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Exhibit 99.2
Quarterly Investor Supplement D e c e m b e r 3 1 , 2 0 1 4 This report should be read in conjunction with Voya Financial, Inc.‘s Annual Report on Form 10-K for the year ended December 31, 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.
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Voya Financial Page 2 of 70 Table of Contents Page Page Consolidated Individual Life Explanatory Note on Non-GAAP Financial Information 3-4 Sources of Operating Earnings 37 Organizational Chart 5 Operating Earnings 38 Key Metrics 6 Key Metrics 39 Adjusted Operating Return on Capital and Return on Equity 7 Employee Benefits Adjusted Operating Earnings Before Interest, After Income Taxes 8 Sources of Operating Earnings 41 Operating Revenues and Operating Earnings by Segment 9 Operating Earnings 42 Adjusted Operating Earnings by Segment 10 Key Metrics 43 Consolidated Balance Sheets 11 Corporate Consolidated Statements of Operations 12 Operating Earnings 45 Ongoing Business Sources of Operating Earnings 13 Closed Blocks Consolidated Earnings Before Income Taxes 14 ISP and Other Operating Earnings 47 Operating Earnings by Segment 15-16 Closed Block Variable Annuity Income (Loss) Before Income Taxes 48 DAC/VOBA Segment Trends 17 Closed Block Variable Annuity Death and Living Benefits 49 Consolidated Capital Structure 18 Assets Under Management Rollforward 50 Consolidated Assets Under Management/Assets Under Administration 19 Investment Information Retirement Portfolio Composition 52 Sources of Operating Earnings 21 Portfolio Results 53 Operating Earnings 22 Alternative Investment Income 54 Assets Under Management/Assets Under Administration 23 Unrealized Gains (Losses) 55 Assets Under Management Rollforward 24 Asset Backed Securities 56 Annuities RMBS Securities Summary 57 Sources of Operating Earnings 26 CMBS and Other Asset-Backed Securities Summary 58 Operating Earnings 27 Mortgage Loans on Real Estate 59 Assets Under Management 28 US and Foreign Corporate Securities 60 Assets Under Management Rollforward 29 Exposure to European Debt—Fixed Maturities and Equity Securities 61 Investment Management Additional Information Sources of Operating Earnings 31 Adjustments to Operating Earnings by Segment 63 Operating Earnings 32 Calculation and Reconciliation of ROE and ROC 64 Key Metrics 33 Operating Revenues by Segment 65 Account Value Rollforward by Source 34 Ongoing Business Sources of Earnings Reconciliation 66-68 Account Value by Asset Type 35 Fixed Maturity Securities—Businesses Exited Through Reinsurance 69 Financial Ratings 70
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Voya Financial Page 3 of 70 Explanatory Note on Non-GAAP Financial Information Operating earnings before income taxes is a financial measure we use to evaluate segment performance. Operating earnings before income taxes is a non-GAAP financial measure and does not replace Net income (loss) as the U.S. GAAP measure of our results of operations. Each segments Operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items: Net investment gains (losses), net of related amortization of deferred policy acquisition costs (“DAC”),value of business acquired (“VOBA”), sales inducements and unearned revenue. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option (FVO) unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; Net guaranteed benefit hedging gains (losses), which include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in our nonperformance spread; Income (loss) related to businesses exited through reinsurance or divestment; Income (loss) attributable to noncontrolling interest; Income (loss) related to early extinguishment of debt; Impairment of goodwill, value of management contract rights and value of customer relationships acquired; Immediate recognition of net actuarial gains (losses) related to our pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and Other items, including restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc. Adjusted operating earnings is also a non-GAAP financial measure. This measure excludes from Operating earnings before income taxes the following items: DAC/VOBA and other intangibles unlocking; The net gains 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; A gain related to the ammendment or recapture of certain reinsurance agreements; 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 businesess. The most directly comparable U.S. 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 document In addition to book value per share including accumulated other comprehensive income (AOCI), we also report book value per share excluding AOCI and shareholders’ equity excluding AOCI. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, and book value per share excluding AOCI and shareholders’ equity excluding AOCI provide a measure consistent with that view.
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Voya Financial Page 4 of 70 Explanatory Note on Non-GAAP Financial Information Our Closed Block Variable Annuity (“CBVA”) segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics and, therefore, we exclude its results of operations from Operating earnings before income taxes. When we present the adjustments to Net Income (loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to our CBVA segment. The most directly comparable U.S. GAAP measure to Operating earnings before income taxes is Net income (loss) before income taxes. For a reconciliation of Operating earnings before Net income taxes to income (loss) before income taxes, refer to the “Consolidated Earnings Before Income Taxes” page in this document. In addition, please refer to “Adjusted Operating Earnings by Segment” for reconciliation from Total Operating earnings before income taxes to Total adjusted operating earnings before income taxes. Operating revenues is a measure of our segment revenues and a non-GAAP financial measure. Each segment’s Operating revenues are calculated by adjusting Total revenues for the following items: Net realized investment gains (losses) and related charges and adjustments, which include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These items are net of related amortization of unearned revenue; Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which include changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in our nonperformance spread; Revenues related to businesses exited through reinsurance or divestment; Revenues attributable to noncontrolling interest; and Other adjustments to operating revenues primarily reflect fee income earned by our broker dealers for sales of non-proprietary products, which are reflected net of commission expense in our segments operating revenues, as well as other items where the income is passed on to third parties. Operating revenues also excludes the revenues of our CBVA segment, since this segment is managed to focus on protecting regulatory and rating agency capital rather than generating operating earnings. When we present the adjustments to Total revenues on a consolidated basis, each adjustment excludes the relative portions attributable to our CBVA segment. The most directly comparable U.S. GAAP measure to Operating revenues is Total revenues. For a reconciliation of Operating revenues to Total revenues, please refer to the “Operating Revenues by Segment” page in this document. We analyze our ongoing businesses performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our Operating earnings (loss) before income taxes for the following reasons: (1) we analyze our business using this information and (2) this presentation can be helpful for investors to understand the main drivers of Operating earnings (loss) before income taxes of our ongoing businesses. The sources of earnings are defined as such: Investment spread and other investment income consists of net investment income and net realized investment gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves. Fee based margin consists primarily of fees earned on assets under management (“AUM”), assets under administration (“AUA”), and transaction based recordkeeping fees. Net underwriting gain (loss) and other revenue contains the following: the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal life contracts, and that portion of traditional life insurance premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC. Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses and fees on letters of credit. Trail commissions are commissions paid that are not deferred and thus recorded directly to expense. For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles in our SEC filings. For a reconciliation of the sources of earnings presentation to the line items within Operating revenues and Operating benefits and expenses, please refer to the Ongoing Business Sources of Earnings Reconciliation pages in this document. Financial information, unless otherwise noted, is rounded to millions, therefore may not sum to its corresponding total.
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Voya Financial Page 5 of 70 Organizational Chart Ongoing Business Investment Retirement Solutions Insurance Solutions Closed Blocks Corporate Management Retirement, Retail, Variable Annuity Institutional funds Institutional Spread Fixed income Individual Employee Products Retirement Annuities Equity Other Life Benefits Multi-asset strategies Full service Fixed indexed and solutions Term life Stop loss plans annuities Senior bank loans Universal life Group life Recordkeeping Annuity and Alternatives Indexed Voluntary services custodial universal life benefits Stable value products Variable Group disability plans universal life IRAs Brokerage accounts Advisory services
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Voya Financial Page 6 of 70 Key Metrics Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 (in millions USD, unless otherwise indicated) Adjusted operating earnings before income taxes—Ongoing Business 392.8 352.0 345.8 287.3 323.6 1,377.9 1,211.8 Operating earnings before income taxes—Ongoing Business 421.8 330.9 356.1 267.5 352.2 1,376.3 1,428.6 Operating earnings before income taxes—Total Consolidated 376.9 294.3 328.3 231.1 304.9 1,230.6 1,268.6 Net income (loss) 1,335.5 517.4 412.9 271.6 653.7 2,537.4 790.6 Net income (loss) attributable to noncontrolling interest (59.0) 116.6 166.6 13.5 105.6 237.7 190.1 Net income (loss) available to Voya Financial, Inc.‘s common shareholders 1,394.5 400.8 246.3 258.1 548.1 2,299.7 600.5 Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 13,004.2 11,764.9 11,665.4 11,424.0 11,423.1 13,004.2 11,423.1 Return on Equity Ongoing Business adjusted operating return on equity—TTM (1) (2) 12.1% 11.2% 10.7% 10.3% 10.3% 12.1% 10.3% Ongoing Business adjusted operating return on equity—Annualized (2) 14.4% 12.3% 12.0% 9.7% 10.9% 12.1% 10.3% Debt to Capital (Excluding AOCI) 21.3% 23.0% 23.2% 23.5% 23.5% 21.3% 23.5% Per Share Total Consolidated Operating earnings per share (Diluted) 0.99 0.75 0.83 0.57 0.75 3.14 3.27 Net income (loss) available to Voya Financial, Inc.‘s common shareholders per common share: Basic 5.71 1.59 0.97 0.99 2.10 9.09 2.40 Diluted 5.66 1.58 0.96 0.98 2.08 9.02 2.38 Book value per share (Excluding AOCI) 53.76 47.75 45.82 44.85 43.65 53.76 43.65 Shares Weighted-average common shares outstanding (in millions) Basic 244.2 252.6 254.5 261.1 261.1 253.1 250.6 Diluted 246.4 254.4 256.2 263.5 263.3 255.1 251.8 Ending shares outstanding (in millions) 241.9 246.4 254.6 254.7 261.7 241.9 261.7 Returned to Shareholders ($) Shares repurchased 180.7 320.0 30.5 258.9 — 790.1 -Common dividends 2.4 2.5 2.6 2.6 2.6 10.1 5.2 Total 183.1 322.5 33.1 261.5 2.6 800.2 5.2 (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.
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Voya Financial Page 7 of 70 Adjusted Operating Return on Capital and Return on Equity Twelve Months Ended December 31, 2014 Retirement Solutions Investment Insurance Solutions Ongoing Closed Block Corporate and Other Closed Consolidated Management Business Variable Annuity Blocks Retirement Annuities Individual Life Employee (6) DTA (5) (6) Other (in millions USD, unless otherwise indicated) Benefits Ending Capital (1) 3,929 1,660 306 2,513 369 8,777 2,544 2,262 2,937 16,520 Average Capital (2) (4) 3,891 1,694 310 2,781 352 9,028 3,185 283 2,740 15,236 Adjusted operating earnings before interest and after income taxes 356.1 153.1 136.7 147.9 101.9 895.7 — 24.9 920.6 Adjusted Operating Return on Capital (2) 9.2% 9.0% 44.2% 5.3% 28.9% 9.9% —N/M 6.0% Adjusted Operating Return on Equity (2) (3) 12.1% Twelve Months Ended December 31, 2013 Retirement Solutions Investment Insurance Solutions Ongoing Closed Block Corporate and Other Closed Consolidated Management Business Variable Annuity Blocks Retirement Annuities Individual Life Employee (in millions USD, unless otherwise indicated) Benefits 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 segments 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 segments 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. (4) Includes capital impacts related to the Term Life Coinsurance Agreement in our Individual Life segment effective 10/1/2014. (5) Deferred Tax Asset (DTA) related to Federal Net Operating Loss Carry Forwards (Federal NOLs), Life Subgroup Deferred Losses related to Closed Block VA Hedge Losses, and Non-Life Subgroup Deferred Losses related to tax-based goodwill, net of $783 million tax valuation allowance related to Federal NOLs (6) Reflects reallocation of approximately $750 million of capital from Closed Block VA to Corporate and Other Closed Blocks during the fourth quarter of 2014 related to Deferred Tax Assets on Closed Block VA Hedge Losses that were not previously offset by a tax valuation allowance. Effective 12/31/2014, all deferred tax assets related to Closed Block VA Hedge Losses (including those previously offset by a tax valuation allowance) along with deferred tax assets related to Federal NOLs, and Non-Life Subgroup Deferred Losses, net of remaining tax valuation allowances related to Federal NOLs will be reflected in the capital allocated to Corporate and Other Closed Blocks
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Voya Financial Page 8 of 70 Adjusted Operating Earnings Before Interest, After Income Taxes Twelve Months Ended December 31, 2014 Retirement Solutions Investment Insurance Solutions Ongoing Business Closed Block Corporate and Other Consolidated Retirement Annuities Management Individual Life Employee Benefits Variable Annuity Closed Blocks (in millions USD, unless otherwise indicated) Operating earnings before income taxes 517.8 262.0 210.3 237.3 148.9 1,376.3 — (145.7) 1,230.6 Less: Interest expense — — — — — — — (188.0) (188.0) DAC/VOBA and other intangibles unlocking (1) (30.0) 26.4 — (10.2) (7.8) (21.6) — — (21.6) Gain on reinsurance recapture (4) — — — 20.0 — 20.0 — — 20.0 Net gain (loss) from Lehman Recovery/LIHTC (2) — — — — — — — 4.0 4.0 Adjusted operating earnings before interest 547.8 235.6 210.3 227.5 156.7 1,377.9 — 38.3 1,416.2 Income tax expense (3) 191.7 82.5 73.6 79.6 54.8 482.2 — 13.4 495.6 Adjusted operating earnings before interest and after income taxes 356.1 153.1 136.7 147.9 101.9 895.7 — 24.9 920.6 Twelve Months Ended December 31, 2013 Retirement Solutions Investment Insurance Solutions Ongoing Business Closed Block Corporate and Other Consolidated Retirement Annuities Management Individual Life Employee Benefits Variable Annuity Closed Blocks (in millions USD, unless otherwise indicated) 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%. (4) Includes a gain related to the amendment or recapture of certain reinsurance agreements (Gain on reinsurance recapture).
