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• | Reserves for future policy benefits; |
• | Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles"); |
• | Valuation of investments and derivatives; |
• | Impairments; |
• | Income taxes; |
• | Contingencies; and |
• | Employee benefit plans. |
• | Information relating to the market for the asset, including price quotations for and trading in the asset or in similar investments and the market environment and investor attitudes towards the asset and interests in similar investments; |
• | The characteristics of and fundamental analytical data relating to the investment, including the cost, current interest rate, period until next interest rate reset, maturity and base lending rate, the terms and conditions of the corporate loan and any related agreements and the position of the corporate loan in the borrower's debt structure; |
• | The nature, adequacy and value of the corporate loan's collateral, including the CLO's rights, remedies and interests with respect to the collateral; |
• | The creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the business, cash flows, capital structure and future prospects; |
• | The reputation and financial condition of the agent and any intermediate participants in the corporate loan; and |
• | General economic and market conditions affecting the fair value of the corporate loan. |
• | When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. |
• | Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. |
• | When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. |
• | The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. |
• | Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations. |
• | Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. |
• | Reserves for traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses and persistency are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.3% to 7.7%. |
• | Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 1.0% to 8.3%. |
• | Account balances for guaranteed investment contracts and funding agreements with fixed maturities (collectively referred to as "GICs") are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. |
• | Account balances for universal life-type contracts, including variable universal life ("VUL") contracts, are equal to cumulative deposits, less charges, withdrawals and account values released upon death, plus credited interest thereon. |
• | Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 7.5% for the years 2016, 2015 and 2014. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. |
• | For fixed-indexed annuity contracts ("FIAs") and indexed universal life ("IUL") contracts, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value. |
• | Such separate accounts are legally recognized; |
• | Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities; |
• | Investments are directed by the contract owner or participant; and |
• | All investment performance, net of contract fees and assessments, is passed through to the contract owner. |
• | The nature, frequency and severity of book income or losses in recent years; |
• | The nature and character of the deferred tax assets and liabilities; |
• | The nature and character of income by life and non-life subgroups; |
• | The recent cumulative book income (loss) position after adjustment for permanent differences; |
• | Taxable income in prior carryback years; |
• | Projected future taxable income, exclusive of reversing temporary differences and carryforwards; |
• | Projected future reversals of existing temporary differences; |
• | The length of time carryforwards can be utilized; |
• | Prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused; and |
• | Tax rules that would impact the utilization of the deferred tax assets. |
• | Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities. |
• | Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights. |
• | Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. |
• | Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance. |
• | ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations. |
• | The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. |
• | Introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, |
• | Modifies the impairment model for available-for-sale debt securities, and |
• | Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. |
• | The income tax consequences of awards, |
• | The impact of forfeitures on the recognition of expense for awards, |
• | Classification of awards as either equity or liabilities, and |
• | Classification on the statement of cash flows. |
• | Equity investments (except those consolidated or accounted for under the equity method) to be measured at fair value with changes in fair value recognized in net income. |
• | Elimination of the disclosure of methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. |
• | The use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. |
• | Separate presentation in other comprehensive income of the portion of the total change in fair value of a liability resulting from a change in own credit risk if the liability is measured at fair value under the fair value option. |
• | Separate presentation on the balance sheet or financial statement notes of financial assets and financial liabilities by measurement category and form of financial asset. |
|
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Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Fair Value | OTTI(3)(4) | ||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. Treasuries | $ | 3,452.0 | $ | 452.2 | $ | 13.9 | $ | — | $ | 3,890.3 | $ | — | |||||||||||
U.S. Government agencies and authorities | 253.9 | 44.1 | — | — | 298.0 | — | |||||||||||||||||
State, municipalities and political subdivisions | 2,153.9 | 31.7 | 50.0 | — | 2,135.6 | — | |||||||||||||||||
U.S. corporate public securities | 31,754.8 | 2,168.5 | 231.6 | — | 33,691.7 | 8.6 | |||||||||||||||||
U.S. corporate private securities | 7,724.9 | 242.7 | 159.6 | — | 7,808.0 | — | |||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 7,796.6 | 381.7 | 98.9 | — | 8,079.4 | — | |||||||||||||||||
Foreign corporate private securities(1) | 7,557.1 | 302.8 | 74.1 | — | 7,785.8 | — | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency | 5,318.4 | 269.7 | 62.0 | 42.7 | 5,568.8 | — | |||||||||||||||||
Non-Agency | 1,088.6 | 137.3 | 7.7 | 27.8 | 1,246.0 | 31.0 | |||||||||||||||||
Total Residential mortgage-backed securities | 6,407.0 | 407.0 | 69.7 | 70.5 | 6,814.8 | 31.0 | |||||||||||||||||
Commercial mortgage-backed securities | 3,320.7 | 72.9 | 34.7 | — | 3,358.9 | — | |||||||||||||||||
Other asset-backed securities | 1,433.9 | 48.8 | 7.1 | — | 1,475.6 | 3.9 | |||||||||||||||||
Total fixed maturities, including securities pledged | 71,854.8 | 4,152.4 | 739.6 | 70.5 | 75,338.1 | 43.5 | |||||||||||||||||
Less: Securities pledged | 1,983.8 | 189.0 | 15.7 | — | 2,157.1 | — | |||||||||||||||||
Total fixed maturities | 69,871.0 | 3,963.4 | 723.9 | 70.5 | 73,181.0 | 43.5 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock | 151.3 | 0.5 | 0.3 | — | 151.5 | — | |||||||||||||||||
Preferred stock | 90.5 | 32.2 | — | — | 122.7 | — | |||||||||||||||||
Total equity securities | 241.8 | 32.7 | 0.3 | — | 274.2 | — | |||||||||||||||||
Total fixed maturities and equity securities investments | $ | 70,112.8 | $ | 3,996.1 | $ | 724.2 | $ | 70.5 | $ | 73,455.2 | $ | 43.5 | |||||||||||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Fair Value | OTTI(3)(4) | ||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. Treasuries | $ | 3,136.4 | $ | 517.6 | $ | 5.0 | $ | — | $ | 3,649.0 | $ | — | |||||||||||
U.S. Government agencies and authorities | 309.8 | 43.1 | 0.3 | — | 352.6 | — | |||||||||||||||||
State, municipalities and political subdivisions | 1,337.8 | 26.2 | 17.8 | — | 1,346.2 | — | |||||||||||||||||
