3 29.1 940.3 22.7 24.4 987.4

Fee income 193.5 15.0 149.5 269.3 23.9 651.2 — 651.2

Premiums 0.7 42.7—179.1 293.7 516.2—1.2 517.4

Other revenue 17.9 4.6 9.8 4.4 (0.8) 35.9 0.2 (0.2) 35.9

Total operating revenues 605.7 344.6 168.3 679.1 345.9 2,143.6 22.9 25.4 2,191.9

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (209.4) (204.1)—(632.8) (235.7) (1,282.0)—(7.9) (1,289.9)

Operating expenses (208.6) (34.8) (109.7) (88.7) (60.9) (502.7) (23.3) (6.9) (532.9)

Net amortization of DAC/VOBA (70.5) (27.4)—82.2 (12.3) (28.0)—(0.1) (28.1)

Interest expense — — — (46.7)—(46.7)

Total operating benefits and expenses (488.5) (266.3) (109.7) (639.3) (308.9) (1,812.7) (70.0) (14.9) (1,897.6)

Operating earnings before income taxes 117.2 78.3 58.6 39.8 37.0 330.9 (47.1) 10.5 294.3

Three Months Ended September 30, 2013

Retirement Solutions Investment Insurance Solutions

Operating revenues Retirement Annuities Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated

Net investment income and net realized gains (losses) 394.5 295.9 16.4 258.7 32.1 997.6 26.9 29.9 1,054.4

Fee income 191.0 11.8 135.4 278.4 15.5 632.1 — 632.1

Premiums 0.7 7.5—174.7 269.6 452.5—1.0 453.5

Other revenue 20.7 3.9 8.3 5.3 (1.0) 37.2 1.9 (0.2) 38.9

Total operating revenues 606.9 319.1 160.1 717.1 316.2 2,119.4 28.8 30.7 2,178.9

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (213.5) (182.2)—(468.7) (223.7) (1,088.1) (12.7) (11.1) (1,111.9)

Operating expenses (205.8) (31.7) (106.1) (83.9) (58.5) (486.0) (32.8) (5.0) (523.8)

Net amortization of DAC/VOBA (0.3) (8.4)—(47.5) (4.9) (61.1) 1.2 (0.1) (60.0)

Interest expense — — — (48.2)—(48.2)

Total operating benefits and expenses (419.6) (222.3) (106.1) (600.1) (287.1) (1,635.2) (92.5) (16.2) (1,743.9)

Operating earnings before income taxes 187.3 96.8 54.0 117.0 29.1 484.2 (63.7) 14.5 435.0

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Voya Financial Operating Earnings by Segment Page 16 of 70

(in millions USD) Nine Months Ended September 30, 2014

Retirement Solutions Investment Insurance Solutions

Operating revenues Retirement Annuities Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated

Net investment income and net realized gains (losses) 1,161.7 828.7 24.3 661.6 83.5 2,759.8 71.3 70.3 2,901.4

Fee income 577.5 42.4 442.4 838.4 54.2 1,954.9 — 1,954.9

Premiums 4.8 144.3—554.5 892.8 1,596.4—5.2 1,601.6

Other revenue 53.1 14.4 25.3 16.7 (3.2) 106.3 0.5 (0.5) 106.3

Total operating revenues 1,797.1 1,029.8 492.0 2,071.2 1,027.3 6,417.4 71.8 75.0 6,564.2

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (629.4) (631.3)—(1,659.9) (719.8) (3,640.4)—(32.3) (3,672.7)

Operating expenses (651.9) (106.9) (328.7) (275.7) (190.2) (1,553.4) (53.7) (20.5) (1,627.6)

Net amortization of DAC/VOBA (147.9) (94.3)—(1.3) (25.6) (269.1)—(0.3) (269.4)

Interest expense — — — (140.8)—(140.8)

Total operating benefits and expenses (1,429.2) (832.5) (328.7) (1,936.9) (935.6) (5,462.9) (194.5) (53.1) (5,710.5)

Operating earnings before income taxes 367.9 197.3 163.3 134.3 91.7 954.5 (122.7) 21.9 853.7

Nine Months Ended September 30, 2013

Retirement Solutions Investment Insurance Solutions

Operating revenues Retirement Annuities Management Individual Life Employee Benefits Ongoing Business Corporate Closed Blocks Consolidated

Net investment income and net realized gains (losses) 1,172.2 866.5 25.3 691.0 88.4 2,843.4 52.7 105.9 3,002.0

Fee income 563.8 32.9 389.4 835.2 47.1 1,868.4 — 1,868.4

Premiums 5.0 22.0—552.6 813.5 1,393.1—4.2 1,397.3

Other revenue 46.0 9.3 25.9 20.2 (3.0) 98.4 1.1 (0.3) 99.2

Total operating revenues 1,787.0 930.7 440.6 2,099.0 946.0 6,203.3 53.8 109.8 6,366.9

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (630.2) (550.5)—(1,482.7) (679.5) (3,342.9) (10.8) (36.8) (3,390.5)

Operating expenses (619.8) (94.9) (315.4) (269.4) (179.0) (1,478.5) (76.4) (18.8) (1,573.7)

Net amortization of DAC/VOBA (79.8) (74.7)—(138.0) (11.9) (304.4) 1.1 (0.3) (303.6)

Interest expense ——(1.1)—(1.1) (134.3)—(135.4)

Total operating benefits and expenses (1,329.8) (720.1) (315.4) (1,891.2) (870.4) (5,126.9) (220.4) (55.9) (5,403.2)

Operating earnings before income taxes 457.2 210.6 125.2 207.8 75.6 1,076.4 (166.6) 53.9 963.7

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Voya Financial DAC/VOBA Segment Trends Page 17 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Retirement

Balance as of beginning-of-period 1,102.9 1,219.1 1,415.3 1,381.4 1,278.3 1,415.3 712.4

Deferrals of commissions and expenses 26.0 22.7 23.6 27.1 25.5 72.3 79.6

Amortization (47.6) (52.7) (39.2) (53.6) (44.7) (139.5) (110.5)

Unlocking (25.8) 25.7 5.1 19.0 66.0 5.0 99.1

Change in unrealized capital gains/losses 86.4 (111.9) (185.7) 41.5 56.3 (211.2) 600.8

Balance as of End-of-Period 1,141.9 1,102.9 1,219.1 1,415.3 1,381.4 1,141.9 1,381.4

Annuities

Balance as of beginning-of-period 445.2 508.4 591.7 560.5 518.6 591.7 260.7

Deferrals of commissions and expenses 24.4 30.7 31.5 27.8 23.5 86.6 61.7

Amortization (72.1) (28.9) (41.3) (38.3) (55.8) (142.3) (170.6)

Unlocking 31.0 6.5 12.5 16.6 45.3 50.0 76.7

Change in unrealized capital gains/losses 79.0 (71.5) (86.1) 25.0 28.9 (78.6) 332.0

Balance as of End-of-Period 507.5 445.2 508.4 591.7 560.5 507.5 560.5

Individual Life

Balance as of beginning-of-period 2,400.4 2,560.5 2,752.9 2,717.4 2,638.2 2,752.9 2,127.6

Deferrals of commissions and expenses 37.8 36.4 32.7 36.8 39.8 106.9 142.7

Amortization (48.4) (45.1) (32.8) (46.6) (71.8) (126.3) (170.8)

Unlocking 129.2 (0.9) (4.1) 0.5 22.4 124.2 24.9

Change in unrealized capital gains/losses 38.9 (150.5) (188.2) 44.9 88.8 (299.8) 593.0

Balance as of End-of-Period 2,557.9 2,400.4 2,560.5 2,752.9 2,717.4 2,557.9 2,717.4

Other (1)

Balance as of beginning-of-period 98.9 96.7 102.7 104.0 105.7 102.7 102.6

Deferrals of commissions and expenses 5.3 7.4 4.2 5.0 4.6 17.0 16.2

Amortization (4.8) (4.3) (3.7) (3.0) (6.3) (12.8) (16.4)

Unlocking (9.0) (1.1) (6.8) (2.4)—(16.9) -

Change in unrealized capital gains/losses (0.1) 0.2 0.3 (0.9)—0.4 1.6

Balance as of End-of-Period 90.3 98.9 96.7 102.7 104.0 90.3 104.0

Closed Block Variable Annuity

Balance as of beginning-of-period 463.8 476.2 489.0 501.7 519.7 489.0 453.0

Deferrals of commissions and expenses 1.9 2.4 3.0 2.7 1.8 7.3 10.0

Amortization (21.2) (16.5) (16.2) (17.0) (15.4) (53.9) (45.7)

Unlocking 37.8 1.6 0.4 1.6 (4.3) 39.8 (6.3)

Change in unrealized capital gains/losses—0.1 — (0.1) 0.1 90.7

Balance as of End-of-Period 482.3 463.8 476.2 489.0 501.7 482.3 501.7

Total US

Balance as of beginning-of-period 4,511.2 4,860.8 5,351.6 5,265.0 5,060.5 5,351.6 3,656.3

Deferrals of commissions and expenses 95.4 99.6 95.0 99.3 95.2 290.1 310.2

Amortization (194.1) (147.5) (133.2) (158.5) (194.0) (474.8) (514.0)

Unlocking 163.2 31.8 7.1 35.3 129.4 202.4 194.4

Change in unrealized capital gains/losses 204.2 (333.5) (459.7) 110.5 173.9 (589.4) 1,618.1

Balance as of End-of-Period 4,779.9 4,511.2 4,860.8 5,351.6 5,265.0 4,779.9 5,265.0

(1) Employee Benefits, Investment Management, Other Closed Blocks

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Voya Financial Consolidated Capital Structure Page 18 of 70

Balances as of

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13

Financial Debt

Senior bonds 2,746.8 2,746.5 2,746.3 2,746.0 2,745.8

Subordinated bonds 763.8 763.8 763.8 763.8 763.8

Other debt 4.9 4.9 4.9 4.9 4.9

Total Debt 3,515.5 3,515.2 3,515.0 3,514.7 3,514.5

Equity

Total common equity 11,764.9 11,665.4 11,424.0 11,423.1 10,820.0

Accumulated other comprehensive income (AOCI) 2,820.2 3,152.7 2,577.5 1,849.1 1,950.0

Total Voya Financial, Inc. Shareholders’ Equity 14,585.1 14,818.1 14,001.5 13,272.2 12,770.0

Total Equity (Excluding AOCI) 11,764.9 11,665.4 11,424.0 11,423.1 10,820.0

Capital

Total Capitalization 18,100.6 18,333.3 17,516.5 16,786.9 16,284.5

Total Capitalization (Excluding AOCI) 15,280.4 15,180.6 14,939.0 14,937.8 14,334.5

Debt to Capital

Debt to Capital 19.4% 19.2% 20.1% 20.9% 21.6%

Debt to Capital (Excluding AOCI) 23.0% 23.2% 23.5% 23.5% 24.5%

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Voya Financial Consolidated Assets Under Management/Assets Under Administration Page 19 of 70

(in millions USD)

Total

Institutional/ AUM—Assets Under AUA—Assets Under

Balances as of September 30, 2014 General Account Separate Account Mutual Funds Management Administration Total AUM + AUA

Retirement (1) 27,498.0 59,112.1 21,044.6 107,654.7 240,939.0 348,593.7

Annuities (2) 22,111.7 798.2 3,880.2 26,790.1—26,790.1

Retirement Solutions 49,609.7 59,910.3 24,924.8 134,444.8 240,939.0 375,383.8

Investment Management 78,503.1 49,914.3 78,259.2 206,676.6 53,080.7 259,757.3

Insurance

Individual Life (3) 13,424.2 2,694.5—16,118.7—16,118.7

Employee Benefits 1,780.8 16.0—1,796.8—1,796.8

Insurance Solutions 15,205.0 2,710.5—17,915.5—17,915.5

Eliminations (68,691.7) (47,449.4) (9,724.9) (125,866.0) (53,198.2) (179,064.2)

Total Ongoing Business 74,626.1 65,085.7 93,459.1 233,170.9 240,821.5 473,992.4

Closed Block Variable Annuity 1,795.2 41,755.0—43,550.2—43,550.2

Closed Block Institutional Spread Products 1,767.9 — 1,767.9—1,767.9

Closed Block Other 313.9 218.6—532.5—532.5

Total AUM and AUA 78,503.1 107,059.3 93,459.1 279,021.5 240,821.5 519,843.0

(1) Retirement AUM include wrapped funds as well as unwrapped Voya-managed funds (2) Annuities AUM includes Payout annuities (3) Individual Life AUM includes assets backing interest and non-interest sensitive products

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Retirement

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Voya Financial Retirement Sources of Operating Earnings Page 21 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Sources of operating earnings before income taxes:

Investment spread and other investment income (1) 185.3 173.8 178.6 181.4 181.3 537.7 544.1

Fee based margin 211.8 211.9 209.5 215.0 209.7 633.2 614.2

Net underwriting gain (loss) and other revenue (3.5) (5.0) (3.2) (2.3) 0.4 (11.7) (8.6)

Administrative expenses (169.5) (178.5) (188.0) (181.8) (171.8) (536.0) (516.4)

Trail commissions (34.9) (34.5) (33.7) (35.3) (31.4) (103.1) (93.2)

DAC/VOBA and other intangibles amortization, excluding

unlocking (1) (41.6) (39.0) (37.0) (42.8) (45.2) (117.6) (128.8)

DAC/VOBA and other intangibles unlocking (1) (30.4) 7.1 (11.3) 4.4 44.3 (34.6) 45.9

Operating earnings before income taxes 117.2 135.8 114.9 138.6 187.3 367.9 457.2

Gross investment income

Fixed income 353.4 351.0 363.7 364.1 356.9 1,068.1 1,077.9

Limited partnership income 3.5 2.6 3.0 2.8 (0.1) 9.1 4.1

Prepayment fee income 13.8 8.4 4.3 9.1 2.9 26.5 21.0

Total gross investment income 370.7 362.0 371.0 376.0 359.7 1,103.7 1,103.0

Investment expenses (15.0) (14.7) (15.1) (14.9) (14.1) (44.8) (42.9)

Credited interest (202.7) (200.3) (204.3) (210.0) (207.5) (607.3) (610.9)

Net margin 153.0 147.0 151.6 151.1 138.1 451.6 449.2

Other investment income(1) (2) 32.3 26.8 27.0 30.3 43.2 86.1 94.9

Investment spread and other investment income 185.3 173.8 178.6 181.4 181.3 537.7 544.1

Fee based margin

Fee based margin—excluding Recordkeeping 161.2 158.3 155.4 157.3 152.6 474.9 437.0

Fee based margin—Recordkeeping 50.7 53.5 54.1 57.7 57.1 158.3 177.2

Fee based margin 211.8 211.9 209.5 215.0 209.7 633.2 614.2

(1) The three months ended 9/30/13 and 12/31/13 include $14.8 million and $0.4 million of net investment income, $(6.4) million and $(0.6) million of DAC/VOBA and other intangibles amortization, and $4.3 million and $0.4 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery/LIHTC, respectively.

