Document

Page

Consolidated

Net Revenue, Adjusted Operating Margin, Administrative

Explanatory Note on Non-GAAP Financial Information

3 - 4

Expenses, and Adjusted Operating Return on Capital

Key Metrics

Net Revenue and Adjusted Operating Margin

Consolidated Statements of Operations

Administrative Expenses

Consolidated Adjusted Operating Earnings Before Income Taxes

Adjusted Operating Return on Allocated Capital

Adjusted Operating Earnings Before Income Taxes by Segment (QTD)

Investment Information

Adjusted Operating Earnings Before Income Taxes by Segment (YTD)

Portfolio Results GAAP Book Value, Gross Investment Income, and

Consolidated Balance Sheets

Earned Rate by Asset Class

DAC/VOBA Segment Trends

Portfolio Results Statutory Carrying Values by Asset Class and NAIC

Consolidated Capital Structure

Ratings

Consolidated Assets Under Management, Assets Under Administration

Alternative Investment Income

and Advisement

Alternative Income and Prepayments Above (Below) Long-Term

Wealth Solutions

Expectations

Sources of Adjusted Operating Earnings Before Income Taxes

Reconciliations

and Key Metrics

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Client Assets Rollforward by Product Group

16 - 17

Earnings Per Common Share (Diluted) (QTD)

Health Solutions

Reconciliation of Adjusted Operating Earnings Before Income Taxes and

Sources of Adjusted Operating Earnings Before Income Taxes

Earnings Per Common Share (Diluted) (YTD)

Quarterly Loss Ratio Development for Group Stop Loss

Reconciliation of Adjusted Operating Revenues

Key Metrics

Reconciliation of Net Revenues by Segment

42 - 43

Investment Management

Reconciliation of Adjusted Operating Earnings Before Income Taxes

Sources of Adjusted Operating Earnings Before Income Taxes

Excluding Notable Items by Segment

44 - 45

Analysis of AUM and AUA

Reconciliation of Book Value Per Common Share, Excluding AOCI,

Account Value Rollforward by Source

Leverage Ratio, and Adjusted Diluted Shares

Account Value by Asset Type

Corporate

Adjusted Operating Earnings Before Income Taxes

▪Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•Other items not indicative of normal operations or performance of our segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as among companies to which we are compared. Accordingly, we adjust for these items as we believe that these items distort the ability to make a meaningful evaluation of the current and future performance of our segments.


	Three Months Ended or As of										Year-to-Date or As of
(in millions USD, unless otherwise indicated)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		9/30/2024		9/30/2023
Net income (loss) available to Voya Financial, Inc.'s common shareholders	98		201		234		118		248		533		471
Per common share (basic)	1.00		2.00		2.29		1.13		2.35		5.32		4.62
Per common share (diluted)	0.98		1.96		2.24		1.10		2.29		5.20		4.31
Adjusted operating earnings: (1)
Before income taxes	230		271		224		202		229		724		715
After income taxes	190		223		185		174		189		598		589
Effective tax rate	17.1	%	17.6	%	17.2	%	13.8	%	17.2	%	17.4	%	17.5	%
Per common share (Adjusted diluted)	1.90		2.18		1.77		1.63		1.74		5.84		5.39
Per common share excluding notable items	2.12		2.27		1.88		1.97		2.07		6.26		6.06
Shareholder's equity:
Total Voya Financial, Inc. Common Shareholders' Equity	4,107		3,431		3,541		3,581		2,515		4,107		2,515
Total Voya Financial, Inc. Common Shareholders' Equity - Excluding AOCI	5,919		6,014		6,010		5,981		6,048		5,919		6,048
Book value per common share (including AOCI)	42.30		34.66		34.96		34.80		23.93		42.30		23.93
Book value per common share (excluding AOCI) (2)	60.96		60.75		59.33		58.12		57.55		60.96		57.55
Leverage Ratios:
Debt-to-Capital	34.6	%	34.2	%	33.6	%	33.3	%	40.1	%	34.6	%	40.1	%
Financial Leverage - excluding AOCI (2)(3)	30.6	%	28.0	%	28.1	%	27.8	%	27.8	%	30.6	%	27.8	%
Shares:
Weighted-average common shares outstanding
Basic (4)	98		100		102		104		106		100		102
Dilutive effect of warrants (4)	—		—		—		—		—		—		4
Other dilutive effects (5)	2		2		2		3		3		2		3
Diluted	100		102		105		107		108		102		109
Adjusted Diluted (2)	100		102		105		107		108		102		109
Ending shares outstanding	97		99		101		103		105		97		105
Returned to Common Shareholders:
Repurchase of common shares, excluding commissions	149		174		172		158		54		495		216
Dividends to common shareholders	44		40		41		42		42		125		83
Total cash returned to common shareholders	193		214		213		200		96		620		299

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.
(2) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 46 of this document.
(3) Financial leverage excluding AOCI of 30.6% reflects the $400 million of debt issued in third quarter of 2024 in anticipation of the $400 million 3.976% Senior Notes maturing on February 15, 2025. Proforma Financial Leverage excluding AOCI is 28.1% including the $400 million debt maturity.
(4) On May 10th, 2023, we issued 9.6 million shares to settle the outstanding warrants issued in connection with our IPO. For the year-to-date ended September 30, 2023, the impact of these issued shares on Diluted shares outstanding is split between Basic and Dilutive effect of warrants due to the mid-year issuance.
(5) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Revenues
Net investment income	506	518	529	522	547	1,553	1,637
Fee income	540	517	513	489	489	1,570	1,427
Premiums	796	790	800	673	682	2,386	2,044
Net gains (losses)	(14)	(4)	43	7	(7)	25	(79)
Other revenues	103	98	88	82	81	289	245
Income (loss) related to consolidated investment entities	25	114	78	46	31	217	255
Total revenues	1,956	2,033	2,051	1,819	1,823	6,040	5,529
Benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(938)	(843)	(851)	(804)	(799)	(2,632)	(2,232)
Operating expenses	(775)	(752)	(799)	(773)	(717)	(2,326)	(2,323)
Net amortization of DAC/VOBA	(55)	(56)	(56)	(57)	(57)	(167)	(173)
Interest expense	(29)	(30)	(30)	(30)	(31)	(89)	(102)
Operating expenses related to consolidated investment entities	(43)	(76)	(28)	(53)	(47)	(147)	(123)
Total benefits and expenses	(1,840)	(1,757)	(1,764)	(1,717)	(1,651)	(5,361)	(4,953)
Income (loss) before income taxes	116	276	287	102	172	679	576
Income tax expense (benefit)	18	41	(1)	(17)	(74)	58	(34)


Net income (loss)	98	235	288	119	246	621	610
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(16)	30	37	(3)	(16)	51	107
Net income (loss) available to Voya Financial, Inc.	114	205	251	122	262	570	503
Less: Preferred stock dividends	16	4	17	4	14	37	32
Net income (loss) available to Voya Financial, Inc.'s common shareholders	98	201	234	118	248	533	471


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023
Consolidated Adjusted Operating Earnings Before Income Taxes
Adjusted operating revenues
Net investment income and net gains (losses)	472	489	488	463	489	1,451	1,469
Fee income	536	512	509	487	489	1,556	1,434
Premiums	785	791	797	666	663	2,374	2,007
Other revenue	74	68	69	70	76	211	225
Adjusted operating revenues (1)	1,867	1,860	1,863	1,686	1,717	5,591	5,135

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(845)	(804)	(829)	(715)	(730)	(2,478)	(2,075)
Operating expenses	(702)	(710)	(724)	(694)	(671)	(2,138)	(2,092)
Net amortization of DAC/VOBA	(29)	(29)	(29)	(30)	(29)	(87)	(90)
Interest expense (2)	(46)	(33)	(45)	(33)	(44)	(124)	(128)
Adjusted operating benefits and expenses	(1,622)	(1,576)	(1,629)	(1,471)	(1,475)	(4,828)	(4,385)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	245	284	235	215	242	764	749
Less: Earnings (loss) attributable to Allianz noncontrolling interest	16	13	11	13	14	40	35
Adjusted operating earnings before income taxes (1)	230	271	224	202	229	724	715


Adjusted Operating Revenues and Adjusted Operating Earnings Before Income Taxes by Segment
Adjusted operating revenues
Wealth Solutions	726	730	719	686	702	2,176	2,090
Health Solutions	892	892	905	764	768	2,689	2,317
Investment Management	243	234	234	228	233	711	688
Corporate	6	4	4	9	14	15	39
Adjusted operating revenues (1)	1,867	1,860	1,863	1,686	1,717	5,591	5,135

Adjusted operating earnings before income taxes
Wealth Solutions	211	214	186	147	179	611	485
Health Solutions	23	60	59	44	53	142	271
Investment Management	55	50	42	45	49	147	132
Corporate	(59)	(53)	(63)	(34)	(52)	(175)	(173)


Adjusted operating earnings before income taxes (1)	230	271	224	202	229	724	715

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.
(2) Includes dividend payments made to preferred shareholders.