U.S. corporate public securities | 32,794.3 | 1,647.4 | 825.7 | — | 33,616.0 | 9.6 | |||||||||||||||||
U.S. corporate private securities | 6,527.5 | 246.1 | 132.5 | — | 6,641.1 | — | |||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 8,129.1 | 267.9 | 373.4 | — | 8,023.6 | — | |||||||||||||||||
Foreign corporate private securities(1) | 7,252.5 | 272.6 | 176.5 | — | 7,348.6 | — | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency | 4,522.7 | 350.0 | 15.7 | 58.6 | 4,915.6 | — | |||||||||||||||||
Non-Agency | 779.3 | 138.2 | 8.9 | 36.3 | 944.9 | 46.5 | |||||||||||||||||
Total Residential mortgage-backed securities | 5,302.0 | 488.2 | 24.6 | 94.9 | 5,860.5 | 46.5 | |||||||||||||||||
Commercial mortgage-backed securities | 3,967.8 | 133.6 | 8.8 | — | 4,092.6 | 6.7 | |||||||||||||||||
Other asset-backed securities | 1,097.8 | 58.1 | 13.5 | — | 1,142.4 | 4.4 | |||||||||||||||||
Total fixed maturities, including securities pledged | 69,855.0 | 3,700.8 | 1,578.1 | 94.9 | 72,072.6 | 67.2 | |||||||||||||||||
Less: Securities pledged | 1,082.1 | 79.7 | 49.2 | — | 1,112.6 | — | |||||||||||||||||
Total fixed maturities | 68,772.9 | 3,621.1 | 1,528.9 | 94.9 | 70,960.0 | 67.2 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock | 210.1 | 0.5 | 0.2 | — | 210.4 | — | |||||||||||||||||
Preferred stock | 90.3 | 31.0 | — | — | 121.3 | — | |||||||||||||||||
Total equity securities | 300.4 | 31.5 | 0.2 | — | 331.7 | — | |||||||||||||||||
Total fixed maturities and equity securities investments | $ | 69,073.3 | $ | 3,652.6 | $ | 1,529.1 | $ | 94.9 | $ | 71,291.7 | $ | 67.2 | |||||||||||
Amortized Cost | Fair Value | ||||||
Due to mature: | |||||||
One year or less | $ | 2,510.9 | $ | 2,513.7 | |||
After one year through five years | 13,270.7 | 13,845.2 | |||||
After five years through ten years | 18,991.5 | 19,303.8 | |||||
After ten years | 25,920.1 | 28,026.1 | |||||
Mortgage-backed securities | 9,727.7 | 10,173.7 | |||||
Other asset-backed securities | 1,433.9 | 1,475.6 | |||||
Fixed maturities, including securities pledged | $ | 71,854.8 | $ | 75,338.1 | |||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Fair Value | ||||||||||||
December 31, 2016 | |||||||||||||||
Communications | $ | 3,778.7 | $ | 335.7 | $ | 20.8 | $ | 4,093.6 | |||||||
Financial | 8,166.3 | 478.7 | 47.6 | 8,597.4 | |||||||||||
Industrial and other companies | 25,679.5 | 1,259.5 | 256.9 | 26,682.1 | |||||||||||
Energy | 6,250.2 | 380.7 | 93.5 | 6,537.4 | |||||||||||
Utilities | 8,164.7 | 500.6 | 106.4 | 8,558.9 | |||||||||||
Transportation | 1,785.6 | 103.6 | 17.5 | 1,871.7 | |||||||||||
Total | $ | 53,825.0 | $ | 3,058.8 | $ | 542.7 | $ | 56,341.1 | |||||||
December 31, 2015 | |||||||||||||||
Communications | $ | 3,956.0 | $ | 251.0 | $ | 73.0 | $ | 4,134.0 | |||||||
Financial | 7,937.8 | 473.0 | 53.2 | 8,357.6 | |||||||||||
Industrial and other companies | 24,762.3 | 1,020.4 | 542.0 | 25,240.7 | |||||||||||
Energy | 7,871.5 | 127.9 | 668.1 | 7,331.3 | |||||||||||
Utilities | 7,540.3 | 457.4 | 89.8 | 7,907.9 | |||||||||||
Transportation | 1,705.3 | 70.5 | 40.2 | 1,735.6 | |||||||||||
Total | $ | 53,773.2 | $ | 2,400.2 | $ | 1,466.3 | $ | 54,707.1 | |||||||
December 31, 2016 (1) | December 31, 2015 | ||||||
U.S. Treasuries | $ | 762.9 | $ | — | |||
U.S. Government agencies and authorities | 4.3 | — | |||||
U.S. corporate public securities | 468.4 | 265.4 | |||||
Equity Securities | 0.5 | — | |||||
Short-term Investments | 1.0 | — | |||||
Foreign corporate public securities and foreign governments | 210.5 | 219.0 | |||||
Payables under securities loan agreements | $ | 1,447.6 | $ | 484.4 | |||
Six Months or Less Below Amortized Cost | More Than Six Months and Twelve Months or Less Below Amortized Cost | More Than Twelve Months Below Amortized Cost | Total | |||||||||||||||||||||||||||||
Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | |||||||||||||||||||||||||