(2) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans

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Voya Financial Retirement Operating Earnings Page 22 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Operating revenues

Net investment income and net realized gains (losses) 393.6 379.6 388.5 397.4 394.5 1,161.7 1,172.2

Fee income 193.5 192.9 191.1 196.1 191.0 577.5 563.8

Premiums 0.7 3.4 0.7 0.7 0.7 4.8 5.0

Other revenue 17.9 17.0 18.2 18.2 20.7 53.1 46.0

Total operating revenues 605.7 592.9 598.5 612.4 606.9 1,797.1 1,787.0

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (209.4) (209.3) (210.7) (218.2) (213.5) (629.4) (630.2)

Operating expenses (208.6) (217.3) (226.0) (220.1) (205.8) (651.9) (619.8)

Net amortization of DAC/VOBA (70.5) (30.5) (46.9) (35.5) (0.3) (147.9) (79.8)

Total operating benefits and expenses (488.5) (457.1) (483.6) (473.8) (419.6) (1,429.2) (1,329.8)

Operating earnings before income taxes 117.2 135.8 114.9 138.6 187.3 367.9 457.2

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Voya Financial Retirement AUM/AUA Page 23 of 70

Balances as of

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13

Assets under management by product group

Corporate markets 42,269.8 42,499.1 40,967.4 40,123.7 37,677.7

Tax-exempt markets 53,406.6 53,910.8 53,564.2 53,200.5 51,183.9

Total full service plans 95,676.4 96,409.9 94,531.6 93,324.2 88,861.6

Stable value 8,827.1 8,843.6 8,908.6 8,914.3 8,705.0

Individual markets 3,151.2 3,174.8 3,074.9 2,998.4 2,850.5

Total AUM 107,654.7 108,428.2 106,515.1 105,236.9 100,417.1

AUA 240,939.0 241,664.0 235,906.0 237,777.1 227,841.9

Total AUM and AUA 348,593.7 350,092.2 342,421.1 343,014.0 328,259.0

Assets under management by fund group

General account 27,498.0 27,389.5 28,205.7 28,169.2 28,088.3

Guaranteed separate account 8,111.5 8,159.8 8,114.6 8,120.0 8,092.5

Non-guaranteed separate account 51,000.6 51,960.0 50,164.8 49,534.0 46,840.4

Mutual funds/Institutional funds 21,044.6 20,918.9 20,030.0 19,413.7 17,395.9

Total AUM 107,654.7 108,428.2 106,515.1 105,236.9 100,417.1

AUA 240,939.0 241,664.0 235,906.0 237,777.1 227,841.9

Total AUM and AUA 348,593.7 350,092.2 342,421.1 343,014.0 328,259.0

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Voya Financial Retirement AUM Rollforward Page 24 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Full service—Corporate markets

Assets under management, beginning of period 42,499.1 40,967.4 40,123.7 37,677.7 35,916.3 40,123.7 33,265.9

Transfer/Single deposits 884.6 913.8 900.7 1,251.5 688.2 2,699.1 2,422.8

Recurring deposits 956.3 953.5 1,108.9 845.1 883.5 3,018.7 2,823.7

Deposits 1,840.9 1,867.3 2,009.6 2,096.6 1,571.7 5,717.8 5,246.5

Surrenders, benefits, and product charges (1,595.7) (1,678.9) (1,669.6) (1,839.9) (1,645.3) (4,944.2) (4,683.6)

Net Flows 245.2 188.4 340.0 256.7 (73.6) 773.6 562.9

Interest credited and investment performance (474.4) 1,343.3 503.7 2,189.3 1,835.0 1,372.6 3,848.9

Transfer to reinsurer (3) — — — -

Assets under management, end of period 42,269.8 42,499.1 40,967.4 40,123.7 37,677.7 42,269.8 37,677.7

Full service—Tax-exempt markets

Assets under management, beginning of period 53,910.8 53,564.2 53,200.5 51,183.9 49,451.5 53,200.5 46,986.1

Transfer/Single deposits 338.5 241.6 269.7 271.2 335.0 849.8 1,333.0

Recurring deposits 669.9 764.9 779.4 756.5 691.0 2,214.2 2,269.5

Deposits 1,008.4 1,006.5 1,049.1 1,027.7 1,026.0 3,064.0 3,602.5

Surrenders, benefits, and product charges (1,295.3) (1,100.4) (1,330.7) (1,117.5) (1,101.8) (3,726.4) (3,326.4)

Net Flows (286.9) (93.9) (281.6) (89.8) (75.8) (662.4) 276.1

Interest credited and investment performance (217.3) 1,349.3 645.3 2,106.4 1,808.2 1,777.3 3,921.7

Transfer to reinsurer (3)—(908.8) ——(908.8) -

Assets under management, end of period 53,406.6 53,910.8 53,564.2 53,200.5 51,183.9 53,406.6 51,183.9

Stable value (1)

Assets under management, beginning of period 8,843.6 8,908.6 8,914.3 8,705.0 8,406.9 8,914.3 7,792.1

Transfer/Single deposits 46.0 25.6 134.9 202.1 336.7 206.5 1,232.0

Recurring deposits 44.9 34.9 47.1 60.1 63.4 126.9 161.3

Deposits 90.9 60.5 182.0 262.2 400.1 333.4 1,393.3

Surrenders, benefits, and product charges (115.1) (205.0) (242.2) (113.8) (81.3) (562.3) (402.7)

Net Flows (24.2) (144.5) (60.2) 148.4 318.8 (228.9) 990.6

Interest credited and investment performance 7.5 79.5 54.5 60.9 (20.7) 141.5 (77.7)

Transfer to reinsurer (3) — — — -

Assets under management, end of period 8,827.1 8,843.6 8,908.6 8,914.3 8,705.0 8,827.1 8,705.0

Individual markets

Assets under management, beginning of period 3,174.8 3,074.9 2,998.4 2,850.5 2,702.4 2,998.4 2,427.1

Transfer/Single deposits 225.4 263.2 281.8 290.3 280.5 770.4 935.7

Recurring deposits 0.2 0.6 0.6 0.2 0.2 1.4 1.1

Deposits 225.6 263.8 282.4 290.5 280.7 771.8 936.8

Surrenders, benefits, and product charges (226.3) (236.1) (236.2) (242.6) (215.8) (698.6) (671.3)

Net Flows (0.7) 27.7 46.2 47.9 64.9 73.2 265.5

Interest credited and investment performance (22.9) 72.2 30.3 100.0 83.2 79.6 157.9

Transfer to reinsurer (3) — — — -

Assets under management, end of period 3,151.2 3,174.8 3,074.9 2,998.4 2,850.5 3,151.2 2,850.5

Total AUM (2)

Assets under management, beginning of period 108,428.2 106,515.1 105,236.9 100,417.1 96,477.1 105,236.9 90,471.2

Transfer/Single deposits 1,494.6 1,444.1 1,587.1 2,015.1 1,640.4 4,525.8 5,923.5

Recurring deposits 1,671.3 1,753.9 1,936.0 1,661.9 1,638.1 5,361.2 5,255.5

Deposits 3,165.9 3,198.0 3,523.1 3,677.0 3,278.5 9,887.0 11,179.0

Surrenders, benefits, and product charges (3,232.3) (3,220.4) (3,478.7) (3,313.8) (3,044.2) (9,931.4) (9,083.7)

Net Flows (66.4) (22.4) 44.4 363.2 234.3 (44.4) 2,095.3

Interest credited and investment performance (707.1) 2,844.3 1,233.8 4,456.6 3,705.7 3,371.0 7,850.6

Transfer to reinsurer (3)—(908.8) ——(908.8) -

Assets under management, end of period 107,654.7 108,428.2 106,515.1 105,236.9 100,417.1 107,654.7 100,417.1

(1) Where Voya is the Investment Manager

(2) Excludes Recordkeeping and Stable Value where Voya is not the Investment Manager (3) Assets transferred to third parties through reinsurance transactions

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Annuities

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Voya Financial Annuities Sources of Operating Earnings Page 26 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Sources of operating earnings before income taxes:

Investment spread and other investment income (1) 125.7 116.4 111.0 120.5 127.9 353.1 356.7

Fee based margin 14.6 14.0 13.2 12.9 12.1 41.8 33.9

Net underwriting gain (loss) and other revenue 3.3 9.0 7.0 4.3 2.3 19.3 13.9

Administrative expenses (22.6) (24.7) (24.7) (22.0) (22.5) (72.0) (67.6)

Trail commissions (11.8) (11.7) (10.4) (9.9) (8.9) (33.9) (26.3)

DAC/VOBA and other intangibles amortization, excluding

unlocking (1) (48.7) (45.3) (44.5) (49.8) (57.9) (138.5) (160.7)

DAC/VOBA and other intangibles unlocking (1) 17.8 6.5 3.2 27.2 43.8 27.5 60.7

Operating earnings before income taxes 78.3 64.2 54.8 83.2 96.8 197.3 210.6

Gross investment income

Fixed income 259.7 259.7 257.9 256.4 259.1 777.3 785.0

Limited partnership income 6.2 3.5 4.7 5.3 1.3 14.4 8.0

Prepayment fee income 9.0 7.1 2.5 9.9 6.3 18.6 23.2

Total gross investment income 274.9 270.3 265.1 271.6 266.7 810.3 816.2

Investment expenses (11.3) (11.2) (10.7) (10.8) (10.5) (33.2) (32.6)

Credited interest (156.8) (159.7) (159.7) (163.0) (168.1) (476.2) (509.6)

Net margin 106.8 99.4 94.7 97.8 88.1 300.9 274.0

Other investment income (1) (2) 18.9 17.0 16.3 22.7 39.9 52.2 82.7

Investment spread and other investment income 125.7 116.4 111.0 120.5 127.9 353.1 356.7

(1) The three months ended 9/30/13 and 12/31/13 include $19.0 million and $1.3 million of net investment income, $(10.5) million and $(0.9) million of DAC/VOBA and other intangibles amortization, and $4.2 million and $0.4 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery/LIHTC, respectively.

(2) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans

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Voya Financial Annuities Operating Earnings Page 27 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Operating revenues

Net investment income and net realized gains (losses) 282.3 275.8 270.6 283.4 295.9 828.7 866.5

Fee income 15.0 14.2 13.2 12.2 11.8 42.4 32.9

Premiums 42.7 35.5 66.1 14.4 7.5 144.3 22.0

Other revenue 4.6 5.3 4.5 3.9 3.9 14.4 9.3

Total operating revenues 344.6 330.8 354.4 313.9 319.1 1,029.8 930.7

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders (204.1) (197.4) (229.8) (180.4) (182.2) (631.3) (550.5)

Operating expenses (34.8) (36.6) (35.5) (32.1) (31.7) (106.9) (94.9)

Net amortization of DAC/VOBA (27.4) (32.6) (34.3) (18.2) (8.4) (94.3) (74.7)

Total operating benefits and expenses (266.3) (266.6) (299.6) (230.7) (222.3) (832.5) (720.1)

Operating earnings before income taxes 78.3 64.2 54.8 83.2 96.8 197.3 210.6

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Voya Financial Annuities AUM Page 28 of 70

Balances as of

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13

Assets Under Management

Fixed single year 3,677.5 3,750.7 3,825.4 3,889.5 3,985.4

Fixed multi-year 2,653.9 3,224.4 3,342.9 3,445.7 3,608.1

Indexed 13,230.1 13,105.5 12,883.5 12,648.4 12,494.9

SPIA & Payout 2,892.1 2,886.1 2,871.1 2,803.5 2,760.4

Mutual funds 3,880.2 3,825.1 3,574.3 3,384.9 3,077.8

Other annuities 456.2 473.1 470.4 474.8 452.6

Total AUM 26,790.1 27,264.9 26,967.6 26,646.7 26,379.2

Assets Under Management

General account 22,111.7 22,614.5 22,573.2 22,432.2 22,508.2

Separate account 798.2 825.3 820.1 829.6 793.2

Mutual funds 3,880.2 3,825.1 3,574.3 3,384.9 3,077.8

Total AUM 26,790.1 27,264.9 26,967.6 26,646.7 26,379.2

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Voya Financial Annuities AUM Rollforward Page 29 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Annual Reset Annuities/Multi-Year Guaranteed Annuities

Assets Under Management, beginning of period 6,975.0 7,168.3 7,335.2 7,593.5 7,852.7 7,335.2 8,222.9

Deposits 6.8 8.7 12.0 17.7 14.5 27.5 43.2

Surrenders, benefits, and product charges (710.8) (267.6) (245.2) (348.1) (346.9) (1,223.6) (901.5)

Net cash flow (704.0) (258.9) (233.2) (330.4) (332.4) (1,196.1) (858.3)

Interest credited and investment performance 60.3 65.7 66.3 72.1 73.2 192.3 228.9

Assets Under Management, end of period 6,331.4 6,975.1 7,168.3 7,335.2 7,593.5 6,331.4 7,593.5

Fixed Indexed Annuities

Assets Under Management, beginning of period 13,105.6 12,883.5 12,648.4 12,494.9 12,362.8 12,648.4 12,209.2

Deposits 338.1 430.4 436.2 379.3 334.8 1,204.7 867.4

Surrenders, benefits, and product charges (338.6) (348.0) (316.5) (348.6) (327.3) (1,003.1) (949.0)

Net cash flow (0.5) 82.4 119.8 30.7 7.6 201.7 (81.7)

Interest credited and investment performance 125.0 139.6 115.3 122.8 124.6 380.0 367.3

Assets Under Management, end of period 13,230.1 13,105.5 12,883.5 12,648.4 12,494.9 13,230.1 12,494.9

SPIA & Payout

Assets Under Management, beginning of period 2,886.1 2,871.1 2,803.5 2,760.4 2,762.9 2,803.5 2,806.6

Deposits 76.6 81.4 119.6 94.5 51.1 277.6 128.1

Surrenders, benefits, and product charges (103.2) (107.6) (86.4) (108.7) (110.6) (297.2) (319.3)

Net cash flow (26.6) (26.2) 33.2 (14.2) (59.5) (19.6) (191.2)

Interest credited and investment performance 32.6 41.2 34.4 57.3 57.0 108.2 145.0

Assets Under Management, end of period 2,892.1 2,886.1 2,871.1 2,803.5 2,760.4 2,892.1 2,760.4

Mutual Fund Custodial

Assets Under Management, beginning of period 3,825.1 3,574.3 3,384.9 3,077.8 2,816.2 3,384.9 2,433.5

Deposits 264.9 274.6 292.6 288.3 270.6 832.1 809.1

Surrenders, benefits, and product charges (143.0) (148.5) (146.8) (135.1) (133.8) (438.3) (363.3)

Net cash flow 121.9 126.1 145.7 153.3 136.8 393.7 445.8

Interest credited and investment performance (66.8) 124.7 43.7 153.8 124.8 101.6 198.4

Assets Under Management, end of period 3,880.2 3,825.1 3,574.3 3,384.9 3,077.8 3,880.2 3,077.8

Other Annuities

Assets Under Management, beginning of period 473.0 470.4 474.8 452.6 438.9 474.8 428.7

Deposits 0.7 1.7 1.3 1.0 0.6 3.7 3.3

Surrenders, benefits, and product charges (14.5) (16.9) (11.9) (12.4) (14.1) (43.3) (42.9)

Net cash flow (13.8) (15.2) (10.5) (11.4) (13.5) (39.5) (39.6)

Interest credited and investment performance (3.0) 17.8 6.1 33.6 27.2 20.9 63.5

Assets Under Management, end of period 456.2 473.1 470.4 474.8 452.6 456.2 452.6

Annuities—Total

Assets Under Management, beginning of period 27,264.9 26,967.6 26,646.7 26,379.2 26,233.5 26,646.7 26,101.1

Deposits 687.1 796.9 861.7 780.9 671.7 2,345.6 1,851.1

Surrenders, benefits, and product charges (1,310.0) (888.7) (806.8) (952.8) (932.7) (3,005.5) (2,576.1)

Net cash flow (622.9) (91.8) 54.9 (171.9) (261.0) (659.9) (725.0)

Interest credited and investment performance 148.1 389.1 266.0 439.4 406.7 803.3 1,003.1

Assets Under Management, end of period 26,790.1 27,264.9 26,967.6 26,646.7 26,379.2 26,790.1 26,379.2

RETIREMENT | INVESTMENTS | INSURANCE

VOYA FINANCIAL TM

Investment Management

RETIREMENT | INVESTMENTS | INSURANCE

VOYA FINANCIAL TM

Voya Financial

Investment Management Sources of Operating Earnings

Page 31 of 70

(in millions USD)

Sources of operating earnings before income taxes:

Investment capital and other investment income (1) Fee based margin Administrative expenses

Operating earnings before income taxes

9/30/14

9.3

159.0

(109.7)

58.6

6/30/14

8.2

155.0

(108.3)

54.9

Three Months Ended

3/31/14

7.5

153.0

(110.7)

49.8

12/31/13

12.1

155.0

(114.2)

52.9

9/30/13

16.8

143.3

(106.1)

54.0

Year-to-Date

9/30/14

25.0 467.0 (328.7)

163.3

9/30/13

25.6 415.0 (315.4)

125.2

(1) The three months ended 9/30/13 and 12/31/13 include $11.5 million and $1.7 million respectively of net investment income from Lehman Recovery/LIHTC.