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Voya Financial Page 9 of 70 Operating Revenues and Operating Earnings by Segment (in millions USD) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating Revenues Retirement 630.3 605.7 592.9 598.5 612.4 2,427.4 2,399.4 Annuities 323.6 344.6 330.8 354.4 313.9 1,353.4 1,244.6 Total Retirement Solutions 953.9 950.3 923.7 952.9 926.3 3,780.8 3,644.0 Investment Management 163.4 168.3 163.2 160.5 167.1 655.4 607.7 Individual Life 646.6 679.1 699.9 692.2 692.9 2,717.8 2,791.9 Employee Benefits 345.7 345.9 342.5 338.9 316.5 1,373.0 1,262.5 Total Insurance Solutions 992.3 1,025.0 1,042.4 1,031.1 1,009.4 4,090.8 4,054.4 Ongoing Business 2,109.6 2,143.6 2,129.3 2,144.5 2,102.8 8,527.0 8,306.1 Corporate 19.5 22.9 23.6 25.3 33.6 91.3 87.4 Total Closed Blocks 27.7 25.4 24.0 25.6 27.0 102.7 136.8 Total operating revenues 2,156.8 2,191.9 2,176.9 2,195.4 2,163.4 8,721.0 8,530.3 Operating Earnings Retirement 149.9 117.2 135.8 114.9 138.6 517.8 595.8 Annuities 64.7 78.3 64.2 54.8 83.2 262.0 293.8 Total Retirement Solutions 214.6 195.5 200.0 169.7 221.8 779.8 889.6 Investment Management 47.0 58.6 54.9 49.8 52.9 210.3 178.1 Individual Life 103.0 39.8 63.4 31.1 47.0 237.3 254.8 Employee Benefits 57.2 37.0 37.8 16.9 30.5 148.9 106.1 Total Insurance Solutions 160.2 76.8 101.2 48.0 77.5 386.2 360.9 Ongoing Business 421.8 330.9 356.1 267.5 352.2 1,376.3 1,428.6 Corporate (47.7) (47.1) (38.3) (37.3) (44.0) (170.4) (210.6) Total Closed Blocks 2.8 10.5 10.5 0.9 (3.3) 24.7 50.6 Total operating earnings before income taxes 376.9 294.3 328.3 231.1 304.9 1,230.6 1,268.6 Closed Block Variable Annuity (322.3) 131.0 (84.1) 20.2 (226.4) (255.2) (1,209.3) Net investment gains (losses) and related charges and adjustments 41.1 43.4 73.0 57.6 105.4 215.1 212.1 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (32.3) 33.4 (20.3) 6.4 (26.6) (12.8) 19.4 Income (loss) related to businesses exited through reinsurance or divestment (88.0) (31.9) (26.9) (10.5) (12.8) (157.3) (59.8) Income (loss) attributable to noncontrolling interests (59.0) 116.6 166.6 13.5 105.6 237.7 190.1 Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments (372.7) — — — 405.2 (372.7) 405.2 Other adjustments to operating earnings* (34.6) (32.0) (17.6) (16.0) (27.7) (100.2) (68.2) Total non-operating (867.8) 260.5 90.7 71.2 322.7 (445.4) (510.5) Income (loss) before income taxes (490.9) 554.8 419.0 302.3 627.6 785.2 758.1 Less: Income tax expense (benefit) (1,826.4) 37.4 6.1 30.7 (26.1) (1,752.2) (32.5) Net income (loss) 1,335.5 517.4 412.9 271.6 653.7 2,537.4 790.6 Net income (loss) attributable to noncontrolling interest (59.0) 116.6 166.6 13.5 105.6 237.7 190.1 Net income (loss) available to Voya Financial, Inc.‘s common shareholders 1,394.5 400.8 246.3 258.1 548.1 2,299.7 600.5 * 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 Page 10 of 70 Adjusted Operating Earnings by Segment (in millions USD) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating Earnings Retirement 149.9 117.2 135.8 114.9 138.6 517.8 595.8 Annuities 64.7 78.3 64.2 54.8 83.2 262.0 293.8 Total Retirement Solutions 214.6 195.5 200.0 169.7 221.8 779.8 889.6 Investment Management 47.0 58.6 54.9 49.8 52.9 210.3 178.1 Individual Life 103.0 39.8 63.4 31.1 47.0 237.3 254.8 Employee Benefits 57.2 37.0 37.8 16.9 30.5 148.9 106.1 Total Insurance Solutions 160.2 76.8 101.2 48.0 77.5 386.2 360.9 Ongoing Business 421.8 330.9 356.1 267.5 352.2 1,376.3 1,428.6 Corporate (47.7) (47.1) (38.3) (37.3) (44.0) (170.4) (210.6) Total Closed Blocks 2.8 10.5 10.5 0.9 (3.3) 24.7 50.6 Total operating earnings before income taxes 376.9 294.3 328.3 231.1 304.9 1,230.6 1,268.6 Adjustments to operating earnings Retirement 4.6 (30.4) 7.1 (11.3) 4.2 (30.0) 58.5 Annuities (1.1) 17.8 6.5 3.2 27.6 26.4 96.8 Total Retirement Solutions 3.5 (12.6) 13.6 (8.1) 31.8 (3.6) 155.3 Investment Management — — — — 1.7 — 13.2 Individual Life 25.5 (7.1) (1.5) (7.1) (4.7) 9.8 44.5 Employee Benefits — (1.4) (1.8) (4.6) (0.2) (7.8) 3.8 Total Insurance Solutions 25.5 (8.5) (3.3) (11.7) (4.9) 2.0 48.3 Ongoing Business 29.0 (21.1) 10.3 (19.8) 28.6 (1.6) 216.8 Corporate (47.4) (46.8) (41.0) (48.8) (43.8) (184.0) (176.5) Total Closed Blocks — — — — (0.4) — 0.2 Total adjustments to operating earnings (18.4) (67.9) (30.7) (68.6) (15.6) (185.6) 40.5 Adjusted Operating Earnings Retirement 145.3 147.6 128.7 126.2 134.4 547.8 537.3 Annuities 65.8 60.5 57.7 51.6 55.6 235.6 197.0 Total Retirement Solutions 211.1 208.1 186.4 177.8 190.0 783.4 734.3 Investment Management 47.0 58.6 54.9 49.8 51.2 210.3 164.9 Individual Life 77.5 46.9 64.9 38.2 51.7 227.5 210.3 Employee Benefits 57.2 38.4 39.6 21.5 30.7 156.7 102.3 Total Insurance Solutions 134.7 85.3 104.5 59.7 82.4 384.2 312.6 Ongoing Business 392.8 352.0 345.8 287.3 323.6 1,377.9 1,211.8 Corporate (0.3) (0.3) 2.7 11.5 (0.2) 13.6 (34.1) Total Closed Blocks 2.8 10.5 10.5 0.9 (2.9) 24.7 50.4 Total adjusted operating earnings before interest and income taxes 395.3 362.2 359.0 299.7 320.5 1,416.2 1,228.1
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Voya Financial Page 11 of 70 Consolidated Balance Sheets Balances as of (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Assets Total investments 90,833.8 89,824.4 89,821.3 88,891.4 87,050.8 Cash and cash equivalents 2,530.9 1,908.5 3,142.0 2,499.8 2,840.8 Assets held in separate accounts 106,007.8 107,059.3 110,648.2 107,840.0 106,827.1 Reinsurance recoverable 7,116.9 6,752.5 6,637.1 6,785.8 6,702.2 Short term investments under securities loan agreement and accrued investment income 1,718.7 1,520.7 1,509.7 1,494.2 1,450.0 Deferred policy acquisition costs, Value of business acquired 4,570.9 4,779.9 4,511.2 4,860.8 5,351.6 Goodwill and other intangible assets 284.4 296.1 303.2 312.5 323.7 Other assets (1) 2,564.8 1,319.7 1,384.7 1,274.7 1,477.6 Assets related to consolidated investment entities 11,323.2 10,842.7 10,120.6 9,551.5 8,999.4 Total Assets 226,951.4 224,303.8 228,078.0 223,510.7 221,023.2 Liabilities Future policy benefits and contract owner account balances 85,010.7 84,139.1 84,424.5 84,256.1 84,006.7 Liabilities related to separate accounts 106,007.8 107,059.3 110,648.2 107,840.0 106,827.1 Funds held under reinsurance agreements 1,159.6 1,136.7 1,167.6 1,174.5 1,181.5 Payables under securities loan agreements, including collateral held 1,445.0 927.1 904.9 864.5 769.4 Long-term debt 3,515.7 3,515.5 3,515.2 3,515.0 3,514.7 Other liabilities (2) 3,093.5 2,874.2 3,217.4 2,999.6 3,144.9 Liabilities related to consolidated investment entities 8,195.9 7,507.7 6,936.9 6,493.0 6,064.9 Total Liabilities 208,428.2 207,159.6 210,814.7 207,142.7 205,509.2 Shareholders’ Equity Common stock 2.6 2.6 2.6 2.6 2.6 Treasury stock (807.0) (624.2) (304.2) (269.8) -Additional paid-in capital 23,650.1 23,621.5 23,599.9 23,579.5 23,563.7 Retained earnings (deficit) (9,841.5) (11,235.0) (11,632.9) (11,888.3) (12,143.2) Total Voya Financial, Inc. Shareholders’ Equity—Excluding AOCI 13,004.2 11,764.9 11,665.4 11,424.0 11,423.1 Accumulated other comprehensive income 3,103.7 2,820.2 3,152.7 2,577.5 1,849.1 Total Voya Financial, Inc. Shareholders’ Equity 16,107.9 14,585.1 14,818.1 14,001.5 13,272.2 Noncontrolling interest 2,415.3 2,559.1 2,445.2 2,366.5 2,241.8 Total Shareholders’ Equity 18,523.2 17,144.2 17,263.3 16,368.0 15,514.0 Total Liabilities and Shareholders’ Equity 226,951.4 224,303.8 228,078.0 223,510.7 221,023.2 (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 Page 12 of 70 Consolidated Statements of Operations Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Revenues Net investment income 1,184.7 1,163.6 1,120.9 1,145.6 1,156.5 4,614.8 4,689.0 Fee income 894.5 908.9 897.3 931.8 943.9 3,632.5 3,666.3 Premiums 801.0 595.1 629.4 600.9 515.4 2,626.4 1,956.3 Net realized capital gains (losses) (518.3) 181.0 (366.5) (190.6) (577.0) (894.4) (2,534.8) Income (loss) related to consolidated investment entities 32.9 241.5 306.7 77.7 213.5 658.8 548.7 Other revenues 116.0 101.0 110.3 105.5 111.7 432.8 433.0 Total revenues 2,510.8 3,191.1 2,698.1 2,670.9 2,364.0 11,070.9 8,758.5 Benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,541.7) (1,732.9) (1,305.2) (1,358.1) (1,118.8) (5,937.9) (4,497.8) Operating expenses (1,246.6) (767.3) (758.3) (789.5) (394.6) (3,561.7) (2,686.7) Net amortization of DAC/VOBA (106.9) (30.6) (115.7) (126.1) (123.2) (379.3) (442.8) Interest expense (47.4) (47.2) (47.5) (47.6) (48.2) (189.7) (184.8) Operating expenses related to consolidated investment entities (59.1) (58.3) (52.4) (47.3) (51.6) (217.1) (188.3) Total benefits and expenses (3,001.7) (2,636.3) (2,279.1) (2,368.6) (1,736.4) (10,285.7) (8,000.4) Income (loss) before income taxes (490.9) 554.8 419.0 302.3 627.6 785.2 758.1
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Voya Financial Page 13 of 70 Ongoing Business Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sources of operating earnings before income taxes: Investment spread and other investment income 386.9 394.2 361.9 361.9 384.7 1,504.9 1,546.8 Fee based margin 403.5 389.8 385.3 381.2 388.7 1,559.8 1,466.2 Net underwriting gain (loss) and other revenue 251.0 181.5 219.4 173.6 180.7 825.5 763.6 Administrative expenses (418.0) (404.1) (417.9) (436.4) (422.4) (1,676.4) (1,643.1) Trail commissions (69.0) (73.9) (71.1) (73.7) (68.1) (287.7) (264.0) DAC/VOBA and other intangibles amortization, excluding unlocking (141.6) (135.5) (131.8) (119.3) (136.1) (528.2) (601.0) DAC/VOBA and other intangibles unlocking 9.0 (21.1) 10.3 (19.8) 24.7 (21.6) 160.1 Operating earnings before income taxes 421.8 330.9 356.1 267.5 352.2 1,376.3 1,428.6
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Voya Financial Page 14 of 70 Consolidated Earnings Before Income Taxes Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating revenues Net investment income and net realized gains (losses) 967.9 987.4 952.6 961.4 1,005.8 3,869.3 4,007.8 Fee income 646.7 651.2 654.4 649.3 644.1 2,601.6 2,512.5 Premiums 496.6 517.4 534.9 549.3 473.3 2,098.2 1,870.6 Other revenue 45.6 35.9 35.0 35.4 40.2 151.9 139.4 Total operating revenues 2,156.8 2,191.9 2,176.9 2,195.4 2,163.4 8,721.0 8,530.3 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1,109.9) (1,289.9) (1,154.2) (1,228.6) (1,166.3) (4,782.6) (4,556.8) Operating expenses (535.2) (532.9) (534.0) (560.7) (547.6) (2,162.8) (2,121.3) Net amortization of DAC/VOBA (87.0) (28.1) (113.3) (128.0) (96.8) (356.4) (400.4) Interest expense (47.8) (46.7) (47.1) (47.0) (47.8) (188.6) (183.2) Total operating benefits and expenses (1,779.9) (1,897.6) (1,848.6) (1,964.3) (1,858.5) (7,490.4) (7,261.7) Operating earnings before income taxes 376.9 294.3 328.3 231.1 304.9 1,230.6 1,268.6 Adjustments: Closed Block Variable Annuity (322.3) 131.0 (84.1) 20.2 (226.4) (255.2) (1,209.3) Net investment gains (losses) and related charges and adjustments 41.1 43.4 73.0 57.6 105.4 215.1 212.1 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (32.3) 33.4 (20.3) 6.4 (26.6) (12.8) 19.4 Income (loss) related to businesses exited through reinsurance or divestment (88.0) (31.9) (26.9) (10.5) (12.8) (157.3) (59.8) Income (loss) attributable to noncontrolling interests (59.0) 116.6 166.6 13.5 105.6 237.7 190.1 Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments (372.7) — — — 405.2 (372.7) 405.2 Other adjustments to operating earnings* (34.6) (32.0) (17.6) (16.0) (27.7) (100.2) (68.2) Total non-operating (867.8) 260.5 90.7 71.2 322.7 (445.4) (510.5) Income (loss) before income taxes (490.9) 554.8 419.0 302.3 627.6 785.2 758.1 * 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 Page 15 of 70 Operating Earnings by Segment (in millions USD) Three Months Ended December 31, 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) 394.4 280.9 (4.6) 223.5 27.8 922.0 19.6 26.3 967.9 Fee income 194.8 14.6 148.7 273.2 15.4 646.7 — — 646.7 Premiums 21.8 24.7 — 145.1 303.4 495.0 — 1.6 496.6 Other revenue 19.3 3.4 19.3 4.8 (0.9) 45.9 (0.1) (0.2) 45.6 Total operating revenues 630.3 323.6 163.4 646.6 345.7 2,109.6 19.5 27.7 2,156.8 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (230.9) (181.8) — (455.7) (220.9) (1,089.3) — (20.6) (1,109.9) Operating expenses (214.3) (32.9) (116.4) (83.5) (64.5) (511.6) (19.4) (4.2) (535.2) Net amortization of DAC/VOBA (35.2) (44.2) — (4.4) (3.1) (86.9) — (0.1) (87.0) Interest expense — — — — — — (47.8) — (47.8) Total operating benefits and expenses (480.4) (258.9) (116.4) (543.6) (288.5) (1,687.8) (67.2) (24.9) (1,779.9) Operating earnings before income taxes 149.9 64.7 47.0 103.0 57.2 421.8 (47.7) 2.8 376.9 Three Months Ended December 31, 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) 397.4 283.4 11.7 224.5 29.2 946.2 33.0 26.6 1,005.8 Fee income 196.1 12.2 141.4 278.5 15.9 644.1 — — 644.1 Premiums 0.7 14.4 — 185.3 272.4 472.8 — 0.5 473.3 Other revenue 18.2 3.9 14.0 4.6 (1.0) 39.7 0.6 (0.1) 40.2 Total operating revenues 612.4 313.9 167.1 692.9 316.5 2,102.8 33.6 27.0 2,163.4 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (218.2) (180.4) — (518.8) (223.9) (1,141.3) 0.2 (25.2) (1,166.3) Operating expenses (220.1) (32.1) (114.2) (88.9) (57.1) (512.4) (30.2) (5.0) (547.6) Net amortization of DAC/VOBA (35.5) (18.2) — (38.2) (5.0) (96.9) 0.2 (0.1) (96.8) Interest expense — — — — — — (47.8) — (47.8) Total operating benefits and expenses (473.8) (230.7) (114.2) (645.9) (286.0) (1,750.6) (77.6) (30.3) (1,858.5) Operating earnings before income taxes 138.6 83.2 52.9 47.0 30.5 352.2 (44.0) (3.3) 304.9