	Three Months Ended September 30, 2024
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	427	36	4	5	472
Fee income	280	19	238	—	536
Premiums	—	785	—	—	785
Other revenue	20	52	1	1	74
Adjusted operating revenues (1)	726	892	243	6	1,867

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(210)	(634)	—	—	(845)
Operating expenses	(285)	(226)	(171)	(20)	(702)
Net amortization of DAC/VOBA	(20)	(8)	—	—	(29)
Interest expense (2)	—	—	—	(46)	(46)
Adjusted operating benefits and expenses	(516)	(869)	(171)	(66)	(1,622)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	211	23	72	(60)	245
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	17	(1)	16
Adjusted operating earnings before income taxes (1)	211	23	55	(59)	230

	Three Months Ended September 30, 2023
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	438	35	7	9	489
Fee income	246	18	224	—	489
Premiums	—	663	—	—	663
Other revenue	18	51	2	5	76
Adjusted operating revenues (1)	702	768	233	14	1,717

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(226)	(504)	—	—	(730)
Operating expenses	(275)	(204)	(170)	(22)	(671)
Net amortization of DAC/VOBA	(22)	(7)	—	—	(29)
Interest expense (2)	—	—	—	(44)	(44)
Adjusted operating benefits and expenses	(524)	(715)	(170)	(66)	(1,475)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	179	53	63	(52)	242
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	14	—	14
Adjusted operating earnings before income taxes (1)	179	53	49	(52)	229

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.
(2) Includes dividend payments made to preferred shareholders.


	Nine Months Ended September 30, 2024
(in millions USD)	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated

Adjusted operating revenues
Net investment income and net gains (losses)	1,307	110	21	13	1,451
Fee income	814	53	689	—	1,556
Premiums	—	2,374	—	—	2,374
Other revenue	55	152	1	2	211
Adjusted operating revenues (1)	2,176	2,689	711	15	5,591

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(640)	(1,839)	—	—	(2,478)
Operating expenses	(864)	(684)	(522)	(69)	(2,138)
Net amortization of DAC/VOBA	(63)	(25)	—	—	(87)
Interest expense (2)	—	—	—	(124)	(124)
Adjusted operating benefits and expenses	(1,566)	(2,547)	(522)	(193)	(4,828)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	611	142	189	(178)	764
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	43	(3)	40
Adjusted operating earnings before income taxes (1)	611	142	147	(175)	724

	Nine Months Ended September 30, 2023
	Wealth Solutions	Health Solutions	Investment Management	Corporate	Consolidated
Adjusted operating revenues
Net investment income and net gains (losses)	1,318	104	27	21	1,469
Fee income	717	58	659	—	1,434
Premiums	—	2,007	—	—	2,007
Other revenue	55	148	3	18	225
Adjusted operating revenues (1)	2,090	2,317	688	39	5,135

Adjusted operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders	(671)	(1,404)	—	—	(2,075)
Operating expenses	(867)	(619)	(520)	(85)	(2,092)
Net amortization of DAC/VOBA	(67)	(23)	—	—	(90)
Interest expense (2)	—	—	—	(128)	(128)
Adjusted operating benefits and expenses	(1,605)	(2,047)	(520)	(213)	(4,385)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest (1)	485	271	168	(175)	749
Less: Earnings (loss) attributable to Allianz noncontrolling interest	—	—	36	(1)	35
Adjusted operating earnings before income taxes (1)	485	271	132	(173)	715

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Explanatory Note on Non-GAAP Financial Information” beginning on page 3 of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Reconciliations” section beginning on page 38 of this document.
(2) Includes dividend payments made to preferred shareholders.


	Balances as of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Assets
Total investments	36,094	35,235	35,687	36,600	36,257
Cash and cash equivalents	1,457	1,066	995	937	829
Assets held in separate accounts	103,532	99,147	98,636	93,133	85,491
Premium receivable and reinsurance recoverable, net	11,486	11,574	11,828	11,982	11,765
Short term investments under securities loan agreement and accrued investment income	1,678	1,428	1,435	1,426	1,349
Deferred policy acquisition costs, Value of business acquired	2,173	2,196	2,222	2,250	2,278
Current and deferred income taxes	1,967	2,186	2,193	2,170	2,448
Other assets (1)	3,893	3,959	4,012	3,967	4,217
Assets related to consolidated investment entities	4,653	4,489	4,623	4,620	4,631
Total Assets	166,933	161,280	161,631	157,085	149,265
Liabilities
Future policy benefits and contract owner account balances	47,056	47,231	47,869	48,734	49,506
Liabilities related to separate accounts	103,532	99,147	98,636	93,133	85,491
Payables under securities loan agreements, including collateral held	1,368	1,215	1,220	1,121	1,190
Short-term debt	397	395	393	1	2
Long-term debt	2,103	1,707	1,707	2,097	2,095
Other liabilities (2)	3,294	3,243	3,198	3,327	3,397
Liabilities related to consolidated investment entities	2,601	2,473	2,737	2,619	2,625
Total Liabilities	160,351	155,411	155,760	151,032	144,306
Mezzanine Equity
Allianz noncontrolling interest	198	183	174	175	173
Shareholders' Equity
Preferred stock	—	—	—	—	—
Common stock	1	1	1	1	1
Treasury stock	(604)	(448)	(263)	(56)	(307)
Additional paid-in capital	6,227	6,218	6,187	6,143	6,664
Retained earnings (deficit)	907	855	697	505	302
Total Voya Financial, Inc. Shareholders' Equity - Excluding AOCI	6,531	6,626	6,622	6,593	6,660
Accumulated other comprehensive income	(1,812)	(2,583)	(2,469)	(2,400)	(3,533)
Total Voya Financial, Inc. Shareholders' Equity	4,719	4,043	4,153	4,193	3,127
Noncontrolling interest	1,665	1,643	1,544	1,685	1,659
Total Shareholders' Equity	6,384	5,686	5,697	5,878	4,786
Total Liabilities, Mezzanine Equity and Shareholders' Equity	166,933	161,280	161,631	157,085	149,265








(1) Includes Other assets, Goodwill, and Other intangibles, net.
(2) Includes Other liabilities and Derivatives.


	Three Months Ended or As of					Year-to-Date or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023
Wealth Solutions
Balance as of Beginning-of-Period	1,053	1,059	1,064	1,068	1,075	1,064	1,088
Deferrals of commissions and expenses	15	15	16	16	15	47	47
Amortization	(20)	(21)	(21)	(21)	(22)	(63)	(67)
Balance as of End-of-Period	1,048	1,053	1,059	1,064	1,068	1,048	1,068
Deferred Sales Inducements as of End-of-Period	22	22	22	22	22	22	22

Health Solutions
Balance as of Beginning-of-Period	222	215	211	208	201	211	190
Deferrals of commissions and expenses	16	15	12	12	15	42	42
Amortization	(8)	(8)	(8)	(9)	(7)	(25)	(23)
Balance as of End-of-Period	229	222	215	211	208	229	208

Total
Balance as of Beginning-of-Period	1,275	1,274	1,275	1,276	1,275	1,275	1,279
Deferrals of commissions and expenses	31	30	29	29	30	89	88
Amortization	(29)	(29)	(29)	(30)	(29)	(87)	(90)
Balance as of End-of-Period, excluding businesses exited through reinsurance or divestment	1,277	1,275	1,274	1,275	1,276	1,277	1,276
Balance as of End-of-Period, businesses exited through reinsurance or divestment (1)	896	921	948	975	1,002	896	1,002
Balance as of End-of-Period, including businesses exited through reinsurance or divestment	2,173	2,196	2,222	2,250	2,278	2,173	2,278

(1) Includes DAC and VOBA related to businesses ceded through reinsurance, and an insignificant number of Individual Life and non-Wealth Solutions annuities policies that were not part of the divested businesses.

Consolidated Capital Structure


	Balances as of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023

Financial Debt
Senior bonds	2,149		1,751		1,749		1,747		1,746
Subordinated bonds	349		349		349		349		349
Other debt	2		2		2		2		2
Total Financial Debt	2,500		2,102		2,100		2,098		2,097
Other financial obligations (1)	325		333		309		312		325
Total Financial Obligations	2,825		2,435		2,409		2,410		2,422

Mezzanine Equity
Allianz noncontrolling interest	198		183		174		175		173
Equity
Preferred equity (2)	612		612		612		612		612
Common equity (Excluding AOCI)	5,919		6,014		6,010		5,981		6,048
Total Equity (Excluding AOCI)	6,531		6,626		6,622		6,593		6,660
Accumulated other comprehensive income (AOCI)	(1,812)		(2,583)		(2,469)		(2,400)		(3,533)
Total Voya Financial, Inc. Shareholders' Equity	4,719		4,043		4,153		4,193		3,127
Noncontrolling interest	1,665		1,643		1,544		1,685		1,659
Total Shareholders' Equity	6,384		5,686		5,697		5,878		4,786

Capital
Capitalization (3)	7,219		6,145		6,253		6,291		5,224

Adjusted Capitalization excluding AOCI (4)	11,219		10,887		10,749		10,863		10,914

Leverage Ratios
Debt-to-Capital (5)	34.6	%	34.2	%	33.6	%	33.3	%	40.1	%

Financial Leverage excluding AOCI (6)(7)	30.6	%	28.0	%	28.1	%	27.8	%	27.8	%

(1) Includes operating leases, finance leases, and unfunded pension plan after-tax.
(2) Includes Preferred stock par value and additional paid-in-capital.