Voya Financial

Investment Management Operating Earnings

Page 32 of 70

(in millions USD)

Operating revenues

Net investment income and net realized gains (losses) Fee income Other revenue

Total operating revenues

Operating benefits and expenses

Operating expenses

Total operating benefits and expenses

Operating earnings before income taxes

Three Months Ended

9/30/14

9.0

149.5

9.8

168.3

(109.7)

(109.7)

58.6

6/30/14

8.0

147.1

8.1

163.2

(108.3)

(108.3)

54.9

3/31/14

7.3

145.8

7.4

160.5

(110.7)

(110.7)

49.8

12/31/13

11.7

141.4

14.0

167.1

(114.2)

(114.2)

52.9

9/30/13

16.4

135.4

8.3

160.1

(106.1)

(106.1)

54.0

Year-to-Date

9/30/14

24.3 442.4 25.3

492.0

(328.7)

(328.7)

163.3

9/30/13

25.3 389.4 25.9

440.6

(315.4)

(315.4)

125.2

Voya Financial

Investment Management Key Metrics

Page 33 of 70

(in millions USD)

Client Assets by Source: External clients

Investment Management sourced Affiliate sourced

Subtotal external clients

General Account (1)

Total Client Assets (AUM)

Administration Only Assets (AUA)

Total AUM and AUA

Balances as of

9/30/14

69,232.2

58,941.3

128,173.5

78,503.1

206,676.6

53,080.7

259,757.3

6/30/14

70,518.2

58,728.9

129,247.1

78,335.1

207,582.2

55,778.9

263,361.1

3/31/14

69,104.4

57,988.9

127,093.3

79,684.4

206,777.7

53,688.8

260,466.5

12/31/13

66,362.2

53,935.0

120,297.2

78,988.8

199,286.0

58,462.8

257,748.8

9/30/13

63,275.4

52,169.6

115,445.0

80,260.3

195,705.3

55,843.7

251,549.0

Balances as of

9/30/14

69,232.2

58,941.3

128,173.5

78,503.1

206,676.6

53,080.7

259,757.3

9/30/13

63,275.4

52,169.6

115,445.0

80,260.3

195,705.3

55,843.7

251,549.0

Analysis of investment advisory and administrative revenues, net, by source: (2) External clients

Investment Management sourced Affiliate sourced

Subtotal External Clients

General Account

Total investment advisory and administrative revenues, net, from AUM

Administration Only Fees

Total investment advisory and administrative revenues, net, by source (2)

Revenue Yield (bps): (2) (3) External clients

Investment Management sourced Affiliate sourced

Revenue Yield on Institutional/retail

General Account

Revenue Yield on Client Assets (AUM)

Revenue Yield on Administration Only Assets (AUA)

Total Revenue Yield on AUM and AUA (bps) (2) (3)

Three Months Ended

9/30/14

77.9

32.1

110.0

36.0

146.0

3.5

149.5

44.4

21.6

34.0

18.4

28.1

2.6

22.8

6/30/14

77.4

28.9

106.3

36.5

142.8

4.3

147.1

44.7

19.9

33.3

18.4

27.6

3.2

22.5

3/31/14

78.5

28.3

106.8

36.1

142.9

2.9

145.8

46.7

20.4

34.8

18.3

28.3

2.1

22.6

12/31/13

74.6

26.8

101.4

36.2

137.6

3.8

141.4

46.0

20.1

34.4

18.0

27.7

2.7

22.1

9/30/13

69.4 25.8

95.2

36.2

131.4

4.0

135.4

44.7 20.5

33.8

18.0

27.3

2.9

21.8

Year to Date

9/30/14

233.8

89.3

323.1

108.6

431.7

10.7

442.4

45.4

20.7

34.1

18.3

28.1

2.6

22.7

9/30/13

195.6

71.4

267.0

109.2

376.2

13.2

389.4

44.0

19.2

32.7

18.2

26.6

3.2

21.2

(1) General Account assets reported on a Statutory Book Value billing basis consistent with revenues earned.

(2) Measures used by management to evaluate ongoing business performance, allowing for more appropriate comparisons with industry peers. (3) Revenue Yields calculated using average client assets for the period.

Voya Financial

Investment Management Account Rollforward by Source

Page 34 of 70

(in millions USD)

AUM Roll-forward By Source Investment Management Sourced Beginning AUM

Inflows

Inflows from sub-advisor replacements Inflows-other Outflows

Net Flows

Net Money Market Flows Change in Market Value

Other (Including Acquisitions / Divestitures)

Investment Management sourced AUM End of Period

Organic Growth (Long Term Net Flows / Beginning of Period AUM) Market Growth %

Affiliate Sourced Beginning AUM

Inflows

Inflows from sub-advisor replacements Inflows-other Outflows

Net Flows

Net Money Market Flows Change in Market Value

Other (Including Acquisitions / Divestitures)

Affiliate sourced AUM End of Period

Organic Growth (Long Term Net Flows / Beginning of Period AUM) Market Growth %

Other affiliate sourced net flows Variable annuity net flows

Total affiliate sourced net flows

Investment Management sourced net flows Total net flows

Net Flows excluding sub-advisor replacements and variable annuity net flows

Three Months Ended

9/30/14

70,518.2

-2,872.2 (3,284.8)

(412.6)

(13.1) (1,052.2) 191.9

69,232.2

-0.59% -1.49%

58,728.9

2,130.2 667.5 (2,206.3)

591.4

(34.1) (293.4) (51.6)

58,941.3

1.01% -0.50%

1,581.4 (990.0)

591.4 (412.6) 178.8

(961.4)

6/30/14

69,104.4

-3,106.7 (3,701.5)

(594.8)

(34.1) 1,614.4 428.3

70,518.2

-0.86% 2.34%

57,988.9

-757.3 (2,020.2)

(1,262.9)

(95.8) 1,915.8 182.9

58,728.9

-2.18% 3.30%

(401.4) (861.5)

(1,262.9) (594.8) (1,857.7)

(996.2)

3/31/14

66,362.2

-4,189.3 (2,844.0)

1,345.3

28.1 843.6 525.2

69,104.4

2.03% 1.27%

53,935.0

4,671.9 949.2 (2,082.2)

3,538.9

(45.5) 639.8 (79.3)

57,988.9

6.56% 1.19%

4,340.2 (801.3)

3,538.9 1,345.3

4,884.2

1,013.6

12/31/13

63,275.4

-4,589.9 (3,302.9)

1,287.0

2.3 1,827.6 (30.0)

66,362.2

2.03% 2.89%

52,169.5

-1,149.3 (1,790.4)

(641.1)

(156.8) 2,491.3 72.1

53,935.0

-1.23% 4.78%

10.0 (651.1)

(641.1) 1,287.0

645.9

1,297.0

9/30/13

60,643.9

-3,875.4 (3,160.6)

714.9

5.1 1,801.8 109.8

63,275.4

1.18% 2.97%

49,404.6

869.8 1,849.6 (1,600.8)

1,118.6

(21.1) 2,088.5 (421.0)

52,169.5

2.26% 4.23%

1,722.3 (603.8)

1,118.6 714.9

1,833.5

1,567.5

Year-to-Date

9/30/14

66,362.2

-10,168.2 (9,830.3)

337.9

(19.1) 1,405.8 1,145.4

69,232.2

0.51% 2.12%

53,935.0

6,802.1 2,374.0 (6,308.7)

2,867.4

(175.4) 2,262.2 52.0

58,941.3

5.32% 4.19%

5,520.2 (2,652.8)

2,867.4 337.9

3,205.3

(944.0)

9/30/13

54,061.9

197.6

14,234.0

(7,940.9)

6,490.8

(19.6)

3,016.9

(274.7)

63,275.4

12.01%

5.58%

47,284.6

1,853.9

4,453.3

(4,687.4)

1,619.8

(207.5)

4,210.1

(737.4)

52,169.6

3.43%

8.90%

3,335.1

(1,715.2)

1,619.8

6,490.8

8,110.6

7,774.3

Voya Financial

Investment Management Account Value by Asset Type

Page 35 of 70

(in millions USD)

Institutional

Equity

Fixed Income Real Estate Money Market

Total

Retail

Equity

Fixed Income Real Estate Money Market

Total

General Account

Equity

Fixed Income Real Estate Money Market

Total

Combined Asset Type

Equity

Fixed Income Real Estate Money Market

Total

Balances as of

9/30/14

18,143.9 38,535.2 -11.4

56,690.5

44,026.3 18,604.5 6,889.1 1,963.1

71,483.0

232.1 77,227.6 -1,043.4

78,503.1

62,402.3 134,367.3 6,889.1 3,017.9

206,676.6

6/30/14

18,465.7 39,259.3 -11.5

57,736.5

43,723.5 18,505.3 7,250.2 2,031.6

71,510.6

254.7 77,204.4 -876.0

78,335.1

62,443.9 134,969.0 7,250.2 2,919.1

207,582.2

3/31/14

18,934.5 38,014.5 -28.1

56,977.1

42,320.6 18,798.5 6,873.5 2,123.6

70,116.2

265.4 78,457.1 -961.9

79,684.4

61,520.5 135,270.1 6,873.5 3,113.6

206,777.7

12/31/13

18,334.8 36,532.3 -28.6

54,895.7

41,408.5 15,209.9 6,647.6 2,135.5

65,401.5

280.3 77,958.6 -749.9

78,988.8

60,023.6 129,700.8 6,647.6 2,914.0

199,286.0

9/30/13

16,934.3 35,223.5 -27.2

52,185.0

38,963.8 15,191.3 6,801.5 2,303.4

63,260.0

292.6 78,097.5 -1,870.2

80,260.3

56,190.9 128,512.2 6,801.5 4,200.7

195,705.3

Individual Life

Voya Financial

Individual Life Sources of Operating Earnings

Page 37 of 70

(in millions USD)

Sources of operating earnings before income taxes:

Investment spread and other investment income (1) Fee based margin Net underwriting gain (loss) and other revenue Administrative expenses Trail commissions DAC/VOBA and other intangibles amortization, excluding unlocking (1) DAC/VOBA and other intangibles unlocking (1)

Operating earnings before income taxes

Gross Investment Income

Fixed income

Limited partnership income Prepayment fee income

Total gross investment income

Investment expenses Credited interest

Net margin

Other investment income (1) (2)

Investment spread and other investment income

Net underwriting gain (loss) and other revenue

Fee Revenue/Premiums

Net Mortality, including Reinsurance Reserve Change/Other

Total net underwriting gain (loss) and other revenue

Three Months Ended

9/30/14

59.6

4.4

93.4

(62.3)

(6.2)

(42.0)

(7.1)

39.8

212.5

4.9

4.5

221.9

(6.2)

(164.8)

50.9

8.7

59.6

492.3

(326.4)

(72.5)

93.4

6/30/14

52.1

4.4

123.9

(64.4)

(6.0)

(45.1)

(1.5)

63.4

209.1

2.6

3.0

214.7

(6.0)

(163.9)

44.8

7.3

52.1

504.3

(299.4)

(81.0)

123.9

3/31/14

53.9

5.5

86.7

(68.3)

(6.2)

(33.4)

(7.1)

31.1

210.7

4.2

0.5

215.4

(6.1)

(162.1)

47.2

6.7

53.9

488.5

(326.4)

(75.4)

86.7

12/31/13

57.1

5.8

100.4

(65.9)

(4.9)

(39.1)

(6.4)

47.0

209.5

3.6

3.6

216.7

(6.2)

(165.1)

45.4

11.7

57.1

494.2

(305.8)

(88.0)

100.4

9/30/13

95.1

4.6

119.9

(64.0)

(4.8)

(70.2)

36.4

117.0

208.6

0.7

3.6

212.9

(5.8)

(162.5)

44.6

50.6

95.1

499.3

(283.9)

(95.5)

119.9

Year-to-Date

9/30/14

165.6

14.3

304.0

(195.0)

(18.4)

(120.5)

(15.7)

134.3

632.3

11.7

8.0

652.0

(18.3)

(490.8)

142.9

22.7

165.6

1,485.2

(952.2)

(229.0)

304.0

9/30/13

195.7

14.4

351.6

(200.8)

(18.4)

(163.5)

28.8

207.8

616.0

6.1

14.4

636.5

(16.9)

(488.6)

131.0

64.7

195.7

1,487.8

(879.1)

(257.1)

351.6

(1) The three months ended 9/30/13 and 12/31/13 include $43.4 million and $3.8 million of net investment income, $(23.0) million and $(2.1) million of DAC/VOBA and other intangibles amortization, and $16.2 million and $1.4 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery/LIHTC, respectively.