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Voya Financial Page 16 of 70 Operating Earnings by Segment (in millions USD) Twelve Months Ended December 31, 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) 1,556.1 1,109.6 19.7 885.1 111.3 3,681.8 90.9 96.6 3,869.3 Fee income 772.3 57.0 591.1 1,111.6 69.6 2,601.6 — — 2,601.6 Premiums 26.6 169.0 — 699.6 1,196.2 2,091.4 — 6.8 2,098.2 Other revenue 72.4 17.8 44.6 21.5 (4.1) 152.2 0.4 (0.7) 151.9 Total operating revenues 2,427.4 1,353.4 655.4 2,717.8 1,373.0 8,527.0 91.3 102.7 8,721.0 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (860.3) (813.1) — (2,115.6) (940.7) (4,729.7) — (52.9) (4,782.6) Operating expenses (866.2) (139.8) (445.1) (359.2) (254.7) (2,065.0) (73.1) (24.7) (2,162.8) Net amortization of DAC/VOBA (183.1) (138.5) — (5.7) (28.7) (356.0) — (0.4) (356.4) Interest expense — — — — — — (188.6) — (188.6) Total operating benefits and expenses (1,909.6) (1,091.4) (445.1) (2,480.5) (1,224.1) (7,150.7) (261.7) (78.0) (7,490.4) Operating earnings before income taxes 517.8 262.0 210.3 237.3 148.9 1,376.3 (170.4) 24.7 1,230.6 Twelve Months Ended December 31, 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) 1,569.6 1,149.9 37.0 915.5 117.6 3,789.6 85.7 132.5 4,007.8 Fee income 759.9 45.1 530.8 1,113.7 63.0 2,512.5 — — 2,512.5 Premiums 5.7 36.4 — 737.9 1,085.9 1,865.9 — 4.7 1,870.6 Other revenue 64.2 13.2 39.9 24.8 (4.0) 138.1 1.7 (0.4) 139.4 Total operating revenues 2,399.4 1,244.6 607.7 2,791.9 1,262.5 8,306.1 87.4 136.8 8,530.3 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (848.4) (730.9) — (2,001.5) (903.4) (4,484.2) (10.6) (62.0) (4,556.8) Operating expenses (839.9) (127.0) (429.6) (358.3) (236.1) (1,990.9) (106.6) (23.8) (2,121.3) Net amortization of DAC/VOBA (115.3) (92.9) — (176.2) (16.9) (401.3) 1.3 (0.4) (400.4) Interest expense — — — (1.1) — (1.1) (182.1) — (183.2) Total operating benefits and expenses (1,803.6) (950.8) (429.6) (2,537.1) (1,156.4) (6,877.5) (298.0) (86.2) (7,261.7) Operating earnings before income taxes 595.8 293.8 178.1 254.8 106.1 1,428.6 (210.6) 50.6 1,268.6
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Voya Financial Page 17 of 70 DAC/VOBA Segment Trends Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Retirement Balance as of beginning-of-period 1,141.9 1,102.9 1,219.1 1,415.3 1,381.4 1,415.3 712.4 Deferrals of commissions and expenses 26.0 26.0 22.7 23.6 27.1 98.3 106.6 Amortization (40.8) (47.6) (52.7) (39.2) (53.6) (180.3) (164.1) Unlocking 13.3 (25.8) 25.7 5.1 19.0 18.3 118.1 Change in unrealized capital gains/losses (59.4) 86.4 (111.9) (185.7) 41.5 (270.6) 642.3 Balance as of End-of-Period 1,081.0 1,141.9 1,102.9 1,219.1 1,415.3 1,081.0 1,415.3 Annuities Balance as of beginning-of-period 507.5 445.2 508.4 591.7 560.5 591.7 260.7 Deferrals of commissions and expenses 24.5 24.4 30.7 31.5 27.8 111.1 89.5 Amortization (38.2) (72.1) (28.9) (41.3) (38.3) (180.5) (208.9) Unlocking (1.9) 31.0 6.5 12.5 16.6 48.1 93.3 Change in unrealized capital gains/losses 0.4 79.0 (71.5) (86.1) 25.0 (78.2) 357.0 Balance as of End-of-Period 492.3 507.5 445.2 508.4 591.7 492.3 591.7 Individual Life Balance as of beginning-of-period 2,557.9 2,400.4 2,560.5 2,752.9 2,717.4 2,752.9 2,127.6 Deferrals of commissions and expenses 36.2 37.8 36.4 32.7 36.8 143.1 179.5 Amortization (56.4) (48.4) (45.1) (32.8) (46.6) (182.7) (217.4) Unlocking 40.1 129.2 (0.9) (4.1) 0.5 164.3 25.4 Change in unrealized capital gains/losses (137.4) 38.9 (150.5) (188.2) 44.9 (437.2) 637.8 Balance as of End-of-Period 2,440.4 2,557.9 2,400.4 2,560.5 2,752.9 2,440.4 2,752.9 Other (1) Balance as of beginning-of-period 90.3 98.9 96.7 102.7 104.0 102.7 102.6 Deferrals of commissions and expenses 5.6 5.3 7.4 4.2 5.0 22.5 21.2 Amortization (10.8) (4.8) (4.3) (3.7) (3.0) (23.6) (19.4) Unlocking 6.9 (9.0) (1.1) (6.8) (2.4) (10.0) (2.4) Change in unrealized capital gains/losses (0.4) (0.1) 0.2 0.3 (0.9) — 0.7 Balance as of End-of-Period 91.6 90.3 98.9 96.7 102.7 91.6 102.7 Closed Block Variable Annuity Balance as of beginning-of-period 482.3 463.8 476.2 489.0 501.7 489.0 453.0 Deferrals of commissions and expenses 2.0 1.9 2.4 3.0 2.7 9.3 12.7 Amortization (13.4) (21.2) (16.5) (16.2) (17.0) (67.3) (62.7) Unlocking (5.4) 37.8 1.6 0.4 1.6 34.4 (4.7) Change in unrealized capital gains/losses 0.1 — 0.1 — — 0.2 90.7 Balance as of End-of-Period 465.6 482.3 463.8 476.2 489.0 465.6 489.0 Total Balance as of beginning-of-period 4,779.9 4,511.2 4,860.8 5,351.6 5,265.0 5,351.6 3,656.3 Deferrals of commissions and expenses 94.3 95.4 99.6 95.0 99.3 384.3 409.5 Amortization (159.6) (194.1) (147.5) (133.2) (158.5) (634.4) (672.5) Unlocking 53.0 163.2 31.8 7.1 35.3 255.1 229.7 Change in unrealized capital gains/losses (196.7) 204.2 (333.5) (459.7) 110.5 (785.7) 1,728.6 Balance as of End-of-Period 4,570.9 4,779.9 4,511.2 4,860.8 5,351.6 4,570.9 5,351.6 (1) Employee Benefits, Investment Management, Other Closed Blocks
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Voya Financial Page 18 of 70 Consolidated Capital Structure Balances as of (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Financial Debt Senior bonds 2,747.0 2,746.8 2,746.5 2,746.3 2,746.0 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 3,515.7 3,515.5 3,515.2 3,515.0 3,514.7 Equity Total common equity 13,004.2 11,764.9 11,665.4 11,424.0 11,423.1 Accumulated other comprehensive income (AOCI) 3,103.7 2,820.2 3,152.7 2,577.5 1,849.1 Total Voya Financial, Inc. Shareholders’ Equity 16,107.9 14,585.1 14,818.1 14,001.5 13,272.2 Total Equity (Excluding AOCI) 13,004.2 11,764.9 11,665.4 11,424.0 11,423.1 Capital Total Capitalization 19,623.6 18,100.6 18,333.3 17,516.5 16,786.9 Total Capitalization (Excluding AOCI) 16,519.9 15,280.4 15,180.6 14,939.0 14,937.8 Debt to Capital Debt to Capital 17.9% 19.4% 19.2% 20.1% 20.9% Debt to Capital (Excluding AOCI) 21.3% 23.0% 23.2% 23.5% 23.5%
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Voya Financial Page 19 of 70 Consolidated Assets Under Management/Assets Under Administration (in millions USD) Total Institutional/ AUM—Assets Under AUA—Assets Under Balances as of December 31, 2014 General Account Separate Account Mutual Funds Management Administration Total AUM + AUA Retirement (1) 27,716.3 59,641.9 22,335.1 109,693.3 244,851.2 354,544.5 Annuities (2) 21,795.5 792.5 4,062.0 26,650.0 — 26,650.0 Retirement Solutions 49,511.8 60,434.4 26,397.1 136,343.3 244,851.2 381,194.5 Investment Management 77,630.2 49,789.4 78,811.1 206,230.7 52,396.5 258,627.2 Insurance Individual Life (3) 12,995.3 2,713.0 — 15,708.3 — 15,708.3 Employee Benefits 1,761.1 16.1 — 1,777.2 — 1,777.2 Insurance Solutions 14,756.4 2,729.1 — 17,485.5 — 17,485.5 Eliminations (68,732.8) (47,824.0) (9,940.3) (126,497.1) (52,361.3) (178,858.4) Total Ongoing Business 73,165.6 65,128.9 95,267.9 233,562.4 244,886.4 478,448.8 Closed Block Variable Annuity 2,556.3 40,657.9 — 43,214.2 — 43,214.2 Closed Block Institutional Spread Products 1,611.1 — — 1,611.1 — 1,611.1 Closed Block Other 297.2 221.0 — 518.2 — 518.2 Total AUM and AUA 77,630.2 106,007.8 95,267.9 278,905.9 244,886.4 523,792.3 (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 Page 21 of 70 Retirement Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sources of operating earnings before income taxes: Investment spread and other investment income (1) (2) 184.4 185.3 173.8 178.6 181.4 722.1 725.5 Fee based margin 216.6 211.8 211.9 209.5 215.0 849.8 829.2 Net underwriting gain (loss) and other revenue (4.6) (3.5) (5.0) (3.2) (2.3) (16.3) (10.9) Administrative expenses (174.3) (169.5) (178.5) (188.0) (181.8) (710.3) (698.2) Trail commissions (35.7) (34.9) (34.5) (33.7) (35.3) (138.8) (128.5) DAC/VOBA and other intangibles amortization, excluding unlocking (1) (41.1) (41.6) (39.0) (37.0) (42.8) (158.7) (171.6) DAC/VOBA and other intangibles unlocking (1) 4.6 (30.4) 7.1 (11.3) 4.4 (30.0) 50.3 Operating earnings before income taxes 149.9 117.2 135.8 114.9 138.6 517.8 595.8 Gross investment income Fixed income 354.7 353.4 351.0 363.7 364.1 1,422.8 1,442.0 Limited partnership income 0.7 3.5 2.6 3.0 2.8 9.8 6.9 Prepayment fee income 19.5 13.8 8.4 4.3 9.1 46.0 30.1 Total gross investment income 374.9 370.7 362.0 371.0 376.0 1,478.6 1,479.0 Investment expenses (14.8) (15.0) (14.7) (15.1) (14.9) (59.6) (57.9) Credited interest (203.9) (202.7) (200.3) (204.3) (210.0) (811.2) (821.0) Net margin 156.2 153.0 147.0 151.6 151.1 607.8 600.1 Other investment income (2) (3) 28.2 32.3 26.8 27.0 30.3 114.3 125.4 Investment spread and other investment income 184.4 185.3 173.8 178.6 181.4 722.1 725.5 Fee based margin Fee based margin—excluding Recordkeeping 163.2 161.2 158.3 155.4 157.3 638.1 594.4 Fee based margin—Recordkeeping 53.5 50.7 53.5 54.1 57.7 211.8 234.9 Fee based margin 216.6 211.8 211.9 209.5 215.0 849.8 829.2 (1) The twelve months ended 12/31/13 include $15.2 million of net investment income, $(7.0) million of DAC/VOBA and other intangibles amortization, $4.7 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery/LIHTC. (2) The twelve months ended 12/31/14 and 12/31/13 include $2.2 million and $0.2 million, respectively, of prepayment income on assets backing surplus that has been allocated from the corporate segment. (3) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans.
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Voya Financial Page 22 of 70 Retirement Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating revenues Net investment income and net realized gains (losses) 394.4 393.6 379.6 388.5 397.4 1,556.1 1,569.6 Fee income 194.8 193.5 192.9 191.1 196.1 772.3 759.9 Premiums 21.8 0.7 3.4 0.7 0.7 26.6 5.7 Other revenue 19.3 17.9 17.0 18.2 18.2 72.4 64.2 Total operating revenues 630.3 605.7 592.9 598.5 612.4 2,427.4 2,399.4 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (230.9) (209.4) (209.3) (210.7) (218.2) (860.3) (848.4) Operating expenses (214.3) (208.6) (217.3) (226.0) (220.1) (866.2) (839.9) Net amortization of DAC/VOBA (35.2) (70.5) (30.5) (46.9) (35.5) (183.1) (115.3) Total operating benefits and expenses (480.4) (488.5) (457.1) (483.6) (473.8) (1,909.6) (1,803.6) Operating earnings before income taxes 149.9 117.2 135.8 114.9 138.6 517.8 595.8
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Voya Financial Page 23 of 70 Retirement AUM/AUA Balances as of (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Assets under management by product group Corporate markets 43,806.9 42,269.8 42,499.1 40,967.4 40,123.7 Tax-exempt markets 53,896.6 53,406.6 53,910.8 53,564.2 53,200.5 Total full service plans 97,703.5 95,676.4 96,409.9 94,531.6 93,324.2 Stable value 8,778.4 8,827.1 8,843.6 8,908.6 8,914.3 Individual markets 3,211.4 3,151.2 3,174.8 3,074.9 2,998.4 Total AUM 109,693.3 107,654.7 108,428.2 106,515.1 105,236.9 AUA 244,851.2 240,939.0 241,664.0 235,906.0 237,777.1 Total AUM and AUA 354,544.5 348,593.7 350,092.2 342,421.1 343,014.0 Assets under management by fund group General account 27,716.3 27,498.0 27,389.5 28,205.7 28,169.2 Guaranteed separate account 7,932.7 8,111.5 8,159.8 8,114.6 8,120.0 Non-guaranteed separate account 51,709.2 51,000.6 51,960.0 50,164.8 49,534.0 Mutual funds/Institutional funds 22,335.1 21,044.6 20,918.9 20,030.0 19,413.7 Total AUM 109,693.3 107,654.7 108,428.2 106,515.1 105,236.9 AUA 244,851.2 240,939.0 241,664.0 235,906.0 237,777.1 Total AUM and AUA 354,544.5 348,593.7 350,092.2 342,421.1 343,014.0
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Voya Financial Page 24 of 70 Retirement AUM Rollforward Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Full service—Corporate markets Assets under management, beginning of period 42,269.8 42,499.1 40,967.4 40,123.7 37,677.7 40,123.7 33,265.9 Transfer/Single deposits 1,469.0 884.6 913.8 900.7 1,251.5 4,168.1 3,674.3 Recurring deposits 926.0 956.3 953.5 1,108.9 845.1 3,944.7 3,668.7 Deposits 2,395.0 1,840.9 1,867.3 2,009.6 2,096.6 8,112.8 7,343.0 Surrenders, benefits, and product charges (1,919.9) (1,595.7) (1,678.9) (1,669.6) (1,839.9) (6,864.1) (6,523.4) Net Flows 475.1 245.2 188.4 340.0 256.7 1,248.7 819.6 Interest credited and investment performance 1,062.0 (474.4) 1,343.3 503.7 2,189.3 2,434.6 6,038.2 Transfer to reinsurer (3) — — — — — — —Assets under management, end of period 43,806.9 42,269.8 42,499.1 40,967.4 40,123.7 43,806.9 40,123.7 Full service—Tax-exempt markets Assets under management, beginning of period 53,406.6 53,910.8 53,564.2 53,200.5 51,183.9 53,200.5 46,986.1 Transfer/Single deposits 837.9 338.5 241.6 269.7 271.2 1,687.7 1,604.2 Recurring deposits 735.8 669.9 764.9 779.4 756.5 2,950.0 3,026.0 Deposits 1,573.7 1,008.4 1,006.5 1,049.1 1,027.7 4,637.7 4,630.2 Surrenders, benefits, and product charges (2,140.0) (1,295.3) (1,100.4) (1,330.7) (1,117.5) (5,866.4) (4,443.9) Net Flows (566.3) (286.9) (93.9) (281.6) (89.8) (1,228.7) 186.3 Interest credited and investment performance 1,056.2 (217.3) 1,349.3 645.3 2,106.4 2,833.5 6,028.1 Transfer to reinsurer (3) — — (908.8) — — (908.8) —Assets under management, end of period 53,896.6 53,406.6 53,910.8 53,564.2 53,200.5 53,896.6 53,200.5 Stable value (1) Assets under management, beginning of period 8,827.1 8,843.6 8,908.6 8,914.3 8,705.0 8,914.3 7,792.1 Transfer/Single deposits 121.9 46.0 25.6 134.9 202.1 328.4 1,434.1 Recurring deposits 49.0 44.9 34.9 47.1 60.1 175.9 221.4 Deposits 170.9 90.9 60.5 182.0 262.2 504.3 1,655.5 Surrenders, benefits, and product charges (281.8) (115.1) (205.0) (242.2) (113.8) (844.1) (516.3) Net Flows (110.9) (24.2) (144.5) (60.2) 148.4 (339.8) 1,139.2 Interest credited and investment performance 62.2 7.5 79.5 54.5 60.9 203.7 (17.0) Transfer to reinsurer (3) — — — — — — —Assets under management, end of period 8,778.4 8,827.1 8,843.6 8,908.6 8,914.3 8,778.4 8,914.3 Individual markets Assets under management, beginning of period 3,151.2 3,174.8 3,074.9 2,998.4 2,850.5 2,998.4 2,427.1 Transfer/Single deposits 224.2 225.4 263.2 281.8 290.3 994.6 1,226.0 Recurring deposits 0.3 0.2 0.6 0.6 0.2 1.7 1.3 Deposits 224.5 225.6 263.8 282.4 290.5 996.3 1,227.3 Surrenders, benefits, and product charges (224.7) (226.3) (236.1) (236.2) (242.6) (923.3) (913.9) Net Flows (0.2) (0.7) 27.7 46.2 47.9 73.0 313.4 Interest credited and investment performance 60.5 (22.9) 72.2 30.3 100.0 140.1 257.9 Transfer to reinsurer (3) — — — — — — —Assets under management, end of period 3,211.4 3,151.2 3,174.8 3,074.9 2,998.4 3,211.4 2,998.4 Total AUM (2) Assets under management, beginning of period 107,654.7 108,428.2 106,515.1 105,236.9 100,417.1 105,236.9 90,471.2 Transfer/Single deposits 2,653.0 1,494.6 1,444.1 1,587.1 2,015.1 7,178.8 7,938.6 Recurring deposits 1,711.1 1,671.3 1,753.9 1,936.0 1,661.9 7,072.3 6,917.4 Deposits 4,364.1 3,165.9 3,198.0 3,523.1 3,677.0 14,251.1 14,856.0 Surrenders, benefits, and product charges (4,566.4) (3,232.3) (3,220.4) (3,478.7) (3,313.8) (14,497.8) (12,397.5) Net Flows (202.3) (66.4) (22.4) 44.4 363.2 (246.7) 2,458.5 Interest credited and investment performance 2,240.9 (707.1) 2,844.3 1,233.8 4,456.6 5,611.9 12,307.2 Transfer to reinsurer (3) — — (908.8) — — (908.8) —Assets under management, end of period 109,693.3 107,654.7 108,428.2 106,515.1 105,236.9 109,693.3 105,236.9 (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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[Graphic Appears Here]