(3) Includes Total Financial Debt and Total Voya Financial Inc. Shareholders' Equity.

(4) Includes Total Financial Obligations, Mezzanine Equity, and Total Shareholders' Equity excluding AOCI.
(5) Total Financial Debt divided by Capitalization.

(6) Total Financial Obligations and Preferred equity divided by Adjusted Capitalization excluding AOCI. This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to page 46 of this document.
(7) Financial leverage excluding AOCI of 30.6% reflects the $400 million of debt issued in third quarter of 2024 in anticipation of the $400 million 3.976% Senior Notes maturing on February 15, 2025. Proforma Financial Leverage excluding AOCI is 28.1% including the $400 million debt maturity.


As of September 30, 2024
(in millions USD)	General Account	Separate Account	Institutional/Mutual Funds	Total AUM - Assets Under Management	AUA - Assets Under Administration & Advisement (2)	Total AUM and AUA

Wealth Solutions (1)	30,052	99,554	102,479	232,085	376,408	608,493
Health Solutions	1,954	17	—	1,972	—	1,972
Investment Management	33,989	29,477	277,054	340,520	51,154	391,674
Eliminations/Other (3)	(32,006)	(25,516)	(12,268)	(69,790)	(42,730)	(112,520)
Total AUM and AUA	33,989	103,532	367,265	504,787	384,832	889,619

(1) Includes wrapped funds as well as unwrapped Voya-managed funds.

(2) Wealth Solutions Assets under Administration and Advisement includes Recordkeeping, Stable Value investment-only wrap, Brokerage and Investment Advisory assets. Investment Management Assets under Administration and Advisement includes Mutual Fund, Institutional, Stable Value and General Account assets where only advisement, administrative, distribution coverage, relationship management and client servicing, or ancillary services are performed.
(3) Includes eliminations for AUM and AUA in our Wealth and Health segments that are managed by our Investment Management Segment and also reported in their AUM and AUA.

Wealth Solutions Sources of Adjusted Operating Earnings Before Income Taxes and Key Metrics


	Three Months Ended or As of										Twelve Months Ended or As of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024	9/30/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income	397		402		403		413		422			1,615	1,711
Investment expenses	(17)		(17)		(17)		(17)		(18)			(68)	(76)
Credited interest	(211)		(210)		(213)		(221)		(223)			(855)	(882)
Net margin	170		175		173		175		181			693	752
Other investment income (1)	64		63		63		60		57			250	226
Investment spread and other investment income, excluding alts/prepays above/below expectations	234		238		236		234		238			942	978
Alternative investment income and prepayment fees above (below) long-term expectations	(21)		(8)		(14)		(39)		(24)			(82)	(121)
Investment spread and other investment income	213		230		222		195		214			860	857
Full Service Fee-based revenue	174		168		162		150		150			654	563
Recordkeeping and other fee-based revenue	122		117		116		113		109			468	430
Total Fee-based margin	296		285		278		262		259			1,121	992
Net underwriting gain (loss) and other revenue	7		2		4		5		2			18	15
Net revenue (2)	516		517		504		462		475			1,999	1,864
Administrative expenses	(219)		(220)		(234)		(236)		(216)			(909)	(918)
Net commissions	(65)		(62)		(62)		(58)		(58)			(247)	(226)
DAC/VOBA and other intangibles amortization	(21)		(21)		(22)		(21)		(23)			(85)	(92)
Adjusted operating earnings before income taxes	211		214		186		147		179			758	630
Adjusted Operating Margin TTM	37.9	%	37.1	%	35.7	%	33.6	%	33.8	%
Adjusted Operating Margin Excluding Notables TTM	40.4	%	39.7	%	38.6	%	37.3	%	37.8	%
Full Service Revenue (3)
Full Service Investment spread and other investment income	197		213		205		187		206			801	820
Full Service Fee-based revenue	174		168		162		150		150			654	563
Total Full Service Revenue	370		381		367		336		356			1,454	1,383
Client Assets
Fee-based	520,167		493,994		486,196		457,089		423,118			520,167	423,118
Spread-based (4)	30,052		30,335		30,746		31,327		32,136			30,052	32,136
Investment-only Stable Value	34,744		33,985		34,814		35,188		35,450			34,744	35,450
Retail Client Assets	31,223		29,699		29,492		27,923		25,867			31,223	25,867
Eliminations (5)	(7,693)		(7,446)		(7,387)		(7,208)		(6,998)			(7,693)	(6,998)
Total Client Assets	608,493		580,567		573,861		544,319		509,572			608,493	509,572

(1) Includes investment income on assets backing surplus, investment income on cash balances, and income from policy loans.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Excludes Net underwriting gain (loss) and other revenue.
(4) Spread-based Client Assets include Full Service, as well as proprietary IRA mutual fund product and other guaranteed payout products.
(5) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only Stable Value to better reflect the asset bases generating revenue.


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023
Full Service - Corporate markets
Client Assets, beginning of period	111,254	109,806	102,522	94,059	96,492		94,059	80,126
Transfers / Single deposits	1,617	1,310	1,745	1,630	1,431		6,303	6,147
Recurring deposits	2,812	2,899	3,144	2,430	2,549		11,285	10,094
Total Deposits	4,429	4,210	4,889	4,060	3,980		17,588	16,241
Surrenders, benefits, and product charges	(4,548)	(4,482)	(4,194)	(4,537)	(3,368)		(17,761)	(12,989)
Net Flows	(119)	(272)	695	(477)	612		(173)	3,253
Interest credited and investment performance	6,094	1,720	6,589	8,939	(3,044)		23,342	10,681
Client Assets, end of period - Corporate markets	117,229	111,254	109,806	102,522	94,059		117,229	94,059

Full Service - Tax-exempt markets
Client Assets, beginning of period	87,942	86,801	82,858	79,663	81,906		79,663	73,102
Transfers / Single deposits	744	457	409	453	273		2,063	1,754
Recurring deposits	1,152	1,144	1,111	1,050	1,036		4,457	4,276
Total Deposits	1,897	1,602	1,520	1,502	1,309		6,520	6,031
Surrenders, benefits, and product charges	(1,999)	(1,927)	(2,193)	(4,482)	(1,793)		(10,602)	(7,819)
Net Flows	(103)	(326)	(673)	(2,980)	(484)		(4,081)	(1,788)
Interest credited and investment performance	3,911	1,466	4,616	6,175	(1,758)		16,167	8,350

Client Assets, end of period - Tax-exempt markets	91,750	87,942	86,801	82,858	79,663		91,750	79,663

Full Service - Total
Client Assets, beginning of period	199,196	196,607	185,379	173,723	178,398		173,723	153,228
Transfers / Single deposits	2,361	1,768	2,154	2,083	1,704		8,366	7,902
Recurring deposits	3,965	4,044	4,255	3,480	3,585		15,743	14,371
Total Deposits	6,326	5,811	6,409	5,562	5,289		24,108	22,272
Surrenders, benefits, and product charges	(6,547)	(6,409)	(6,386)	(9,020)	(5,162)		(28,362)	(20,807)
Net Flows	(222)	(597)	22	(3,457)	127		(4,254)	1,464
Interest credited and investment performance	10,005	3,186	11,205	15,114	(4,803)		39,510	19,030

Client Assets, end of period - Full Service Total	208,978	199,196	196,607	185,379	173,723		208,978	173,723

Full Service - Client Assets
Fee-based	179,238	169,180	166,190	154,394	141,947		179,238	141,947
Spread-based	29,740	30,016	30,417	30,985	31,776		29,740	31,776
Client Assets, end of period - Full Service Total	208,978	199,196	196,607	185,379	173,723		208,978	173,723


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023
Recordkeeping
Client Assets, beginning of period	319,819	315,134	298,120	276,869	279,669		276,869	241,241
Transfers / Single deposits	3,751	1,295	1,338	2,662	4,683		9,046	12,584
Recurring deposits	5,397	5,820	6,428	4,446	4,964		22,090	19,103
Total Deposits	9,148	7,115	7,766	7,108	9,646		31,137	31,687
Surrenders, benefits, and product charges	(9,372)	(8,143)	(8,077)	(6,352)	(6,653)		(31,944)	(25,574)
Net Flows	(224)	(1,027)	(312)	756	2,993		(807)	6,113
Interest credited and investment performance	16,179	5,712	17,326	20,495	(5,794)		59,713	29,514

