Voya Financial : Q1 2024 Voya Financial Earnings Presentation

Voya Financial

First Quarter 2024 Investor Presentation

May 1, 2024

Forward-Looking and Other Cautionary Statements

This presentation and the remarks made orally contain forward-looking statements. The company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance

and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate,"

"expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) global market risks, including general economic conditions, our ability to manage such risks and interest rates; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through dividends from our subsidiaries or lending programs; (iii) strategic and business risks, including our ability to maintain market share, achieve desired results from our acquisitions and dispositions, or otherwise manage our third-party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; and (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management's Discussion and Analysis of Results of Operations and Financial Condition ("MD&A") - Trends and Uncertainties" in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 23, 2024 and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2024, to be filed with the SEC on or before May 10, 2024.

This presentation and the remarks made orally contain certain non-GAAP financial measures. Non-GAAP measures include Adjusted Operating Earnings, Adjusted Operating Earnings Per Share, Net Revenue, Adjusted Operating Margin, and Financial Leverage. Information regarding these and other non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, is provided in our quarterly earnings press releases and in our quarterly investor supplements, all of which are available at the Investor Relations section of Voya Financial's website at investors.voya.com.

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Key Themes & Executing our Strategy

Heather Lavallee, Chief Executive Officer

First Quarter 2024 Financial Highlights

On Track to Achieve Full Year 2024 Targets

Adjusted

Operating

EPS1

$1.77

up 23% Y-o-Y

FY'24 Target2,4:

$8.25-$8.45

Excess

Capital

Generation

$0.2B

FY'24 Target4: $0.8B

90%+ FCF

Net Revenue

Growth

(TTM)2,3

9%

FY'24 Target4:

2-4%

Adj. Operating

Margin

(TTM)2,3

32%

FY'24 Target4:

30-33%

Adj. Operating

ROE

(TTM)2,3

14.8%

FY'24 Target4:

14%-16%

1. Includes $0.11 of alternative income and prepayments below long-term expectations.
2. TTM view excludes notables, alternatives and prepayment income above or below long-term expectations. Full-year target assumes annual long-term alternative investment return of 9% (pre-tax) and general account prepayment fee long-term expected return of 10 basis points.
3. Net Revenue growth, Adjusted Operating Margin and Adjusted Operating ROE on at TTM basis including notables are 10%, 30% and 13.3%, respectively.

4. Based on long-term assumptions and sensitivities on page 20.	4

Strategic Execution in Workplace Solutions Driving Growth

Competitive Advantages

✓	Leading market
	positions create distinct
	opportunity in workplace
✓	Scale and credibility

Strategic Priorities

Land

Net client growth

through increased sales

Examples of Execution

• Strengthen mid-market presence in retirement: Enhanced service model and increased mid-marketsales team; known mid-marketsales up 300% vs. same time last year
• Continued growth in stop-loss:Added new quoting capabilities and expanded reach down-marketsupporting 17% in-forcepremium growth in Health Solutions

	across markets and
	employer sizes
✓	Extensive distribution
	with intermediaries
✓	Strong culture and

Expand

Growing the solution set with customers, driving revenue and margins

• Launched Voya Protect: Expanded workplace benefits offering to cover more than 13,000 medical conditions with simplified claims experience
• Enhanced digital experience during open enrollment: MyVoyage can help individuals make more informed benefit decisions while increasing voluntary / HSA benefit elections

reputation for delivering

customer service

Deepen

Building engagement with participants and employers

• Grow retail wealth management platform: Added advisors to retail wealth distribution team
• Increase adoption of managed accounts: Enhanced managed account support team

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Strategic Execution in Investment Management Driving Growth

Competitive Advantages

✓	Industry leader with scale
	in Private Fixed Income
	as well as Private Equity
	Secondaries
✓	Globally preeminent

Strategic Priorities

Deliver

Exceptional

Outcomes for

Clients

Examples of Execution

• Strong investment performance: 83% of public assets outperformed peers/benchmarks over 1 year, and 80% over 10 years
• Continued investment in platform technology and infrastructure to operate and serve clients globally

Income & Growth

franchise

✓ Differentiated distribution

with global reach through

intermediary and

institutional channels

Scale Our

Industry Leading

Solutions

• Continued to grow within Insurance, U.S. Intermediary and International channels: Fixed Income and Income & Growth momentum
• Optimized distribution: Enhanced distribution teams with channel expertise in private assets

✓ Leading market position

in insurance asset

management

Expand into

Adjacent Private and Alternative Strategies

• Three private fund launches planned for 2024: Private Equity Secondaries, Renewable Energy Infrastructure, Middle- Market Private Credit

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Voya Culture - Living our Purpose and Vision

Delivering for Our

Customers

Giving Back to Our

Communities

Supporting Our

Colleagues

Access to Guidance	Advanced Financial Literacy	Completed Integration of Voya India
Evolving participant access to guidance to	Through supporting high school financial	Welcomed almost 2,000 employees based in
help enhance financial outcomes for our	literacy competitions and	India
customers	legislation

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Business Segment Performance & Financial Highlights

Don Templin, Chief Financial Officer

First Quarter 2024 Financial Results

(Millions, except EPS and capital generation)	1Q'23	1Q'24	DRIVERS
Adjusted Operating EPS	$1.44	$1.77	1Q'24 adjusted operating EPS is 23% higher year-
Per Diluted Share	over-year:
			• Growth in fee-based revenues across Wealth,
			Investment Management and Health favorably
			offset underwriting income in Health, which is
Adjusted Operating Earnings	$158	$185	normalizing from record levels
• Alternative investment income improved over the
After-Tax
			same period
Capital Generation	$0.1B	$0.2B	Consistent with track record of generating cash above
90% target
Net Income	$691	$234	1Q'24 net income exceeds adjusted operating earnings
Available to Common Shareholders	primarily due to a non-cash tax benefit

1. 1Q'23 includes $56 million of cash impacts from Benefitfocus acquisition and integration of AllianzGI.

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Wealth Solutions

Consistent participant base growth has supported asset growth over time

Defined Contribution (DC) Client Assets

and Participant Account Growth1

620 Client Assets (billions) Participant Accounts (millions) 11

520			$467		$483	$512	10
420		$413		$418			9
$339
					7.0	8
320					6.9
			6.7
		6.1	6.3			7
220	5.6
					6
120							5
20							4
	FY'19	FY'20	FY'21	FY'22	FY'23	1Q'24
(80)	3

• Participant accounts have grown at nearly 6% CAGR between 2019-2023

Full Service - Client Assets

(Billions)

				Spread-Based			Fee-Based	$197
					$188				$185
		$165
				$163
	$144
	$112	$133	$155	$129	$154	$166
	$31	$33		$33	$33	$31	$30
	FY'19	FY'20	FY'21	FY'22	FY'23	1Q'24
Full Service	$2.1	$1.6		$0.6	$3.0	$(2.9)	$0.0
Net Flows
Recordkeeping	$14.5	$24.5	$(6.7)	$0.8	$7.4	$(0.3)
Net Flows

1. DC client assets and participant account numbers are shown as of the end of the period.

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