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Voya Financial Page 26 of 70 Annuities Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sources of operating earnings before income taxes: Investment spread and other investment income (1) (2) 128.7 125.7 116.4 111.0 120.5 481.8 477.2 Fee based margin 14.8 14.6 14.0 13.2 12.9 56.6 46.8 Net underwriting gain (loss) and other revenue 6.2 3.3 9.0 7.0 4.3 25.5 18.2 Administrative expenses (23.0) (22.6) (24.7) (24.7) (22.0) (95.0) (89.6) Trail commissions (9.6) (11.8) (11.7) (10.4) (9.9) (43.5) (36.2) DAC/VOBA and other intangibles amortization, excluding unlocking (1) (51.3) (48.7) (45.3) (44.5) (49.8) (189.8) (210.5) DAC/VOBA and other intangibles unlocking (1) (1.1) 17.8 6.5 3.2 27.2 26.4 87.9 Operating earnings before income taxes 64.7 78.3 64.2 54.8 83.2 262.0 293.8 Gross investment income Fixed income 257.3 259.7 259.7 257.9 256.4 1,034.6 1,041.4 Limited partnership income 2.3 6.2 3.5 4.7 5.3 16.7 13.3 Prepayment fee income 15.7 9.0 7.1 2.5 9.9 34.3 33.1 Total gross investment income 275.3 274.9 270.3 265.1 271.6 1,085.6 1,087.8 Investment expenses (10.7) (11.3) (11.2) (10.7) (10.8) (43.9) (43.4) Credited interest (152.1) (156.8) (159.7) (159.7) (163.0) (628.3) (672.6) Net margin 112.5 106.8 99.4 94.7 97.8 413.4 371.8 Other investment income (2) (3) 16.2 18.9 17.0 16.3 22.7 68.4 105.4 Investment spread and other investment income 128.7 125.7 116.4 111.0 120.5 481.8 477.2 (1) The twelve months ended 12/31/13 include $20.3 million of net investment income, $(11.4) million of DAC/VOBA and other intangibles amortization, $4.6 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery/LIHTC. (2) The twelve months ended 12/31/14 and 12/31/13 include $1.1 million and $0.1 million, respectively, of prepayment income on assets
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Voya Financial Page 27 of 70 Annuities Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating revenues Net investment income and net realized gains (losses) 280.9 282.3 275.8 270.6 283.4 1,109.6 1,149.9 Fee income 14.6 15.0 14.2 13.2 12.2 57.0 45.1 Premiums 24.7 42.7 35.5 66.1 14.4 169.0 36.4 Other revenue 3.4 4.6 5.3 4.5 3.9 17.8 13.2 Total operating revenues 323.6 344.6 330.8 354.4 313.9 1,353.4 1,244.6 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (181.8) (204.1) (197.4) (229.8) (180.4) (813.1) (730.9) Operating expenses (32.9) (34.8) (36.6) (35.5) (32.1) (139.8) (127.0) Net amortization of DAC/VOBA (44.2) (27.4) (32.6) (34.3) (18.2) (138.5) (92.9) Total operating benefits and expenses (258.9) (266.3) (266.6) (299.6) (230.7) (1,091.4) (950.8) Operating earnings before income taxes 64.7 78.3 64.2 54.8 83.2 262.0 293.8
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Voya Financial Page 28 of 70 Annuities AUM Balances as of (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Assets Under Management Fixed single year 3,617.2 3,677.5 3,750.7 3,825.4 3,889.5 Fixed multi-year 2,288.9 2,653.9 3,224.4 3,342.9 3,445.7 Indexed 13,350.5 13,230.1 13,105.5 12,883.5 12,648.4 SPIA & Payout 2,878.5 2,892.1 2,886.1 2,871.1 2,803.5 Mutual funds 4,062.0 3,880.2 3,825.1 3,574.3 3,384.9 Other annuities 452.9 456.2 473.1 470.4 474.8 Total AUM 26,650.0 26,790.1 27,264.9 26,967.6 26,646.7 Assets Under Management General account 21,795.5 22,111.7 22,614.5 22,573.2 22,432.2 Separate account 792.5 798.2 825.3 820.1 829.6 Mutual funds 4,062.0 3,880.2 3,825.1 3,574.3 3,384.9 Total AUM 26,650.0 26,790.1 27,264.9 26,967.6 26,646.7
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Voya Financial Page 29 of 70 Annuities AUM Rollforward Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Annual Reset Annuities/Multi-Year Guaranteed Annuities Assets Under Management, beginning of period 6,331.4 6,975.0 7,168.3 7,335.2 7,593.5 7,335.2 8,222.9 Deposits 6.2 6.8 8.7 12.0 17.7 33.7 60.9 Surrenders, benefits, and product charges (486.7) (710.8) (267.6) (245.2) (348.1) (1,710.3) (1,249.6) Net cash flow (480.5) (704.0) (258.9) (233.2) (330.4) (1,676.6) (1,188.7) Interest credited and investment performance 55.2 60.3 65.7 66.3 72.1 247.5 301.0 Assets Under Management, end of period 5,906.1 6,331.4 6,975.1 7,168.3 7,335.2 5,906.1 7,335.2 Fixed Indexed Annuities Assets Under Management, beginning of period 13,230.1 13,105.6 12,883.5 12,648.4 12,494.9 12,648.4 12,209.2 Deposits 360.1 338.1 430.4 436.2 379.3 1,564.8 1,246.7 Surrenders, benefits, and product charges (348.7) (338.6) (348.0) (316.5) (348.6) (1,351.8) (1,297.6) Net cash flow 11.4 (0.5) 82.4 119.8 30.7 213.1 (51.0) Interest credited and investment performance 109.1 125.0 139.6 115.3 122.8 489.0 490.2 Assets Under Management, end of period 13,350.5 13,230.1 13,105.5 12,883.5 12,648.4 13,350.5 12,648.4 SPIA & Payout Assets Under Management, beginning of period 2,892.1 2,886.1 2,871.1 2,803.5 2,760.4 2,803.5 2,806.6 Deposits 63.1 76.6 81.4 119.6 94.5 340.7 222.6 Surrenders, benefits, and product charges (111.2) (103.2) (107.6) (86.4) (108.7) (408.4) (428.0) Net cash flow (48.1) (26.6) (26.2) 33.2 (14.2) (67.7) (205.5) Interest credited and investment performance 34.5 32.6 41.2 34.4 57.3 142.7 202.4 Assets Under Management, end of period 2,878.5 2,892.1 2,886.1 2,871.1 2,803.5 2,878.5 2,803.5 Mutual Fund Custodial Assets Under Management, beginning of period 3,880.2 3,825.1 3,574.3 3,384.9 3,077.8 3,384.9 2,433.5 Deposits 268.5 264.9 274.6 292.6 288.3 1,100.6 1,097.4 Surrenders, benefits, and product charges (147.2) (143.0) (148.5) (146.8) (135.1) (585.5) (498.4) Net cash flow 121.3 121.9 126.1 145.7 153.3 515.0 599.1 Interest credited and investment performance 60.5 (66.8) 124.7 43.7 153.8 162.1 352.3 Assets Under Management, end of period 4,062.0 3,880.2 3,825.1 3,574.3 3,384.9 4,062.0 3,384.9 Other Annuities Assets Under Management, beginning of period 456.2 473.0 470.4 474.8 452.6 474.8 428.7 Deposits 1.1 0.7 1.7 1.3 1.0 4.8 4.3 Surrenders, benefits, and product charges (15.8) (14.5) (16.9) (11.9) (12.4) (59.1) (55.3) Net cash flow (14.7) (13.8) (15.2) (10.5) (11.4) (54.2) (51.0) Interest credited and investment performance 11.4 (3.0) 17.8 6.1 33.6 32.3 97.1 Assets Under Management, end of period 452.9 456.2 473.1 470.4 474.8 452.9 474.8 Annuities—Total Assets Under Management, beginning of period 26,790.1 27,264.9 26,967.6 26,646.7 26,379.2 26,646.7 26,101.1 Deposits 699.0 687.1 796.9 861.7 780.9 3,044.7 2,632.0 Surrenders, benefits, and product charges (1,109.6) (1,310.0) (888.7) (806.8) (952.8) (4,115.1) (3,528.9) Net cash flow (410.6) (622.9) (91.8) 54.9 (171.9) (1,070.4) (896.9) Interest credited and investment performance 270.4 148.1 389.1 266.0 439.4 1,073.7 1,442.5 Assets Under Management, end of period 26,650.0 26,790.1 27,264.9 26,967.6 26,646.7 26,650.0 26,646.7
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Investment Management
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Voya Financial Page 31 of 70 Investment Management Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sources of operating earnings before income taxes: Investment capital and other investment income (1) (4.4) 9.3 8.2 7.5 12.1 20.6 37.7 Fee based margin 167.8 159.0 155.0 153.0 155.0 634.8 570.0 Administrative expenses (116.4) (109.7) (108.3) (110.7) (114.2) (445.1) (429.6) Operating earnings before income taxes 47.0 58.6 54.9 49.8 52.9 210.3 178.1 (1) The twelve months ended 12/31/13 include $13.2 million of net investment income from Lehman Recovery/LIHTC.
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Voya Financial Page 32 of 70 Investment Management Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating revenues Net investment income and net realized gains (losses) (4.6) 9.0 8.0 7.3 11.7 19.7 37.0 Fee income 148.7 149.5 147.1 145.8 141.4 591.1 530.8 Other revenue 19.3 9.8 8.1 7.4 14.0 44.6 39.9 Total operating revenues 163.4 168.3 163.2 160.5 167.1 655.4 607.7 Operating benefits and expenses Operating expenses (116.4) (109.7) (108.3) (110.7) (114.2) (445.1) (429.6) Total operating benefits and expenses (116.4) (109.7) (108.3) (110.7) (114.2) (445.1) (429.6) Operating earnings before income taxes 47.0 58.6 54.9 49.8 52.9 210.3 178.1
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Voya Financial Page 33 of 70 Investment Management Key Metrics Balances as of Balances as of (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Client Assets by Source: External clients Investment Management sourced 69,644.3 69,232.2 70,518.2 69,104.4 66,362.2 69,644.3 66,362.2 Affiliate sourced 58,956.2 58,941.3 58,728.9 57,988.9 53,935.0 58,956.2 53,935.0 Subtotal external clients 128,600.5 128,173.5 129,247.1 127,093.3 120,297.2 128,600.5 120,297.2 General Account (1) 77,630.2 78,503.1 78,335.1 79,684.4 78,988.8 77,630.2 78,988.8 Total Client Assets (AUM) 206,230.7 206,676.6 207,582.2 206,777.7 199,286.0 206,230.7 199,286.0 Administration Only Assets (AUA) 52,396.5 53,080.7 55,778.9 53,688.8 58,462.8 52,396.5 58,462.8 Total AUM and AUA 258,627.2 259,757.3 263,361.1 260,466.5 257,748.8 258,627.2 257,748.8 Three Months Ended Year to Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Analysis of investment advisory and administrative revenues, net, by source: (2) External clients Investment Management sourced 77.4 77.9 77.4 78.5 74.6 311.2 270.2 Affiliate sourced 31.7 32.1 28.9 28.3 26.8 121.0 98.2 Subtotal External Clients 109.1 110.0 106.3 106.8 101.4 432.2 368.4 General Account 36.2 36.0 36.5 36.1 36.2 144.8 145.4 Total investment advisory and administrative revenues, net, from AUM 145.3 146.0 142.8 142.9 137.6 577.0 513.8 Administration Only Fees 3.4 3.5 4.3 2.9 3.8 14.1 17.0 Total investment advisory and administrative revenues, net, by source (2) 148.7 149.5 147.1 145.8 141.4 591.1 530.8 Revenue Yield (bps): (2) (3) External clients Investment Management sourced 44.6 44.4 44.7 46.7 46.0 45.2 44.5 Affiliate sourced 21.4 21.6 19.9 20.4 20.1 20.9 19.5 Revenue Yield on Institutional/retail 33.9 34.0 33.3 34.8 34.4 34.1 33.2 General Account 18.5 18.4 18.4 18.3 18.0 18.4 18.1 Revenue Yield on Client Assets (AUM) 28.1 28.1 27.6 28.3 27.7 28.1 26.9 Revenue Yield on Administration Only Assets (AUA) 2.6 2.6 3.2 2.1 2.7 2.6 3.0 Total Revenue Yield on AUM and AUA (bps) (2) (3) 22.9 22.8 22.5 22.6 22.1 22.7 21.4 (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.
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Voya Financial Page 34 of 70 Investment Management Account Rollforward by Source Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 AUM Roll-forward By Source Investment Management Sourced Beginning AUM 69,232.2 70,518.2 69,104.4 66,362.2 63,275.4 66,362.2 54,061.9 Inflows Inflows from sub-advisor replacements — — — — — — 197.6 Inflows-other 3,932.3 2,872.2 3,106.7 4,189.3 4,589.9 14,100.5 18,824.0 Outflows (3,133.8) (3,284.8) (3,701.5) (2,844.0) (3,302.9) (12,964.1) (11,243.9) Net Flows 798.5 (412.6) (594.8) 1,345.3 1,287.0 1,136.4 7,777.7 Net Money Market Flows 7.6 (13.1) (34.1) 28.1 2.3 (11.5) (17.2) Change in Market Value 1,222.8 (1,052.2) 1,614.4 843.6 1,827.6 2,628.6 4,844.5 Other (Including Acquisitions / Divestitures) (1,616.8) 191.9 428.3 525.2 (30.0) (471.4) (304.6) Investment Management sourced AUM End of Period 69,644.3 69,232.2 70,518.2 69,104.4 66,362.2 69,644.3 66,362.2 Organic Growth (Long Term Net Flows / Beginning of Period AUM) 1.15% -0.59% -0.86% 2.03% 2.03% 1.71% 14.39% Market Growth % 1.77% -1.49% 2.34% 1.27% 2.89% 3.96% 8.96% Affiliate Sourced Beginning AUM 58,941.3 58,728.9 57,988.9 53,935.0 52,169.5 53,935.0 47,284.6 Inflows Inflows from sub-advisor replacements 785.1 2,130.2 — 4,671.9 — 7,587.2 1,853.9 Inflows-other 923.8 667.5 757.3 949.2 1,149.3 3,297.8 5,602.6 Outflows (2,696.9) (2,206.3) (2,020.2) (2,082.2) (1,790.4) (9,005.6) (6,477.8) Net Flows (988.0) 591.4 (1,262.9) 3,538.9 (641.1) 1,879.4 978.7 Net Money Market Flows (110.0) (34.1) (95.8) (45.5) (156.8) (285.4) (364.3) Change in Market Value 1,300.0 (293.4) 1,915.8 639.8 2,491.3 3,562.2 6,701.4 Other (Including Acquisitions / Divestitures) (187.1) (51.6) 182.9 (79.3) 72.1 (135.1) (665.4) Affiliate sourced AUM End of Period 58,956.2 58,941.3 58,728.9 57,988.9 53,935.0 58,956.2 53,935.0 Organic Growth (Long Term Net Flows / Beginning of Period AUM) -1.68% 1.01% -2.18% 6.56% -1.23% 3.48% 2.07% Market Growth % 2.21% -0.50% 3.30% 1.19% 4.78% 6.60% 14.17% Other affiliate sourced net flows 255.5 1,581.4 (401.4) 4,340.2 10.0 5,775.7 3,344.9 Variable annuity net flows (1,243.5) (990.0) (861.5) (801.3) (651.1) (3,896.3) (2,366.3) Total affiliate sourced net flows (988.0) 591.4 (1,262.9) 3,538.9 (641.1) 1,879.4 978.7 Investment Management sourced net flows 798.5 (412.6) (594.8) 1,345.3 1,287.0 1,136.4 7,777.7 Total net flows (189.5) 178.8 (1,857.7) 4,884.2 645.9 3,015.8 8,756.4 Net Flows excluding sub-advisor replacements and variable annuity net flows 268.9 (961.4) (996.2) 1,013.6 1,297.0 (675.1) 9,071.2
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Voya Financial Page 35 of 70 Investment Management Account Value by Asset Type Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 (in millions USD) Institutional Equity 18,095.7 18,143.9 18,465.7 18,934.5 18,334.8 Fixed Income 38,036.2 38,535.2 39,259.3 38,014.5 36,532.3 Real Estate — — — — -Money Market 11.7 11.4 11.5 28.1 28.6 Total 56,143.6 56,690.5 57,736.5 56,977.1 54,895.7 Retail Equity 43,880.8 44,026.3 43,723.5 42,320.6 41,408.5 Fixed Income 19,252.9 18,604.5 18,505.3 18,798.5 15,209.9 Real Estate 7,436.7 6,889.1 7,250.2 6,873.5 6,647.6 Money Market 1,886.5 1,963.1 2,031.6 2,123.6 2,135.5 Total 72,456.9 71,483.0 71,510.6 70,116.2 65,401.5 General Account Equity 215.8 232.1 254.7 265.4 280.3 Fixed Income 76,125.5 77,227.6 77,204.4 78,457.1 77,958.6 Real Estate — — — — -Money Market 1,288.9 1,043.4 876.0 961.9 749.9 Total 77,630.2 78,503.1 78,335.1 79,684.4 78,988.8 Combined Asset Type Equity 62,192.3 62,402.3 62,443.9 61,520.5 60,023.6 Fixed Income 133,414.6 134,367.3 134,969.0 135,270.1 129,700.8 Real Estate 7,436.7 6,889.1 7,250.2 6,873.5 6,647.6 Money Market 3,187.1 3,017.9 2,919.1 3,113.6 2,914.0 Total 206,230.7 206,676.6 207,582.2 206,777.7 199,286.0
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Individual Life
