Condensed Consolidating Financial Information

The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered” (“Rule 3-10”). The condensed consolidating financial information presents the financial position of Voya Financial, Inc. (“Parent Issuer”), Voya Holdings (“Subsidiary Guarantor”) and all other subsidiaries (“Non-Guarantor Subsidiaries”) of the Company as of June 30, 2015 and December 31, 2014, and their results of operations, comprehensive income and cash flows for the six months ended June 30, 2015 and 2014.

The 5.5% senior notes due 2022, the 2.9% senior notes due 2018 and the 5.7% senior notes due 2043 (collectively, the “Senior Notes”) and the 5.65% fixed-to-floating rate junior subordinated notes due 2053 (the “Junior Subordinated Notes”) are fully and unconditionally guaranteed by Voya Holdings, a 100% owned subsidiary of the Company. No other subsidiary of Voya Financial, Inc. guarantees the Senior Notes or the Junior Subordinated Notes. Rule 3-10(h) provides that a guarantee is full and unconditional if, when the issuer of a guaranteed security has failed to make a scheduled payment, the guarantor is obligated to make the scheduled payment immediately and, if it does not, any holder of the guaranteed security may immediately bring suit directly against the guarantor for payment of amounts due and payable. In the event that Voya Holdings does not fulfill the guaranteed obligations, any holder of the Senior Notes or the Junior Subordinated Notes may immediately bring a claim against Voya Holdings for amounts due and payable. See the Insurance Subsidiaries Note to these Condensed Consolidated Financial Statements for information on any significant restrictions on the ability of the Parent Issuer or Subsidiary Guarantor to obtain funds from its subsidiaries by dividend or return of capital.

The following condensed consolidating financial information is presented in conformance with the components of the Condensed Consolidated Financial Statements. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Equity in the subsidiaries is therefore reflected in the Parent Issuer's and Subsidiary Guarantor's Investment in subsidiaries and Equity in earnings of subsidiaries. Non-Guarantor Subsidiaries represent all other subsidiaries on a combined basis. The consolidating adjustments presented herein eliminate investments in subsidiaries and intercompany balances and transactions.

Condensed Consolidating Balance Sheet

June 30, 2015



	Parent Issuer		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	—	$	—	$	68,177.8	$	(15.3	)	$	68,162.5
Fixed maturities, at fair value using the fair value option	—		—		3,568.1		—			3,568.1
Equity securities, available-for-sale, at fair value	89.3		—		190.3		—			279.6
Short-term investments	212.0		—		852.5		—			1,064.5
Mortgage loans on real estate, net of valuation allowance	—		—		10,366.7		—			10,366.7
Policy loans	—		—		2,034.1		—			2,034.1
Limited partnerships/corporations	—		—		471.8		—			471.8
Derivatives	69.0		—		1,529.3		(169.0		)	1,429.3
Investments in subsidiaries	16,369.2		12,327.6		—		(28,696.8		)	—
Other investments	—		1.2		92.1		—			93.3
Securities pledged	—		—		976.5		—			976.5
Total investments	16,739.5		12,328.8		88,259.2		(28,881.1		)	88,446.4
Cash and cash equivalents	520.7		1.3		1,973.5		—			2,495.5
Short-term investments under securities loan agreements, including collateral delivered	30.7		—		668.3		(20.1		)	678.9
Accrued investment income	—		—		906.8		—			906.8
Reinsurance recoverable	—		—		7,269.1		—			7,269.1
Deferred policy acquisition costs and Value of business acquired	—		—		5,089.9		—			5,089.9
Sales inducements to contract holders	—		—		265.6		—			265.6
Deferred income taxes	414.3		46.9		1,210.6		—			1,671.8
Goodwill and other intangible assets	—		—		266.0		—			266.0
Loans to subsidiaries and affiliates	286.5		—		0.3		(286.8		)	—
Due from subsidiaries and affiliates	5.5		0.2		9.5		(15.2		)	—
Other assets	52.2		0.6		1,048.4		(0.9		)	1,100.3
Assets related to consolidated investment entities:
Limited partnerships/corporations, at fair value	—		—		4,201.9		—			4,201.9
Cash and cash equivalents	—		—		463.4		—			463.4
Corporate loans, at fair value using the fair value option	—		—		6,973.9		—			6,973.9
Other assets	—		—		425.1		—			425.1
Assets held in separate accounts	—		—		106,330.5		—			106,330.5
Total assets	$	18,049.4	$	12,377.8	$	225,362.0	$	(29,204.1	)	$	226,585.1

