VOYA FINANCIAL, INC. Canaccord Genuity's 46th Annual Growth Conference

Thank you, Joe. Great. Thank you.

Yeah. We'll start. Heather Lavallee, CEO of Voya, and if I can, I'm going to stand for a moment and just talk a little bit about who Voya is as a firm.

Right. We have some slides too.

We do have a couple slides.

Yeah. We'll go through that.

First, we're a diversified financial services firm. We have a leadership position at the workplace, and we generate high returns and a superior excess cash generation. What really makes us stand out among our peers is the complementary nature of our businesses. We'll talk about, we've got a leadership position within Retirement, Employee Benefits, and Investment Management, and it is all centered around our workplace strategy. That's really what connects us. Really what makes these businesses unique is the 90%-plus cash generation that we drive as a firm. Why that is so special is it gives us the ability to continue to invest in growth in our businesses, at the same time as generating significant value for our shareholders. Yeah, we think that's an important theme.

If we go into the next page and kind of unpack that workplace platform, if you think about our businesses, our Retirement business is our largest franchise. It is the center of the workplace strategy. What makes us unique around this workplace strategy is we help employers and employees right where their financial journey begins, and that is whether somebody is starting work for the first time, or for employers, is how they are providing the right benefit offerings for clients, including retirement savings. Our Investment Management arm really helps to provide that expertise and investment solutions to both clients, either on the employer side as well as on the institutional side.

If you can see on the right-hand side, if you go back for just one second, Mike, we have significant scale where we play 18 million customers through the workplace, $1.3 trillion of combined assets from Retirement and asset management, and over 50,000 employers. If we go to the next slide and talk a little bit about what are some of the trends that we are able to take advantage of in the market. First, from an employer standpoint, one of the big things we are seeing as a shift is more employers are looking to offer financial advice and guidance to their workforce. Most American workers do not have access to a financial advisor, and we are well-positioned to be able to serve there. We also do not have customer acquisition costs when we are providing that advice because we are already serving those clients at the workplace.

One of the other things we see from an employee trend is they have to make a lot of complicated decisions. They are seeing rising medical costs. That is where things like our supplemental benefit offerings be able to provide those right solutions. From an investment trend, we are seeing continued demand for U.S. dollar-denominated products, particularly in Asia, as well as the need for income solutions across the workplace. It just really allows us to unlock the value of our franchise. Then maybe last slide for me before I turn it to Mike is just to talk about Retirement. Again, largest business, most profitable business, where we have had a significant advantage in the marketplace. You can see here from the slide on the left, we have significantly outpaced our peers in terms of growth. We have done that both organically as well as inorganically.

What drives our scale, it is a combination of things. We have scale of nearly $800 billion of assets under management. We are a top five provider, but we serve over 10 million Retirement clients. We have grown our participant base nearly 40% in just the last two years alone. From a financial perspective, we have generated industry-leading margins for the last decade. Think about that as high 30s, and for a couple of years, actually into the low 40s. I talk about the durable nature of the 60% fee-based revenue. That is the part of the franchise we are focused in on growing. If you see the average client tenure of over 15 years, our retention rate for our clients is in the high 90s. We have significant avenues across the firm to be able to continue to grow.

And then finally is our expanding wealth management business to be able to serve our clients more holistically. So a lot of avenues for us to continue to grow the franchise.

Mike? Good afternoon. Investment Management business, not just adjacent to our Retirement business, it is also core to what we do in the workplace.