(2) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans

Voya Financial

Individual Life Operating Earnings

Page 38 of 70

(in millions USD)

Operating revenues

Net investment income and net realized gains (losses) Fee income Premiums Other revenue

Total operating revenues

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders Operating expenses Net amortization of DAC/VOBA

Interest expense

Total operating benefits and expenses

Operating earnings before income taxes

Three Months Ended

9/30/14

226.3 269.3 179.1 4.4

679.1

(632.8) (88.7) 82.2 -

(639.3)

39.8

6/30/14

215.5 285.5 191.7 7.2

699.9

(499.3) (91.3) (45.9) -

(636.5)

63.4

3/31/14

219.8 283.6 183.7 5.1

692.2

(527.8) (95.7) (37.6) -

(661.1)

31.1

12/31/13

224.5 278.5 185.3 4.6

692.9

(518.8) (88.9) (38.2) -

(645.9)

47.0

9/30/13

258.7 278.4 174.7 5.3

717.1

(468.7) (83.9) (47.5) -

(600.1)

117.0

Year-to-Date

9/30/14

661.6 838.4 554.5 16.7

2,071.2

(1,659.9) (275.7) (1.3) -

(1,936.9)

134.3

9/30/13

691.0

835.2

552.6

20.2

2,099.0

(1,482.7)

(269.4)

(138.0)

(1.1)

(1,891.2)

207.8

Voya Financial

Individual Life Key Metrics

Page 39 of 70

(in millions USD)

Sales by Product Line

Guaranteed Accumulation Indexed

Total Universal life

Variable life Term Whole life

Total sales by product line

Sales by Distribution

Independent life sales Strategic distribution

Alternative and specialty markets

Total sales by distribution

Gross premiums and deposits by product:

Interest sensitive Non—interest sensitive

Total gross premiums and deposits

Applications

New business policy count (Paid)

End of Period:

In-force face amount (by product)

Universal life Variable life Term Whole life

Total In-force Face

In-force policy count (in whole numbers)

Universal life Variable life Term Whole life

Total Policy Counts

Assets under management

General account Separate account

Total

Three Months Ended

9/30/14

-2.6 16.0

18.6

1.4 6.8 -

26.8

20.1 4.2 2.5

26.8

292.5 218.8

511.3

7,452

77,867 26,806 491,344 2,110

598,128

283,349 63,597 822,955 135,450

1,305,351

13,424.2 2,694.5

16,118.7

6/30/14

-2.1 13.3

15.4

1.5 8.1 -

25.0

17.2 5.2 2.6

25.0

291.5 232.7

524.2

8,837

77,948 27,250 493,570 2,145

600,914

286,236 64,569 826,465 138,054

1,315,324

13,381.3 2,761.6

16,142.9

3/31/14

-2.8 7.9

10.7

0.9 7.2 0.1

18.9

13.2 3.7 2.0

18.9

276.0 223.6

499.6

7,879

78,162 27,667 494,756 2,176

602,761

289,045 65,635 828,414 140,209

1,323,303

13,308.0 2,699.7

16,007.7

12/31/13

-2.0 8.4

10.4

0.7 9.8 0.1

21.0

12.9 5.2 2.9

21.0

276.1 227.0

503.0

9,906

78,581 28,198 495,995 2,217

604,990

292,096 66,811 830,832 142,409

1,332,148

13,271.3 2,724.3

15,995.6

9/30/13

0.1

2.8

5.8

8.7

2.8

11.2

0.1

22.8

13.3

5.8

3.7

22.8

271.5

217.2

488.7

11,904

78,901

28,679

496,935

2,241

606,756

295,241

67,887

832,506

144,274

1,339,908

13,257.4

2,590.3

15,847.7

Year-to-Date

9/30/14

9/30/13

-7.5 37.2

44.7

3.8 22.1 0.1

70.7

50.5 13.1 7.1

70.7

860.0 675.1

1,535.1

24,168

77,867 26,806 491,344 2,110

598,128

283,349 63,597 822,955 135,450

1,305,351

13,424.2 2,694.5

16,118.7

0.6

10.7

19.2

30.5

7.9

40.3

0.1

78.8

49.6

16.5

12.7

78.8

819.9

674.2

1,494.1

43,331

78,901

28,679

496,935

2,241

606,756

295,241

67,887

832,506

144,274

1,339,908

13,257.4

2,590.3

15,847.7

Employee Benefits

Voya Financial

Employee Benefits Sources of Operating Earnings

Page 41 of 70

(in millions USD)

Sources of operating earnings before income taxes:

Investment spread and other investment income (1) Net underwriting gain (loss) and other revenue Administrative expenses Trail commissions

DAC/VOBA and other intangibles amortization, excluding unlocking DAC/VOBA and other intangibles unlocking

Operating earnings before income taxes

Gross Investment Income

Fixed income

Limited partnership income Prepayment fee income

Total gross investment income

Investment expenses Credited interest

Net margin

Other investment income (1) (2)

Investment spread and other investment income

Group life

Premiums Benefits Other (3)

Total

Loss Ratio (Interest adjusted)

Group stop loss

Premiums Benefits Other (3)

Total Loss Ratio

Voluntary Benefits, Disability, and Other

Net underwriting gain (loss) and other revenue

Three Months Ended

9/30/14

14.3 88.3 (40.0) (21.0)

(3.2) (1.4)

37.0

25.6 0.6 0.7

26.9

(0.7) (14.9)

11.3

3.0

14.3

111.9 (84.3) (2.3)

25.3 75.4%

164.1 (118.4) (0.8)

44.9 72.1%

18.3

88.3

6/30/14

11.4 91.5 (42.0) (18.9)

(2.4) (1.8)

37.8

25.3 0.3 0.4

26.0

(0.7) (16.4)

8.9

2.5

11.4

115.7 (86.4) (1.8)

27.5 74.7%

164.0 (118.5) (0.9)

44.6 72.2%

19.5

91.5

3/31/14

10.9 83.1 (44.7) (23.4)

(4.4) (4.6)

16.9

24.7 0.4 0.1

25.2

(0.8) (15.8)

8.6

2.3

10.9

113.3 (92.9) (2.1)

18.3 82.0%

163.9 (118.6) (1.4)

43.9 72.4%

21.0

83.1

12/31/13

13.6 78.3 (38.5) (18.0)

(4.4) (0.5)

30.5

25.4 0.6 1.0

27.0

(0.6) (15.7)

10.7

2.9

13.6

117.2 (84.3) (2.5)

30.5 72.0%

138.8 (108.9) (0.4)

29.5 78.4%

18.3

78.3

9/30/13

16.3 76.3 (39.9) (18.7)

(4.9) -

29.1

25.3 -1.1

26.4

(0.8) (15.8)

9.8

6.5

16.3

118.1 (97.0) (1.1)

20.0 82.1%

136.3 (99.3) (1.1)

35.9 72.8%

20.5

76.3

Year-to-Date

9/30/14

36.6

262.9

(126.7)

(63.3)

(10.0)

(7.8)

91.7

75.6

1.3

1.2

78.1

(2.4)

(47.1)

28.6

8.0

36.6

340.9

(263.6)

(6.2)

71.1

77.3%

492.0

(355.5)

(3.1)

133.4

72.3%

58.5

262.9

9/30/13

40.0 226.0 (120.5) (58.0)

(11.9) -

75.6

76.1 0.6 2.9

79.6

(2.5) (48.3)

28.8

11.2

40.0

356.2 (288.4) (6.7)

61.1 81.0%

405.9 (301.3) (2.7)

101.9 74.2%

62.9

226.0

(1) The three months ended 9/30/13 and 12/31/13 include $4.0 million and $0.3 million of net investment income from Lehman Recovery/LIHTC, respectively.

(2) Includes investment income on assets backing surplus that has been allocated from the corporate segment. (3) Other includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.

Voya Financial

Employee Benefits Operating Earnings

Page 42 of 70

(in millions USD)

Operating revenues

Net investment income and net realized gains (losses) Fee income Premiums Other revenue

Total operating revenues

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders Operating expenses Net amortization of DAC/VOBA

Total operating benefits and expenses

Operating earnings before income taxes

Three Months Ended

9/30/14

29.1

23.9

293.7

(0.8)

345.9

(235.7)

(60.9)

(12.3)

(308.9)

37.0

6/30/14

27.7

14.7

302.8

(2.7)

342.5

(239.6)

(60.9)

(4.2)

(304.7)

37.8

3/31/14

26.7

15.6

296.3

0.3

338.9

(244.5)

(68.4)

(9.1)

(322.0)

16.9

12/31/13

29.2

15.9

272.4

(1.0)

316.5

(223.9)

(57.1)

(5.0)

(286.0)

30.5

9/30/13

32.1

15.5

269.6

(1.0)

316.2

(223.7)

(58.5)

(4.9)

(287.1)

29.1

Year-to-Date

9/30/14

83.5

54.2

892.8

(3.2)

1,027.3

(719.8)

(190.2)

(25.6)

(935.6)

91.7

9/30/13

88.4

47.1

813.5

(3.0)

946.0

(679.5)

(179.0)

(11.9)

(870.4)

75.6

Voya Financial

Employee Benefits Key Metrics

Page 43 of 70

(in millions USD)

Sales

Group life (Basic / Sup / AD&D) Group stop loss Disability Association (Life, DI, PAI) Other (PAI)

Total group products Voluntary products

Total sales by product line

Total gross premiums and deposits

Total annualized in-force premiums

Assets under management (EOP)

General account Separate account

Total

Three Months Ended

9/30/14

7.2 21.8 1.0 -0.3

30.3 5.2

35.5

340.6

1,398.2

1,780.8 16.0

1,796.8

6/30/14

4.1 9.4 0.7 0.7 -

14.9 4.3

19.2

348.3

1,396.7

1,791.3 16.2

1,807.5

Months

3/31/14

37.5 182.4 8.6 -1.0

229.5 22.3

251.8

342.9

1,407.7

1,760.5 15.9

1,776.4

12/31/13

5.4

14.0

3.1

3.6

0.4

26.5

9.1

35.6

314.5

1,294.6

1,739.2

15.9

1,755.1

9/30/13

7.3

38.1

2.5

0.1

0.2

48.2

4.0

52.2

316.2

1,292.4

1,753.6

15.2

1,768.8

Year-to-Date

9/30/14

48.8

213.6

10.3

0.7

1.3

274.7

31.8

306.5

1,031.8

1,398.2

1,780.8

16.0

1,796.8

9/30/13

52.9

139.4

14.4

0.4

2.1

209.3

18.1

227.4

947.0

1,292.4

1,753.6

15.2

1,768.8

Corporate

Voya Financial

Corporate Operating Earnings

Page 45 of 70

(in millions USD)

Interest expense

Closed Block Variable Annuity contingent capital LOC Amortization of intangibles Other (1)

Operating earnings before income taxes

Three Months Ended

9/30/14

(46.8) -(9.2) 8.9

(47.1)

6/30/14

(46.7) -(8.6) 17.0

(38.3)

3/31/14

(47.0) -(8.6) 18.3

(37.3)

12/31/13

(47.0) -(8.7) 11.7

(44.0)

9/30/13

(47.6) -(8.7) (7.4)

(63.7)

Year-to-Date

9/30/14

(140.5) -(26.4) 44.2

(122.7)

9/30/13

(132.7) (18.4) (26.3) 10.8

(166.6)

(1) The three months ended 12/31/13, 3/31/14, and 6/30/14 include $3.2 million, $(1.8) million, and $5.8 million of net investment income from Lehman Recovery, respectively.

Closed Blocks (Variable Annuity and Other)

Voya Financial

Closed Block ISP and Other Operating Earnings

Page 47 of 70

(in millions USD)

Closed Block Institutional Spread Products (1) Closed Block Other (2)

Operating earnings before income taxes

Closed Block Institutional Spread Products

Operating revenues

Net investment income and net realized gains (losses) (1) Premiums Other revenue

Total operating revenues

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders Operating expenses Net amortization of DAC/VOBA

Total operating benefits and expenses

Operating earnings before income taxes

Closed Block Other

Operating revenues

Net investment income and net realized gains (losses) (2) Premiums Other revenue

Total operating revenues

Operating benefits and expenses

Interest credited and other benefits to contract owners/policyholders Operating expenses

Total operating benefits and expenses

Operating earnings before income taxes

Three Months Ended

9/30/14

8.5

2.0

10.5

6/30/14

6.6 3.9

10.5

3/31/14

5.4 (4.5)

0.9

12/31/13

(5.8) 2.5

(3.3)

9/30/13

8.7 5.8

14.5

Year-to-Date

9/30/14

20.5

1.4

21.9

9/30/13

41.7 12.2

53.9

Three Months Ended

9/30/14

18.4 0.6 (0.4)

18.6

(7.5) (2.5) (0.1)

(10.1)

8.5

6/30/14

16.6 0.6 (0.2)

17.0

(7.5) (2.8) (0.1)

(10.4)

6.6

Months

3/31/14

17.2 0.6 (0.2)

17.6

(8.8) (3.3) (0.1)

(12.2)

5.4

12/31/13

21.1 0.6 (0.3)

21.4

(24.6) (2.5) (0.1)

(27.2)

(5.8)

9/30/13

22.8 0.6 (0.3)

23.1

(11.9) (2.4) (0.1)

(14.4)

8.7

Year-to-Date

9/30/14

52.2 1.8 (0.8)

53.2

(23.8) (8.6) (0.3)

(32.7)

20.5

9/30/13

86.8 1.8 (0.9)

87.7

(38.1) (7.6) (0.3)

(46.0)

41.7

Three Months Ended

9/30/14

6.0

0.6

0.2

6.8

(0.4)

(4.4)

(4.8)

2.0

6/30/14

6.2 0.9 (0.1)

7.0

(1.4) (1.7)

(3.1)

3.9

Months

3/31/14

5.9 1.9 0.2

8.0

(6.7) (5.8)

(12.5)

(4.5)

12/31/13

5.5 (0.1) 0.2

5.6

(0.6) (2.5)

(3.1)

2.5

9/30/13

7.1 0.4 0.1

7.6

0.8 (2.6)

(1.8)

5.8

Year-to-Date

9/30/14

18.1

3.4

0.3

21.8

(8.5)

(11.9)

(20.4)

1.4

9/30/13

19.1

2.4

0.6

22.1

1.3

(11.2)

(9.9)

12.2

(1) The three months ended 9/30/13 and 12/31/13 include $(0.2) million and $(0.2) million of net investment income from Lehman Recovery/LIHTC, respectively. (2) The three months ended 9/30/13 and 12/31/13 include $0.8 million and $(0.2) million of net investment income from Lehman Recovery/LIHTC, respectively.

Voya Financial

Closed Block Variable Annuity Income (Loss) before income taxes

Page 48 of 70

(in millions USD)

Revenues

Net investment income Fee income Premiums Net realized gains (losses) Other revenues and premiums

Total revenues

Benefits and expenses

Interest credited and other benefits to contract owners/policyholders Operating expenses and interest expense Net amortization of DAC/VOBA

Total benefits and expenses

Income (loss) before income taxes

The following table presents notable items that result in volatility in income (loss) before income taxes:

Net gains (losses) related to incurred guaranteed benefits and guarantee hedge program, excluding nonperformance risk (1) Gains (losses) related to CHO program (1) Gain (loss) due to nonperformance risk(1) Net investment gains (losses) (1) DAC/VOBA and other intangibles unlocking and loss recognition

Three Months Ended

9/30/14

43.0

316.2

76.0

222.1

3.3

660.6

(429.3)

(116.9)

16.6

(529.6)

131.0

6/30/14

38.9

315.8

93.0

(339.4)

3.8

112.1

(62.8)

(118.6)

(14.8)

(196.2)

(84.1)

3/31/14

34.8

316.8

50.2

(121.1)

3.9

284.6

(126.5)

(122.1)

(15.8)

(264.4)

20.2

12/31/13

29.5

331.8

40.4

(560.8)

3.2

(155.9)

64.5

(119.6)

(15.4)

(70.5)

(226.4)

9/30/13

28.8

325.3

38.8

(463.0)

4.0

(66.1)

37.6

(119.2)

(19.7)

(101.3)

(167.4)

Year-to-Date

9/30/14

116.7

948.8

219.2

(238.4)

11.0

1,057.3

(618.6)

(357.6)

(14.0)

(990.2)

67.1

9/30/13

68.1

955.3

38.8

(1,647.8)

15.2

(570.4)

(12.6)

(347.9)

(52.0)

(412.5)

(982.9)

Three Months Ended

9/30/14

(334.8)

(7.5)

187.3

(0.2)

37.8

6/30/14

(256.7) (43.2) (32.2)

(0.7)

1.6

3/31/14

(239.1) (10.9) 29.5 (0.6) 0.4

12/31/13

(201.9) -(271.7) (0.7) 1.6

9/30/13

(366.3) (40.7) 5.2 (3.7) (4.3)

Year-to-Date

9/30/14

(830.6) (61.6) 184.6 (1.5) 39.8

9/30/13

(1,227.6) (244.8) (222.8) 13.3 (6.3)

(1) Amounts exclude net amortization of DAC/VOBA and other intangibles.