Client Assets, end of period - Recordkeeping	335,774	319,819	315,134	298,120	276,869		335,774	276,869

Total Defined Contribution (1)
Client Assets, beginning of period	519,015	511,741	483,499	450,591	458,068		450,591	394,469
Transfers / Single deposits	6,113	3,063	3,492	4,745	6,386		17,412	20,485
Recurring deposits	9,362	9,863	10,682	7,925	8,548		37,833	33,473
Total Deposits	15,474	12,927	14,174	12,670	14,935		55,245	53,959
Surrenders, benefits, and product charges	(15,920)	(14,551)	(14,464)	(15,371)	(11,814)		(60,306)	(46,381)
Net Flows	(445)	(1,625)	(289)	(2,701)	3,120		(5,061)	7,577
Interest credited and investment performance	26,184	8,898	28,531	35,609	(10,596)		99,223	48,546
Client Assets, end of period - Total Defined Contribution	544,753	519,015	511,741	483,499	450,591		544,753	450,591

Defined Contribution Investment-only Stable Value (SV) (2)
Assets, beginning of period	33,985	34,814	35,188	35,450	37,354		35,450	38,944
Transfers / Single deposits	192	97	209	290	90		788	1,193
Recurring deposits	137	94	355	1,232	109		1,818	731
Total Deposits	329	191	564	1,522	199		2,606	1,925
Surrenders, benefits, and product charges	(895)	(1,252)	(1,483)	(2,311)	(2,043)		(5,940)	(5,796)
Net Flows	(566)	(1,061)	(919)	(788)	(1,844)		(3,334)	(3,871)
Interest credited and investment performance	1,325	232	545	526	(60)		2,628	378
Assets, end of period - Defined Contribution Investment-only SV	34,744	33,985	34,814	35,188	35,450		34,744	35,450

Retail Client Assets (3)	31,228	29,704	29,497	27,928	25,872		31,228	25,872
Other Assets (4)	5,462	5,310	5,197	4,912	4,657		5,462	4,657
Eliminations (5)	(7,693)	(7,446)	(7,387)	(7,208)	(6,998)		(7,693)	(6,998)
Total Client Assets	608,493	580,567	573,861	544,319	509,572		608,493	509,572

(1) Total of Full Service and Recordkeeping.
(2) Includes Stable Value Investment-only Wrap and Stable Value Separate Accounts.
(3) Includes assets under advisement, which comprise brokerage and investment advisory assets offered through Voya’s registered investment advisors and broker dealers affiliated with VFA as well as proprietary IRA mutual fund product that is distributed by VFA and other non-affiliated advisors.
(4) Includes other guaranteed payout products and Non-qualified Retirement Plans.
(5) Includes eliminations for certain client assets included in Recordkeeping, Retail, and Investment-only stable value to better reflect the asset bases generating revenue.

Health Solutions Sources of Adjusted Operating Earnings before income taxes


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024		9/30/2023
Sources of Adjusted operating earnings before income taxes:
Gross investment income	26		26		24		25		25			101		98
Investment expenses	(1)		(1)		(1)		(1)		(1)			(4)		(4)
Credited interest	(12)		(13)		(12)		(12)		(12)			(49)		(48)
Net margin	12		12		11		12		12			47		46
Other investment income	16		15		16		12		14			59		52
Investment spread and other investment income, excluding alts/prepays above/below expectations	28		27		26		24		25			105		96
Alternative investment income and prepayment fees above (below) long-term expectations	(3)		(3)		—		(5)		(2)			(11)		(9)
Investment spread and other investment income	26		24		26		20		23			96		86
Fee-based margin (1)	57		54		59		56		57			226		171
Net underwriting gain (loss) and other revenue	175		223		208		197		184			803		880
Net revenue (2)	257		301		293		272		264			1,123		1,137
Administrative expenses	(130)		(131)		(134)		(131)		(122)			(526)		(445)
Premium taxes, fees and assessments	(47)		(50)		(41)		(37)		(37)			(175)		(136)
Net commissions	(49)		(51)		(51)		(51)		(45)			(202)		(178)
DAC/VOBA and other intangibles amortization	(8)		(8)		(8)		(9)		(7)			(33)		(30)
Adjusted operating earnings before income taxes	23		60		59		44		53			186		349
Adjusted Operating Margin TTM	16.6	%	19.1	%	23.9	%	26.6	%	30.6	%
Adjusted Operating Margin Excluding Notables TTM	17.4	%	20.9	%	25.4	%	28.1	%	32.2	%
Group life:
Premiums	165		173		168		152		150			658		615
Benefits	(119)		(138)		(136)		(122)		(118)			(515)		(511)
Other (3)	(2)		(3)		(3)		(2)		(4)			(9)		(10)
Total Group life	44		33		29		28		29			134		96
Group life Loss Ratio (interest adjusted) (4)	71.9	%	79.3	%	81.0	%	80.5	%	78.4	%		78.2	%	83.0	%
Group Stop loss:
Premiums	453		452		454		368		368			1,727		1,399
Benefits	(424)		(376)		(382)		(281)		(307)			(1,463)		(1,009)
Other (3)	(2)		(1)		(2)		(2)		(10)			(7)		(13)
Total Group Stop loss	28		74		70		85		51			257		377
Stop loss Loss Ratio	93.4	%	83.2	%	84.2	%	76.4	%	83.3	%		84.7	%	72.1	%
Voluntary Benefits, Disability, and Other(4)	103		115		109		84		104			411		411
Net underwriting gain (loss) and other revenue
Premiums	804		812		810		689		692			3,115		2,695
Benefits	(625)		(592)		(597)		(487)		(494)			(2,301)		(1,787)
Other (3)(4)	(4)		3		(4)		(6)		(14)			(11)		(27)
Total Net underwriting gain (loss) and other revenue	175		223		208		197		184			803		880
Total Aggregate Loss Ratio	77.7	%	72.9	%	73.8	%	70.7	%	71.4	%		73.9	%	66.3	%
Total Aggregate Loss Ratio TTM	73.9	%	72.3	%	69.5	%	67.2	%	66.3	%
(1) Includes fees for subscriptions and services associated with cloud-based benefits software and Health Account Solutions products.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes service fees, dividends, interest expenses, and other miscellaneous expenses. The Loss Ratio calculation does not include Other.
(4) The second quarter of 2024 includes a $7 million decrease to a dividend liability associated with a block of participating whole life business.


	Estimated Ultimate Loss Ratio as of
	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		6/30/2023		3/31/2023		12/31/2022		9/30/2022		6/30/2022		3/31/2022
2024 Stop Loss Policy Year Development
January Business	86	%	81	%	81	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Non-January Business	80	%	81	%	81	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%
Total 2024 Policy Year	86	%	81	%	81	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%	—	%

2023 Stop Loss Policy Year Development
January Business	80	%	80	%	80	%	79	%	79	%	75	%	78	%	—	%	—	%	—	%	—	%
Non-January Business	83	%	81	%	79	%	77	%	77	%	78	%	78	%	—	%	—	%	—	%	—	%
Total 2023 Policy Year	81	%	80	%	80	%	79	%	78	%	75	%	78	%	—	%	—	%	—	%	—	%

2022 Stop Loss Policy Year Development
January Business	71	%	71	%	71	%	71	%	71	%	71	%	74	%	77	%	79	%	80	%	80	%
Non-January Business	68	%	68	%	67	%	68	%	71	%	72	%	76	%	78	%	78	%	79	%	79	%
Total 2022 Policy Year	70	%	71	%	71	%	71	%	71	%	72	%	74	%	77	%	79	%	80	%	80	%

Reported Loss Ratio for Stop Loss	93	%	83	%	84	%	76	%	83	%	63	%	70	%	72	%	76	%	79	%	76	%


	Three Months Ended or As of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023

Sales by Product Line:
Group life and Disability	11	18	130	14	4		173	145
Stop loss	35	23	537	25	67		620	455
Voluntary and Other (1)	17	38	142	11	12		208	158

Total sales by product line	63	78	809	50	83		1,000	759

Total gross premiums and deposits	900	904	900	766	762		3,470	2,975

Annualized In-force Premiums and Fees by Product Line:
Group life and Disability	978	996	989	905	917		978	917
Stop loss	1,837	1,845	1,839	1,500	1,490		1,837	1,490
Voluntary and Other (1)	1,050	1,030	1,033	926	936		1,050	936

Total annualized in-force premiums and fees by product line	3,864	3,870	3,861	3,331	3,343		3,864	3,343

Assets Under Management by Fund Group:
General account	1,954	1,921	1,843	1,817	1,854		1,954	1,854
Separate account	17	17	17	16	15		17	15
Total AUM	1,972	1,938	1,860	1,833	1,869		1,972	1,869

(1) Includes benefit administration annual recurring revenue and Health Account Solutions products.