Condensed Consolidating Balance Sheet

June 30, 2015



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Liabilities and Shareholders' Equity:
Future policy benefits	$	—		$	—		$	15,748.5		$	—		$	15,748.5
Contract owner account balances	—			—			69,844.7			—			69,844.7
Payables under securities loan agreement, including collateral held	—			—			1,251.4			—			1,251.4
Short-term debt with affiliates	—			178.6			107.9			(286.5		)	—
Long-term debt	2,997.3			485.3			18.7			(15.3		)	3,486.0
Funds held under reinsurance agreements	—			—			1,027.4			—			1,027.4
Derivatives	100.0			—			774.8			(169.0		)	705.8
Pension and other postretirement provisions	—			—			789.7			—			789.7
Current income taxes	(5.9		)	(1.9		)	21.0			—			13.2
Due to subsidiaries and affiliates	9.5			—			(9.3		)	(0.2		)	—
Other liabilities	92.7			14.0			1,099.0			(36.3		)	1,169.4
Liabilities related to consolidated investment entities:
Collateralized loan obligations notes, at fair value using the fair value option	—			—			6,986.6			—			6,986.6
Other liabilities	—			—			1,683.0			—			1,683.0
Liabilities related to separate accounts	—			—			106,330.5			—			106,330.5
Total liabilities	3,193.6			676.0			205,673.9			(507.3		)	209,036.2

Shareholders' equity:
Total Voya Financial, Inc. shareholders' equity	14,855.8			11,701.8			16,995.0			(28,696.8		)	14,855.8
Noncontrolling interest	—			—			2,693.1			—			2,693.1
Total shareholders' equity	14,855.8			11,701.8			19,688.1			(28,696.8		)	17,548.9
Total liabilities and shareholders' equity	$	18,049.4		$	12,377.8		$	225,362.0		$	(29,204.1	)	$	226,585.1

Condensed Consolidating Balance Sheet

December 31, 2014



	Parent Issuer		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	—	$	—	$	69,925.6	$	(15.3	)	$	69,910.3
Fixed maturities, at fair value using the fair value option	—		—		3,564.5		—			3,564.5
Equity securities, available-for-sale, at fair value	83.4		—		188.4		—			271.8
Short-term investments	—		—		1,711.4		—			1,711.4
Mortgage loans on real estate, net of valuation allowance	—		—		9,794.1		—			9,794.1
Policy loans	—		—		2,104.0		—			2,104.0
Limited partnerships/corporations	—		—		363.2		—			363.2
Derivatives	69.0		—		1,923.1		(172.5		)	1,819.6
Investments in subsidiaries	17,918.0		13,312.0		—		(31,230.0		)	—
Other investments	—		14.4		95.9		—			110.3
Securities pledged	—		—		1,184.6		—			1,184.6
Total investments	18,070.4		13,326.4		90,854.8		(31,417.8		)	90,833.8
Cash and cash equivalents	682.1		1.6		1,847.2		—			2,530.9
Short-term investments under securities loan agreements, including collateral delivered	30.7		—		816.4		(20.1		)	827.0
Accrued investment income	—		—		891.7		—			891.7
Reinsurance recoverable	—		—		7,116.9		—			7,116.9
Deferred policy acquisition costs and Value of business acquired	—		—		4,570.9		—			4,570.9
Sales inducements to contract holders	—		—		253.6		—			253.6
Deferred income taxes	398.2		49.2		852.5		—			1,299.9
Goodwill and other intangible assets	—		—		284.4		—			284.4
Loans to subsidiaries and affiliates	169.0		—		0.3		(169.3		)	—
Due from subsidiaries and affiliates	13.0		0.1		6.0		(19.1		)	—
Other assets	49.3		—		942.2		(0.9		)	990.6
Assets related to consolidated investment entities:
Limited partnerships/corporations, at fair value	—		—		3,727.3		—			3,727.3
Cash and cash equivalents	—		—		710.4		—			710.4
Corporate loans, at fair value using the fair value option	—		—		6,793.1		—			6,793.1
Other assets	—		—		92.4		—			92.4
Assets held in separate accounts	—		—		106,007.8		—			106,007.8
Total assets	$	19,412.7	$	13,377.3	$	225,767.9	$	(31,627.2	)	$	226,930.7