Voya Financial

Closed Block Variable Annuity Death and Living Benefits

Page 49 of 70

(in millions USD)

Death and living benefits-account value

GMAB/GMWB GMIB

GMWBL

No living benefits

Total (1)

Net amount at risk (after reinsurance) Total DB NAR

GMAB/GMWB GMIB(2) GMWBL(2)

Total LB NAR

Balances as of

9/30/14

810

14,828

15,921

10,626

42,185

5,263

18

2,270

902

3,190

6/30/14

873

15,641

16,548

11,106

44,168

4,753

17

1,885

695

2,597

3/31/14

893

15,594

16,373

11,117

43,977

5,090

20

1,964

656

2,640

12/31/13

943

15,909

16,537

11,351

44,740

5,074

20

1,682

452

2,154

9/30/13

957

15,443

16,053

11,107

43,560

5,720

25

2,321

700

3,046

(1)Excludes assets associated with Payout Reserves, Policy Loans, and Life Insurance Business (2) GMIB and GMWBL values represent discounted net amount at risk

Voya Financial

Closed Block Variable Annuity AUM Rollforward

Page 50 of 70

(in millions USD)

Products in accumulation phase:

Balance as of beginning of period Deposits

Surrenders, benefits, and product charges Net cash flow Interest credited and investment performance

Balance as of end of period

End of period contracts in payout status

Total balance as of end of period*

Assets Under Management

General account Separate account

Total*

Three Months Ended

9/30/14

44,223.4

34.9

(1,260.1)

(1,225.2)

(760.0)

42,238.2

1,312.0

43,550.2

1,795.2

41,755.0

43,550.2

6/30/14

44,022.8

47.4

(1,309.6)

(1,262.2)

1,462.8

44,223.4

1,167.0

45,390.4

1,651.4

43,739.0

45,390.4

3/31/14

44,788.2

53.6

(1,234.4)

(1,180.9)

415.4

44,022.8

1,019.2

45,042.0

1,517.3

43,524.7

45,042.0

12/31/13

43,608.4

55.1

(1,172.5)

(1,117.4)

2,297.2

44,788.2

910.8

45,699.0

1,429.1

44,269.9

45,699.0

9/30/13

42,635.2

61.0

(1,097.2)

(1,036.2)

2,009.4

43,608.4

818.5

44,426.9

1,379.7

43,047.2

44,426.9

Year-to-Date

9/30/14

44,788.2

135.9

(3,804.1)

(3,668.2)

1,118.2

42,238.2

1,312.0

43,550.2

1,795.2

41,755.0

43,550.2

9/30/13

42,590.6

215.5

(3,330.2)

(3,114.7)

4,132.5

43,608.4

818.5

44,426.9

1,379.7

43,047.2

44,426.9

*Includes products in accumulation and payout phase, Policy Loans, and Life Insurance Business

Investment Information

Voya Financial

Portfolio Composition

Page 52 of 70

(in millions USD)

Composition of Investment Portfolio

Fixed maturities, available for sale, at fair value, before consolidation CLOs Adjustments (1) VOEs Adjustments (1) Fixed maturities, available for sale, at fair value, after consolidation Fixed maturities, at fair value using the fair value option Equity securities, available for sale, at fair value Short-term investments Mortgage loans on real estate Policy loans Limited partnerships/corporations, before consolidation VOEs Adjustments (1) Limited partnerships/corporations, after consolidation Derivatives Other investments Securities pledged to creditors

Total investments, after consolidation Fixed Maturity Securities—Security Sector (2)

U.S. Government agencies and authorities U.S. Corporate—Public U.S. Corporate—Private Foreign Government / Agency Foreign Corporate—Public Foreign Corporate—Private State, municipalities and political subdivisions Residential mortgaged-backed securities: CMO-B Agency CMO-B Non-Agency Agency Non-Agency (3)

Total Residential mortgage-backed securities

Commercial mortgage-backed securities Other asset-backed securities (3)

Total fixed maturities, including securities pledged (5) Fixed Maturity Securities—Contractual Maturity Dates

Due to mature:

Due in one year or less

Due after one year through five years Due after five years through ten years Due after ten years CMO-B

Mortgage-backed securities Other asset-backed securities (3)

Total fixed maturities, including securities pledged Fixed Maturity Securities—NAIC Quality Designation NAIC Quality Designation

1 2 3 4 5 6

Total fixed maturities, including securities pledged (4) (5) Fixed Maturity Securities—ARO Quality Rating ARO Quality Rating

AAA AA A BBB BB

B and below

Total fixed maturities, including securities pledged (5)

Balances as of

9/30/14

Amount

70,180.5 (43.2) 18.4 70,155.7 3,557.8 270.5 1,173.1 9,949.7 2,104.2 1,080.9 (732.7) 348.2 1,136.8 106.8 1,021.6

89,824.4

4,649.4 33,984.0 6,094.2 897.0 7,719.8 8,400.7 454.8

3,080.0 391.4 2,376.8 1,408.1

7,256.3

4,030.8 1,248.1

74,735.1

2,362.3 13,484.2 21,719.0 24,634.4 3,471.4 7,815.7 1,248.1

74,735.1

42,099.3 29,140.6 2,855.2 393.4 59.1 187.5

74,735.1

14,233.4 4,620.2 21,561.6 29,238.8 3,092.1 1,989.0

74,735.1

% of Total

78.1%

4.0%

0.3%

1.3%

11.1%

2.3%

0.4%

1.3%

0.1%

1.1%

100.0%

6.2%

45.4%

8.2%

1.2%

10.3%

11.3%

0.6%

4.1%

0.5%

3.2%

1.9%

9.7%

5.4%

1.7%

100.0%

3.2%

18.0%

29.1%

32.9%

4.6%

10.5%

1.7%

100.0%

56.3%

39.0%

3.8%

0.5%

0.1%

0.3%

100.0%

19.0%

6.2%

28.9%

39.1%

4.1%

2.7%

100.0%

6/30/14

Amount

70,948.8

(56.9)

32.4

70,924.3

3,538.7

273.5

775.9

9,491.4

2,113.7

1,036.9

(693.0)

343.9

1,094.6

120.2

1,145.1

89,821.3

5,231.4

34,203.7

6,025.6

927.9

7,649.0

8,440.0

367.0

3,017.5

419.2

2,544.7

1,465.3

7,446.7

3,911.1

1,405.7

75,608.1

2,244.1

14,196.3

21,912.8

24,491.4

3,436.7

7,921.1

1,405.7

75,608.1

42,638.8

29,511.1

2,839.0

360.5

63.4

195.3

75,608.1

14,832.8

4,701.0

21,403.1

29,681.4

2,960.9

2,028.9

75,608.1

% of Total

78.9%

3.9%

0.3%

0.9%

10.6%

2.4%

0.4%

1.2%

0.1%

1.3%

100.0%

6.9%

45.2%

8.0%

1.2%

10.1%

11.2%

0.5%

3.9%

0.6%

3.4%

1.9%

9.8%

5.2%

1.9%

100.0%

3.0%

18.8%

29.0%

32.3%

4.5%

10.5%

1.9%

100.0%

56.3%

39.0%

3.8%

0.5%

0.1%

0.3%

100.0%

19.6%

6.2%

28.3%

39.3%

3.9%

2.7%

100.0%

Balances as 3/31/14

Amount

70,474.0

(43.8)

19.5

70,449.7

3,082.1

276.6

1,046.2

9,258.1

2,119.7

875.0

(656.1)

218.9

1,044.7

124.1

1,271.3

88,891.4

5,907.2

33,257.9

5,915.6

907.2

7,383.6

8,449.8

293.6

3,051.7

424.2

2,735.0

1,447.4

7,658.3

3,796.1

1,233.8

74,803.1

2,032.5

14,748.5

22,070.1

23,263.8

3,475.9

7,978.5

1,233.8

74,803.1

42,124.9

29,249.6

2,772.8

407.9

59.3

188.6

74,803.1

15,506.9

4,464.3

20,474.7

29,449.9

2,858.8

2,048.5

74,803.1

% of Total

79.3%

3.5%

0.3%

1.2%

10.4%

2.4%

0.2%

1.2%

0.1%

1.4%

100.0%

8.0%

44.5%

7.9%

1.2%

9.9%

11.4%

0.4%

4.0%

0.6%

3.6%

1.9%

10.1%

5.0%

1.6%

100.0%

2.7%

19.8%

29.6%

31.2%

4.6%

10.5%

1.6%

100.0%

56.3%

39.1%

3.7%

0.5%

0.1%

0.3%

100.0%

20.7%

6.0%

27.4%

39.4%

3.8%

2.7%

100.0%

12/31/13

Amount

68,341.9

(43.0)

18.9

68,317.8

2,935.3

314.4

1,048.1

9,312.2

2,147.0

890.4

(654.0)

236.4

1,149.3

124.6

1,465.7

87,050.8

5,800.1

32,033.7

5,444.9

1,051.4

7,044.1

8,261.0

281.1

2,945.5

430.3

2,881.9

1,478.9

7,736.6

3,752.1

1,313.8

72,718.8

2,153.6

14,397.4

21,303.4

22,061.9

3,375.8

8,112.9

1,313.8

72,718.8

41,169.4

28,555.4

2,415.8

329.5

61.7

187.0

72,718.8

15,330.7

4,342.1

19,793.6

28,561.5

2,676.1

2,014.8

72,718.8

% of Total

78.4%

3.4%

0.4%

1.2%

10.7%

2.5%

0.3%

1.3%

0.1%

1.7%

100.0%

8.0%

44.0%

7.5%

1.4%

9.7%

11.4%

0.4%

4.0%

0.6%

4.0%

2.0%

10.6%

5.2%

1.8%

100.0%

3.0%

19.8%

29.3%

30.3%

4.6%

11.2%

1.8%

100.0%

56.5%

39.3%

3.3%

0.5%

0.1%

0.3%

100.0%

21.1%

6.0%

27.2%

39.2%

3.7%

2.8%

100.0%

9/30/13

Amount

69,258.8

(118.0)

30.6

69,171.4

2,910.2

279.6

2,547.3

9,015.6

2,147.5

984.3

(594.3)

390.0

1,087.4

145.7

1,312.6

89,007.3

6,336.4

32,048.9

5,362.3

1,057.5

6,982.4

8,149.1

285.0

2,882.5

449.0

3,030.0

1,587.8

7,949.3

3,867.6

1,355.7

73,394.2

2,423.9

16,036.2

20,113.5

21,648.0

3,331.5

8,485.4

1,355.7

73,394.2

41,616.0

28,315.4

2,735.2

456.9

78.2

192.5

73,394.2

15,856.2

4,518.3

19,877.9

28,383.4

2,682.6

2,075.8

73,394.2

% of Total

77.7%

3.3%

0.3%

2.8%

10.1%

2.4%

0.4%

1.3%

0.2%

1.5%

100.0%

8.6%

43.8%

7.3%

1.4%

9.5%

11.1%

0.4%

3.9%

0.6%

4.1%

2.2%

10.8%

5.3%

1.8%

100.0%

3.3%

21.8%

27.4%

29.6%

4.5%

11.6%

1.8%

100.0%

56.7%

38.6%

3.7%

0.6%

0.1%

0.3%

100.0%

21.6%

6.2%

27.1%

38.6%

3.7%

2.8%

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. Refer to page in “Additional Information” section.

Voya Financial Portfolio Results

Page 53 of 70

(in millions USD)

Operating investment income and annualized yield (5)

Fixed maturity securities (1) Equity securities Mortgage loans Limited partnerships Policy loans Short-term investments (1) Derivatives Pre-payment fee income Other assets

Gross investment income before expenses and fees

Expenses and fees

Total investment income and annualized yield

Less: Closed Block Variable Annuity (CBVA) investment income net of expenses and fees

Total investment income, excluding CBVA

Trading Gains/Losses (5)

Fixed maturities Equity securities Mortgage loans Other investments

Total Trading Gains/Losses, excluding CBVA

Impairments (5)

Fixed maturities Equity securities Mortgage loans Other investments

Total Impairments, excluding CBVA

Fair Value Adjustments (2)

Derivatives, including Change in Fair Value of Derivatives related to Guaranteed Benefits, excluding CBVA

Net Realized Investment Gains (losses) and Net Guaranteed Benefit Hedging Gains (losses), excluding CBVA (5)

CBVA Investment Income and Realized Capital Gains (Losses) Businesses exited through reinsurance (3) Consolidation/eliminations (4) Total Investment Income and Realized Capital Gains (Losses)

Three Months Ended

9/30/14

Net Investment Income

Income

836.4 2.3 119.2 47.4 27.9 0.9 3.5 31.6 3.1

1,072.3

(41.9)

1,030.4

43.0

987.4

15.9 0.1 (0.1) (10.1)

5.8

(7.0) —-

(7.0) 6.6 90.9

96.3

265.1

(1.4) (2.8) 1,344.6

Annualized Yield

Yield

5.04% 3.38% 5.04% 19.20% 5.45% 0.17% N/A

0.15% N/A

5.28%

-0.21%

5.07%

6/30/14

Net Investment Income

827.5

Income

827.5

3.6 114.8 36.2 27.5

0.7

1.7 21.4 (2.2)

1,031.2

(39.7)

991.5

38.9

952.6

(0.4)

0.7 -29.5

29.8

(2.4) — — -

(2.4) 64.9 (49.5)

42.8

(300.5)

62.9

(3.4)

754.4

Annualized Yield

Annualized Yield

4.99% 5.68% 5.03% 14.98% 5.34% 0.17% N/A

0.10% N/A

5.12%

-0.20%

4.92%

Net Investment Income

843.8

3.8 114.4 31.4 28.0

0.8

1.3

7.5

5.5

1,036.5

(40.3)

996.2

34.8

961.4

16.1 18.1

0.4 (1.0)

33.6

(2.3)

(1.0) — -

(3.3) 59.7 (64.1)

25.9

(86.3)

16.4 37.6 955.0

Annualized Yield

Yield

5.02% 5.59% 5.06% 15.46% 5.42% 0.13% N/A

0.04% N/A

5.07%

-0.20%

4.87%

12/31/13

Net Investment Income

Income

839.4

3.5 114.2 61.5 29.2

0.8 (6.8) 25.9

8.3

1,076.0

(40.7)

1,035.3

29.5

1,005.8

62.7 -

0.1 (3.2)

59.6

(13.1)

— — -

(13.1) 42.6 15.5

104.6

(531.3)

(12.3) 12.7 579.5

Annualized Yield

Yield

4.98% 4.54% 5.18% 31.85% 5.58% 0.16% N/A

0.12% N/A

5.28%

-0.21%

5.07%

9/30/13

Net Investment Income

824.1 3.4 112.8 116.1 29.5 0.8 (2.2) 14.6 23.6

1,122.7

(39.5)

1,083.2

28.8

1,054.4

36.0 0.6 0.2 4.3

41.1

(2.3) (1.2) -(0.7)

(4.2) 19.6 17.8

74.3

(434.2)

(15.6) 25.6 704.5

Annualized Yield

Annualized Yield

4.88% 4.96% 5.13% 60.40% 5.66% 0.12% N/A

0.07% N/A

5.47%

-0.19%

5.28%

Year to Date

9/30/14

Net Investment Income

Net Investment Income

2,507.7 9.7 348.4 115.0 83.4 2.4 6.5 60.5 6.4

3,140.0

(121.9)

3,018.1

116.7

2,901.4

31.6 18.9 0.3 18.4

69.2

(11.7) (1.0)

— -

(12.7) 131.2 (22.7)

165.0

(121.7)

77.9 31.4 3,054.0

Annualized Yield

Annualized Yield

5.02% 4.92% 5.04% 16.64% 5.41% 0.16% N/A

0.10% N/A

5.16%

-0.21%

4.95%

Net Investment Income

Investment Income

2,510.7 6.5 341.8 167.1 89.1 2.7 (23.1) 65.9 30.4

3,191.1

(121.0)

3,070.1

68.1

3,002.0

47.8 0.7

— 2.9

51.4

(18.7)

(3.0) — (0.7)

(22.4) (68.3) 190.5

151.2

(1,579.7)

(97.0) 98.2 1,574.7

9/30/13

Annualized Yield

5.05% 3.15% 5.25% 24.61% 5.64% 0.13% N/A

0.11% N/A

5.25%

-0.20%

5.05%

(1) Operating income from CMO-B portfolio assets, including derivatives, is included in fixed maturity securities.

(2) Fair value adjustments include adjustments related to CMO-B assets carried at fair value, among other income sources.

