Individual Life

Individual Life, which ceased new sales as of Dec. 31, 2018, is an in-force block of nearly 800,000 individual life insurance policies including gross premiums and deposits of approximately $1.8 billion as of the year-end December 31, 2018. Individual Life continues to provide Voya with free cash flow as well as earnings and capital diversification.

Our Individual Life segment has a broad independent distribution footprint and manufactures a wide range of competitive products, from low-cost term life insurance designed to serve the middle market to fixed, indexed and variable universal life insurance products targeted to more affluent markets. We have been re-pricing term and universal life given the low interest rate environment, and are focused on selling indexed and accumulation products in an effort to use capital efficiently.

3Q’19 TTM Individual Life Normalized Adjusted Operating Earnings before Income Taxes of $195mn1

Pie Chart - Individual Life Pre-Tax Operating Earnings

Objective: Drive at least $1 billion of free cash flow from the block from 2019 – 2024 while maintaining discipline in the management of the in-force block

Performance dashboard:

Bar Chart - Individual Life Pre-Tax Operatings Earnings

1. Note: Pre-tax. Excludes Normalized Adjusted Operating Earnings attributable to Corporate, all unlocking of DAC/VOBA and, prepayment fees and alternative income above/(below) long term expectations. Normalized Adjusted Operating Earnings is a non-GAAP financial 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.

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Michael Katz
Senior Vice President, Head of Investor Relations and Enterprise FP&A
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