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Voya Financial Page 37 of 70 Individual Life Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sources of operating earnings before income taxes: Investment spread and other investment income (1) (2) 65.7 59.6 52.1 53.9 57.1 231.3 252.8 Fee based margin 4.3 4.4 4.4 5.5 5.8 18.6 20.2 Net underwriting gain (loss) and other revenue 137.7 93.4 123.9 86.7 100.4 441.7 452.0 Administrative expenses (60.8) (62.3) (64.4) (68.3) (65.9) (255.8) (266.7) Trail commissions (3.5) (6.2) (6.0) (6.2) (4.9) (21.9) (23.3) DAC/VOBA and other intangibles amortization, excluding unlocking (1) (45.9) (42.0) (45.1) (33.4) (39.1) (166.4) (202.6) DAC/VOBA and other intangibles unlocking (1) 5.5 (7.1) (1.5) (7.1) (6.4) (10.2) 22.4 Operating earnings before income taxes 103.0 39.8 63.4 31.1 47.0 237.3 254.8 Gross Investment Income Fixed income 210.9 212.5 209.1 210.7 209.5 843.2 825.5 Limited partnership income 1.6 4.9 2.6 4.2 3.6 13.3 9.7 Prepayment fee income 9.1 4.5 3.0 0.5 3.6 17.1 18.0 Total gross investment income 221.6 221.9 214.7 215.4 216.7 873.6 853.2 Investment expenses (5.9) (6.2) (6.0) (6.1) (6.2) (24.2) (23.1) Credited interest (157.9) (164.8) (163.9) (162.1) (165.1) (648.7) (653.7) Net margin 57.8 50.9 44.8 47.2 45.4 200.7 176.4 Other investment income (2) (3) 7.9 8.7 7.3 6.7 11.7 30.6 76.4 Investment spread and other investment income 65.7 59.6 52.1 53.9 57.1 231.3 252.8 Net underwriting gain (loss) and other revenue Fee Revenue/Premiums 460.8 492.3 504.3 488.5 494.2 1,945.9 1,982.1 Net Mortality, including Reinsurance (244.8) (326.4) (299.4) (326.4) (305.8) (1,197.0) (1,184.9) Reserve Change/Other (78.3) (72.5) (81.0) (75.4) (88.0) (307.2) (345.2) Total net underwriting gain (loss) and other revenue 137.7 93.4 123.9 86.7 100.4 441.7 452.0 (1) The twelve months ended 12/31/13 include $47.2 million of net investment income, $(25.1) million of DAC/VOBA and other intangibles amortization, and $17.6 million of DAC/VOBA and other intangibles unlocking from Lehman Recovery/LIHTC. (2) The twelve months ended 12/31/14 and 12/31/13 include $0.8 million and $0.1 million, respectively, of prepayment income on assets backing surplus that has been allocated from the corporate segment. (3) Includes investment income on assets backing surplus that has been allocated from the corporate segment and income from policy loans
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Voya Financial Page 38 of 70 Individual Life Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating revenues Net investment income and net realized gains (losses) 223.5 226.3 215.5 219.8 224.5 885.1 915.5 Fee income 273.2 269.3 285.5 283.6 278.5 1,111.6 1,113.7 Premiums 145.1 179.1 191.7 183.7 185.3 699.6 737.9 Other revenue 4.8 4.4 7.2 5.1 4.6 21.5 24.8 Total operating revenues 646.6 679.1 699.9 692.2 692.9 2,717.8 2,791.9 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (455.7) (632.8) (499.3) (527.8) (518.8) (2,115.6) (2,001.5) Operating expenses (83.5) (88.7) (91.3) (95.7) (88.9) (359.2) (358.3) Net amortization of DAC/VOBA (4.4) 82.2 (45.9) (37.6) (38.2) (5.7) (176.2) Interest expense — — — — — — (1.1) Total operating benefits and expenses (543.6) (639.3) (636.5) (661.1) (645.9) (2,480.5) (2,537.1) Operating earnings before income taxes 103.0 39.8 63.4 31.1 47.0 237.3 254.8
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Voya Financial Page 39 of 70 Individual Life Key Metrics Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sales by Product Line Guaranteed 0.1 — — — — 0.1 0.6 Accumulation 2.3 2.6 2.1 2.8 2.0 9.8 12.7 Indexed 12.6 16.0 13.3 7.9 8.4 49.8 27.6 Total Universal life 15.0 18.6 15.4 10.7 10.4 59.7 40.9 Variable life 3.4 1.4 1.5 0.9 0.7 7.2 8.6 Term 5.9 6.8 8.1 7.2 9.8 28.0 50.1 Whole life — — — 0.1 0.1 0.1 0.2 Total sales by product line 24.3 26.8 25.0 18.9 21.0 95.0 99.8 Sales by Distribution Independent life sales 17.6 20.1 17.2 13.2 12.9 68.1 62.5 Strategic distribution 5.0 4.2 5.2 3.7 5.2 18.1 21.7 Alternative and specialty markets 1.7 2.5 2.6 2.0 2.9 8.8 15.6 Total sales by distribution 24.3 26.8 25.0 18.9 21.0 95.0 99.8 Gross premiums and deposits by product: Interest sensitive 295.5 292.5 291.5 276.0 276.1 1,155.5 1,096.0 Non—interest sensitive 184.1 218.8 232.7 223.6 227.0 859.2 901.1 Total gross premiums and deposits (1) 479.6 511.3 524.2 499.6 503.0 2,014.7 1,997.1 Applications New business policy count (Paid) 6,380 7,452 8,837 7,879 9,906 30,548 53,237 End of Period: In-force face amount (by product) (1) Universal life 77,798 77,867 77,948 78,162 78,581 77,798 78,581 Variable life 26,432 26,806 27,250 27,667 28,198 26,432 28,198 Term 369,498 491,344 493,570 494,756 495,995 369,498 495,995 Whole life 2,087 2,110 2,145 2,176 2,217 2,087 2,217 Total In-force Face 475,816 598,128 600,914 602,761 604,990 475,816 604,990 In-force policy count (in whole numbers) (1) Universal life 280,722 283,349 286,236 289,045 292,096 280,722 292,096 Variable life 62,609 63,597 64,569 65,635 66,811 62,609 66,811 Term 648,634 822,955 826,465 828,414 830,832 648,634 830,832 Whole life 132,806 135,450 138,054 140,209 142,409 132,806 142,409 Total Policy Counts 1,124,771 1,305,351 1,315,324 1,323,303 1,332,148 1,124,771 1,332,148 Assets under management (1) General account 12,995.3 13,424.2 13,381.3 13,308.0 13,271.3 12,995.3 13,271.3 Separate account 2,713.0 2,694.5 2,761.6 2,699.7 2,724.3 2,713.0 2,724.3 Total 15,708.3 16,118.7 16,142.9 16,007.7 15,995.6 15,708.3 15,995.6 (1) Excludes amounts transferred to third parties through reinsurance transactions
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Employee Benefits
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Voya Financial Page 41 of 70 Employee Benefits Sources of Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sources of operating earnings before income taxes: Investment spread and other investment income (1) (2) 12.5 14.3 11.4 10.9 13.6 49.1 53.5 Net underwriting gain (loss) and other revenue 111.7 88.3 91.5 83.1 78.3 374.6 304.3 Administrative expenses (43.5) (40.0) (42.0) (44.7) (38.5) (170.2) (159.0) Trail commissions (20.2) (21.0) (18.9) (23.4) (18.0) (83.5) (76.0) DAC/VOBA and other intangibles amortization, excluding unlocking (3.3) (3.2) (2.4) (4.4) (4.4) (13.3) (16.3) DAC/VOBA and other intangibles unlocking — (1.4) (1.8) (4.6) (0.5) (7.8) (0.5) Operating earnings before income taxes 57.2 37.0 37.8 16.9 30.5 148.9 106.1 Gross Investment Income Fixed income 25.0 25.6 25.3 24.7 25.4 100.6 101.5 Limited partnership income 0.1 0.6 0.3 0.4 0.6 1.4 1.2 Prepayment fee income 0.8 0.7 0.4 0.1 1.0 2.0 3.9 Total gross investment income 25.9 26.9 26.0 25.2 27.0 104.0 106.5 Investment expenses (0.8) (0.7) (0.7) (0.8) (0.6) (3.0) (3.1) Credited interest (15.3) (14.9) (16.4) (15.8) (15.7) (62.4) (63.9) Net margin 9.8 11.3 8.9 8.6 10.7 38.6 39.5 Other investment income (2) (3) 2.7 3.0 2.5 2.3 2.9 10.5 14.2 Investment spread and other investment income 12.5 14.3 11.4 10.9 13.6 49.1 53.6 Group life Premiums 114.1 111.9 115.7 113.3 117.2 454.9 473.3 Benefits (82.4) (84.3) (86.4) (92.9) (84.3) (346.0) (372.7) Other (4) (2.5) (2.3) (1.8) (2.1) (2.5) (8.7) (9.2) Total 29.2 25.3 27.5 18.3 30.5 100.2 91.4 Loss Ratio (Interest adjusted) 72.2% 75.4% 74.7% 82.0% 72.0% 76.1% 78.7% Group stop loss Premiums 167.4 164.1 164.0 163.9 138.8 659.4 544.8 Benefits (103.7) (118.4) (118.5) (118.6) (108.9) (459.2) (410.2) Other (4) (1.4) (0.8) (0.9) (1.4) (0.4) (4.5) (3.1) Total 62.4 44.9 44.6 43.9 29.5 195.7 131.5 Loss Ratio 61.9% 72.1% 72.2% 72.4% 78.4% 69.6% 75.3% Voluntary Benefits, Disability, and Other 20.0 18.3 19.5 21.0 18.3 78.7 81.3 Net underwriting gain (loss) and other revenue 111.7 88.3 91.5 83.1 78.3 374.6 304.3 (1) The twelve months ended 12/31/13 include $4.3 million of net investment income from Lehman Recovery/LIHTC. (2) The twelve months ended 12/31/14 and 12/31/13 include $0.2 million and $0.0 million, respectively, of prepayment income on assets backing surplus that has been allocated from the corporate segment. (3) Includes investment income on assets backing surplus that has been allocated from the corporate segment. (4) Other includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include
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Voya Financial Page 42 of 70 Employee Benefits Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating revenues Net investment income and net realized gains (losses) 27.8 29.1 27.7 26.7 29.2 111.3 117.6 Fee income 15.4 23.9 14.7 15.6 15.9 69.6 63.0 Premiums 303.4 293.7 302.8 296.3 272.4 1,196.2 1,085.9 Other revenue (0.9) (0.8) (2.7) 0.3 (1.0) (4.1) (4.0) Total operating revenues 345.7 345.9 342.5 338.9 316.5 1,373.0 1,262.5 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (220.9) (235.7) (239.6) (244.5) (223.9) (940.7) (903.4) Operating expenses (64.5) (60.9) (60.9) (68.4) (57.1) (254.7) (236.1) Net amortization of DAC/VOBA (3.1) (12.3) (4.2) (9.1) (5.0) (28.7) (16.9) Total operating benefits and expenses (288.5) (308.9) (304.7) (322.0) (286.0) (1,224.1) (1,156.4) Operating earnings before income taxes 57.2 37.0 37.8 16.9 30.5 148.9 106.1
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Voya Financial Page 43 of 70 Employee Benefits Key Metrics Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Sales Group life (Basic / Sup / AD&D) 5.4 7.2 4.1 37.5 5.4 54.2 58.3 Group stop loss 11.6 21.8 9.4 182.4 14.0 225.2 153.4 Disability 1.2 1.0 0.7 8.6 3.1 11.5 17.6 Association (Life, DI, PAI) 4.5 — 0.7 — 3.6 5.2 4.0 Other (PAI) 0.1 0.3 — 1.0 0.4 1.4 2.5 Total group products 22.8 30.3 14.9 229.5 26.5 297.5 235.8 Voluntary products 9.0 5.2 4.3 22.3 9.1 40.8 27.2 Total sales by product line 31.8 35.5 19.2 251.8 35.6 338.3 263.0 Total gross premiums and deposits 342.4 340.6 348.3 342.9 314.5 1,374.2 1,261.5 Total annualized in-force premiums 1,406.4 1,398.2 1,396.7 1,407.7 1,294.6 1,406.4 1,294.6 Assets under management (EOP) General account 1,761.1 1,780.8 1,791.3 1,760.5 1,739.2 1,761.1 1,739.2 Separate account 16.1 16.0 16.2 15.9 15.9 16.1 15.9 Total 1,777.2 1,796.8 1,807.5 1,776.4 1,755.1 1,777.2 1,755.1
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Corporate
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Voya Financial Page 45 of 70 Corporate Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Interest expense (47.5) (46.8) (46.7) (47.0) (47.0) (188.0) (179.7) Closed Block Variable Annuity contingent capital LOC — — — — — — (18.4) Amortization of intangibles (9.2) (9.2) (8.6) (8.6) (8.7) (35.6) (35.0) Other (1) 9.0 8.9 17.0 18.3 11.7 53.2 22.5 Operating earnings before income taxes (47.7) (47.1) (38.3) (37.3) (44.0) (170.4) (210.6) (1) The twelve months ended 12/31/14 and 12/31/13 include $4.0 million and $3.2 million of net investment income from Lehman Recovery, respectively.
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Closed Blocks (Variable Annuity and Other)
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Voya Financial Page 47 of 70 Closed Block ISP and Other Operating Earnings Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Closed Block Institutional Spread Products (1) (1.0) 8.5 6.6 5.4 (5.8) 19.5 35.9 Closed Block Other (2) 3.8 2.0 3.9 (4.5) 2.5 5.2 14.7 Operating earnings before income taxes 2.8 10.5 10.5 0.9 (3.3) 24.7 50.6 Three Months Ended Year-to-Date Closed Block Institutional Spread Products 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Operating revenues Net investment income and net realized gains (losses) (1) 20.6 18.4 16.6 17.2 21.1 72.8 107.9 Premiums 0.5 0.6 0.6 0.6 0.6 2.3 2.4 Other revenue (0.2) (0.4) (0.2) (0.2) (0.3) (1.0) (1.2) Total operating revenues 20.9 18.6 17.0 17.6 21.4 74.1 109.1 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (19.5) (7.5) (7.5) (8.8) (24.6) (43.3) (62.7) Operating expenses (2.3) (2.5) (2.8) (3.3) (2.5) (10.9) (10.1) Net amortization of DAC/VOBA (0.1) (0.1) (0.1) (0.1) (0.1) (0.4) (0.4) Total operating benefits and expenses (21.9) (10.1) (10.4) (12.2) (27.2) (54.6) (73.2) Operating earnings before income taxes (1.0) 8.5 6.6 5.4 (5.8) 19.5 35.9 Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Closed Block Other Operating revenues Net investment income and net realized gains (losses) (2) 5.7 6.0 6.2 5.9 5.5 23.8 24.6 Premiums 1.1 0.6 0.9 1.9 (0.1) 4.5 2.3 Other revenue — 0.2 (0.1) 0.2 0.2 0.3 0.8 Total operating revenues 6.8 6.8 7.0 8.0 5.6 28.6 27.7 Operating benefits and expenses Interest credited and other benefits to contract owners/policyholders (1.1) (0.4) (1.4) (6.7) (0.6) (9.6) 0.7 Operating expenses (1.9) (4.4) (1.7) (5.8) (2.5) (13.8) (13.7) Total operating benefits and expenses (3.0) (4.8) (3.1) (12.5) (3.1) (23.4) (13.0) Operating earnings before income taxes 3.8 2.0 3.9 (4.5) 2.5 5.2 14.7 (1) The twelve months ended 12/31/13 include $(0.4) million of net investment income from Lehman Recovery/LIHTC. (2) The twelve months ended 12/31/13 include $0.6 million of net investment income from Lehman Recovery/LIHTC.
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Voya Financial Page 48 of 70 Closed Block Variable Annuity Income (Loss) before income taxes Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Revenues Net investment income 46.5 43.0 38.9 34.8 29.5 163.2 97.6 Fee income 302.9 316.2 315.8 316.8 331.8 1,251.7 1,287.1 Premiums 303.0 76.0 93.0 50.2 40.4 522.2 79.2 Net realized gains (losses) (467.3) 222.1 (339.4) (121.1) (560.8) (705.7) (2,208.6) Other revenues and premiums 3.6 3.3 3.8 3.9 3.2 14.6 18.5 Total revenues 188.7 660.6 112.1 284.6 (155.9) 1,246.0 (726.2) Benefits and expenses Interest credited and other benefits to contract owners/policyholders (376.2) (429.3) (62.8) (126.5) 64.5 (994.8) 51.9 Operating expenses and interest expense (116.0) (116.9) (118.6) (122.1) (119.6) (473.6) (467.6) Net amortization of DAC/VOBA (18.8) 16.6 (14.8) (15.8) (15.4) (32.8) (67.4) Total benefits and expenses (511.0) (529.6) (196.2) (264.4) (70.5) (1,501.2) (483.1) Income (loss) before income taxes (322.3) 131.0 (84.1) 20.2 (226.4) (255.2) (1,209.3) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 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) (657.4) (334.8) (256.7) (239.1) (201.9) (1,488.0) (1,429.5) Gains (losses) related to CHO program (1) (47.7) (7.5) (43.2) (10.9) — (109.3) (244.8) Gain (loss) due to nonperformance risk(1) 149.1 187.3 (32.2) 29.5 (271.7) 333.7 (494.5) Net investment gains (losses) (1) 1.1 (0.2) (0.7) (0.6) (0.7) (0.4) 12.6 DAC/VOBA and other intangibles unlocking and loss recognition (5.4) 37.8 1.6 0.4 1.6 34.4 (4.7) (1) Amounts exclude net amortization of DAC/VOBA and other intangibles.
