Voya Financial : Q1 2021 Voya Financial Earnings Call

Voya Financial

First Quarter 2021 Investor Presentation

May 11, 2021

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) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events and specifically the current COVID-19 pandemic event, (v) mortality and morbidity levels, (vi) persistency and lapse levels, (vii) interest rates, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, (xi) changes in the policies of governments and/or regulatory authorities, and (xii) our ability to successfully manage the separation of our individual life and legacy variable annuities businesses on the expected timeline and economic terms. 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, 2020, as filed with the Securities and Exchange Commission ("SEC") on March 1, 2021 and in our Quarterly Report on Form 10-Q for the three months ended March 31, 2021, to be filed with the SEC on or before May 10, 2021.

This presentation and the remarks made orally contain certain non-GAAP financial measures. Non-GAAP measures include Adjusted Operating Earnings, Adjusted Operating Return on Capital, Adjusted Operating Margin, and Adjusted debt-to-capital ratio. 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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Agenda

1. Key Themes and Strategic Priorities
2. • Rod Martin, Chairman and Chief Executive Officer
3. Business Segment Performance and Financial Highlights
4. • Mike Smith, Chief Financial Officer

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Key Themes

Delivering Strong EPS

in 1Q'21

Continued Momentum Across All Businesses

Strong Shareholder

Return

• 1Q'21 adjusted operating earnings of $1.70 per share1
• Notable items for 1Q'21 are:
• • $0.66 of prepayment and alternative income above our long-term expectations2
  • $(0.17) of COVID-19 related claims impact
  • $(0.03) of other notable items3
• Wealth Solutions generated $868 million and $3.5 billion in Full Service and Recordkeeping net flows, respectively, in the quarter
• • Full Service recurring deposits (TTM) grew 5.1% in the quarter to over $11 billion
• Investment Management realized $(0.4) billion of net outflows in 1Q'21
• • 2 - 4% organic growth expected for FY'21E, driven by a strong unfunded pipeline across a diverse range of investment strategies4
• Health Solutions' annualized in-force premiums grew 8.6% year-over-year
• Retired $75 million of debt in 1Q'21; plan to repurchase $600-$800 million in 2021
• Returned $255 million to shareholders in 1Q'21, and $7 billion since IPO in share repurchases and dividends
• • Entered into a $250 million accelerated share repurchase program in 1Q'21
  • Expect to repurchase $1 billion of shares over the course of 2021
• Quarterly common stock dividend of $0.165
• Excess capital of $1.6 billion as of 3/31/215
• • Sale of Independent Financial Planning channel on track to close by 3Q'21

1. Adjusted Operating Earnings as presented is a non-GAAP measure. Information regarding this non-GAAP financial measure, and a reconciliation to most comparable U.S. GAAP measure, is provided in the
   "Reconciliations" section of the Quarterly Investor Supplement. For Q1 2021, the adjusted operating effective tax rate ("ETR") is based on the actual income tax expense for the current period related to income (loss) from continuing operations, adjusted for estimated taxes on non-operating items and non-operating tax impacts, such as those related to restructuring, changes in a tax valuation allowance and changes to tax law.
2. Excludes variable compensation associated with outperformance.
3. Please refer to slide 18 in the Appendix for additional details on other notable items.
4. Excludes net flows from divested businesses and sub-advisor replacement.
5. Excludes expected proceeds from our Independent Financial Planning Channel sale.

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Advancing our Culture and Values

Named one of the World's Most Ethical Companies for the eighth consecutive year

2021 100 Most Sustainable Companies List	Named to Fortune's list of the 2021
Ranked No. 5 overall; Highest-ranked	Best Workplaces in Financial
financial services company	Services and Insurance

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