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024	9/30/2023

Sources of Adjusted operating earnings before income taxes:
Investment capital and other investment income, excluding alts/prepays above/below expectations	9		9		10		9		9			37	34
Alternative investment income and prepayment fees above (below) long-term expectations	(5)		(1)		(1)		(2)		(2)			(9)	(9)
Investment spread and other investment income	4		8		9		6		7			27	25
Fee-based margin (1)	239		226		226		221		226			912	877
Net revenue (2)	243		234		234		228		233			939	903
Administrative expenses (3)	(171)		(169)		(181)		(170)		(170)			(691)	(677)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	72		64		53		57		63			246	225
Adjusted Operating Margin TTM	26.3	%	25.6	%	25.7	%	24.6	%	24.9	%
Adjusted Operating Margin Excluding Notables TTM	26.9	%	26.2	%	26.1	%	24.9	%	25.5	%
Fee-based margin (1)
Investment advisory and administrative revenue	238		225		227		222		224			912	867
Other fee-based margin	1		1		(1)		—		2			1	9
Fee-based margin	239		226		226		221		226			912	877

Reconciliation to Adjusted operating earnings before income taxes
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	72		64		53		57		63			246	225
Less: Earnings (loss) attributable to Allianz noncontrolling interest	17		14		12		13		14			56	51
Adjusted operating earnings before income taxes	55		50		42		45		49			192	174

(1) Includes mutual fund third party distribution revenues which are reported net of distribution expenses, consistent with the U.S. GAAP presentation.
(2) Refer to the "Reconciliations" section of this document for a reconciliation of net revenue to adjusted operating revenue.
(3) Includes expenses attributable to investment capital results above (below) long-term expectations.


	Three Months Ended or as of					Twelve Months Ended or As of
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023
Client Assets:
External Clients
Institutional	158,288	152,165	148,489	148,722	147,904		158,288	147,904
Retail (1)	148,243	150,341	148,710	138,239	128,120		148,243	128,120
Subtotal External Clients	306,531	302,506	297,199	286,961	276,024		306,531	276,024
General Account	33,989	33,884	34,138	34,740	35,792		33,989	35,792
Total Client Assets (AUM)	340,520	336,390	331,337	321,701	311,816		340,520	311,816
Assets under Advisement and Administration (AUA) (1)	51,154	52,678	52,942	56,043	55,066		51,154	55,066
Total AUM and AUA	391,674	389,068	384,278	377,744	366,882		391,674	366,882

Investment Advisory and Administrative Revenues (2)
External Clients
Institutional	90	86	85	87	90		348	363
Retail	126	118	120	112	111		476	408
Subtotal External Clients	216	204	205	199	201		824	771
General Account	17	17	18	18	19		70	78
Total Investment Advisory and Administrative Revenues (AUM)	234	221	223	217	219		895	848
Administration Only Fees	4	4	4	5	5		17	20
Total Investment Advisory and Administrative Revenues	238	225	227	222	224		912	867

Revenue Yield (bps) (2)
External Clients
Institutional	23.3	23.0	22.9	23.9	23.5		23.3	22.7
Retail	33.5	32.8	33.4	34.1	33.7		33.3	32.1
Revenue Yield on External Clients	28.3	27.9	28.1	28.7	28.2		28.2	26.9
General Account	20.2	20.2	20.3	20.3	20.6		20.2	20.8
Revenue Yield on Client Assets (AUM)	27.5	27.1	27.2	27.8	27.4		27.4	26.2
Revenue Yield on Advisement and Administrative Only Assets (AUA)	3.3	2.7	3.1	3.4	3.2		3.1	3.5
Total Revenue Yield on AUM and AUA (bps)	24.3	23.8	23.8	24.1	23.7		24.0	22.9

Revenue Yield on Client Assets (AUM) TTM	27.4	27.2	27.1	26.8	26.2		27.4	26.2

(1) Retail AUM includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.
(2) Investment Advisory and Administrative Revenues and resulting Revenue Yields exclude any performance fees.


	Three Months Ended or as of										Twelve Months Ended or As of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023			9/30/2024		9/30/2023
Institutional AUM:
Beginning of period AUM	152,165		148,489		148,722		147,904		156,435			147,904		160,720
Inflows	7,341		8,766		4,854		4,197		4,258			25,158		23,157
Outflows	(5,566)		(5,632)		(6,080)		(9,588)		(9,620)			(26,866)		(32,901)
Net flows - Institutional	1,775		3,134		(1,225)		(5,390)		(5,361)			(1,706)		(9,744)
Change in Market Value	4,814		1,135		1,874		8,269		(2,178)			16,092		8,163
Other (Including Acquisitions / Divestitures)	(466)		(594)		(881)		(2,060)		(991)			(4,001)		(11,234)
End of period AUM - Institutional	158,288		152,165		148,489		148,722		147,904			158,288		147,904
Organic Growth (Net Flows/Beginning of period AUM)	1.2	%	2.1	%	-0.8	%	-3.6	%	-3.4	%		-1.2	%	-6.1	%
Market Growth %	3.2	%	0.8	%	1.3	%	5.6	%	-1.4	%		10.9	%	5.1	%
Retail AUM:
Beginning of period AUM	150,341		148,710		138,239		128,120		131,391			128,120		118,016
Inflows	11,013		9,745		9,282		8,409		9,138			38,449		32,596
Outflows	(8,952)		(8,106)		(7,482)		(8,444)		(8,093)			(32,984)		(31,285)
Net flows - Retail (1)	2,060		1,640		1,800		(36)		1,046			5,464		1,312
Net Money Market Flows	65		66		(29)		190		56			292		135
Change in Market Value	3,604		1,022		6,491		10,935		(3,369)			22,052		11,118
Net Flows from Divested Businesses (2)	(7,404)		(623)		(651)		(536)		(490)			(9,214)		(2,018)
Other (Including Acquisitions / Divestitures) (3)	(424)		(474)		2,860		(435)		(513)			1,527		(441)
End of period AUM - Retail	148,243		150,341		148,710		138,239		128,120			148,243		128,120
Retail Organic Growth excluding Net Flows from Divested Businesses (Net Flows / Beginning of period AUM)	1.4	%	1.1	%	1.3	%	—	%	0.8	%		4.3	%	1.1	%
Market Growth %	2.4	%	0.6	%	4.7	%	8.5	%	-2.6	%		17.2	%	9.4	%
Net Flows:
Institutional Net Flows	1,775		3,134		(1,225)		(5,390)		(5,361)			(1,706)		(9,744)
Retail Net Flows	2,060		1,640		1,800		(36)		1,046			5,464		1,312
Net Flows from Divested Businesses	(7,404)		(623)		(651)		(536)		(490)			(9,214)		(2,018)
Total Net Flows	(3,569)		4,151		(76)		(5,962)		(4,806)			(5,456)		(10,452)
Net Flows excluding Net Flows from Divested Businesses	3,835		4,774		574		(5,426)		(4,316)			3,757		(8,433)
Total External Clients Organic Growth (Net Flows excluding Divested Businesses / Beginning period AUM)	1.3	%	1.6	%	0.2	%	-2.0	%	-1.5	%		1.4	%	-3.0	%

(1) Includes reinvested dividends on a prospective basis effective January 1st, 2024.
(2) In the third quarter of 2024, Net Flows from Divested Businesses primarily reflect the out-flow of assets associated with a legacy partnership as expected.
(3) Includes a reclassification as of January 1st, 2024 of $3.6 billion from certain separately managed accounts previously reported as AUA for which Investment Management retains discretion on asset allocation and manager selection.


	Balances as of
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023
Institutional
Equity	23,662		23,433		23,650		22,789		21,164
Fixed Income - Public	56,276		51,976		48,913		49,128		49,486
Fixed Income - Privates	65,126		63,800		63,037		63,899		64,516
Alternatives	13,224		12,955		12,890		12,907		12,738
Money Market	—		—		—		—		—
Total	158,288		152,165		148,489		148,722		147,904

Retail
Equity	74,186		77,870		77,207		68,711		62,420
Fixed Income - Public	69,648		68,234		67,493		65,612		62,126
Fixed Income - Privates	351		365		366		365		396
Alternatives	1,739		1,633		1,457		1,368		1,217
Money Market	2,319		2,239		2,187		2,183		1,961
Total	148,243		150,341		148,710		138,239		128,120

General Account
Equity	135		129		129		129		226
Fixed Income - Public	16,926		17,198		17,344		17,815		18,181
Fixed Income - Privates	14,500		14,533		14,463		14,634		14,976
Alternatives	1,686		1,598		1,675		1,707		1,815
Money Market	742		426		527		456		593
Total	33,989		33,884		34,138		34,740		35,792

Combined Asset Type
Equity	97,983		101,433		100,986		91,628		83,810
Fixed Income - Public	142,850		137,408		133,750		132,554		129,794
Fixed Income - Privates	79,976		78,698		77,866		78,898		79,887
Alternatives	16,649		16,186		16,021		15,981		15,770
Money Market	3,061		2,665		2,714		2,639		2,554
Total	340,520		336,390		331,337		321,701		311,816