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Voya Financial Page 49 of 70 Closed Block Variable Annuity Death and Living Benefits Balances as of (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Death and living benefits-account value GMAB/GMWB 777 810 873 893 943 GMIB 14,027 14,828 15,641 15,594 15,909 GMWBL 15,804 15,921 16,548 16,373 16,537 No living benefits 10,469 10,626 11,106 11,117 11,351 Total (1) 41,077 42,185 44,168 43,977 44,740 Net amount at risk (after reinsurance) Total DB NAR 5,048 5,263 4,753 5,090 5,074 GMAB/GMWB 17 18 17 20 20 GMIB(2) 2,361 2,270 1,885 1,964 1,682 GMWBL(2) 1,324 902 695 656 452 Total LB NAR 3,702 3,190 2,597 2,640 2,154 (1)Excludes assets associated with Payout Reserves, Policy Loans, and Life Insurance Business (2) GMIB and GMWBL values represent discounted net amount at risk
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Voya Financial Page 50 of 70 Closed Block Variable Annuity AUM Rollforward Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 (in millions USD) Products in accumulation phase: Balance as of beginning of period 42,238.2 44,223.4 44,022.8 44,788.2 43,608.4 44,788.2 42,590.6 Deposits 34.5 34.9 47.4 53.6 55.1 170.4 270.6 Surrenders, benefits, and product charges (1,789.6) (1,260.1) (1,309.6) (1,234.4) (1,172.5) (5,593.7) (4,502.7) Net cash flow (1,755.1) (1,225.2) (1,262.2) (1,180.9) (1,117.4) (5,423.3) (4,232.1) Interest credited and investment performance 648.9 (760.0) 1,462.8 415.4 2,297.2 1,767.1 6,429.7 Balance as of end of period 41,132.0 42,238.2 44,223.4 44,022.8 44,788.2 41,132.0 44,788.2 End of period contracts in payout status 2,082.2 1,312.0 1,167.0 1,019.2 910.8 2,082.2 910.8 Total balance as of end of period* 43,214.2 43,550.2 45,390.4 45,042.0 45,699.0 43,214.2 45,699.0 Assets Under Management General account 2,556.3 1,795.2 1,651.4 1,517.3 1,429.1 2,556.3 1,429.1 Separate account 40,657.9 41,755.0 43,739.0 43,524.7 44,269.9 40,657.9 44,269.9 Total* 43,214.2 43,550.2 45,390.4 45,042.0 45,699.0 43,214.2 45,699.0 *Includes products in accumulation and payout phase, Policy Loans, and Life Insurance Business
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Investment Information
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Voya Financial Page 52 of 70 Portfolio Composition Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 (in millions USD) Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Composition of Investment Portfolio Fixed maturities, available for sale, at fair value, before consolidation 69,910.3 70,180.5 70,948.8 70,474.0 68,341.9 CLOs Adjustments (1) (46.6) (43.2) (56.9) (43.8) (43.0) VOEs Adjustments (1) 46.6 18.4 32.4 19.5 18.9 Fixed maturities, available for sale, at fair value, after consolidation 69,910.3 77.0% 70,155.7 78.1% 70,924.3 78.9% 70,449.7 79.3% 68,317.8 78.4% Fixed maturities, at fair value using the fair value option 3,564.5 3.9% 3,557.8 4.0% 3,538.7 3.9% 3,082.1 3.5% 2,935.3 3.4% Equity securities, available for sale, at fair value 271.8 0.3% 270.5 0.3% 273.5 0.3% 276.6 0.3% 314.4 0.4% Short-term investments 1,711.4 1.9% 1,173.1 1.3% 775.9 0.9% 1,046.2 1.2% 1,048.1 1.2% Mortgage loans on real estate 9,794.1 10.8% 9,949.7 11.1% 9,491.4 10.6% 9,258.1 10.4% 9,312.2 10.7% Policy loans 2,104.0 2.3% 2,104.2 2.3% 2,113.7 2.4% 2,119.7 2.4% 2,147.0 2.5% Limited partnerships/corporations, before consolidation 1,057.6 1,080.9 1,036.9 875.0 890.4 VOEs Adjustments (1) (694.4) (732.7) (693.0) (656.1) (654.0) Limited partnerships/corporations, after consolidation 363.2 0.4% 348.2 0.4% 343.9 0.4% 218.9 0.2% 236.4 0.3% Derivatives 1,819.6 2.0% 1,136.8 1.3% 1,094.6 1.2% 1,044.7 1.2% 1,149.3 1.3% Other investments 110.3 0.1% 106.8 0.1% 120.2 0.1% 124.1 0.1% 124.6 0.1% Securities pledged to creditors 1,184.6 1.3% 1,021.6 1.1% 1,145.1 1.3% 1,271.3 1.4% 1,465.7 1.7% Total investments, after consolidation 90,833.8 100.0% 89,824.4 100.0% 89,821.3 100.0% 88,891.4 100.0% 87,050.8 100.0% Fixed Maturity Securities—Security Sector (2) U.S. Government agencies and authorities 4,339.9 5.8% 4,649.4 6.2% 5,231.4 6.9% 5,907.2 8.0% 5,800.1 8.0% U.S. Corporate—Public 34,455.7 46.3% 33,984.0 45.4% 34,203.7 45.2% 33,257.9 44.5% 32,033.7 44.0% U.S. Corporate—Private 6,285.1 8.4% 6,094.2 8.2% 6,025.6 8.0% 5,915.6 7.9% 5,444.9 7.5% Foreign Government / Agency 891.3 1.2% 897.0 1.2% 927.9 1.2% 907.2 1.2% 1,051.4 1.4% Foreign Corporate—Public 7,497.9 10.0% 7,719.8 10.3% 7,649.0 10.1% 7,383.6 9.9% 7,044.1 9.7% Foreign Corporate—Private 8,055.0 10.8% 8,400.7 11.3% 8,440.0 11.2% 8,449.8 11.4% 8,261.0 11.4% State, municipalities and political subdivisions 694.4 0.9% 454.8 0.6% 367.0 0.5% 293.6 0.4% 281.1 0.4% Residential mortgaged-backed securities: CMO-B Agency 3,310.2 4.4% 3,080.0 4.1% 3,017.5 3.9% 3,051.7 4.0% 2,945.5 4.0% CMO-B Non-Agency 393.3 0.5% 391.4 0.5% 419.2 0.6% 424.2 0.6% 430.3 0.6% Agency 2,153.6 2.9% 2,376.8 3.2% 2,544.7 3.4% 2,735.0 3.6% 2,881.9 4.0% Non-Agency (3) 1,333.5 1.8% 1,408.1 1.9% 1,465.3 1.9% 1,447.4 1.9% 1,478.9 2.0% Total Residential mortgage-backed securities 7,190.6 9.7% 7,256.3 9.7% 7,446.7 9.8% 7,658.3 10.1% 7,736.6 10.6% Commercial mortgage-backed securities 4,188.2 5.6% 4,030.8 5.4% 3,911.1 5.2% 3,796.1 5.0% 3,752.1 5.2% Other asset-backed securities (3) 1,061.3 1.4% 1,248.1 1.7% 1,405.7 1.9% 1,233.8 1.6% 1,313.8 1.8% Total fixed maturities, including securities pledged (5) 74,659.4 100.0% 74,735.1 100.0% 75,608.1 100.0% 74,803.1 100.0% 72,718.8 100.0% Fixed Maturity Securities—Contractual Maturity Dates Due to mature: Due in one year or less 2,218.5 3.0% 2,362.3 3.2% 2,244.1 3.0% 2,032.5 2.7% 2,153.6 3.0% Due after one year through five years 13,199.4 17.7% 13,484.2 18.0% 14,196.3 18.8% 14,748.5 19.8% 14,397.4 19.8% Due after five years through ten years 20,935.9 28.0% 21,719.0 29.1% 21,912.8 29.0% 22,070.1 29.6% 21,303.4 29.3% Due after ten years 25,865.5 34.6% 24,634.4 32.9% 24,491.4 32.3% 23,263.8 31.2% 22,061.9 30.3% CMO-B 3,703.5 5.0% 3,471.4 4.6% 3,436.7 4.5% 3,475.9 4.6% 3,375.8 4.6% Mortgage-backed securities 7,675.3 10.3% 7,815.7 10.5% 7,921.1 10.5% 7,978.5 10.5% 8,112.9 11.2% Other asset-backed securities (3) 1,061.3 1.4% 1,248.1 1.7% 1,405.7 1.9% 1,233.8 1.6% 1,313.8 1.8% Total fixed maturities, including securities pledged 74,659.4 100.0% 74,735.1 100.0% 75,608.1 100.0% 74,803.1 100.0% 72,718.8 100.0% Fixed Maturity Securities—NAIC Quality Designation NAIC Quality Designation 1 42,566.5 56.9% 42,099.3 56.3% 42,638.8 56.3% 42,124.9 56.3% 41,169.4 56.5% 2 28,903.0 38.7% 29,140.6 39.0% 29,511.1 39.0% 29,249.6 39.1% 28,555.4 39.3% 3 2,594.4 3.5% 2,855.2 3.8% 2,839.0 3.8% 2,772.8 3.7% 2,415.8 3.3% 4 344.8 0.5% 393.4 0.5% 360.5 0.5% 407.9 0.5% 329.5 0.5% 5 55.2 0.1% 59.1 0.1% 63.4 0.1% 59.3 0.1% 61.7 0.1% 6 195.5 0.3% 187.5 0.3% 195.3 0.3% 188.6 0.3% 187.0 0.3% Total fixed maturities, including securities pledged (4) (5) 74,659.4 100.0% 74,735.1 100.0% 75,608.1 100.0% 74,803.1 100.0% 72,718.8 100.0% Fixed Maturity Securities—ARO Quality Rating ARO Quality Rating AAA 13,974.3 18.7% 14,233.4 19.0% 14,832.8 19.6% 15,506.9 20.7% 15,330.7 21.1% AA 4,689.0 6.3% 4,620.2 6.2% 4,701.0 6.2% 4,464.3 6.0% 4,342.1 6.0% A 21,994.7 29.5% 21,561.6 28.9% 21,403.1 28.3% 20,474.7 27.4% 19,793.6 27.2% BBB 29,092.5 38.9% 29,238.8 39.1% 29,681.4 39.3% 29,449.9 39.4% 28,561.5 39.2% BB 2,943.5 4.0% 3,092.1 4.1% 2,960.9 3.9% 2,858.8 3.8% 2,676.1 3.7% B and below 1,965.4 2.6% 1,989.0 2.7% 2,028.9 2.7% 2,048.5 2.7% 2,014.8 2.8% Total fixed maturities, including securities pledged (5) 74,659.4 100.0% 74,735.1 100.0% 75,608.1 100.0% 74,803.1 100.0% 72,718.8 100.0% (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 where assets are retained on The Company’s balance sheet. Refer to page in “Additional Information” section.
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Voya Financial Page 53 of 70 Portfolio Results Three Months Ended Year to Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 (in millions USD) Net Investment Annualized Net Investment Annualized Net Investment Annualized Net Investment Annualized Net Investment Annualized Net Investment Annualized Net Investment Annualized Operating investment income and annualized yield (5) Income Yield Income Yield Income Yield Income Yield Income Yield Income Yield Income Yield Fixed maturity securities (1) 835.1 5.05% 836.4 5.04% 827.5 4.99% 843.8 5.02% 839.4 4.98% 3,342.8 5.03% 3,350.1 5.03% Equity securities 3.1 4.64% 2.3 3.38% 3.6 5.68% 3.8 5.59% 3.5 4.54% 12.8 4.85% 10.0 3.52% Mortgage loans 118.4 4.92% 119.2 5.04% 114.8 5.03% 114.4 5.06% 114.2 5.18% 466.8 5.01% 456.0 5.23% Limited partnerships 5.9 2.26% 47.4 19.20% 36.2 14.98% 31.4 15.46% 61.5 31.85% 120.9 12.70% 228.6 26.30% Policy loans 27.8 5.42% 27.9 5.45% 27.5 5.34% 28.0 5.42% 29.2 5.58% 111.2 5.41% 118.3 5.63% Short-term investments 0.6 0.10% 0.9 0.17% 0.7 0.17% 0.8 0.13% 0.8 0.16% 3.0 0.15% 3.5 0.14% Derivatives (1) 7.2 N/A 3.5 N/A 1.7 N/A 1.3 N/A (6.8) N/A 13.7 N/A (29.9) N/A Pre-payment fee income 58.0 0.28% 31.6 0.15% 21.4 0.10% 7.5 0.04% 25.9 0.12% 118.5 0.14% 91.8 0.11% Other assets (2.7) N/A 3.1 N/A (2.2) N/A 5.5 N/A 8.3 N/A 3.7 N/A 38.7 N/A Gross investment income before expenses and fees 1,053.4 5.18% 1,072.3 5.28% 1,031.2 5.12% 1,036.5 5.07% 1,076.0 5.28% 4,193.4 5.16% 4,267.1 5.26% Expenses and fees (39.0) -0.20% (41.9) -0.21% (39.7) -0.20% (40.3) -0.20% (40.7) -0.21% (160.9) -0.20% (161.7) -0.20% Total investment income and annualized yield 1,014.4 4.98% 1,030.4 5.07% 991.5 4.92% 996.2 4.87% 1,035.3 5.07% 4,032.5 4.96% 4,105.4 5.06% Less: Closed Block Variable Annuity (CBVA) investment income net of expenses and fees 46.5 43.0 38.9 34.8 29.5 163.2 97.6 Total investment income, excluding CBVA 967.9 987.4 952.6 961.4 1,005.8 3,869.3 4,007.8 Trading Gains/Losses (5) Fixed maturities (1.7) 15.9 (0.4) 16.1 62.7 29.9 110.5 Equity securities — 0.1 0.7 18.1— 18.9 0.7 Mortgage loans 0.5 (0.1) — 0.4 0.1 0.8 0.1 Other investments 2.2 (10.1) 29.5 (1.0) (3.2) 20.6 (0.3) Total Trading Gains/Losses, excluding CBVA 1.0 5.8 29.8 33.6 59.6 70.2 111.0 Impairments (5) Fixed maturities (6.4) (7.0) (2.4) (2.3) (13.1) (18.1) (31.8) Equity securities 0.1 — — (1.0) —(0.9) (3.0) Mortgage loans — — — — — — -Other investments (0.1) — — — — (0.1) (0.7) Total Impairments, excluding CBVA (6.4) (7.0) (2.4) (3.3) (13.1) (19.1) (35.5) Fair Value Adjustments (2) 50.6 6.6 64.9 59.7 42.6 181.8 (25.7) Derivatives, including Change in Fair Value of Derivatives related to Guaranteed Benefits, excluding CBVA (27.5) 90.9 (49.5) (64.1) 15.5 (50.2) 206.0 Net Realized Investment Gains (losses) and Net Guaranteed Benefit Hedging Gains (losses), excluding CBVA (5) 17.7 96.3 42.8 25.9 104.6 182.7 255.8 CBVA Investment Income and Realized Capital Gains (Losses) (420.8) 265.1 (300.5) (86.3) (531.3) (542.5) (2,111.0) Businesses exited through reinsurance (3) 67.1 (1.4) 62.9 16.4 (12.3) 145.0 (109.3) Consolidation/eliminations (4) 34.5 (2.8) (3.4) 37.6 12.7 65.9 110.9 Total Investment Income and Realized Capital Gains (Losses) 666.4 1,344.6 754.4 955.0 579.5 3,720.4 2,154.2 (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.
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Voya Financial Page 54 of 70 Alternative Investment Income (in millions USD) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Retirement Average alternative investments 341.0 346.0 288.5 266.7 264.8 310.6 262.0 Alternative investment income 1.9 12.8 7.0 7.1 12.6 28.8 36.4 Annuities Average alternative investments 214.3 214.4 190.4 179.3 170.9 199.6 177.6 Alternative investment income 2.9 10.3 5.4 6.4 9.1 25.0 25.6 Investment Management Average alternative investments 146.9 145.6 146.9 141.7 127.1 145.3 124.0 Alternative investment income (4.6) 9.0 8.0 7.3 10.0 19.7 23.8 Individual Life Average alternative investments 156.8 156.0 135.3 123.9 125.5 143.0 131.0 Alternative investment income 2.0 8.2 4.1 5.5 7.1 19.8 20.2 Employee Benefits Average alternative investments 33.5 33.2 27.0 24.1 24.5 29.5 24.7 Alternative investment income 0.2 1.5 0.7 0.8 1.4 3.2 3.9 Total Ongoing Business Average alternative investments 892.5 895.2 788.1 735.7 712.8 828.0 719.3 Alternative investment income 2.4 41.8 25.2 27.1 40.2 96.5 109.9 Corporate Average alternative investments 109.2 108.0 106.0 103.7 101.6 106.7 97.8 Alternative investment income 3.7 3.7 4.2 5.0 7.2 16.6 9.0 Closed Blocks (1) Average alternative investments 30.0 38.0 35.0 29.8 51.7 33.2 58.1 Alternative investment income 0.2 1.6 1.3 1.1 3.0 4.2 9.7 Total Consolidated(2) Average alternative investments 1,031.7 1,041.2 929.1 869.2 866.1 967.9 875.2 Alternative investment income 6.3 47.1 30.7 33.2 50.4 117.3 128.6 (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 and 12/31/13 periods.
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Voya Financial Page 55 of 70 Unrealized Gains (Losses) (in millions USD) Fixed Maturities, available for sale (including securities pledged) Aging Schedule Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Less than 20% (294.0) 90.8% (344.5) 98.7% (282.1) 97.6% (587.6) 97.3% (1,087.3) 95.7% 20% or more for less than six months (26.5) 8.2% (0.6) 0.2% (0.5) 0.2% (8.5) 1.4% (18.6) 1.6% 20% or more for six months or greater (3.1) 1.0% (4.0) 1.1% (6.4) 2.2% (7.8) 1.3% (30.6) 2.7% Total Unrealized Loss (323.6) 100.0% (349.1) 100.0% (289.0) 100.0% (603.9) 100.0% (1,136.5) 100.0% Total Unrealized Gain 6,168.4 5,591.4 6,266.5 5,363.6 4,301.8 Net Unrealized Gain/Loss 5,844.8 5,242.3 5,977.5 4,759.7 3,165.3 Fixed Maturities Securities—Security Sector—Net Unrealized Gain/(Loss)* US Treasuries and US government agencies and authorities 684.8 466.6 450.1 305.0 108.1 US Corporate—Public 2,932.1 2,462.4 2,818.5 2,121.0 1,173.7 US Corporate—Private 383.2 372.6 458.6 393.7 294.6 Foreign Government / Agency 33.0 34.4 44.0 20.9 7.4 Foreign Corporate—Public 381.2 454.2 563.6 393.1 228.2 Foreign Corporate—Private 498.4 551.0 648.6 580.4 459.5 State, municipalities, and political subdivisions 34.9 20.0 22.3 17.1 9.1 Residential mortgaged-backed securities: CMO-B Agency 366.7 365.7 392.6 385.5 376.5 CMO-B Non-Agency 121.8 116.1 123.6 119.5 118.1 Agency 41.3 27.8 33.6 5.3 (7.5) Non-Agency 73.6 78.7 74.6 62.4 36.7 Total Residential mortgage-backed securities 603.4 588.3 624.4 572.7 523.8 Commercial Mortgage-Backed Securities 271.9 269.3 314.9 323.3 324.2 Other Asset-Backed Securities* 21.9 23.5 32.5 32.5 36.7 Total Net Unrealized Gain/Loss 5,844.8 5,242.3 5,977.5 4,759.7 3,165.3 * Subprime asset-backed securities are included as a component of Non-Agency RMBS under this presentation.
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Voya Financial Page 56 of 70 Asset Backed Securities (in millions USD) RMBS Balances by Collateral Type Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Amortized Amortized Amortized Amortized Amortized Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Prime Agency 5,456.0 4,974.9 5,448.6 4,979.8 5,554.0 5,054.8 5,777.9 5,310.9 5,826.0 5,377.7 Prime / Non-Agency 776.8 632.2 906.2 761.1 959.6 806.0 904.0 750.2 933.7 786.5 Alt-A RMBS 408.7 351.7 325.7 269.1 337.7 279.6 353.3 297.7 353.5 307.4 Subprime Mortgage-Backed Securities 549.1 512.6 575.8 539.8 595.4 562.6 623.1 603.7 623.4 614.7 Total (1) 7,190.6 6,471.4 7,256.3 6,549.8 7,446.7 6,703.0 7,658.3 6,962.5 7,736.6 7,086.3 CMBS Balances by Year of Origination Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Amortized Amortized Amortized Amortized Amortized Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost 2014 640.4 613.1 384.2 377.1 181.4 176.8 52.5 52.6 — -2013 513.4 476.8 427.2 411.5 390.6 375.1 341.6 337.7 197.2 200.4 2012 14.6 13.9 11.0 10.7 11.1 10.7 9.0 8.9 8.8 8.9 2011 9.9 10.0 — — — — — — — -2010 13.8 13.5 8.4 8.2 8.3 8.3 7.9 8.0 — -2008 11.0 9.5 11.1 9.4 11.4 9.5 11.4 9.3 11.4 9.3 2007 1,112.5 1,009.2 1,131.0 1,013.8 1,150.0 1,016.6 1,148.2 1,014.2 1,148.1 1,017.8 2006 1,166.0 1,090.9 1,186.7 1,097.5 1,216.1 1,107.3 1,238.9 1,116.9 1,252.7 1,127.4 2005 and prior 706.6 679.4 871.2 833.3 942.2 891.9 986.6 925.2 1,133.9 1,064.1 Total (1) 4,188.2 3,916.3 4,030.8 3,761.5 3,911.1 3,596.2 3,796.1 3,472.8 3,752.1 3,427.9 Other ABS Balances by Loan Classification Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Amortized Amortized Amortized Amortized Amortized Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Fair Value Cost Credit Card Receivables 611.6 597.0 662.9 648.1 638.4 619.0 576.4 558.0 558.1 538.5 Automobile Receivables 182.0 181.8 279.3 278.9 424.5 423.5 384.4 383.6 447.9 447.1 CLO’s * 63.9 62.8 69.9 67.9 83.1 79.7 26.2 22.9 41.7 36.6 Other 203.8 197.8 236.0 229.7 259.7 251.0 246.8 236.8 266.1 254.9 Total (1) 1,061.3 1,039.4 1,248.1 1,224.6 1,405.7 1,373.2 1,233.8 1,201.3 1,313.8 1,277.1 * Excludes consolidated CLO’s (1) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to page in “Additional Information” section.