U.S. Treasuries | $ | 1,061.4 | $ | 13.9 | $ | — | $ | — | $ | — | $ | — | $ | 1,061.4 | $ | 13.9 | ||||||||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
State, municipalities and political subdivisions | 1,264.7 | 46.9 | — | — | 23.3 | 3.1 | 1,288.0 | 50.0 | ||||||||||||||||||||||||
U.S. corporate public securities | 6,236.0 | 172.1 | 38.4 | 2.5 | 508.8 | 57.0 | 6,783.2 | 231.6 | ||||||||||||||||||||||||
U.S. corporate private securities | 2,261.8 | 98.1 | 74.7 | 2.9 | 315.6 | 58.6 | 2,652.1 | 159.6 | ||||||||||||||||||||||||
Foreign corporate public securities and foreign governments | 1,596.8 | 49.0 | 59.8 | 4.9 | 396.2 | 45.0 | 2,052.8 | 98.9 | ||||||||||||||||||||||||
Foreign corporate private securities | 1,382.3 | 56.8 | — | — | 165.9 | 17.3 | 1,548.2 | 74.1 | ||||||||||||||||||||||||
Residential mortgage-backed | 1,716.5 | 52.2 | 182.7 | 5.1 | 165.5 | 12.4 | 2,064.7 | 69.7 | ||||||||||||||||||||||||
Commercial mortgage-backed | 1,002.8 | 32.6 | 27.2 | 0.1 | 27.4 | 2.0 | 1,057.4 | 34.7 | ||||||||||||||||||||||||
Other asset-backed | 448.3 | 1.6 | 0.8 | — | 114.3 | 5.5 | 563.4 | 7.1 | ||||||||||||||||||||||||
Total | $ | 16,970.6 | $ | 523.2 | $ | 383.6 | $ | 15.5 | $ | 1,717.0 | $ | 200.9 | $ | 19,071.2 | $ | 739.6 | ||||||||||||||||
Six Months or Less Below Amortized Cost | More Than Six Months and Twelve Months or Less Below Amortized Cost | More Than Twelve Months Below Amortized Cost | Total | |||||||||||||||||||||||||||||
Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | |||||||||||||||||||||||||
U.S. Treasuries | $ | 482.2 | $ | 5.0 | $ | — | $ | — | $ | — | $ | — | $ | 482.2 | $ | 5.0 | ||||||||||||||||
U.S. Government agencies and authorities | 49.3 | 0.3 | — | — | — | — | 49.3 | 0.3 | ||||||||||||||||||||||||
State, municipalities and political subdivisions | 415.4 | 4.7 | 340.2 | 12.4 | 1.2 | 0.7 | 756.8 | 17.8 | ||||||||||||||||||||||||
U.S. corporate public securities | 5,072.0 | 201.3 | 6,196.9 | 481.9 | 642.9 | 142.5 | 11,911.8 | 825.7 | ||||||||||||||||||||||||
U.S. corporate private securities | 989.0 | 27.7 | 945.8 | 82.9 | 103.3 | 21.9 | 2,038.1 | 132.5 | ||||||||||||||||||||||||
Foreign corporate public securities and foreign governments | 2,101.4 | 83.9 | 1,291.2 | 151.6 | 472.2 | 137.9 | 3,864.8 | 373.4 | ||||||||||||||||||||||||
Foreign corporate private securities | 1,410.4 | 114.2 | 569.2 | 46.0 | 56.8 | 16.3 | 2,036.4 | 176.5 | ||||||||||||||||||||||||
Residential mortgage-backed | 306.3 | 4.0 | 198.0 | 4.1 | 350.0 | 16.5 | 854.3 | 24.6 | ||||||||||||||||||||||||
Commercial mortgage-backed | 502.9 | 4.3 | 112.5 | 3.0 | 1.3 | 1.5 | 616.7 | 8.8 | ||||||||||||||||||||||||
Other asset-backed | 183.8 | 0.6 | 18.2 | 0.1 | 185.4 | 12.8 | 387.4 | 13.5 | ||||||||||||||||||||||||
Total | $ | 11,512.7 | $ | 446.0 | $ | 9,672.0 | $ | 782.0 | $ | 1,813.1 | $ | 350.1 | $ | 22,997.8 | $ | 1,578.1 | ||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
December 31, 2016 | |||||||||||||||||||||
Six months or less below amortized cost | $ | 17,729.6 | $ | 86.8 | $ | 554.6 | $ | 19.3 | 1,541 | 16 | |||||||||||
More than six months and twelve months or less below amortized cost | 755.0 | 28.3 | 45.1 | 7.8 | 92 | 9 | |||||||||||||||
More than twelve months below amortized cost | 1,086.7 | 124.4 | 76.5 | 36.3 | 267 | 12 | |||||||||||||||
Total | $ | 19,571.3 | $ | 239.5 | $ | 676.2 | $ | 63.4 | 1,900 | 37 | |||||||||||
December 31, 2015 | |||||||||||||||||||||
Six months or less below amortized cost | $ | 11,792.1 | $ | 1,863.4 | $ | 394.6 | $ | 524.5 | 1,051 | 130 | |||||||||||
More than six months and twelve months or less below amortized cost | 9,465.3 | 48.3 | 518.0 | 23.2 | 737 | 5 | |||||||||||||||
More than twelve months below amortized cost | 1,351.5 | 55.3 | 102.5 | 15.3 | 322 | 8 | |||||||||||||||
Total | $ | 22,608.9 | $ | 1,967.0 | $ | 1,015.1 | $ | 563.0 | 2,110 | 143 | |||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