Condensed Consolidating Balance Sheet

December 31, 2014



	Parent Issuer		Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Liabilities and Shareholders' Equity:
Future policy benefits	$	—	$	—		$	15,632.2		$	—		$	15,632.2
Contract owner account balances	—		—			69,319.5			—			69,319.5
Payables under securities loan agreement, including collateral held	—		—			1,445.0			—			1,445.0
Short-term debt with affiliates	—		149.7			19.3			(169.0		)	—
Long-term debt	2,997.1		515.3			18.6			(15.3		)	3,515.7
Funds held under reinsurance agreements	—		—			1,159.6			—			1,159.6
Derivatives	103.5		—			918.3			(172.5		)	849.3
Pension and other postretirement provisions	—		—			826.2			—			826.2
Current income taxes	84.8		(5.7		)	5.7			—			84.8
Due to subsidiaries and affiliates	4.8		1.2			(1.9		)	(4.1		)	—
Other liabilities	76.3		14.9			1,278.3			(36.3		)	1,333.2
Liabilities related to consolidated investment entities:
Collateralized loan obligations notes, at fair value using the fair value option	—		—			6,838.1			—			6,838.1
Other liabilities	—		—			1,357.8			—			1,357.8
Liabilities related to separate accounts	—		—			106,007.8			—			106,007.8
Total liabilities	3,266.5		675.4			204,824.5			(397.2		)	208,369.2

Shareholders' equity:
Total Voya Financial, Inc. shareholders' equity	16,146.2		12,701.9			18,528.1			(31,230.0		)	16,146.2
Noncontrolling interest	—		—			2,415.3			—			2,415.3
Total shareholders' equity	16,146.2		12,701.9			20,943.4			(31,230.0		)	18,561.5
Total liabilities and shareholders' equity	$	19,412.7	$	13,377.3		$	225,767.9		$	(31,627.2	)	$	226,930.7

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2015



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Net investment income	$	0.1		$	—		$	1,136.8		$	(2.9	)	$	1,134.0
Fee income	—			—			872.4			—			872.4
Premiums	—			—			667.2			—			667.2
Net realized capital gains (losses):
Total other-than-temporary impairments	—			—			(8.0		)	—			(8.0		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			—			0.4			—			0.4
Net other-than-temporary impairments recognized in earnings	—			—			(8.4		)	—			(8.4		)
Other net realized capital gains (losses)	1.7			0.2			6.2			—			8.1
Total net realized capital gains (losses)	1.7			0.2			(2.2		)	—			(0.3		)
Other revenue	0.9			—			105.9			(0.9		)	105.9
Income (loss) related to consolidated investment entities:
Net investment income	—			—			257.0			—			257.0
Changes in fair value related to collateralized loan obligations	—			—			(42.3		)	—			(42.3		)
Total revenues	2.7			0.2			2,994.8			(3.8		)	2,993.9
Benefits and expenses:
Policyholder benefits	—			—			958.8			—			958.8
Interest credited to contract owner account balances	—			—			490.2			—			490.2
Operating expenses	2.8			—			769.1			(0.9		)	771.0
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			—			153.1			—			153.1
Interest expense	38.4			20.2			0.9			(2.9		)	56.6
Operating expenses related to consolidated investment entities:
Interest expense	—			—			74.7			—			74.7
Other expense	—			—			3.3			—			3.3
Total benefits and expenses	41.2			20.2			2,450.1			(3.8		)	2,507.7
Income (loss) before income taxes	(38.5		)	(20.0		)	544.7			—			486.2
Income tax expense (benefit)	(17.3		)	5.4			141.5			(10.5		)	119.1
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates	(21.2		)	(25.4		)	403.2			10.5			367.1
Equity in earnings (losses) of subsidiaries, net of tax	306.4			427.2			—			(733.6		)	—
Net income (loss) including noncontrolling interest	285.2			401.8			403.2			(723.1		)	367.1
Less: Net income (loss) attributable to noncontrolling interest	—			—			81.9			—			81.9
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	285.2		$	401.8		$	321.3		$	(723.1	)	$	285.2