(3) Income related to reinsurance transactions, in which investment results are passed directly to the reinsurers pursuant to contracted terms of the reinsurance agreement. (4) Consolidation/eliminations includes:

-The impact of consolidation of investment entities into the Consolidated Statements of Operations, net of the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company; -The elimination of intersegment expenses, primarily consisting of asset-based management and administration fees charged by our Investment Management Segment; -Other intersegment eliminations.

(5) Investment results related to businesses exited through reinsurance are excluded.

Voya Financial

Alternative Investment Income

Page 54 of 70

(in millions USD)

Retirement

Average alternative investments Alternative investment income

Annuities

Average alternative investments Alternative investment income

Investment Management

Average alternative investments Alternative investment income

Individual Life

Average alternative investments Alternative investment income

Employee Benefits

Average alternative investments Alternative investment income

Total Ongoing Business

Average alternative investments Alternative investment income

Corporate

Average alternative investments Alternative investment income

Closed Blocks (1)

Average alternative investments Alternative investment income

Total Consolidated(2)

Average alternative investments Alternative investment income

Three Months Ended

9/30/14

346.0 12.8

214.4 10.3

145.6

9.0

156.0

8.2

33.2

1.5

895.2 41.8

108.0

3.7

38.0

1.6

1,041.2 47.1

6/30/14

288.5

7.0

190.4

5.4

146.9

8.0

135.3

4.1

27.0

0.7

788.1 25.2

106.0

4.2

35.0

1.3

929.1 30.7

Three Months

3/31/14

266.7

7.1

179.3

6.4

141.7

7.3

123.9

5.5

24.1

0.8

735.7

27.1

103.7

5.0

29.8

1.1

869.2

33.2

12/31/13

264.8 12.6

170.9

9.1

127.1 10.0

125.5

7.1

24.5

1.4

712.8 40.2

101.6

7.2

51.7

3.0

866.1 50.4

9/30/13

267.1

7.5

171.5

4.5

124.2

4.9

127.7

3.4

25.1

0.8

715.6 21.1

95.8

4.8

58.8

2.5

870.2 28.4

Year-to-Date

9/30/14

300.4

26.9

194.7

22.1

144.7

24.3

138.4

17.8

28.1

3.0

806.3

94.1

105.9

12.9

34.2

4.0

946.4

111.0

9/30/13

261.0

23.8

179.8

16.5

122.9

13.8

132.9

13.1

24.8

2.5

721.4

69.7

96.5

1.8

60.2

6.7

878.1

78.2

(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) Alternative investment income excludes the net investment income from Lehman Recovery/LIHTC in the 6/30/14, 3/31/14, 12/31/13 and 9/30/13 periods.

Voya Financial

Unrealized Gains (Losses)

Page 55 of 70

(in millions USD)

Fixed Maturities, available for sale (including securities pledged) Aging Schedule

Less than 20%

20% or more for less than six months 20% or more for six months or greater

Total Unrealized Loss Total Unrealized Gain Net Unrealized Gain/Loss

Fixed Maturities Securities—Security Sector—Net Unrealized Gain/(Loss)*

US Treasuries and US government agencies and authorities US Corporate—Public US Corporate—Private Foreign Government / Agency Foreign Corporate—Public Foreign Corporate—Private State, municipalities, and political subdivisions Residential mortgaged-backed securities: CMO-B Agency CMO-B Non-Agency Agency Non-Agency

Total Residential mortgage-backed securities

Commercial Mortgage-Backed Securities Other Asset-Backed Securities*

Total Net Unrealized Gain/Loss

Balances as of

9/30/14

Amount

(344.5) (0.6) (4.0)

(349.1) 5,591.4 5,242.3

% of Total

98.7% 0.2% 1.1%

100.0%

6/30/14

Amount

(282.1) (0.5) (6.4)

(289.0) 6,266.5 5,977.5

% of Total

97.6% 0.2% 2.2%

100.0%

3/31/14

Amount % of Total

(587.6)

(8.5)

(7.8)

(603.9)

5,363.6

4,759.7

97.3%

1.4%

1.3%

100.0%

12/31/13

Amount

(1,087.3) (18.6) (30.6)

(1,136.5) 4,301.8 3,165.3

% of Total

95.7% 1.6% 2.7%

100.0%

9/30/13

Amount

(992.6) (47.3) (29.1)

(1,069.0) 4,594.2 3,525.2

% of Total

92.9% 4.4% 2.7%

100.0%

466.6 2,462.4 372.6 34.4 454.2 551.0 20.0

365.7 116.1 27.8 78.7

588.3

269.3 23.5

5,242.3

466.6 2,462.4 372.6 34.4 454.2 551.0 20.0

365.7 116.1 27.8 78.7

588.3

269.3 23.5

5,242.3

450.1 2,818.5 458.6

44.0 563.6 648.6

22.3

392.6 123.6

33.6

74.6

624.4

314.9

32.5

5,977.5

305.0 2,121.0 393.7 20.9 393.1 580.4 17.1

385.5 119.5 5.3 62.4

572.7

323.3 32.5

4,759.7

108.1 1,173.7

294.6 7.4 228.2 459.5 9.1

376.5 118.1 (7.5) 36.7

523.8

324.2 36.7

3,165.3

255.7 1,238.2 354.2 11.9 202.9 509.1 11.0

397.0 115.5 13.1 13.1

538.7

358.3 45.2

3,525.2

Voya Financial

Asset Backed Securities

Page 56 of 70

(in millions USD)

RMBS Balances by Collateral Type

Prime Agency Prime / Non-Agency Alt-A RMBS

Subprime Mortgage-Backed Securities

Total

Balances as of

9/30/14

Fair Value

5,448.6 906.2 325.7 575.8

7,256.3

Amortized Cost

4,979.8 761.1 269.1 539.8

6,549.8

6/30/14

Fair Value

5,554.0 959.6 337.7 595.4

7,446.7

Fair Value

5,554.0 959.6 337.7 595.4

7,446.7

3/31/14

Fair Value

5,777.9 904.0 353.3 623.1

7,658.3

Amortized Cost

5,310.9 750.2 297.7 603.7

6,962.5

12/31/13

Fair Value

5,826.0 933.7 353.5 623.4

7,736.6

Amortized Cost

5,377.7 786.5 307.4 614.7

7,086.3

9/30/13

Fair Value

5,911.2 1,021.6 358.8 657.7

7,949.3

Amortized Cost

5,410.4 872.1 326.0 657.5

7,266.0

CMBS Balances by Year of Origination

2014 2013 2012 2010 2008 2007 2006

2005 and prior

Total

Balances as of

9/30/14

Fair Value

384.2 427.2 11.0 8.4 11.1 1,131.0 1,186.7 871.2

4,030.8

Amortized Cost

377.1 411.5 10.7 8.2 9.4 1,013.8 1,097.5 833.3

3,761.5

6/30/14

Fair Value

181.4 390.6 11.1 8.3 11.4 1,150.0 1,216.1 942.2

3,911.1

Amortized Cost

176.8 375.1 10.7 8.3 9.5 1,016.6 1,107.3 891.9

3,596.2

3/31/14

Fair Value

52.5 341.6 9.0 7.9 11.4 1,148.2 1,238.9 986.6

3,796.1

Amortized Cost

52.6 337.7 8.9 8.0 9.3 1,014.2 1,116.9 925.2

3,472.8

12/31/13

Fair Value

— 197.2 8.8 — 11.4 1,148.1 1,252.7 1,133.9

3,752.1

Amortized Cost

— 200.4 8.9 — 9.3 1,017.8 1,127.4 1,064.1

3,427.9

9/30/13

Fair Value

— — — — 11.5 1,264.7 1,338.8 1,252.6

3,867.6

Amortized Cost

— — — — 9.3 1,123.6 1,201.6 1,174.8

3,509.3

Other ABS Balances by Loan Classification

Credit Card Receivables Automobile Receivables CLO’s * Other

Total

* Excludes consolidated CLO’s

Balances as of

9/30/14

Fair Value

662.9 279.3 69.9 236.0

1,248.1

Amortized Cost

648.1 278.9 67.9 229.7

1,224.6

6/30/14

Fair Value

638.4 424.5 83.1 259.7

1,405.7

Amortized Cost

619.0 423.5 79.7 251.0

1,373.2

Balances as 3/31/14

Fair Value

576.4 384.4 26.2 246.8

1,233.8

Amortized Cost

558.0 383.6 22.9 236.8

1,201.3

12/31/13

Fair Value

558.1 447.9 41.7 266.1

1,313.8

Amortized Cost

538.5 447.1 36.6 254.9

1,277.1

9/30/13

Fair Value

552.8 471.3 49.5 282.1

1,355.7

Amortized Cost

529.4 470.2 48.9 268.8

1,317.3

Voya Financial

RMBS Securities Summary

Page 57 of 70

(in millions USD)

RMBS(1)

By Rating and Origination Year As of September 30, 2014

Prime Agency Prime/Non-Agency Alt-A RMBS Subprime Mortgage-Backed Total

Securities

NAIC Designation Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost

1 5,434.6 4,964.4 630.2 563.6 256.7 211.2 431.0 384.7 6,752.5 6,123.9

2 —— 53.6 52.7 28.5 27.5 90.7 97.7 172.8 177.9

3 8.5 9.9 27.3 25.3 24.3 22.1 31.6 34.0 91.7 91.3

4 5.5 5.5 3.1 0.6 13.7 6.2 15.0 17.1 37.3 29.4

5 —— 45.1 32.0 —— 5.5 3.5 50.6 35.5

6 —— 146.9 86.9 2.5 2.1 2.0 2.8 151.4 91.8

Total by rating (2) 5,448.6 4,979.8 906.2 761.1 325.7 269.1 575.8 539.8 7,256.3 6,549.8

Prime Agency Prime/Non-Agency Alt-A RMBS Subprime Mortgage-Backed Total

Securities

ARO Rating Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost

AAA 5,417.1 4,945.9 8.9 8.9 0.2 0.2 1.4 1.4 5,427.6 4,956.4

AA 2.8 2.7 24.1 22.4 —— 2.2 2.2 29.1 27.3

A 4.4 4.4 29.8 28.2 3.1 2.8 26.6 27.2 63.9 62.6

BBB —— 99.3 96.0 13.3 13.5 29.0 29.6 141.6 139.1

BB 8.5 9.9 61.4 55.9 18.6 18.2 47.2 51.3 135.7 135.3

B and below 15.8 16.9 682.7 549.7 290.5 234.4 469.4 428.1 1,458.4 1,229.1

Total by rating (2) 5,448.6 4,979.8 906.2 761.1 325.7 269.1 575.8 539.8 7,256.3 6,549.8

Prime Agency Prime/Non-Agency Alt-A RMBS Subprime Mortgage-Backed Total

Securities

Origination Year Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost

2014 173.1 172.3 —————— 173.1 172.3

2013 715.6 709.5 —————— 715.6 709.5

2012 768.9 775.5 —————— 768.9 775.5

2011 991.4 972.0 —————— 991.4 972.0

2010 667.1 646.7 22.4 21.5 ———— 689.5 668.2

2009 253.4 251.1 8.5 8.6 ———— 261.9 259.7

2008 143.8 131.5 —————— 143.8 131.5

2007 341.5 306.4 160.2 148.4 70.2 58.8 172.2 151.1 744.1 664.7

2006 409.5 300.9 259.2 184.1 88.0 59.0 156.8 138.8 913.5 682.8

2005 and prior 984.3 713.9 455.9 398.5 167.5 151.3 246.8 249.9 1,854.5 1,513.6

Total by origination year 5,448.6 4,979.8 906.2 761.1 325.7 269.1 575.8 539.8 7,256.3 6,549.8

(1) Subprime mortgage-backed securities are included in RMBS under this presentation.

(1) Subprime mortgage-backed securities are included in RMBS under this presentation.

(2) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to page in “Additional Information” section.

Voya Financial

CMBS and Other Asset-Backed Securities Summary

Page 58 of 70

(in millions USD)

CMBS

By Rating and Vintage As of September 30, 2014

As of September 30, 2014

AAA AA A BBB BB B & Below Total

Amortized Amortized Amortized Amortized Amortized Amortized

Origination Year Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Amortized Cost

2014 384.2 377.1 —————————— 384.2 377.1

2013 427.2 411.5 —————————— 427.2 411.5

2012 11.0 10.7 —————————— 11.0 10.7

2010 8.1 7.9 0.3 0.3 ———————— 8.4 8.2

2008 ———————— 11.1 9.4 —— 11.1 9.4

2007 131.4 122.0 267.1 245.8 153.7 142.1 147.0 118.5 274.8 256.1 157.0 129.3 1,131.0 1,013.8

2006 604.2 574.7 99.6 93.2 148.9 139.1 208.6 191.1 96.5 76.3 28.9 23.1 1,186.7 1,097.5

2005 and prior 479.9 470.6 156.2 151.0 117.0 112.2 67.2 62.4 37.2 29.4 13.7 7.7 871.2 833.3

Total by origination year 2,046.0 1,974.5 523.2 490.3 419.6 393.4 422.8 372.0 419.6 371.2 199.6 160.1 4,030.8 3,761.5

Other Asset-Backed Securities* By Rating and Classification As of September 30, 2014

Credit Card Receivables Automobile Receivables CLO’s** Other Total

Amortized Amortized Amortized Amortized Amortized

ARO Rating Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost

AAA 641.6 627.1 279.3 278.9 —— 188.8 182.1 1,109.7 1,088.1

AA ———— 32.3 30.3 7.1 7.6 39.4 37.9

A 21.3 21.0 —— 37.6 37.6 17.1 17.5 76.0 76.1

BBB —————— 22.7 22.2 22.7 22.2

BB —————— 0.2 0.2 0.2 0.2

B and below —————— 0.1 0.1 0.1 0.1

Total by rating 662.9 648.1 279.3 278.9 69.9 67.9 236.0 229.7 1,248.1 1,224.6

Credit Card Receivables Automobile Receivables CLO’s** Other Total

Amortized Amortized Amortized Amortized Amortized

NAIC Designation Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost

1 662.9 648.1 279.3 278.9 69.9 67.9 213.0 207.2 1,225.1 1,202.1

2 —————— 22.7 22.2 22.7 22.2

3 —————— 0.2 0.2 0.2 0.2

4 ————————— -

5 ————————— -

6 —————— 0.1 0.1 0.1 0.1

Total by rating 662.9 648.1 279.3 278.9 69.9 67.9 236.0 229.7 1,248.1 1,224.6

* Subprime asset-backed securities are excluded from Other Asset-Backed Securities and included in Non-Agency RMBS under this presentation.