Total Private and Alternative Assets	96,625		94,885		93,887		94,879		95,657
% of Private and Alternative Assets / Total AUM	28.4	%	28.2	%	28.3	%	29.5	%	30.7	%


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023		9/30/2024	9/30/2023

Interest expense (excluding Preferred stock dividends) (1)	(29)	(29)	(29)	(29)	(30)		(116)	(129)
Preferred stock dividends	(16)	(4)	(17)	(4)	(14)		(41)	(36)


Pension expense (2)	(12)	(12)	(12)	(11)	(11)		(47)	(44)
Other (3)	(3)	(9)	(6)	11	3		(7)	(26)
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	(60)	(54)	(64)	(33)	(52)		(211)	(235)
Less: Earnings (loss) attributable to Allianz noncontrolling interest	(1)	(1)	(1)	1	—		(2)	(3)
Adjusted operating earnings before income taxes	(59)	(53)	(63)	(34)	(52)		(209)	(232)

(1) Includes other operating expenses related to financing agreements.
(2) Pension expense includes service costs for our qualified defined benefit pension plan and service and interest costs for our non-qualified defined benefit pension plan, but excludes the estimated return on plan assets net of interest costs for our qualified defined benefit pension plan as well as net actuarial gains (losses) related to all of our pension plans and other post retirement plans, which includes actuarial gains and (losses) as a result of differences between actual and expected experience on plan assets or projected benefit obligations.
(3) Other primarily includes changes in incentive compensation accruals for above (below) target performance, corporate insurance costs, investment income on assets backing surplus in excess of amounts held at the segment level, and certain corporate expenses that are either short duration projects or other items not expected to recur at the same level.

Net Revenue and Adjusted Operating Margin


	Three Months Ended										Twelve Months Ended
(in millions USD)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		9/30/2024		9/30/2023

Net Revenue Excluding Notable Items
Wealth Solutions
Investment spread and other investment income	234		238		236		234		238		942		978
Fee-based margin	296		285		278		262		259		1,121		992
Net underwriting gain (loss) and other revenue	7		2		4		5		2		18		15
Wealth Solutions Net Revenue	537		525		517		502		499		2,081		1,985
Health Solutions
Investment spread and other investment income	28		27		26		24		25		105		96
Fee-based margin	57		54		59		56		57		226		171
Net underwriting gain (loss) and other revenue	175		223		208		197		200		803		896
Health Solutions Net Revenue	260		304		293		277		283		1,134		1,165
Investment Management
Investment capital and other investment income	9		9		10		9		9		37		34
Fee-based margin	239		226		226		221		226		912		877
Investment Management Net Revenue	248		234		236		230		235		948		912
Total Net Revenue Excluding Notable Items (1)	1,045		1,063		1,045		1,008		1,016		4,163		4,061
Adjusted Operating Earnings Excluding Notable Items
Wealth Solutions	232		222		200		187		202		841		751
Health Solutions	26		63		60		48		71		197		376
Investment Management	76		65		54		60		66		255		233
Total Adjusted Operating Earnings Excluding Corporate and Notable Items (1)	334		350		313		295		339		1,293		1,360
Corporate	(60)		(54)		(64)		(33)		(52)		(211)		(235)
Total Adjusted operating earnings Excluding Notable Items, including Allianz noncontrolling interest	274		296		249		261		287		1,081		1,125
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items	16		13		11		13		14		53		48
Total Adjusted Operating Earnings Excluding Notable Items (1)	258		283		238		248		273		1,027		1,076
Adjusted Operating Margin Excluding Notable Items
Wealth Solutions	43.1	%	42.3	%	38.6	%	37.2	%	40.5	%	40.4	%	37.8	%
Health Solutions	9.9	%	20.8	%	20.4	%	17.5	%	25.2	%	17.4	%	32.2	%
Investment Management	30.6	%	27.8	%	22.9	%	25.9	%	27.9	%	26.9	%	25.5	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	31.9	%	32.9	%	30.0	%	29.2	%	33.3	%	31.0	%	33.4	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	26.2	%	27.8	%	23.8	%	25.9	%	28.2	%	25.9	%	27.7	%
Adjusted Operating Margin Excluding Notable Items TTM
Wealth Solutions	40.4	%	39.7	%	38.6	%	37.3	%	37.8	%
Health Solutions	17.4	%	20.9	%	25.4	%	28.1	%	32.2	%
Investment Management	26.9	%	26.2	%	26.1	%	24.9	%	25.5	%
Total Adjusted Operating Margin Excluding Corporate and Notable Items	31.0	%	31.4	%	32.0	%	31.8	%	33.4	%
Total Adjusted Operating Margin Including Corporate, Excluding Notable Items	25.9	%	26.5	%	27.1	%	26.8	%	27.7	%

(1) Refer to the “Reconciliations” section for a reconciliation of net revenue to net revenues excluding notable items and of adjusted operating earnings before income taxes to adjusted operating earnings excluding notable items.


	Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023

Wealth Solutions
Adjusted operating earnings before income taxes - before interest	758		726		686		632		630
Income tax expense	104		98		90		79		80
Adjusted Operating Earnings - before interest and after income taxes	654		628		596		553		550
Adjusted Operating effective tax rate (1)	14.3	%	14.5	%	13.5	%	11.9	%	13.5	%
Adjusted Operating effective tax rate TTM	13.7	%	13.4	%	13.1	%	12.5	%	12.7	%
Average Capital	3,402		3,413		3,441		3,496		3,557
Ending Capital (2)	3,445		3,401		3,360		3,395		3,460
Adjusted Return on Capital	19.2	%	18.4	%	17.3	%	15.8	%	15.4	%

Health Solutions
Adjusted operating earnings before income taxes - before interest	186		216		280		315		349
Income tax expense	39		45		59		66		73
Adjusted Operating Earnings - before interest and after income taxes	147		171		221		249		275
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	1,222		1,220		1,228		1,172		1,039
Ending Capital (2)	1,267		1,268		1,219		1,153		1,230
Adjusted Return on Capital	12.0	%	14.0	%	18.0	%	21.2	%	26.5	%

Investment Management
Adjusted operating earnings before income taxes - before interest	192		186		185		177		174
Income tax expense	40		39		39		37		37
Adjusted Operating Earnings - before interest and after income taxes	152		147		146		140		137
Adjusted Operating effective tax rate (1)	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Adjusted Operating effective tax rate TTM	21.0	%	21.0	%	21.0	%	21.0	%	21.0	%
Average Capital	834		824		817		809		800
Ending Capital (2)	843		841		828		847		798
Adjusted Return on Capital	18.1	%	17.8	%	17.9	%	17.3	%	17.2	%

(1) We assume a 21% tax rate on segment Adjusted operating earnings, less the estimated benefit of the dividends received deduction and tax credits in our Wealth Solutions segment.
(2) Capital is allocated to each of our segments in proportion to each segment’s target statutory capital, plus an allocation of the differences between statutory capital and total Voya Financial, Inc. shareholders' equity on a GAAP basis (excluding AOCI), based on each segment’s portion of these differences.


	Three Months Ended or As of												Year-to-Date or As of
(in millions USD)	9/30/2024						6/30/2024						9/30/2024

Invested Assets
Book Values, Gross investment income and Earned rate (1)	Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)		Book Value	BV %		Gross Investment Income	Earned Rate (annualized)
Public corporate	10,117	28.0	%	131	5.1	%	10,436	29.0	%	133	5.1	%	10,117	28.0	%	396	5.0	%
Private credit	7,897	22.0	%	91	4.7	%	7,843	21.0	%	91	4.7	%	7,897	22.0	%	272	4.7	%
Securitized (2)(3)	10,271	28.0	%	156	6.2	%	9,924	27.0	%	148	6.2	%	10,271	28.0	%	453	6.2	%
Commercial mortgage loans	4,822	13.0	%	58	4.8	%	4,976	14.0	%	59	4.8	%	4,822	13.0	%	177	4.8	%
Municipals	705	2.0	%	7	3.9	%	731	2.0	%	6	3.4	%	705	2.0	%	20	3.5	%
Short-term / Treasury	389	1.0	%	4	4.3	%	399	1.0	%	5	4.4	%	389	1.0	%	13	4.3	%
Equity securities	182	—	%	3	7.2	%	176	—	%	3	7.5	%	182	—	%	9	6.8	%
Policy loans	390	1.0	%	5	5.6	%	346	1.0	%	4	5.0	%	390	1.0	%	15	5.3	%
Derivatives	(6)	—	%	2	N/A		(6)	—	%	3	N/A		(6)	—	%	7	N/A
Book Values and Gross Investment Income before variable components	34,766	95.0	%	456	5.3	%	34,825	95.0	%	453	5.3	%	34,766	95.0	%	1,363	5.3	%

Book Values and Gross Investment Income on variable components
Limited partnership	1,777	5.0	%	22	5.1	%	1,768	5.0	%	37	8.7	%	1,777	5.0	%	89	7.0	%
Prepayment / Other fee income	N/A	—	%	2	—	%	N/A	N/A		1	—	%	N/A	—	%	6	—	%
Book Values and Gross Investment Income (variable)	1,777	5.0	%	24	—	%	1,768	5.0	%	37	—	%	1,777	5.0	%	95	—	%
Total Book Values and Gross Investment Income reflected in Adjusted Operating Earnings	36,544	100.0	%	480	5.3	%	36,593	100.0	%	490	5.5	%	36,544	100.0	%	1,457	5.4	%

(1) Table represents annualized yield for Voya's General Account assets. Investment results related to businesses exited through reinsurance or divestment, and other miscellaneous items are excluded.
(2) Includes operating investment income from CMO-B portfolio assets, including derivatives.
(3) For CMO-B securities subject to the fair value option, operating investment income is determined by applying the prospective cash flow yield. Other income attributable to market value changes are excluded.