Condensed Consolidating Statement of Operations

For the Six Months Ended June 30, 2015



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Net investment income	$	3.5		$	0.1		$	2,309.8		$	(4.8	)	$	2,308.6
Fee income	—			—			1,772.2			—			1,772.2
Premiums	—			—			1,276.0			—			1,276.0
Net realized capital gains (losses):
Total other-than-temporary impairments	—			—			(10.6		)	—			(10.6		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			—			2.7			—			2.7
Net other-than-temporary impairments recognized in earnings	—			—			(13.3		)	—			(13.3		)
Other net realized capital gains (losses)	0.7			0.4			(247.6		)	—			(246.5		)
Total net realized capital gains (losses)	0.7			0.4			(260.9		)	—			(259.8		)
Other revenue	1.8			—			208.6			(1.8		)	208.6
Income (loss) related to consolidated investment entities:
Net investment income	—			—			353.9			—			353.9
Changes in fair value related to collateralized loan obligations	—			—			(34.6		)	—			(34.6		)
Total revenues	6.0			0.5			5,625.0			(6.6		)	5,624.9
Benefits and expenses:
Policyholder benefits	—			—			1,845.8			—			1,845.8
Interest credited to contract owner account balances	—			—			974.9			—			974.9
Operating expenses	3.5			—			1,538.1			(1.8		)	1,539.8
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			—			271.2			—			271.2
Interest expense	76.1			30.8			1.9			(4.8		)	104.0
Operating expenses related to consolidated investment entities:
Interest expense	—			—			137.2			—			137.2
Other expense	—			—			4.5			—			4.5
Total benefits and expenses	79.6			30.8			4,773.6			(6.6		)	4,877.4
Income (loss) before income taxes	(73.6		)	(30.3		)	851.4			—			747.5
Income tax expense (benefit)	(17.3		)	(0.4		)	198.8			(16.4		)	164.7
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates	(56.3		)	(29.9		)	652.6			16.4			582.8
Equity in earnings (losses) of subsidiaries, net of tax	531.1			560.4			—			(1,091.5		)	—
Net income (loss) including noncontrolling interest	474.8			530.5			652.6			(1,075.1		)	582.8
Less: Net income (loss) attributable to noncontrolling interest	—			—			108.0			—			108.0
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	474.8		$	530.5		$	544.6		$	(1,075.1	)	$	474.8