** Excludes consolidated CLO’s

Voya Financial

Mortgage Loans on Real Estate

Page 59 of 70

(in millions USD)

Mortgage Loans on Real Estate by Region and Property Type

Balances as of

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13

U.S. Region Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total

Pacific 2,490.9 25.0% 2,339.7 24.6% 2,369.2 25.6% 2,281.8 24.5% 2,054.5 22.7%

South Atlantic 2,031.3 20.4% 2,032.9 21.4% 1,964.6 21.2% 1,936.0 20.8% 1,851.4 20.5%

Middle Atlantic 1,355.1 13.6% 1,201.8 12.7% 1,113.2 12.0% 1,112.0 11.9% 1,107.2 12.3%

East North Central 1,190.5 12.0% 1,124.2 11.8% 1,055.6 11.4% 1,037.5 11.1% 962.7 10.7%

West South Central 1,101.6 11.1% 1,134.3 11.9% 1,112.7 12.0% 1,122.3 12.0% 1,232.9 13.7%

Mountain 837.8 8.4% 809.2 8.5% 771.7 8.3% 790.4 8.5% 749.7 8.3%

West North Central 528.4 5.3% 509.6 5.4% 525.6 5.7% 517.2 5.6% 519.4 5.8%

New England 182.3 1.8% 147.9 1.6% 150.2 1.6% 318.1 3.4% 318.9 3.5%

East South Central 235.2 2.4% 195.1 2.1% 198.7 2.2% 200.7 2.2% 222.9 2.5%

Total Commercial Mortgage Loans (1) 9,953.1 100.0% 9,494.7 100.0% 9,261.5 100.0% 9,316.0 100.0% 9,019.6 100.0%

Property Type

Industrial 2,769.3 27.8% 2,731.2 28.7% 2,818.6 30.4% 2,848.0 30.6% 2,998.0 33.3%

Retail 3,190.4 32.1% 2,949.1 31.0% 2,951.0 31.9% 2,936.9 31.5% 2,795.9 31.0%

Office 1,226.3 12.3% 1,193.3 12.6% 1,089.0 11.7% 1,242.2 13.3% 1,243.3 13.8%

Apartments 1,582.2 15.9% 1,440.5 15.2% 1,348.7 14.6% 1,296.1 13.9% 1,048.6 11.6%

Hotel/Motel 390.3 3.9% 414.2 4.4% 382.1 4.1% 430.6 4.6% 364.1 4.0%

Other 446.8 4.5% 416.7 4.4% 366.3 4.0% 378.1 4.1% 382.3 4.2%

Mixed Use 347.8 3.5% 349.7 3.7% 305.8 3.3% 184.1 2.0% 187.4 2.1%

Total Commercial Mortgage Loans (1) 9,953.1 100.0% 9,494.7 100.0% 9,261.5 100.0% 9,316.0 100.0% 9,019.6 100.0%

Loan Size

Under $5 million 1,415.3 14.2% 1,439.6 15.2% 1,507.8 16.3% 1,516.5 16.3% 1,546.5 17.1%

$5 million but less than $10 million 1,548.4 15.6% 1,587.4 16.7% 1,549.4 16.7% 1,582.2 17.0% 1,548.9 17.2%

$10 million but less than $20 million 2,262.8 22.7% 2,100.0 22.1% 1,936.7 20.9% 1,899.5 20.4% 1,746.6 19.4%

$20 million but less than $30 million 1,265.6 12.7% 1,159.5 12.2% 1,097.7 11.9% 1,077.7 11.6% 1,045.0 11.6%

$30 million and over 3,461.0 34.8% 3,208.2 33.8% 3,169.9 34.2% 3,240.1 34.7% 3,132.6 34.7%

Total Commercial Mortgage Loans (1) 9,953.1 100.0% 9,494.7 100.0% 9,261.5 100.0% 9,316.0 100.0% 9,019.6 100.0%

Other Stats as ratios

LTV—Origination 59.7% 59.3% 59.2% 59.0% 58.8%

LTV—Current 56.2% 55.8% 55.8% 55.5% 56.1%

Debt Service Coverage 1.9 1.9 2.0 2.0 1.9

Other Stats in USD millions

60+day delinq (incl in process of foreclosure)

US GAAP Book Value — — — 5.1 5.1

Allowance for loan losses 3.4 3.3 3.4 3.8 4.0

(1) Total Commercial Mortgage Loans shown do not include allowance for mortgage loan credit losses

Voya Financial

U.S. and Foreign Corporate Securities

Page 60 of 70

(in millions USD)

Summary of Corporate Securities by Industry Category

Balances as of

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13

Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total

Type Industry

Communications 4,031.8 9.7% 4,113.4 9.8% 4,001.1 9.8% 3,835.1 9.8% 3,849.3 9.9%

Financial 7,231.8 17.3% 6,935.2 16.6% 6,641.5 16.3% 6,177.7 15.8% 5,950.3 15.2%

Industrial and other companies 22,462.8 53.8% 22,795.9 54.5% 22,240.0 54.8% 21,556.7 55.1% 21,770.6 55.8%

Public Utilities 6,869.4 16.5% 6,911.1 16.5% 6,690.3 16.5% 6,472.2 16.6% 6,439.4 16.5%

Transportation 1,108.0 2.7% 1,097.1 2.6% 1,068.6 2.6% 1,036.1 2.7% 1,021.7 2.6%

Sub-total 41,703.8 100.0% 41,852.7 100.0% 40,641.5 100.0% 39,077.8 100.0% 39,031.3 100.0%

Communications 368.1 2.5% 387.9 2.7% 340.0 2.4% 400.7 2.9% 405.2 3.0%

Financial 1,000.2 6.9% 1,013.0 7.0% 982.2 6.8% 957.0 7.0% 948.2 7.0%

Industrial and other companies 9,317.6 64.3% 9,394.6 64.9% 9,390.9 65.3% 8,706.4 63.6% 8,741.8 64.7%

Private Utilities 3,319.7 22.9% 3,226.8 22.3% 3,182.8 22.2% 3,156.2 23.0% 2,926.5 21.7%

Transportation 489.3 3.4% 443.3 3.1% 469.5 3.3% 485.6 3.5% 489.7 3.6%

Sub-total 14,494.9 100.0% 14,465.6 100.0% 14,365.4 100.0% 13,705.9 100.0% 13,511.4 100.0%

Communications 4,399.9 7.8% 4,501.3 8.0% 4,341.1 7.9% 4,235.8 8.0% 4,254.5 8.1%

Financial 8,232.0 14.6% 7,948.2 14.1% 7,623.7 13.9% 7,134.7 13.5% 6,898.5 13.1%

Industrial and other companies 31,780.4 56.7% 32,190.5 57.2% 31,630.9 57.5% 30,263.1 57.4% 30,512.4 58.1%

Total Utilities 10,189.1 18.1% 10,137.9 18.0% 9,873.1 17.9% 9,628.4 18.2% 9,365.9 17.8%

Transportation 1,597.3 2.8% 1,540.4 2.7% 1,538.1 2.8% 1,521.7 2.9% 1,511.4 2.9%

Total 56,198.7 100.0% 56,318.3 100.0% 55,006.9 100.0% 52,783.7 100.0% 52,542.7 100.0%

Voya Financial Exposure to European Debt-Fixed Maturities and Equity Securities Page 61 of 70

(in millions USD)

Exposure to Select European Countries Sovereign Debt Corporate—Financial Corporate—Non-Financial Total Total

As of September 30, 2014 Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Amortized Cost % of Total

Ireland—0.0%—0.0% 269.8 3.5% 269.8 3.0% 250.4 3.0%

Italy—0.0%—0.0% 260.7 3.3% 260.7 2.9% 237.2 2.8%

Portugal—0.0%—0.0% 10.2 0.1% 10.2 0.1% 7.9 0.1%

Spain—0.0%—0.0% 214.6 2.8% 214.6 2.4% 192.5 2.3%

Total Peripheral Euro-Zone—0.0%—0.0% 755.3 9.7% 755.3 8.4% 688.0 8.2%

Austria—0.0%—0.0% 15.4 0.2% 15.4 0.2% 15.0 0.2%

Belgium 37.1 15.3%—0.0% 338.1 4.3% 375.2 4.2% 325.0 3.8%

Bulgaria 5.5 2.3%—0.0%—0.0% 5.5 0.1% 5.5 0.1%

Croatia 28.1 11.6%—0.0%—0.0% 28.1 0.3% 25.6 0.3%

Czech Republic—0.0%—0.0% 10.5 0.1% 10.5 0.1% 10.1 0.1%

Denmark—0.0%—0.0% 132.5 1.7% 132.5 1.5% 122.7 1.5%

Finland—0.0%—0.0% 18.5 0.2% 18.5 0.2% 17.0 0.2%

France—0.0% 159.6 16.1% 488.9 6.3% 648.5 7.2% 611.8 7.2%

Germany—0.0% 56.2 5.7% 647.6 8.3% 703.8 7.8% 665.3 7.9%

Hungary 6.1 2.5%—0.0%—0.0% 6.1 0.1% 6.0 0.1%

Iceland—0.0%—0.0%—0.0%—0.0%—0.0%

Kazakhstan 42.1 17.3% 1.4 0.1% 19.4 0.2% 62.9 0.7% 59.6 0.7%

Latvia 4.9 2.0%—0.0%—0.0% 4.9 0.1% 4.6 0.1%

Lithuania 34.3 14.1%—0.0%—0.0% 34.3 0.4% 30.4 0.4%

Luxembourg—0.0%—0.0% 24.0 0.3% 24.0 0.3% 23.2 0.3%

Netherlands—0.0% 189.4 19.1% 1,069.7 13.8% 1,259.1 13.8% 1,165.9 13.7%

Norway—0.0%—0.0% 295.8 3.8% 295.8 3.3% 285.8 3.4%

Russian Federation 57.1 23.4% 4.9 0.5% 87.5 1.1% 149.5 1.7% 146.4 1.7%

Slovakia 5.3 2.2%—0.0%—0.0% 5.3 0.1% 5.0 0.1%

Slovenia—0.0%—0.0%—0.0%—0.0%—0.0%

Sweden—0.0% 53.3 5.4% 122.1 1.6% 175.4 1.9% 164.3 1.9%

Switzerland—0.0% 208.1 20.9% 641.4 8.2% 849.5 9.3% 793.5 9.4%

Turkey 22.7 9.3%—0.0% 42.2 0.5% 64.9 0.7% 65.2 0.8%

United Kingdom—0.0% 321.0 32.2% 3,081.1 39.7% 3,402.1 37.6% 3,208.5 37.9%

Total Non-Peripheral Europe 243.2 100.0% 993.9 100.0% 7,034.7 90.3% 8,271.8 91.6% 7,756.4 91.8%

Total Europe 243.2 100.0% 993.9 100.0% 7,790.0 100.0% 9,027.1 100.0% 8,444.4 100.0%

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Additional Information

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VOYA FINANCIALTM

Voya Financial Adjustments to Operating Earnings by Segment Page 63 of 70

(in millions USD) Three Months Ended Year-to-Date

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

DAC/VOBA and other intangibles unlocking (1)

Retirement (30.4) 7.1 (11.3) 4.0 40.0 (34.6) 41.6

Annuities 17.8 6.5 3.2 26.8 39.6 27.5 56.5

Total Retirement Solutions (12.6) 13.6 (8.1) 30.8 79.6 (7.1) 98.1

Investment Management — — ——— -

Individual Life (7.1) (1.5) (7.1) (7.8) 20.2 (15.7) 12.6

Employee Benefits (1.4) (1.8) (4.6) (0.5) — (7.8) -

Total Insurance Solutions (8.5) (3.3) (11.7) (8.3) 20.2 (23.5) 12.6

Ongoing Business (21.1) 10.3 (19.8) 22.5 99.8 (30.6) 110.7

Corporate — — ——— -

Total Closed Blocks — — ——— -

Total DAC/VOBA and other intangibles unlocking (21.1) 10.3 (19.8) 22.5 99.8 (30.6) 110.7

Additional adjustments (2)

Retirement — — 0.2 12.7 — 12.7

Annuities — — 0.8 12.7 — 12.7

Total Retirement Solutions — — 1.0 25.4 — 25.4

Investment Management — — 1.7 11.5 — 11.5

Individual Life — — 3.1 36.6 — 36.6

Employee Benefits — — 0.3 4.0 — 4.0

Total Insurance Solutions — — 3.4 40.6 — 40.6

Ongoing Business — — 6.1 77.5 — 77.5

Corporate (46.8) (41.0) (48.8) (43.8) (47.6) (136.5) (132.7)

Total Closed Blocks — — (0.4) 0.6 — 0.6

Total non-recurring items and interest expense (46.8) (41.0) (48.8) (38.1) 30.5 (136.5) (54.6)

Total adjustments to operating earnings

Retirement (30.4) 7.1 (11.3) 4.2 52.7 (34.6) 54.3

Annuities 17.8 6.5 3.2 27.6 52.3 27.5 69.2

Total Retirement Solutions (12.6) 13.6 (8.1) 31.8 105.0 (7.1) 123.5

Investment Management — — 1.7 11.5 — 11.5

Individual Life (7.1) (1.5) (7.1) (4.7) 56.8 (15.7) 49.2

Employee Benefits (1.4) (1.8) (4.6) (0.2) 4.0 (7.8) 4.0

Total Insurance Solutions (8.5) (3.3) (11.7) (4.9) 60.8 (23.5) 53.2

Ongoing Business (21.1) 10.3 (19.8) 28.6 177.3 (30.6) 188.2

Corporate (46.8) (41.0) (48.8) (43.8) (47.6) (136.5) (132.7)

Total Closed Blocks — — (0.4) 0.6 — 0.6

Total adjustments to operating earnings (67.9) (30.7) (68.6) (15.6) 130.3 (167.1) 56.1

(1) DAC/VOBA and other intangibles unlocking excludes unlocking on net investment income from Lehman Recovery/LIHTC

(2)Additional adjustments include impact of interest expenses and the Net gain (loss) from Lehman Recovery/LIHTC

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Voya Financial Calculation and Reconciliation of ROE and ROC Page 64 of 70

Three Months Ended Twelve Months Ended (2)

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 12/31/13

(in millions USD, unless otherwise indicated)

GAAP Return on Equity (Quarter to Date)

Net income (loss) available to Voya Financial, Inc.‘s common shareholders 400.8 246.3 258.1 548.1 346.6 1,453.3 600.5

Voya Financial, Inc. shareholders’ equity: end of period 14,585 14,818 14,002 13,272 12,770 14,585 13,272

Voya Financial, Inc. shareholders’ equity: average for period 14,702 14,410 13,637 13,021 12,621 13,943 13,574

GAAP Return on Equity 10.9% 6.8% 7.6% 16.8% 11.0% 10.4% 4.4%

Ongoing Business Adjusted Operating Return on Capital and Adjusted Operating Return on Equity

Ongoing Business adjusted operating earnings before income taxes 352.0 345.8 287.3 323.6 306.9 1,308.7 1,211.8

Income taxes on adjusted operating earnings (based on an assumed tax rate of 35%) (123.2) (121.0) (100.6) (113.3) (107.4) (458.1) (424.2)

Ongoing Business adjusted operating earnings after income taxes 228.8 224.8 186.7 210.3 199.5 850.6 787.6

Interest expense after-tax (1) (19.5) (19.5) (19.6) (19.9) (19.9) (78.5) (79.9)

Ongoing Business adjusted operating earnings after income taxes and interest expense 209.3 205.3 167.1 190.4 179.6 772.1 707.7

End of period capital for Ongoing Business 9,115 9,063 9,123 9,216 9,419 9,115 9,216

Average capital for Ongoing Business (2) 9,089 9,092 9,170 9,318 9,305 9,167 9,137

Average debt (based on 25% debt-to-capital ratio) (2,272) (2,273) (2,293) (2,329) (2,326) (2,292) (2,284)

Average equity for Ongoing Business 6,817 6,819 6,877 6,988 6,978 6,875 6,853

Adjusted Operating Return on Capital for Ongoing Business 10.1% 9.9% 8.2% 9.0% 8.6% 9.3% 8.6%

Adjusted Operating Return on Equity for Ongoing Business (1) 12.3% 12.0% 9.7% 10.9% 10.3% 11.2% 10.3%

(1) Assumes debt-to-capital ratio of 25% for all time periods presented, a weighted average pre-tax interest rate of 5.5% for all periods prior to the third quarter of 2013, when the company completed recapitalization, and the actual weighted average pre-tax interest rate for all periods starting with the third quarter of 2013.