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Voya Financial Page 57 of 70 RMBS Securities Summary (in millions USD) RMBS(1) By Rating and Origination Year As of December 31, 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 5,442.4 4,960.0 526.7 463.9 358.1 310.2 477.0 437.8 6,804.2 6,171.9 2 — — 17.0 16.9 15.7 15.3 47.1 51.7 79.8 83.9 3 8.2 9.5 29.6 27.8 25.3 21.4 3.4 2.7 66.5 61.4 4 5.4 5.4 2.7 0.4 5.6 1.8 14.8 14.3 28.5 21.9 5 — — 46.0 33.1 — — 1.4 0.7 47.4 33.8 6 — — 154.8 90.1 4.0 3.0 5.4 5.4 164.2 98.5 Total by rating (2) 5,456.0 4,974.9 776.8 632.2 408.7 351.7 549.1 512.6 7,190.6 6,471.4 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 5,425.9 4,942.6 8.2 7.9 0.1 0.1 0.6 0.6 5,434.8 4,951.2 AA 2.7 2.7 27.3 25.7 — — 2.2 2.2 32.2 30.6 A 3.7 3.7 23.5 22.0 2.8 2.6 24.8 25.3 54.8 53.6 BBB — — 81.5 79.3 12.7 12.9 21.6 22.2 115.8 114.4 BB 8.2 9.5 72.6 67.3 14.1 14.0 51.9 56.2 146.8 147.0 B and below 15.5 16.4 563.7 430.0 379.0 322.1 448.0 406.1 1,406.2 1,174.6 Total by rating (2) 5,456.0 4,974.9 776.8 632.2 408.7 351.7 549.1 512.6 7,190.6 6,471.4 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 266.1 264.4 — — — — — — 266.1 264.4 2013 876.6 861.4 — — — — — — 876.6 861.4 2012 734.1 735.4 — — — — — — 734.1 735.4 2011 904.3 876.8 — — — — — — 904.3 876.8 2010 664.1 641.0 21.3 20.5 — — — — 685.4 661.5 2009 237.7 235.5 7.5 7.6 — — — — 245.2 243.1 2008 135.4 123.3 — — — — — — 135.4 123.3 2007 320.8 286.6 137.0 124.6 92.3 80.5 166.6 145.9 716.7 637.6 2006 388.8 282.1 202.0 123.8 138.5 109.2 151.9 134.1 881.2 649.2 2005 and prior 928.1 668.4 409.0 355.7 177.9 162.0 230.6 232.6 1,745.6 1,418.7 Total by origination year (2) 5,456.0 4,974.9 776.8 632.2 408.7 351.7 549.1 512.6 7,190.6 6,471.4 (1) Subprime mortgage-backed securities are included in RMBS under this presentation. (2) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to page in “Additional Information” section.
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Voya Financial Page 58 of 70 CMBS and Other Asset-Backed Securities Summary (in millions USD) CMBS By Rating and Vintage As of December 31, 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 640.4 613.1 — — — — — — — — — — 640.4 613.1 2013 513.4 476.8 — — — — — — — — — — 513.4 476.8 2012 14.6 13.9 — — — — — — — — — — 14.6 13.9 2011 9.9 10.0 — — — — — — — — — — 9.9 10.0 2010 13.5 13.2 0.3 0.3 — — — — — — — — 13.8 13.5 2008 — — — — — — — — 11.0 9.5 — — 11.0 9.5 2007 123.1 114.5 264.8 246.0 151.7 141.5 145.9 119.6 271.7 257.0 155.3 130.6 1,112.5 1,009.2 2006 589.0 565.9 102.2 96.7 194.0 182.7 156.2 144.4 61.3 58.7 63.3 42.5 1,166.0 1,090.9 2005 and prior 331.4 325.8 147.7 144.2 128.4 124.9 48.5 45.0 36.9 30.9 13.7 8.6 706.6 679.4 Total by origination year (1) 2,235.3 2,133.2 515.0 487.2 474.1 449.1 350.6 309.0 380.9 356.1 232.3 181.7 4,188.2 3,916.3 Other Asset-Backed Securities* By Rating and Classification As of December 31, 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 590.5 576.0 182.0 181.8 — — 157.0 151.0 929.5 908.8 AA — — — — 26.8 25.7 7.1 7.6 33.9 33.3 A 21.1 21.0 — — 37.1 37.1 17.2 17.3 75.4 75.4 BBB — — — — — — 22.3 21.7 22.3 21.7 BB — — — — — — 0.2 0.2 0.2 0.2 B and below — — — — — — — — — —Total by rating (1) 611.6 597.0 182.0 181.8 63.9 62.8 203.8 197.8 1,061.3 1,039.4 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 1 611.6 597.0 182.0 181.8 63.9 62.8 181.3 175.9 1,038.8 1,017.5 2 — — — — — — 22.3 21.7 22.3 21.7 3 — — — — — — 0.2 0.2 0.2 0.2 4 — — — — — — — — — —5 — — — — — — — — — —6 — — — — — — — — — —Total by rating (1) 611.6 597.0 182.0 181.8 63.9 62.8 203.8 197.8 1,061.3 1,039.4 * Subprime asset-backed securities are excluded from Other Asset-Backed Securities and included in Non-Agency RMBS under this presentation. ** Excludes consolidated CLO’s (1) Includes fixed maturities securities related to businesses exited through reinsurance. Refer to page in “Additional Information” section.
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Voya Financial Page 59 of 70 Mortgage Loans on Real Estate (in millions USD) Mortgage Loans on Real Estate by Region and Property Type Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 U.S. Region Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Pacific 2,395.9 24.6% 2,490.9 25.0% 2,339.7 24.6% 2,369.2 25.6% 2,281.8 24.5% South Atlantic 2,028.0 20.7% 2,031.3 20.4% 2,032.9 21.4% 1,964.6 21.2% 1,936.0 20.8% Middle Atlantic 1,402.0 14.3% 1,355.1 13.6% 1,201.8 12.7% 1,113.2 12.0% 1,112.0 11.9% East North Central 1,030.8 10.5% 1,190.5 12.0% 1,124.2 11.8% 1,055.6 11.4% 1,037.5 11.1% West South Central 1,147.7 11.7% 1,101.6 11.1% 1,134.3 11.9% 1,112.7 12.0% 1,122.3 12.0% Mountain 832.2 8.5% 837.8 8.4% 809.2 8.5% 771.7 8.3% 790.4 8.5% West North Central 514.0 5.2% 528.4 5.3% 509.6 5.4% 525.6 5.7% 517.2 5.6% New England 197.0 2.0% 182.3 1.8% 147.9 1.6% 150.2 1.6% 318.1 3.4% East South Central 249.3 2.5% 235.2 2.4% 195.1 2.1% 198.7 2.2% 200.7 2.2% Total Commercial Mortgage Loans (1) 9,796.9 100.0% 9,953.1 100.0% 9,494.7 100.0% 9,261.5 100.0% 9,316.0 100.0% Property Type Industrial 2,283.0 23.3% 2,769.3 27.8% 2,731.2 28.7% 2,818.6 30.4% 2,848.0 30.6% Retail 3,408.4 34.8% 3,190.4 32.1% 2,949.1 31.0% 2,951.0 31.9% 2,936.9 31.5% Office 1,246.5 12.7% 1,226.3 12.3% 1,193.3 12.6% 1,089.0 11.7% 1,242.2 13.3% Apartments 1,680.7 17.2% 1,582.2 15.9% 1,440.5 15.2% 1,348.7 14.6% 1,296.1 13.9% Hotel/Motel 382.7 3.9% 390.3 3.9% 414.2 4.4% 382.1 4.1% 430.6 4.6% Other 449.1 4.6% 446.8 4.5% 416.7 4.4% 366.3 4.0% 378.1 4.1% Mixed Use 346.5 3.5% 347.8 3.5% 349.7 3.7% 305.8 3.3% 184.1 2.0% Total Commercial Mortgage Loans (1) 9,796.9 100.0% 9,953.1 100.0% 9,494.7 100.0% 9,261.5 100.0% 9,316.0 100.0% Loan Size Under $5 million 1,383.3 14.1% 1,415.3 14.2% 1,439.6 15.2% 1,507.8 16.3% 1,516.5 16.3% $5 million but less than $10 million 1,543.8 15.8% 1,548.4 15.6% 1,587.4 16.7% 1,549.4 16.7% 1,582.2 17.0% $10 million but less than $20 million 2,370.1 24.2% 2,262.8 22.7% 2,100.0 22.1% 1,936.7 20.9% 1,899.5 20.4% $20 million but less than $30 million 1,307.9 13.4% 1,265.6 12.7% 1,159.5 12.2% 1,097.7 11.9% 1,077.7 11.6% $30 million and over 3,191.8 32.5% 3,461.0 34.8% 3,208.2 33.8% 3,169.9 34.2% 3,240.1 34.7% Total Commercial Mortgage Loans (1) 9,796.9 100.0% 9,953.1 100.0% 9,494.7 100.0% 9,261.5 100.0% 9,316.0 100.0% Other Stats as ratios LTV—Origination 59.9% 59.7% 59.3% 59.2% 59.0% LTV—Current 55.4% 56.2% 55.8% 55.8% 55.5% Debt Service Coverage 2.0 1.9 1.9 2.0 2.0 Other Stats in USD millions 60+day delinq (incl in process of foreclosure) US GAAP Book Value — — — — 5.1 Allowance for loan losses 2.8 3.4 3.3 3.4 3.8 (1) Total Commercial Mortgage Loans shown do not include allowance for mortgage loan credit losses
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Voya Financial Page 60 of 70 U.S. and Foreign Corporate Securities (in millions USD) Summary of Corporate Securities by Industry Category Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Fair Value % of Total Type Industry Communications 4,073.3 9.7% 4,031.8 9.7% 4,113.4 9.8% 4,001.1 9.8% 3,835.1 9.8% Financial 7,273.3 17.3% 7,231.8 17.3% 6,935.2 16.6% 6,641.5 16.3% 6,177.7 15.8% Industrial and other companies 22,598.3 54.0% 22,462.8 53.8% 22,795.9 54.5% 22,240.0 54.8% 21,556.7 55.1% Public Utilities 6,855.1 16.3% 6,869.4 16.5% 6,911.1 16.5% 6,690.3 16.5% 6,472.2 16.6% Transportation 1,153.6 2.7% 1,108.0 2.7% 1,097.1 2.6% 1,068.6 2.6% 1,036.1 2.7% Sub-total 41,953.6 100.0% 41,703.8 100.0% 41,852.7 100.0% 40,641.5 100.0% 39,077.8 100.0% Communications 367.9 2.6% 368.1 2.5% 387.9 2.7% 340.0 2.4% 400.7 2.9% Financial 1,016.5 7.1% 1,000.2 6.9% 1,013.0 7.0% 982.2 6.8% 957.0 7.0% Industrial and other companies 9,335.8 65.1% 9,317.6 64.3% 9,394.6 64.9% 9,390.9 65.3% 8,706.4 63.6% Private Utilities 3,131.4 21.8% 3,319.7 22.9% 3,226.8 22.3% 3,182.8 22.2% 3,156.2 23.0% Transportation 488.5 3.4% 489.3 3.4% 443.3 3.1% 469.5 3.3% 485.6 3.5% Sub-total 14,340.1 100.0% 14,494.9 100.0% 14,465.6 100.0% 14,365.4 100.0% 13,705.9 100.0% Communications 4,441.2 7.9% 4,399.9 7.8% 4,501.3 8.0% 4,341.1 7.9% 4,235.8 8.0% Financial 8,289.8 14.7% 8,232.0 14.6% 7,948.2 14.1% 7,623.7 13.9% 7,134.7 13.5% Industrial and other companies 31,934.1 56.8% 31,780.4 56.7% 32,190.5 57.2% 31,630.9 57.5% 30,263.1 57.4% Total Utilities 9,986.5 17.7% 10,189.1 18.1% 10,137.9 18.0% 9,873.1 17.9% 9,628.4 18.2% Transportation 1,642.1 2.9% 1,597.3 2.8% 1,540.4 2.7% 1,538.1 2.8% 1,521.7 2.9% Total 56,293.7 100.0% 56,198.7 100.0% 56,318.3 100.0% 55,006.9 100.0% 52,783.7 100.0%
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Voya Financial Page 61 of 70 Exposure to European Debt-Fixed Maturities and Equity Securities (in millions USD) Exposure to Select European Countries Sovereign Debt Corporate—Financial Corporate—Non-Financial Total Total As of December 31, 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% 233.3 3.1% 233.3 2.7% 212.3 2.6% Italy —0.0% —0.0% 293.6 3.9% 293.6 3.4% 270.6 3.3% Portugal —0.0% —0.0% 10.3 0.1% 10.3 0.1% 8.0 0.1% Spain —0.0% —0.0% 216.9 2.9% 216.9 2.5% 192.5 2.4% Total Peripheral Euro-Zone —0.0% —0.0% 754.1 10.0% 754.1 8.7% 683.4 8.4% Austria —0.0% —0.0% 15.3 0.2% 15.3 0.2% 15.0 0.2% Belgium 37.6 16.0% —0.0% 317.1 4.2% 354.7 4.0% 299.8 3.7% Bulgaria 5.4 2.3% —0.0% —0.0% 5.4 0.1% 5.4 0.1% Croatia 28.2 12.0% —0.0% —0.0% 28.2 0.3% 25.6 0.3% Czech Republic —0.0% —0.0% 10.6 0.1% 10.6 0.1% 10.1 0.1% Denmark —0.0% —0.0% 131.2 1.7% 131.2 1.5% 122.4 1.5% Finland —0.0% —0.0% 18.3 0.2% 18.3 0.2% 17.0 0.2% France —0.0% 160.8 16.4% 440.3 5.8% 601.1 6.9% 563.3 6.9% Germany —0.0% 56.1 5.7% 647.2 8.6% 703.3 8.0% 663.7 8.1% Hungary 6.0 2.5% —0.0% —0.0% 6.0 0.1% 6.0 0.1% Iceland —0.0% —0.0% —0.0% —0.0% —0.0% Kazakhstan 39.3 16.7% 1.3 0.1% 23.2 0.3% 63.8 0.7% 65.6 0.8% Latvia 4.8 2.0% —0.0% —0.0% 4.8 0.1% 4.6 0.1% Lithuania 34.5 14.7% —0.0% —0.0% 34.5 0.4% 30.3 0.4% Luxembourg —0.0% —0.0% 45.0 0.6% 45.0 0.5% 42.0 0.5% Netherlands —0.0% 189.7 19.4% 981.4 13.1% 1,171.1 13.3% 1,082.3 13.1% Norway —0.0% —0.0% 280.7 3.7% 280.7 3.2% 267.7 3.3% Russian Federation 50.4 21.4% 4.2 0.4% 77.5 1.0% 132.1 1.5% 143.5 1.8% Slovakia 5.5 2.3% —0.0% —0.0% 5.5 0.1% 5.0 0.1% Slovenia —0.0% —0.0% —0.0% —0.0% —0.0% Sweden —0.0% 53.4 5.5% 85.9 1.1% 139.3 1.6% 129.1 1.6% Switzerland —0.0% 218.5 22.3% 675.8 9.0% 894.3 10.2% 830.1 10.1% Turkey 23.7 10.1% —0.0% 42.9 0.6% 66.6 0.8% 65.0 0.8% United Kingdom —0.0% 295.5 30.2% 2,999.4 39.8% 3,294.9 37.5% 3,096.1 37.8% Total Non-Peripheral Europe 235.4 100.0% 979.5 100.0% 6,791.8 90.0% 8,006.7 91.3% 7,489.6 91.6% Total Europe 235.4 100.0% 979.5 100.0% 7,545.9 100.0% 8,760.8 100.0% 8,173.0 100.0%
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Additional Information
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Voya Financial Page 63 of 70 Adjustments to Operating Earnings by Segment (in millions USD) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 DAC/VOBA and other intangibles unlocking (1) Retirement 4.6 (30.4) 7.1 (11.3) 4.0 (30.0) 45.6 Annuities (1.1) 17.8 6.5 3.2 26.8 26.4 83.3 Total Retirement Solutions 3.5 (12.6) 13.6 (8.1) 30.8 (3.6) 128.9 Investment Management — — — — — — —Individual Life 5.5 (7.1) (1.5) (7.1) (7.8) (10.2) 4.8 Employee Benefits — (1.4) (1.8) (4.6) (0.5) (7.8) (0.5) Total Insurance Solutions 5.5 (8.5) (3.3) (11.7) (8.3) (18.0) 4.3 Ongoing Business 9.0 (21.1) 10.3 (19.8) 22.5 (21.6) 133.2 Corporate — — — — — — —Total Closed Blocks — — — — — — —Total DAC/VOBA and other intangibles unlocking 9.0 (21.1) 10.3 (19.8) 22.5 (21.6) 133.2 Additional adjustments (2) Retirement — — — — 0.2 — 12.9 Annuities — — — — 0.8 — 13.5 Total Retirement Solutions — — — — 1.0 — 26.4 Investment Management — — — — 1.7 — 13.2 Individual Life 20.0 — — — 3.1 20.0 39.7 Employee Benefits — — — — 0.3 — 4.3 Total Insurance Solutions 20.0 — — — 3.4 20.0 44.0 Ongoing Business 20.0 — — — 6.1 20.0 83.6 Corporate (47.4) (46.8) (41.0) (48.8) (43.8) (184.0) (176.5) Total Closed Blocks — — — — (0.4) — 0.2 Total non-recurring items and interest expense (27.4) (46.8) (41.0) (48.8) (38.1) (164.0) (92.7) Total adjustments to operating earnings Retirement 4.6 (30.4) 7.1 (11.3) 4.2 (30.0) 58.5 Annuities (1.1) 17.8 6.5 3.2 27.6 26.4 96.8 Total Retirement Solutions 3.5 (12.6) 13.6 (8.1) 31.8 (3.6) 155.3 Investment Management — — — — 1.7 — 13.2 Individual Life 25.5 (7.1) (1.5) (7.1) (4.7) 9.8 44.5 Employee Benefits — (1.4) (1.8) (4.6) (0.2) (7.8) 3.8 Total Insurance Solutions 25.5 (8.5) (3.3) (11.7) (4.9) 2.0 48.3 Ongoing Business 29.0 (21.1) 10.3 (19.8) 28.6 (1.6) 216.8 Corporate (47.4) (46.8) (41.0) (48.8) (43.8) (184.0) (176.5) Total Closed Blocks — — — — (0.4) — 0.2 Total adjustments to operating earnings (18.4) (67.9) (30.7) (68.6) (15.6) (185.6) 40.5 (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, the Net gain (loss) from Lehman Recovery/LIHTC, and the Gain on reinsurance recapture
