Strong business risk profile (BRP) stemming from a strong presence in core retirement services market focused on K-12 and higher education markets Multichannel distribution network for retirement, employee benefits, and individual life lines Very strong financial risk profile (FRP) built on strong earnings and capital efficient growth Strong financial flexibility reflecting expanded and proven access to capital markets Historical volatility in net income due to recently divested closed-block variable annuity (CBVA) segment Relatively high gross employee benefits liability versus peers a potential source of balance-sheet volatility Some loss of diversification with the sale of retail fixed annuity business as part of the CBVA transaction S&P Global Ratings' ratings on VOYA Financial Inc. and its operating subsidiaries (collectively, VOYA) reflect our