	Three Months Ended or As of (1)
(in millions USD)	6/30/2024			03/31/2024			12/31/2023			09/30/2023

Statutory Carrying Value	Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %		Statutory Value	SV %
Public corporate	10,563	29.0	%	10,688	29.0	%	11,003	30.0	%	11,196	29.0	%
Private credit	7,695	21.0	%	7,690	21.0	%	7,770	21.0	%	7,981	21.0	%
Securitized	9,831	27.0	%	9,700	27.0	%	9,889	27.0	%	10,035	26.0	%
Municipals	731	2.0	%	773	2.0	%	859	2.0	%	862	2.0	%
Short-term / Treasury	452	1.0	%	556	2.0	%	624	2.0	%	772	2.0	%
Total Fixed maturities	29,272	81.0	%	29,406	81.0	%	30,144	81.0	%	30,846	81.0	%
Commercial mortgage loans	4,971	14.0	%	5,088	14.0	%	5,186	14.0	%	5,336	14.0	%
Limited partnership	1,768	5.0	%	1,740	5.0	%	1,662	4.0	%	1,625	4.0	%
Equity securities	290	1.0	%	275	1.0	%	278	1.0	%	396	1.0	%
Total	36,302	100.0	%	36,509	100.0	%	37,270	100.0	%	38,204	100.0	%

NAIC Ratings
Fixed Maturities:
NAIC 1	15,525	53.0	%	15,560	53.0	%	15,928	53.0	%	16,226	53.0	%
NAIC 2	12,493	43.0	%	12,650	43.0	%	12,927	43.0	%	13,335	43.0	%
NAIC 3 and below	1,254	4.0	%	1,196	4.0	%	1,289	4.0	%	1,285	4.0	%
Total Fixed maturities	29,272	100.0	%	29,406	100.0	%	30,144	100.0	%	30,846	100.0	%

Commercial Mortgage Loans:
CML 1	3,667	74.0	%	3,712	73.0	%	3,714	72.0	%	3,793	71.0	%
CML 2	992	20.0	%	971	19.0	%	1,066	21.0	%	1,117	21.0	%
CML 3 and below	313	6.0	%	405	8.0	%	406	8.0	%	426	8.0	%
Total Commercial mortgage loans	4,971	100.0	%	5,088	100.0	%	5,186	100.0	%	5,336	100.0	%

(1) Presented one quarter in arrears based on the timing of our statutory filings.


	Three Months Ended					Twelve Months Ended
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Alternative Income Above (Below) Long-Term Expectations (1)
Wealth Solutions	(14)	—	(9)	(31)	(16)	(54)	(90)
Health Solutions	(3)	(3)	—	(5)	(2)	(11)	(9)
Investment Management	(5)	(1)	(1)	(2)	(2)	(9)	(9)
Total	(22)	(4)	(10)	(38)	(20)	(74)	(108)

Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(7)	(8)	(5)	(8)	(8)	(28)	(31)
Health Solutions	—	—	—	—	—	—	—
Investment Management	—	—	—	—	—	—	—
Total	(7)	(8)	(5)	(8)	(8)	(28)	(31)

Alternative Income and Prepayments Above (Below) Long-Term Expectations (1)
Wealth Solutions	(21)	(8)	(14)	(39)	(24)	(82)	(121)
Health Solutions	(3)	(3)	—	(5)	(2)	(11)	(9)
Investment Management	(5)	(1)	(1)	(2)	(2)	(9)	(9)
Total	(29)	(12)	(15)	(46)	(28)	(102)	(139)

(1) Amount by which Investment income from alternative investments and prepayment fees exceeds or is less than our long-term expectation. Long-term expectation for alternative investments is a 9% annual return, which for the trailing twelve months ended September 30, 2024 and 2023 was approximately $188 million and $190 million, respectively, pre-tax and before variable compensation. Long-term expectation for prepayment fees is a 10 basis point annual contribution to yield, which for the trailing twelve months ended September 30, 2024 and 2023 was approximately $36 million and $37 million, respectively, pre-tax and before variable compensation.


	Three Months Ended
(in millions USD, except per share)	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		98	0.98		201	1.96		234	2.24		118	1.10		248	2.29
Plus: Net income (loss) attributable to noncontrolling interests		(16)	(0.16)		30	0.29		37	0.35		(3)	(0.03)		(16)	(0.14)
Less: Preferred stock dividends		(16)	(0.17)		(4)	(0.04)		(17)	(0.16)		(4)	(0.04)		(14)	(0.13)

Income (loss)	116	98	0.99	276	235	2.29	287	288	2.75	102	119	1.11	172	246	2.28
Less:
Net investment gains (losses) (3)	(33)	(26)	(0.26)	20	16	0.16	63	50	0.48	(10)	(8)	(0.08)	42	43	0.40


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)	(52)	(41)	(0.41)	(37)	(29)	(0.28)	(32)	13	0.12	(60)	(38)	(0.36)	(68)	38	0.35
Net income (loss) attributable to noncontrolling interests	(16)	(16)	(0.16)	30	30	0.29	37	37	0.35	(3)	(3)	(0.03)	(16)	(16)	(0.14)


Dividend payments made to preferred shareholders	16	16	0.17	4	4	0.04	17	17	0.16	4	4	0.04	14	14	0.13

Other adjustments (5)	(28)	(25)	(0.25)	(12)	(9)	(0.09)	(22)	(14)	(0.13)	(30)	(10)	(0.09)	(28)	(21)	(0.19)

Adjusted operating earnings	230	190	1.90	271	223	2.18	224	185	1.77	202	174	1.63	229	189	1.74
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation	(28)	(22)	(0.22)	(12)	(10)	(0.09)	(15)	(12)	(0.11)	(46)	(36)	(0.34)	(29)	(23)	(0.21)
Other (6)	—	—	—	—	—	—	—	—	—	—	—	—	(16)	(13)	(0.12)
Adjusted operating earnings excluding notable items	258	212	2.12	283	232	2.27	238	197	1.88	248	210	1.97	273	224	2.07

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.
(3) Net investment gains includes a $45 million revaluation gain on the Voya India investment for the three months ended September 30, 2023. There was no tax expense associated with this gain.
(4) Includes tax benefits of $38 million and $92 million related to a divested business for the three months ended March 31, 2024 and September 30, 2023, respectively.
(5) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the three months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. For the three months ended December 31, 2023, also includes $20 million, after-tax, of severance costs and a $17 million, after-tax, net favorable adjustment to certain acquisition-related assets and liabilities.
(6) Includes changes in certain legal and other reserves not expected to recur at the same level.

Reconciliation of Adjusted Operating Earnings and Earnings Per Common Share (Diluted)


	Nine months ended
(in millions USD, except per share)	9/30/2024			9/30/2023
	Before income taxes	After income taxes (1)	Per share (2)	Before income taxes	After income taxes (1)	Per share (2)

Income (loss) available to Voya Financial, Inc.'s common shareholders		533	5.20		471	4.31
Plus: Net income (loss) attributable to noncontrolling interests		51	0.49		107	0.98
Less: Preferred stock dividends		(37)	(0.36)		(32)	(0.29)

Income (loss)	679	621	6.06	576	610	5.59
Less:
Net investment gains (losses) (3)	50	40	0.39	(4)	6	0.06


Income (loss) related to businesses exited or to be exited through reinsurance or divestment (4)	(121)	(57)	(0.56)	(122)	(5)	(0.05)
Net income (loss) attributable to noncontrolling interests	51	51	0.49	107	107	0.98


Dividend payments made to preferred shareholders	37	37	0.36	32	32	0.29

Other adjustments (5)	(63)	(48)	(0.47)	(150)	(118)	(1.08)

Adjusted operating earnings	724	598	5.84	715	589	5.39
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation	(55)	(43)	(0.42)	(77)	(61)	(0.55)
Other (6)	—	—	—	(16)	(13)	(0.12)
Adjusted operating earnings excluding notable items	779	642	6.26	807	663	6.06

(1) For adjusted operating earnings, we apply a 21% tax rate and adjust for the dividends received deduction, tax credits, non-deductible compensation, and other tax benefits and expenses that relate to adjusted operating earnings. For net investment gains (losses), Income (loss) related to businesses exited, and other non-operating items, we apply a 21% tax rate and adjust for related tax benefits and expenses, including changes to tax valuation allowances and impacts related to changes in tax law.
(2) Per share calculations are based on un-rounded numbers.