Condensed Consolidating Statement of Operations

For the Three Months Ended June 30, 2014



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Net investment income	$	5.1		$	0.1		$	1,118.2		$	(2.5	)	$	1,120.9
Fee income	—			—			897.3			—			897.3
Premiums	—			—			629.4			—			629.4
Net realized capital gains (losses):
Total other-than-temporary impairments	—			—			(2.6		)	—			(2.6		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			—			(0.1		)	—			(0.1		)
Net other-than-temporary impairments recognized in earnings	—			—			(2.5		)	—			(2.5		)
Other net realized capital gains (losses)	(5.4		)	0.7			(357.3		)	—			(362.0		)
Total net realized capital gains (losses)	(5.4		)	0.7			(359.8		)	—			(364.5		)
Other revenue	0.7			0.2			110.1			(0.7		)	110.3
Income (loss) related to consolidated investment entities:
Net investment income	—			—			300.5			—			300.5
Changes in fair value related to collateralized loan obligations	—			—			6.2			—			6.2
Total revenues	0.4			1.0			2,701.9			(3.2		)	2,700.1
Benefits and expenses:
Policyholder benefits	—			—			811.2			—			811.2
Interest credited to contract owner account balances	—			—			494.0			—			494.0
Operating expenses	0.8			0.1			758.1			(0.7		)	758.3
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			—			115.7			—			115.7
Interest expense	37.6			11.0			1.4			(2.5		)	47.5
Operating expenses related to consolidated investment entities:
Interest expense	—			—			49.5			—			49.5
Other expense	—			—			2.9			—			2.9
Total benefits and expenses	38.4			11.1			2,232.8			(3.2		)	2,279.1
Income (loss) before income taxes	(38.0		)	(10.1		)	469.1			—			421.0
Income tax expense (benefit)	—			(2.0		)	11.0			(2.9		)	6.1
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates	(38.0		)	(8.1		)	458.1			2.9			414.9
Equity in earnings (losses) of subsidiaries, net of tax	286.3			123.9			—			(410.2		)	—
Net income (loss) including noncontrolling interest	248.3			115.8			458.1			(407.3		)	414.9
Less: Net income (loss) attributable to noncontrolling interest	—			—			166.6			—			166.6
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	248.3		$	115.8		$	291.5		$	(407.3	)	$	248.3

Condensed Consolidating Statement of Operations

For the Six Months Ended June 30, 2014



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Net investment income	$	7.1		$	0.1		$	2,263.1		$	(3.8	)	$	2,266.5
Fee income	—			—			1,829.1			—			1,829.1
Premiums	—			—			1,230.3			—			1,230.3
Net realized capital gains (losses):
Total other-than-temporary impairments	—			—			(5.9		)	—			(5.9		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			—			(0.1		)	—			(0.1		)
Net other-than-temporary impairments recognized in earnings	—			—			(5.8		)	—			(5.8		)
Other net realized capital gains (losses)	(4.8		)	0.7			(541.2		)	—			(545.3		)
Total net realized capital gains (losses)	(4.8		)	0.7			(547.0		)	—			(551.1		)
Other revenue	1.6			0.2			215.6			(1.6		)	215.8
Income (loss) related to consolidated investment entities:
Net investment income	—			—			382.0			—			382.0
Changes in fair value related to collateralized loan obligations	—			—			2.4			—			2.4
Total revenues	3.9			1.0			5,375.5			(5.4		)	5,375.0
Benefits and expenses:
Policyholder benefits	—			—			1,676.2			—			1,676.2
Interest credited to contract owner account balances	—			—			987.1			—			987.1
Operating expenses	2.3			0.1			1,547.0			(1.6		)	1,547.8
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			—			241.8			—			241.8
Interest expense	74.8			21.5			2.6			(3.8		)	95.1
Operating expenses related to consolidated investment entities:
Interest expense	—			—			95.7			—			95.7
Other expense	—			—			4.0			—			4.0
Total benefits and expenses	77.1			21.6			4,554.4			(5.4		)	4,647.7
Income (loss) before income taxes	(73.2		)	(20.6		)	821.1			—			727.3
Income tax expense (benefit)	—			1.3			33.1			2.4			36.8
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates	(73.2		)	(21.9		)	788.0			(2.4		)	690.5
Equity in earnings (losses) of subsidiaries, net of tax	583.6			138.2			—			(721.8		)	—
Net income (loss) including noncontrolling interest	510.4			116.3			788.0			(724.2		)	690.5
Less: Net income (loss) attributable to noncontrolling interest	—			—			180.1			—			180.1
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	510.4		$	116.3		$	607.9		$	(724.2	)	$	510.4

Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended June 30, 2015



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net income (loss) including noncontrolling interest	$	285.2		$	401.8		$	403.2		$	(723.1	)	$	367.1
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities	(2,184.1		)	(1,449.5		)	(2,184.1		)	3,633.6			(2,184.1		)
Other-than-temporary impairments	3.7			2.6			3.7			(6.3		)	3.7
Pension and other postretirement benefits liability	(3.5		)	(0.8		)	(3.5		)	4.3			(3.5		)
Other comprehensive income (loss), before tax	(2,183.9		)	(1,447.7		)	(2,183.9		)	3,631.6			(2,183.9		)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(761.9		)	(504.3		)	(761.9		)	1,266.2			(761.9		)
Other comprehensive income (loss), after tax	(1,422.0		)	(943.4		)	(1,422.0		)	2,365.4			(1,422.0		)
Comprehensive income (loss)	(1,136.8		)	(541.6		)	(1,018.8		)	1,642.3			(1,054.9		)
Less: Comprehensive income (loss) attributable to noncontrolling interest	—			—			81.9			—			81.9
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders	$	(1,136.8	)	$	(541.6	)	$	(1,100.7	)	$	1,642.3		$	(1,136.8	)

Condensed Consolidating Statement of Comprehensive Income

For the Six Months Ended June 30, 2015



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net income (loss) including noncontrolling interest	$	474.8		$	530.5		$	652.6		$	(1,075.1	)	$	582.8
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities	(1,529.7		)	(1,014.5		)	(1,529.7		)	2,544.2			(1,529.7		)
Other-than-temporary impairments	9.4			7.3			9.4			(16.7		)	9.4
Pension and other postretirement benefits liability	(6.9		)	(1.6		)	(6.9		)	8.5			(6.9		)
Other comprehensive income (loss), before tax	(1,527.2		)	(1,008.8		)	(1,527.2		)	2,536.0			(1,527.2		)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(532.7		)	(351.3		)	(532.7		)	884.0			(532.7		)
Other comprehensive income (loss), after tax	(994.5		)	(657.5		)	(994.5		)	1,652.0			(994.5		)
Comprehensive income (loss)	(519.7		)	(127.0		)	(341.9		)	576.9			(411.7		)
Less: Comprehensive income (loss) attributable to noncontrolling interest	—			—			108.0			—			108.0
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders	$	(519.7	)	$	(127.0	)	$	(449.9	)	$	576.9		$	(519.7	)

Condensed Consolidating Statement of Comprehensive Income

For the Three Months Ended June 30, 2014



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net income (loss) including noncontrolling interest	$	248.3		$	115.8		$	458.1		$	(407.3	)	$	414.9
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities	879.1			616.1			880.0			(1,496.1		)	879.1
Other-than-temporary impairments	8.7			6.3			8.7			(15.0		)	8.7
Pension and other postretirement benefits liability	(3.5		)	(0.8		)	(3.5		)	4.3			(3.5		)
Other comprehensive income (loss), before tax	884.3			621.6			885.2			(1,506.8		)	884.3
Income tax expense (benefit) related to items of other comprehensive income (loss)	309.1			217.2			309.5			(526.7		)	309.1
Other comprehensive income (loss), after tax	575.2			404.4			575.7			(980.1		)	575.2
Comprehensive income (loss)	823.5			520.2			1,033.8			(1,387.4		)	990.1
Less: Comprehensive income (loss) attributable to noncontrolling interest	—			—			166.6			—			166.6
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholder	$	823.5		$	520.2		$	867.2		$	(1,387.4	)	$	823.5