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Voya Financial Page 64 of 70 Calculation and Reconciliation of ROE and ROC Three Months Ended Twelve Months Ended (2) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 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 1,394.5 400.8 246.3 258.1 548.1 2,299.7 600.5 Voya Financial, Inc. shareholders’ equity: end of period 16,108 14,585 14,818 14,002 13,272 16,108 13,272 Voya Financial, Inc. shareholders’ equity: average for period 15,347 14,702 14,410 13,637 13,021 14,524 13,574 GAAP Return on Equity 36.3% 10.9% 6.8% 7.6% 16.8% 15.8% 4.4% Ongoing Business Adjusted Operating Return on Capital and Adjusted Operating Return on Equity Ongoing Business adjusted operating earnings before income taxes 392.8 352.0 345.8 287.3 323.6 1,377.9 1,211.8 Income taxes on adjusted operating earnings (based on an assumed tax rate of 35%) (137.5) (123.2) (121.0) (100.6) (113.3) (482.2) (424.2) Ongoing Business adjusted operating earnings after income taxes 255.3 228.8 224.8 186.7 210.3 895.7 787.6 Interest expense after-tax (1) (18.7) (19.5) (19.5) (19.6) (19.9) (77.3) (79.9) Ongoing Business adjusted operating earnings after income taxes and interest expense 236.6 209.3 205.3 167.1 190.4 818.4 707.7 End of period capital for Ongoing Business 8,777 9,115 9,063 9,123 9,216 8,777 9,216 Average capital for Ongoing Business (2) 8,763 9,089 9,092 9,170 9,318 9,028 9,137 Average debt (based on 25% debt-to-capital ratio) (2,191) (2,272) (2,273) (2,293) (2,329) (2,257) (2,284) Average equity for Ongoing Business 6,572 6,817 6,819 6,877 6,988 6,771 6,853 Adjusted Operating Return on Capital for Ongoing Business 11.7% 10.1% 9.9% 8.2% 9.0% 9.9% 8.6% Adjusted Operating Return on Equity for Ongoing Business (1) 14.4% 12.3% 12.0% 9.7% 10.9% 12.1% 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 Page 65 of 70 Operating Revenues by Segment Three Months Ended Year-to-Date (in millions USD) 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Retirement 630.3 605.7 592.9 598.5 612.4 2,427.4 2,399.4 Annuities 323.6 344.6 330.8 354.4 313.9 1,353.4 1,244.6 Total Retirement Solutions 953.9 950.3 923.7 952.9 926.3 3,780.8 3,644.0 Investment Management 163.4 168.3 163.2 160.5 167.1 655.4 607.7 Individual Life 646.6 679.1 699.9 692.2 692.9 2,717.8 2,791.9 Employee Benefits 345.7 345.9 342.5 338.9 316.5 1,373.0 1,262.5 Total Insurance Solutions 992.3 1,025.0 1,042.4 1,031.1 1,009.4 4,090.8 4,054.4 Ongoing Business 2,109.6 2,143.6 2,129.3 2,144.5 2,102.8 8,527.0 8,306.1 Corporate 19.5 22.9 23.6 25.3 33.6 91.3 87.4 Total Closed Blocks 27.7 25.4 24.0 25.6 27.0 102.7 136.8 Total operating revenues 2,156.8 2,191.9 2,176.9 2,195.4 2,163.4 8,721.0 8,530.3 Adjustments: Closed Block Variable Annuity 188.7 660.6 112.1 284.6 (155.9) 1,246.0 (726.2) Net realized investment gains (losses) and related charges and adjustments 51.9 48.2 67.0 49.6 129.1 216.7 157.4 Gain (loss) on change in fair value of derivatives related to guaranteed benefits (30.5) 48.2 (24.3) (23.9) (21.8) (30.5) 104.0 Revenues (losses) related to business exited through reinsurance or divestment 68.2 (4.8) 66.9 19.0 (5.4) 149.3 (76.2) Revenues (loss) attributable to noncontrolling interests 0.2 174.9 219.1 60.8 157.1 455.0 411.2 Other adjustments to operating revenues* 75.5 72.1 80.4 85.4 97.4 313.4 358.0 Total revenue 2,510.8 3,191.1 2,698.1 2,670.9 2,364.0 11,070.9 8,758.5 * 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 Page 66 of 70 Ongoing Business Sources of Earnings Reconciliation (in millions USD) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Investment spread and other investment income: Net investment income and net realized gains (losses) Retirement 394.4 393.6 379.6 388.5 397.4 1,556.1 1,569.6 Annuities 280.9 282.3 275.8 270.6 283.4 1,109.6 1,149.9 Investment Management (4.6) 9.0 8.0 7.3 11.7 19.7 37.0 Individual Life 223.5 226.3 215.5 219.8 224.5 885.1 915.5 Employee Benefits 27.8 29.1 27.7 26.7 29.2 111.3 117.6 Total net investment income and net realized gains (losses) 922.0 940.3 906.6 912.9 946.2 3,681.8 3,789.6 Total Ongoing Business 922.0 940.3 906.6 912.9 946.2 3,681.8 3,789.6 Adjustments: Interest credited (529.1) (539.2) (540.4) (541.9) (553.7) (2,150.6) (2,211.0) Credit facility fees (2.0) (2.6) (2.6) (2.9) (1.7) (10.1) (8.0) Other (4.0) (4.3) (1.7) (6.2) (6.1) (16.2) (23.8) Total adjustments (535.1) (546.1) (544.7) (551.0) (561.5) (2,176.9) (2,242.8) Ongoing investment spread and other investment income 386.9 394.2 361.9 361.9 384.7 1,504.9 1,546.8 Fee based margin: Fee income Retirement 194.8 193.5 192.9 191.1 196.1 772.3 759.9 Annuities 14.6 15.0 14.2 13.2 12.2 57.0 45.1 Investment Management 148.7 149.5 147.1 145.8 141.4 591.1 530.8 Individual Life 273.2 269.3 285.5 283.6 278.5 1,111.6 1,113.7 Employee Benefits 15.4 23.9 14.7 15.6 15.9 69.6 63.0 Total Fee Income 646.7 651.2 654.4 649.3 644.1 2,601.6 2,512.5 Other revenue Retirement 19.3 17.9 17.0 18.2 18.2 72.4 64.2 Annuities 3.4 4.6 5.3 4.5 3.9 17.8 13.2 Investment Management 19.3 9.8 8.1 7.4 14.0 44.6 39.9 Individual Life 4.8 4.4 7.2 5.1 4.6 21.5 24.8 Employee Benefits (0.9) (0.8) (2.7) 0.3 (1.0) (4.1) (4.0) Total other revenue 45.9 35.9 34.9 35.5 39.7 152.2 138.1 Total Ongoing Business 692.6 687.1 689.3 684.8 683.8 2,753.8 2,650.6 Adjustments: Surrender fees and MVA charges (5.2) (8.2) (7.1) (7.8) (6.5) (28.3) (29.9) Insurance Solutions FAS 97 fees and unearned revenue reserve amortization/unlocking (282.9) (287.4) (294.1) (291.7) (288.9) (1,156.1) (1,151.5) Other (1.0) (1.7) (2.8) (4.1) 0.3 (9.6) (3.0) Total adjustments (289.1) (297.3) (304.0) (303.6) (295.1) (1,194.0) (1,184.4) Ongoing fee based margin 403.5 389.8 385.3 381.2 388.7 1,559.8 1,466.2
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Voya Financial Page 67 of 70 Ongoing Business Sources of Earnings Reconciliation (in millions USD) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Net underwriting gain (loss) and other revenue: Premiums Retirement 21.8 0.7 3.4 0.7 0.7 26.6 5.7 Annuities 24.7 42.7 35.5 66.1 14.4 169.0 36.4 Investment Management — — — — — — — Individual Life 145.1 179.1 191.7 183.7 185.3 699.6 737.9 Employee Benefits 303.4 293.7 302.8 296.3 272.4 1,196.2 1,085.9 Total premiums 495.0 516.2 533.4 546.8 472.8 2,091.4 1,865.9 Interest credited and other policyholder benefits Retirement (230.9) (209.4) (209.3) (210.7) (218.2) (860.3) (848.4) Annuities (181.8) (204.1) (197.4) (229.8) (180.4) (813.1) (730.9) Investment Management — — — — — — — Individual Life (455.7) (632.8) (499.3) (527.8) (518.8) (2,115.6) (2,001.5) Employee Benefits (220.9) (235.7) (239.6) (244.5) (223.9) (940.7) (903.4) Total interest credited and other policyholder benefits (1,089.3) (1,282.0) (1,145.6) (1,212.8) (1,141.3) (4,729.7) (4,484.2) Total Ongoing Business (594.3) (765.8) (612.2) (666.0) (668.5) (2,638.3) (2,618.3) Adjustments: Interest credited 529.1 539.2 540.4 541.9 553.7 2,150.6 2,211.0 Surrender fees and MVA charges 5.2 8.2 7.1 7.8 6.5 28.3 29.9 Insurance Solutions FAS 97 fees and unearned revenue reserve amortization/unlocking 301.1 297.5 293.9 288.0 289.6 1,180.5 1,159.5 Sales inducements amortization and unlocking 9.6 4.8 7.6 8.3 6.4 30.3 34.6 FAS 113 and SOP 03-1 amortization and unlocking 18.0 113.5 0.4 6.7 6.6 138.6 (2.9) Credit facility fees (21.1) (22.7) (22.0) (22.2) (19.7) (88.0) (73.6) Other 3.4 6.8 4.2 9.1 6.1 23.5 23.4 Total adjustments 845.3 947.3 831.6 839.6 849.2 3,463.8 3,381.9 Ongoing net underwriting gain (loss) and other revenue 251.0 181.5 219.4 173.6 180.7 825.5 763.6
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Voya Financial Page 68 of 70 Ongoing Business Sources of Earnings Reconciliation (in millions USD) Three Months Ended Year-to-Date 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 12/31/14 12/31/13 Administrative expenses and trail commissions: Operating and interest expense Retirement (214.3) (208.6) (217.3) (226.0) (220.1) (866.2) (839.9) Annuities (32.9) (34.8) (36.6) (35.5) (32.1) (139.8) (127.0) Investment Management (116.4) (109.7) (108.3) (110.7) (114.2) (445.1) (429.6) Individual Life (83.5) (88.7) (91.3) (95.7) (88.9) (359.2) (359.4) Employee Benefits (64.5) (60.9) (60.9) (68.4) (57.1) (254.7) (236.1) Total operating and interest expense (511.6) (502.7) (514.4) (536.3) (512.4) (2,065.0) (1,992.0) Total Ongoing Business (511.6) (502.7) (514.4) (536.3) (512.4) (2,065.0) (1,992.0) Adjustments: Credit facility fees 23.1 25.3 24.6 25.1 21.4 98.1 81.6 Other 1.5 (0.6) 0.8 1.1 0.5 2.8 3.3 Total adjustments 24.6 24.7 25.4 26.2 21.9 100.9 84.9 Ongoing administrative expenses and trail commissions (487.0) (478.0) (489.0) (510.1) (490.5) (1,964.1) (1,907.1) DAC/VOBA and other intangibles amortization and unlocking: Net amortization of DAC/VOBA Retirement (35.2) (70.5) (30.5) (46.9) (35.5) (183.1) (115.3) Annuities (44.2) (27.4) (32.6) (34.3) (18.2) (138.5) (92.9) Investment Management — — — — — — — Individual Life (4.4) 82.2 (45.9) (37.6) (38.2) (5.7) (176.2) Employee Benefits (3.1) (12.3) (4.2) (9.1) (5.0) (28.7) (16.9) Total net amortization of DAC/VOBA (86.9) (28.0) (113.2) (127.9) (96.9) (356.0) (401.3) Total Ongoing Business (86.9) (28.0) (113.2) (127.9) (96.9) (356.0) (401.3) Adjustments Sales inducements amortization and unlocking (9.6) (4.8) (7.6) (8.3) (6.4) (30.3) (34.6) FAS 113 and SOP 03-1 amortization and unlocking (18.0) (113.5) (0.4) (6.7) (6.6) (138.6) 2.9 Unearned revenue reserve amortization and unlocking (18.2) (10.1) 0.2 3.7 (0.7) (24.4) (8.0) Other 0.1 (0.2) (0.5) 0.1 (0.8) (0.5) 0.1 Total adjustments (45.7) (128.6) (8.3) (11.2) (14.5) (193.8) (39.6) Ongoing DAC/VOBA and other intangibles amortization and unlocking (132.6) (156.6) (121.5) (139.1) (111.4) (549.8) (440.9)
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Voya Financial Page 69 of 70 Fixed Maturity Securities—Businesses Exited Through Reinsurance (in millions USD) Total investments, after consolidation (See Portfolio Composition page), include the following amounts related to businesses exited through reinsurance where assets are retained on The Company’s balance sheet: Balances as of 12/31/14 9/30/14 6/30/14 3/31/14 12/31/13 Fixed Maturity Securities—Businesses Exited Through Reinsurance Security Sector U.S. Government agencies and authorities 70.3 64.7 73.3 86.1 73.9 U.S. Corporate—Public 1,397.3 1,379.4 1,437.7 818.8 838.8 Foreign Government / Agency — — — — — Foreign Corporate—Public 201.4 216.1 225.9 135.6 132.6 State, municipalities and political subdivisions 112.7 109.2 108.8 107.1 102.6 Residential mortgaged-backed securities: Agency 70.0 73.3 77.4 81.2 90.2 Non—Agency 99.1 102.9 100.6 0.9 1.1 Total Residential mortgage-backed securities 169.1 176.2 178.0 82.1 91.3 Commercial mortgage-backed securities 81.4 95.8 109.7 88.2 91.4 Other asset-backed securities 93.0 94.0 95.6 17.8 18.1 Total fixed maturities, including securities pledged 2,125.2 2,135.4 2,229.0 1,335.7 1,348.7 Fixed Maturity Securities—Businesses Exited Through Reinsurance as of December 31, 2014 By ARO Rating Total AAA AA A BBB BB B & Below Residential mortgaged-backed securities: Agency 70.0 70.0 — — — — — Non—Agency 99.1 — — — 0.5 0.2 98.4 Total Residential mortgage-backed securities 169.1 70.0 — — 0.5 0.2 98.4 Commercial mortgage-backed securities 81.4 30.6 7.8 10.2 20.1 5.8 6.9 Other asset-backed securities 93.0 16.4 23.7 40.3 12.6 — —Total Structured securities 343.5 117.0 31.5 50.5 33.2 6.0 105.3 Non-structured securities 1,781.7 117.6 187.1 905.8 567.8 3.4 —Total fixed maturities securities 2,125.2 234.6 218.6 956.3 601.0 9.4 105.3 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 December 31, 2014 By NAIC Designation Total 1 2 3 4 5 6 Residential mortgaged-backed securities: Agency 70.0 70.0 — — — — — Non—Agency 99.1 94.2 — — 0.2 4.7 —Total Residential mortgage-backed securities 169.1 164.2 — — 0.2 4.7 — Commercial mortgage-backed securities 81.4 61.7 13.9 5.8 — — — Other asset-backed securities 93.0 80.4 12.6 — — — —Total Structured securities 343.5 306.3 26.5 5.8 0.2 4.7 — Non-structured securities 1,781.7 1,210.5 567.8 3.4 — — —Total fixed maturities securities 2,125.2 1,516.8 594.3 9.2 0.2 4.7 —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 — — —
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Voya Financial Page 70 of 70 Ratings A.M. Best Fitch Standard & Poor’s Moody’s Insurance Financial Strength Ratings Voya Retirement Insurance and Annuity Company A A- A- 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