(3) Net investment gains include a $45 million revaluation gain on the Voya India investment for the nine months ended September 30, 2023. There was no tax expense associated with this gain.
(4) Includes tax benefits of $38 million and $92 million related to a divested business for the nine months ended September 30, 2024 and 2023, respectively.
(5) Primarily consists of acquisition and integration costs associated with the Allianz Global Investors and Benefitfocus transactions and amortization of acquisition-related intangible assets. For the nine months ended September 30, 2024 also includes $7 million, after-tax, of severance costs. For the nine months ended September 30, 2023, also includes $13 million, after-tax, impairment related to a vacated leased building.
(6) In 2023, includes changes in certain legal and other reserves not expected to recur at the same level.


	Three Months Ended					Year-to-Date
(in millions USD)	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Total revenues	1,956	2,033	2,051	1,819	1,823	6,040	5,529

Less:
Net investment gains (losses)	(33)	16	47	(23)	40	30	(21)


Revenues (losses) related to businesses exited or to be exited through reinsurance or divestment	52	13	24	60	21	89	53
Revenues (loss) attributable to noncontrolling interests	19	102	65	37	22	186	211
Other adjustments	50	42	52	59	24	144	152
Total adjusted operating revenues	1,867	1,860	1,863	1,686	1,717	5,591	5,135

Adjusted operating revenues by segment
Wealth Solutions	726	730	719	686	702	2,176	2,090
Health Solutions	892	892	905	764	768	2,689	2,317
Investment Management	243	234	234	228	233	711	688
Corporate	6	4	4	9	14	15	39
Total adjusted operating revenues	1,867	1,860	1,863	1,686	1,717	5,591	5,135


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Wealth Solutions
Adjusted operating revenues	page 8	726	730	719	686	702	2,861	2,760
Interest credited and other benefits to contract owners/policyholders		(210)	(213)	(216)	(223)	(226)	(862)	(896)

Net revenue	page 15	516	517	504	462	475	1,999	1,864
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(21)	(8)	(14)	(39)	(24)	(82)	(121)


Net revenue excluding notable items	page 30	537	525	517	502	499	2,081	1,985
Health Solutions
Adjusted operating revenues	page 8	892	892	905	764	768	3,453	2,966
Interest credited and other benefits to contract owners/policyholders		(634)	(591)	(613)	(491)	(504)	(2,329)	(1,828)

Net revenue	page 19	257	301	293	272	264	1,123	1,137
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(3)	(3)	—	(5)	(2)	(11)	(9)

Other adjustments to net underwriting gain (loss) and other revenue (1)		—	—	—	—	(16)	—	(16)
Net revenue excluding notable items	page 30	260	304	293	277	283	1,134	1,165

(1) Includes changes in certain legal and other reserves not expected to recur at the same level.


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Investment Management
Adjusted operating revenues	page 8	243	234	234	228	233	939	903

Net revenue	page 23	243	234	234	228	233	939	903
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(5)	(1)	(1)	(2)	(2)	(9)	(9)
Net revenue excluding notable items	page 30	248	234	236	230	235	948	912
Consolidated
Total Adjusted operating revenues	page 8	1,867	1,860	1,863	1,686	1,717	7,276	6,682
Interest credited and other benefits to contract owners/policyholders		(845)	(804)	(829)	(715)	(730)	(3,193)	(2,723)
Corporate Adjusted operating revenues (1)		(6)	(4)	(4)	(9)	(14)	(23)	(55)
Net revenue	pages 15/19/23	1,016	1,051	1,031	962	972	4,061	3,904
Less:
Alternative investment income and prepayment fees above (below) long-term expectations		(29)	(12)	(15)	(46)	(28)	(102)	(139)


Other adjustments (2)		—	—	—	—	(16)	—	(16)
Net revenue excluding notable items	page 30	1,045	1,063	1,045	1,008	1,016	4,163	4,061

(1) Includes primarily TSA Revenue and investment income on assets backing surplus in excess of amounts held at the segment level.
(2) Includes changes in certain legal and other reserves not expected to recur at the same level.

Reconciliation of Adjusted Operating Earnings Before Income Taxes Excluding Notable Items by Segment


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Wealth Solutions
Adjusted operating earnings before income taxes	page 15	211	214	186	147	179	758	630
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation		(21)	(8)	(14)	(39)	(24)	(82)	(121)

Adjusted operating earnings excluding notable items	page 30	232	222	200	187	202	841	751

Health Solutions
Adjusted operating earnings before income taxes	page 19	23	60	59	44	53	186	349
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation		(3)	(3)	—	(5)	(2)	(11)	(9)

Other (1)		—	—	—	—	(16)	—	(16)
Adjusted operating earnings excluding notable items	page 30	26	63	60	48	71	197	376

Investment Management
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 23	72	64	53	57	63	246	225
Less:
Alternative investment income and prepayment fees above (below) long-term expectations net of variable compensation		(4)	(1)	(1)	(2)	(3)	(8)	(7)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest	page 30	76	65	54	60	66	255	233
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		17	14	12	13	14	56	51
Adjusted operating earnings excluding notable items		59	51	42	47	52	199	182











(1) Includes changes in certain legal and other reserves not expected to recur at the same level.


	Page	Three Months Ended					Twelve Months Ended
(in millions USD)	Reference	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	9/30/2024	9/30/2023

Corporate
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 28	(60)	(54)	(64)	(33)	(52)	(211)	(235)


Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest	page 30	(60)	(54)	(64)	(33)	(52)	(211)	(235)
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		(1)	(1)	(1)	1	—	(2)	(3)
Adjusted operating earnings excluding notable items		(59)	(53)	(63)	(34)	(52)	(209)	(232)

Consolidated
Adjusted operating earnings before income taxes, including Allianz noncontrolling interest	page 8	245	284	235	215	242	979	968
Less:
Total Notable Items Adjustments		(28)	(12)	(15)	(46)	(45)	(100)	(156)
Adjusted operating earnings excluding notable items, including Allianz noncontrolling interest		274	296	249	261	287	1,081	1,125
Less: Earnings (loss) attributable to Allianz noncontrolling interest excluding notable items		16	13	11	13	14	53	48
Adjusted operating earnings excluding notable items	page 30	258	283	238	248	273	1,027	1,076


	Three Months Ended or As of										Year-to-Date or As of
(in whole dollars)	9/30/2024		6/30/2024		3/31/2024		12/31/2023		9/30/2023		9/30/2024		9/30/2023

Book value per common share, including AOCI	42.30		34.66		34.96		34.80		23.93		42.30		23.93
Per share impact of AOCI	18.66		26.09		24.37		23.32		33.62		18.66		33.62
Book value per common share, excluding AOCI	60.96		60.75		59.33		58.12		57.55		60.96		57.55

Debt to capital ratio	34.6	%	34.2	%	33.6	%	33.3	%	40.1	%	34.6	%	40.1	%
Capital impact of adding noncontrolling interest	-7.1	%	-7.8	%	-7.2	%	-7.6	%	-10.3	%	-7.1	%	-10.3	%
Impact of adding other financial obligations and treatment of preferred stock (1)	9.0	%	10.3	%	10.1	%	10.0	%	11.3	%	9.0	%	11.3	%

Capital impact of excluding AOCI	-5.9	%	-8.7	%	-8.4	%	-7.9	%	-13.3	%	-5.9	%	-13.3	%
Financial leverage ratio excluding AOCI	30.6	%	28.0	%	28.1	%	27.8	%	27.8	%	30.6	%	27.8	%

Reconciliation of shares used in Adjusted operating earnings per common share (Diluted)
Weighted-average common shares outstanding - Basic	98.2		100.4		102.1		104.0		105.8		100.2		102.2
Dilutive effect of warrants	—		—		—		—		—		—		4.3
Other dilutive effects (2)	2.2		2.0		2.5		2.8		2.7		2.2		2.8
Weighted-average common shares outstanding - Diluted	100.4		102.3		104.5		106.9		108.4		102.4		109.3
Dilutive effect of the exercise or issuance of stock-based awards (3)	—		—		—		—		—		—		—
Weighted average common shares outstanding - Adjusted Diluted (3)	100.4		102.3		104.5		106.9		108.4		102.4		109.3

(1) Includes operating leases, finance leases, and unfunded pension plan after-tax and the impact of eliminating equity treatment for preferred stock.
(2) Includes stock-based compensation awards such as restricted stock units (RSU), performance stock units (PSU), or stock options.
(3) For periods in which there is Net loss available to common shareholders, adjusted operating earnings per common share (EPS) calculation includes additional dilutive shares, as the inclusion of these shares for stock compensation plans would not be anti-dilutive to the adjusted operating EPS calculation.


						Exhibit 99.2