(2) Effective with the twelve months ending March 31,2014, average capital and equity are calculated by taking the average of the quarterly capital and equity averages for the trailing four quarters, whereas in previous periods, average capital and equity were calculated by two point average (Beginning of Year and End of Current Period)

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Voya Financial Operating Revenues by Segment Page 65 of 70

Three Months Ended Year-to-Date

(in millions USD) 9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Retirement 605.7 592.9 598.5 612.4 606.9 1,797.1 1,787.0

Annuities 344.6 330.8 354.4 313.9 319.1 1,029.8 930.7

Total Retirement Solutions 950.3 923.7 952.9 926.3 926.0 2,826.9 2,717.7

Investment Management 168.3 163.2 160.5 167.1 160.1 492.0 440.6

Individual Life 679.1 699.9 692.2 692.9 717.1 2,071.2 2,099.0

Employee Benefits 345.9 342.5 338.9 316.5 316.2 1,027.3 946.0

Total Insurance Solutions 1,025.0 1,042.4 1,031.1 1,009.4 1,033.3 3,098.5 3,045.0

Ongoing Business 2,143.6 2,129.3 2,144.5 2,102.8 2,119.4 6,417.4 6,203.3

Corporate 22.9 23.6 25.3 33.6 28.8 71.8 53.8

Total Closed Blocks 25.4 24.0 25.6 27.0 30.7 75.0 109.8

Total operating revenues 2,191.9 2,176.9 2,195.4 2,163.4 2,178.9 6,564.2 6,366.9

Adjustments:

Closed Block Variable Annuity 660.6 112.1 284.6 (155.9) (66.1) 1,057.3 (570.4)

Net realized investment gains (losses) and

related charges and adjustments 48.2 67.0 49.6 129.1 39.8 164.8 28.3

Gain (loss) on change in fair value of derivatives

related to guaranteed benefits 48.2 (24.3) (23.9) (21.8) 35.1—125.8

Revenues (losses) related to business exited through

reinsurance or divestment (4.8) 66.9 19.0 (5.4) (2.9) 81.1 (70.8)

Revenues (loss) attributable to noncontrolling interests 174.9 219.1 60.8 157.1 152.9 454.8 254.1

Other adjustments to operating revenues* 72.1 80.4 85.4 97.4 97.6 237.9 260.6

Total revenue 3,191.1 2,698.1 2,670.9 2,364.0 2,435.3 8,560.1 6,394.5

* Other adjustments to operating revenue includes: Fee income earned by the Company’s broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company’s segments’ operating revenues, as well as other items where the income is passed on to third parties.

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Voya Financial Ongoing Business Sources of Earnings Reconciliation Page 66 of 70

(in millions USD) Three Months Ended Year-to-Date

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Investment spread and other investment income:

Net investment income and net realized gains (losses)

Retirement 393.6 379.6 388.5 397.4 394.5 1,161.7 1,172.2

Annuities 282.3 275.8 270.6 283.4 295.9 828.7 866.5

Investment Management 9.0 8.0 7.3 11.7 16.4 24.3 25.3

Individual Life 226.3 215.5 219.8 224.5 258.7 661.6 691.0

Employee Benefits 29.1 27.7 26.7 29.2 32.1 83.5 88.4

Total net investment income and net realized gains (losses) 940.3 906.6 912.9 946.2 997.6 2,759.8 2,843.4

Total Ongoing Business 940.3 906.6 912.9 946.2 997.6 2,759.8 2,843.4

Adjustments:

Interest credited (539.2) (540.4) (541.9) (553.7) (553.8) (1,621.5) (1,657.3)

Other (6.6) (4.3) (9.1) (7.8) (6.4) (20.0) (24.0)

Total adjustments (545.8) (544.7) (551.0) (561.5) (560.2) (1,641.5) (1,681.3)

Ongoing investment spread and other investment income 394.5 361.9 361.9 384.7 437.4 1,118.3 1,162.1

Fee based margin:

Fee income

Retirement 193.5 192.9 191.1 196.1 191.0 577.5 563.8

Annuities 15.0 14.2 13.2 12.2 11.8 42.4 32.9

Investment Management 149.5 147.1 145.8 141.4 135.4 442.4 389.4

Individual Life 269.3 285.5 283.6 278.5 278.4 838.4 835.2

Employee Benefits 23.9 14.7 15.6 15.9 15.5 54.2 47.1

Total Fee Income 651.2 654.4 649.3 644.1 632.1 1,954.9 1,868.4

Other revenue

Retirement 17.9 17.0 18.2 18.2 20.7 53.1 46.0

Annuities 4.6 5.3 4.5 3.9 3.9 14.4 9.3

Investment Management 9.8 8.1 7.4 14.0 8.3 25.3 25.9

Individual Life 4.4 7.2 5.1 4.6 5.3 16.7 20.2

Employee Benefits (0.8) (2.7) 0.3 (1.0) (1.0) (3.2) (3.0)

Total other revenue 35.9 34.9 35.5 39.7 37.2 106.3 98.4

Total Ongoing Business 687.1 689.3 684.8 683.8 669.3 2,061.2 1,966.8

Adjustments:

Surrender fees and MVA charges (8.2) (7.1) (7.8) (6.5) (10.6) (23.1) (23.4)

Insurance Solutions FAS 97 fees and unearned revenue reserve amortization/unlocking (287.4) (294.1) (291.7) (288.9) (288.3) (873.2) (862.6)

Other (1.7) (2.8) (4.1) 0.3 (0.7) (8.6) (3.3)

Total adjustments (297.3) (304.0) (303.6) (295.1) (299.6) (904.9) (889.3)

Ongoing fee based margin 389.8 385.3 381.2 388.7 369.7 1,156.3 1,077.5

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Voya Financial Ongoing Business Sources of Earnings Reconciliation Page 67 of 70

(in millions USD) Three Months Ended Year-to-Date

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Net underwriting gain (loss) and other revenue:

Premiums

Retirement 0.7 3.4 0.7 0.7 0.7 4.8 5.0

Annuities 42.7 35.5 66.1 14.4 7.5 144.3 22.0

Investment Management — — — -

Individual Life 179.1 191.7 183.7 185.3 174.7 554.5 552.6

Employee Benefits 293.7 302.8 296.3 272.4 269.6 892.8 813.5

Total premiums 516.2 533.4 546.8 472.8 452.5 1,596.4 1,393.1

Interest credited and other policyholder benefits

Retirement (209.4) (209.3) (210.7) (218.2) (213.5) (629.4) (630.2)

Annuities (204.1) (197.4) (229.8) (180.4) (182.2) (631.3) (550.5)

Investment Management — — — -

Individual Life (632.8) (499.3) (527.8) (518.8) (468.7) (1,659.9) (1,482.7)

Employee Benefits (235.7) (239.6) (244.5) (223.9) (223.7) (719.8) (679.5)

Total interest credited and other policyholder benefits (1,282.0) (1,145.6) (1,212.8) (1,141.3) (1,088.1) (3,640.4) (3,342.9)

Total Ongoing Business (765.8) (612.2) (666.0) (668.5) (635.6) (2,044.0) (1,949.8)

Adjustments:

Interest credited 539.2 540.4 541.9 553.7 553.8 1,621.5 1,675.3

Surrender fees and MVA charges 8.2 7.1 7.8 6.5 10.6 23.1 23.4

Insurance Solutions FAS 97 fees and unearned revenue reserve amortization/unlocking 297.5 293.9 288.0 289.6 297.8 879.4 869.9

Sales inducements amortization and unlocking 4.8 7.6 8.3 6.4 6.1 20.7 28.2

FAS 113 and SOP 03-1 amortization and unlocking 113.5 0.4 6.7 6.6 (23.1) 120.6 (9.5)

Other (15.9) (17.8) (13.1) (13.6) (10.7) (46.8) (36.6)

Total adjustments 947.3 831.6 839.6 849.2 834.5 2,618.5 2,532.7

Ongoing net underwriting gain (loss) and other revenue 181.5 219.4 173.6 180.7 198.9 574.5 582.9

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Voya Financial Ongoing Business Sources of Earnings Reconciliation Page 68 of 70

(in millions USD) Three Months Ended Year-to-Date

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13 9/30/14 9/30/13

Administrative expenses and trail commissions:

Operating and interest expense

Retirement (208.6) (217.3) (226.0) (220.1) (205.8) (651.9) (619.8)

Annuities (34.8) (36.6) (35.5) (32.1) (31.7) (106.9) (94.9)

Investment Management (109.7) (108.3) (110.7) (114.2) (106.1) (328.7) (315.4)

Individual Life (88.7) (91.3) (95.7) (88.9) (83.9) (275.7) (270.5)

Employee Benefits (60.9) (60.9) (68.4) (57.1) (58.5) (190.2) (179.0)

Total operating and interest expense (502.7) (514.4) (536.3) (512.4) (486.0) (1,553.4) (1,479.6)

Total Ongoing Business (502.7) (514.4) (536.3) (512.4) (486.0) (1,553.4) (1,479.6)

Adjustments:

Other 24.7 25.4 26.2 21.9 17.9 76.3 63.0

Total adjustments 24.7 25.4 26.2 21.9 17.9 76.3 63.0

Ongoing administrative expenses and trail commissions (478.0) (489.0) (510.1) (490.5) (468.1) (1,477.1) (1,416.6)

DAC/VOBA and other intangibles amortization and unlocking:

Net amortization of DAC/VOBA

Retirement (70.5) (30.5) (46.9) (35.5) (0.3) (147.9) (79.8)

Annuities (27.4) (32.6) (34.3) (18.2) (8.4) (94.3) (74.7)

Investment Management — —— — -

Individual Life 82.2 (45.9) (37.6) (38.2) (47.5) (1.3) (138.0)

Employee Benefits (12.3) (4.2) (9.1) (5.0) (4.9) (25.6) (11.9)

Total net amortization of DAC/VOBA (28.0) (113.2) (127.9) (96.9) (61.1) (269.1) (304.4)

Total Ongoing Business (28.0) (113.2) (127.9) (96.9) (61.1) (269.1) (304.4)

Adjustments

Sales inducements amortization and unlocking (4.8) (7.6) (8.3) (6.4) (6.1) (20.7) (28.2)

FAS 113 and SOP 03-1 amortization and unlocking (113.5) (0.4) (6.7) (6.6) 23.1 (120.6) 9.5

Unearned revenue reserve amortization and unlocking (10.1) 0.2 3.7 (0.7) (9.5) (6.2) (7.3)

Other (0.2) (0.5) 0.1 (0.8) (0.1) (0.6) 0.9

Total adjustments (128.6) (8.3) (11.2) (14.5) 7.4 (148.1) (25.1)

Ongoing DAC/VOBA and other intangibles amortization and unlocking (156.6) (121.5) (139.1) (111.4) (53.7) (417.2) (329.5)

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Voya Financial Fixed Maturity Securities—Businesses Exited Through Reinsurance Page 69 of 70

(in millions USD)

Total investments, after consolidation (See Portfolio Composition page), include the

following amounts related to businesses exited through reinsurance:

Balances as of

9/30/14 6/30/14 3/31/14 12/31/13 9/30/13

Fixed Maturity Securities—Businesses Exited Through Reinsurance

Security Sector

U.S. Government agencies and authorities 64.7 73.3 86.1 73.9 52.1

U.S. Corporate—Public 1,379.4 1,437.7 818.8 838.8 861.2

Foreign Government / Agency — — 3.4

Foreign Corporate—Public 216.1 225.9 135.6 132.6 137.8

State, municipalities and political subdivisions 109.2 108.8 107.1 102.6 104.1

Residential mortgaged-backed securities:

Agency 73.3 77.4 81.2 90.2 97.2

Non—Agency 102.9 100.6 0.9 1.1 1.2

Total Residential mortgage-backed securities 176.2 178.0 82.1 91.3 98.4

Commercial mortgage-backed securities 95.8 109.7 88.2 91.4 94.3

Other asset-backed securities 94.0 95.6 17.8 18.1 18.5

Total fixed maturities, including securities pledged 2,135.4 2,229.0 1,335.7 1,348.7 1,369.8

Fixed Maturity Securities—Businesses Exited Through Reinsurance as of September 30, 2014

By ARO Rating

Total AAA AA A BBB BB B & Below

Residential mortgaged-backed securities:

Agency 73.3 73.3 —— —

Non—Agency 102.9 ——0.5 0.2 102.2

Total Residential mortgage-backed securities 176.2 73.3 — 0.5 0.2 102.2

Commercial mortgage-backed securities 95.8 43.8 4.4 14.0 20.8 5.9 6.9

Other asset-backed securities 94.0 16.8 23.7 40.7 12.8 —

Total Structured securities 366.0 133.9 28.1 54.7 34.1 6.1 109.1

Non-structured securities 1,769.4 109.1 194.7 882.8 582.7 0.1 -

Total fixed maturities securities 2,135.4 243.0 222.8 937.5 616.8 6.2 109.1

Fixed Maturity Securities—Businesses Exited Through Reinsurance as of June 30, 2014

By ARO Rating

Total AAA AA A BBB BB B & Below

Residential mortgaged-backed securities:

Agency 77.4 77.4 —— —

Non—Agency 100.6 ——0.6 0.3 99.7

Total Residential mortgage-backed securities 178.0 77.4 — 0.6 0.3 99.7

Commercial mortgage-backed securities 109.7 55.7 5.1 14.2 21.5 6.2 7.0

Other asset-backed securities 95.6 17.2 24.2 41.1 13.1 —

Total Structured securities 383.3 150.3 29.3 55.3 35.2 6.5 106.7

Non-structured securities 1,845.7 118.0 212.4 937.2 578.0 0.1 -

Total fixed maturities securities 2,229.0 268.3 241.7 992.5 613.2 6.6 106.7

Fixed Maturity Securities—Businesses Exited Through Reinsurance as of September 30, 2014

By NAIC Designation

Total 1 2 3 4 5 6

Residential mortgaged-backed securities:

Agency 73.3 73.3 —— —

Non—Agency 102.9 91.3 11.6 — —

Total Residential mortgage-backed securities 176.2 164.6 11.6 — —

Commercial mortgage-backed securities 95.8 75.2 14.7 5.9— —

Other asset-backed securities 94.0 81.2 12.8 — —

Total Structured securities 366.0 321.0 39.1 5.9— —

Non-structured securities 1,769.4 1,186.6 582.7 0.1— —

Total fixed maturities securities 2,135.4 1,507.6 621.8 6.0— —

Fixed Maturity Securities—Businesses Exited Through Reinsurance as of June 30, 2014

By NAIC Designation

Total 1 2 3 4 5 6

Residential mortgaged-backed securities:

Agency 77.4 77.4 —— —

Non—Agency 100.6 88.6 12.0 — —

Total Residential mortgage-backed securities 178.0 166.0 12.0 — —

Commercial mortgage-backed securities 109.7 88.2 15.3 6.2— —

Other asset-backed securities 95.6 82.5 13.1 — —

Total Structured securities 383.3 336.7 40.4 6.2— —

Non-structured securities 1,845.7 1,267.6 578.0 0.1— —

Total fixed maturities securities 2,229.0 1,604.3 618.4 6.3— —

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Voya Financial Ratings Page 70 of 70

A.M. Best Fitch Standard & Poor’s Moody’s

Insurance Financial Strength Ratings

Voya Retirement Insurance and Annuity Company A A- A- A3

Voya Insurance and Annuity Company A A- A- A3

Midwestern United Life Insurance Company A- NR A- NR

ReliaStar Life Insurance Company A A- A- A3

ReliaStar Life Insurance Company of New York A A- A- A3

Security Life of Denver Insurance Company A A- A- A3

Credit Ratings

Voya Financial, Inc.

Long-Term Issuer Credit bbb BBB BBB- Baa3

Long-Term Senior Unsecured Debt bbb BBB- BBB- Baa3

Junior Subordinated Debt bb+ BB BB Ba1 (hyb)

Voya Holdings, Inc.

Long-Term Issuer Credit NR NR BBB- Baa3

Investor Information

Corporate Offices: Media Contact: Investor Contact:

Voya Financial Christopher Breslin Darin Arita

230 Park Avenue 212-309-8941 212-309-8999

New York, New York 10169 Christopher.Breslin@voya.com IR@voya.com

NYSE Ticker: Web Site:

VOYA investors.voya.com

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