Condensed Consolidating Statement of Comprehensive Income

For the Six Months Ended June 30, 2014



	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net income (loss) including noncontrolling interest	$	510.4		$	116.3		$	788.0		$	(724.2	)	$	690.5
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities	1,989.2			1,383.8			1,993.2			(3,377.0		)	1,989.2
Other-than-temporary impairments	24.3			19.5			24.3			(43.8		)	24.3
Pension and other postretirement benefits liability	(6.9		)	(1.6		)	(6.9		)	8.5			(6.9		)
Other comprehensive income (loss), before tax	2,006.6			1,401.7			2,010.6			(3,412.3		)	2,006.6
Income tax expense (benefit) related to items of other comprehensive income (loss)	703.0			491.3			703.0			(1,194.3		)	703.0
Other comprehensive income (loss), after tax	1,303.6			910.4			1,307.6			(2,218.0		)	1,303.6
Comprehensive income (loss)	1,814.0			1,026.7			2,095.6			(2,942.2		)	1,994.1
Less: Comprehensive income (loss) attributable to noncontrolling interest	—			—			180.1			—			180.1
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholder	$	1,814.0		$	1,026.7		$	1,915.5		$	(2,942.2	)	$	1,814.0



Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015
	Parent Issuer			Subsidiary Guarantor		Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net cash provided by (used in) operating activities	$	(42.7	)	$	46.8	$	1,649.1		$	(170.0	)	$	1,483.2
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	—			—		5,164.6			—			5,164.6
Equity securities, available-for-sale	12.4			—		18.4			—			30.8
Mortgage loans on real estate	—			—		547.7			—			547.7
Limited partnerships/corporations	—			—		104.0			—			104.0
Acquisition of:
Fixed maturities	—			—		(5,552.7		)	—			(5,552.7		)
Equity securities, available-for-sale	(18.0		)	—		(20.0		)	—			(38.0		)
Mortgage loans on real estate	—			—		(1,119.5		)	—			(1,119.5		)
Limited partnerships/corporations	—			—		(207.4		)	—			(207.4		)
Short-term investments, net	(212.0		)	—		858.9			—			646.9
Policy loans, net	—			—		69.9			—			69.9
Derivatives, net	(2.8		)	—		(167.9		)	—			(170.7		)
Other investments, net	—			13.6		3.4			—			17.0
Sales from consolidated investments entities	—			—		2,440.0			—			2,440.0
Purchases within consolidated investment entities	—			—		(3,539.7		)	—			(3,539.7		)
Maturity of intercompany loans with maturities more than three months	0.7			—		—			(0.7		)	—
Net maturity of short-term intercompany loans	(118.3		)	—		—			118.3			—
Return of capital contributions and dividends from subsidiaries	976.0			917.0		—			(1,893.0		)	—
Collateral received (delivered), net	—			—		(45.7		)	—			(45.7		)
Purchases of fixed assets, net	—			—		(24.0		)	—			(24.0		)
Net cash provided by (used in) investing activities	638.0			930.6		(1,470.0		)	(1,775.4		)	(1,676.8		)



Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015
	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash Flows from Financing Activities:
Deposits received for investment contracts	—			—			3,628.0			—			3,628.0
Maturities and withdrawals from investment contracts	—			—			(3,367.2		)	—			(3,367.2		)
Repayment of debt with maturities of more than three months	—			(30.6		)	—			—			(30.6		)
Debt issuance costs	(6.8		)	—			—			—			(6.8		)
Intercompany loans with maturities of more than three months	—			—			(0.7		)	0.7			—
Net (repayments of) proceeds from short-term intercompany loans	—			28.9			89.4			(118.3		)	—
Return of capital contributions and dividends to parent	—			(976.0		)	(1,087.0		)	2,063.0			—
Borrowings of consolidated investment entities	—			—			832.8			—			832.8
Repayments of borrowings of consolidated investment entities	—			—			(404.6		)	—			(404.6		)
Contributions from (distributions to) participants in consolidated investment entities	—			—			255.0			—			255.0
Excess tax benefits on share-based compensation	—			—			1.5			—			1.5
Share-based compensation	(4.4		)	—			—			—			(4.4		)
Common stock acquired - Share repurchase	(740.8		)	—			—			—			(740.8		)
Dividends paid	(4.7		)	—			—			—			(4.7		)
Net cash provided by (used in) financing activities	(756.7		)	(977.7		)	(52.8		)	1,945.4			158.2
Net (decrease) increase in cash and cash equivalents	(161.4		)	(0.3		)	126.3			—			(35.4		)
Cash and cash equivalents, beginning of period	682.1			1.6			1,847.2			—			2,530.9
Cash and cash equivalents, end of period	$	520.7		$	1.3		$	1,973.5		$	—		$	2,495.5



Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2014
	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net cash provided by (used in) operating activities	$	(33.0	)	$	57.7		$	1,868.7		$	(76.0	)	$	1,817.4
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	—			—			6,095.4			—			6,095.4
Equity securities, available-for-sale	8.7			13.0			37.4			—			59.1
Mortgage loans on real estate	—			—			639.7			—			639.7
Limited partnerships/corporations	—			—			52.0			—			52.0
Acquisition of:
Fixed maturities	—			—			(6,052.3		)	—			(6,052.3		)
Equity securities, available-for-sale	(11.7		)	—			(1.8		)	—			(13.5		)
Mortgage loans on real estate	—			—			(818.6		)	—			(818.6		)
Limited partnerships/corporations	—			—			(170.9		)	—			(170.9		)
Short-term investments, net	—			—			272.2			—			272.2
Policy loans, net	—			—			33.3			—			33.3
Derivatives, net	10.1			—			(559.1		)	—			(549.0		)
Other investments, net	—			0.7			24.0			—			24.7
Sales from consolidated investments entities	—			—			1,790.0			—			1,790.0
Purchases within consolidated investment entities	—			—			(2,892.0		)	—			(2,892.0		)
Maturity of intercompany loans with maturities more than three months	0.6			—			—			(0.6		)	—
Net maturity of short-term intercompany loans	(56.6		)	—			—			56.6			—
Return of capital contributions from subsidiaries	797.0			690.0			—			(1,487.0		)	—
Capital contributions to subsidiaries	(150.0		)	(171.0		)	—			321.0			—
Collateral received (delivered), net	—			—			85.2			—			85.2
Purchases of fixed assets, net	—			—			(18.9		)	—			(18.9		)
Net cash provided by (used in) investing activities	598.1			532.7			(1,484.4		)	(1,110.0		)	(1,463.6		)



Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2014
	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Cash Flows from Financing Activities:
Deposits received for investment contracts	—			—			3,798.5			—			3,798.5
Maturities and withdrawals from investment contracts	—			—			(4,505.2		)	—			(4,505.2		)
Debt issuance costs	(16.8		)	—			—			—			(16.8		)
Intercompany loans with maturities of more than three months	—			—			(0.6		)	0.6			—
Net (repayments of) proceeds from short-term intercompany loans	—			99.9			(43.3		)	(56.6		)	—
Return of capital contributions and dividends to parent	—			(690.0		)	(873.0		)	1,563.0			—
Contributions of capital from parent	—			—			321.0			(321.0		)	—
Borrowings of consolidated investment entities	—			—			191.0			—			191.0
Repayments of borrowings of consolidated investment entities	—			—			(38.7		)	—			(38.7		)
Contributions from (distributions to) participants in consolidated investment entities	—			—			828.0			—			828.0
Share-based compensation	(14.8		)	—			—			—			(14.8		)
Common stock acquired - Share repurchase	(289.4		)	—			—			—			(289.4		)
Dividends paid	(5.2		)	—			—			—			(5.2		)
Net cash used in financing activities	(326.2		)	(590.1		)	(322.3		)	1,186.0			(52.6		)
Net increase in cash and cash equivalents	238.9			0.3			62.0			—			301.2
Cash and cash equivalents, beginning of period	640.2			1.1			2,199.5			—			2,840.8
Cash and cash equivalents, end of period	$	879.1		$	1.4		$	2,261.5		$	—		$	3,142.0