December 31, 2016 | |||||||||||||||||||||
U.S. Treasuries | $ | 1,075.3 | $ | — | $ | 13.9 | $ | — | 33 | — | |||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | |||||||||||||||
State, municipalities and political subdivisions | 1,337.0 | 1.0 | 49.7 | 0.3 | 198 | 1 | |||||||||||||||
U.S. corporate public securities | 6,947.1 | 67.7 | 215.5 | 16.1 | 577 | 4 | |||||||||||||||
U.S. corporate private securities | 2,672.7 | 139.0 | 122.1 | 37.5 | 114 | 3 | |||||||||||||||
Foreign corporate public securities and foreign governments | 2,131.4 | 20.3 | 94.1 | 4.8 | 192 | 4 | |||||||||||||||
Foreign corporate private securities | 1,622.3 | — | * | 74.1 | — | * | 64 | 2 | |||||||||||||
Residential mortgage-backed | 2,127.8 | 6.6 | 67.5 | 2.2 | 451 | 19 | |||||||||||||||
Commercial mortgage-backed | 1,088.9 | 3.2 | 32.7 | 2.0 | 140 | 3 | |||||||||||||||
Other asset-backed | 568.8 | 1.7 | 6.6 | 0.5 | 131 | 1 | |||||||||||||||
Total | $ | 19,571.3 | $ | 239.5 | $ | 676.2 | $ | 63.4 | 1,900 | 37 | |||||||||||
* Less than $0.1 | |||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||
U.S. Treasuries | $ | 487.2 | $ | — | $ | 5.0 | $ | — | 21 | — | |||||||||||
U.S. Government agencies and authorities | 49.6 | — | 0.3 | — | 1 | — | |||||||||||||||
State, municipalities and political subdivisions | 772.6 | 2.0 | 17.1 | 0.7 | 117 | 3 | |||||||||||||||
U.S. corporate public securities | 11,712.1 | 1,025.4 | 542.7 | 283.0 | 955 | 73 | |||||||||||||||
U.S. corporate private securities | 2,006.6 | 164.0 | 85.1 | 47.4 | 92 | 4 | |||||||||||||||
Foreign corporate public securities and foreign governments | 3,570.1 | 668.1 | 173.9 | 199.5 | 331 | 48 | |||||||||||||||
Foreign corporate private securities | 2,115.3 | 97.6 | 148.3 | 28.2 | 86 | 5 | |||||||||||||||
Residential mortgage-backed | 875.1 | 3.8 | 22.7 | 1.9 | 327 | 7 | |||||||||||||||
Commercial mortgage-backed | 622.7 | 2.8 | 7.3 | 1.5 | 56 | 1 | |||||||||||||||
Other asset-backed | 397.6 | 3.3 | 12.7 | 0.8 | 124 | 2 | |||||||||||||||
Total | $ | 22,608.9 | $ | 1,967.0 | $ | 1,015.1 | $ | 563.0 | 2,110 | 143 | |||||||||||
Loan-to-Value Ratio | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2016 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS > 100% | $ | — | $ | — | $ | — | $ | — | |||||||
Non-agency RMBS > 90% - 100% | — | — | — | — | |||||||||||
Non-agency RMBS 80% - 90% | 5.3 | — | 0.3 | — | |||||||||||
Non-agency RMBS < 80% | 218.5 | 3.7 | 11.1 | 0.8 | |||||||||||
Agency RMBS | 1,985.5 | 2.9 | 60.6 | 1.4 | |||||||||||
Other ABS (Non-RMBS) | 487.3 | 1.7 | 2.1 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 2,696.6 | $ | 8.3 | $ | 74.1 | $ | 2.7 | |||||||
Credit Enhancement Percentage | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2016 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS 10% + | $ | 141.0 | $ | — | $ | 6.5 | $ | — | |||||||
Non-agency RMBS > 5% - 10% | 10.7 | — | 0.4 | — | |||||||||||
Non-agency RMBS > 0% - 5% | 35.8 | — | 2.6 | — | |||||||||||
Non-agency RMBS 0% | 36.3 | 3.7 | 1.9 | 0.8 | |||||||||||
Agency RMBS | 1,985.5 | 2.9 | 60.6 | 1.4 | |||||||||||
Other ABS (Non-RMBS) | 487.3 | 1.7 | 2.1 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 2,696.6 | $ | 8.3 | $ | 74.1 | $ | 2.7 | |||||||
Fixed Rate/Floating Rate | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2016 | < 20% | > 20% | < 20% | > 20% | |||||||||||
Fixed Rate | $ | 2,029.0 | $ | 2.5 | $ | 55.6 | $ | 0.8 | |||||||
Floating Rate | 667.6 | 5.8 | 18.5 | 1.9 | |||||||||||
Total | $ | 2,696.6 | $ | 8.3 | $ | 74.1 | $ | 2.7 | |||||||
Loan-to-Value Ratio | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2015 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS > 100% | $ | — | $ | — | $ | — | $ | — | |||||||
Non-agency RMBS > 90% - 100% | 4.2 | — | 0.2 | — | |||||||||||
Non-agency RMBS 80% - 90% | 50.7 | — | 2.3 | — | |||||||||||
Non-agency RMBS < 80% | 306.4 | 1.5 | 17.5 | 0.3 | |||||||||||
Agency RMBS | 704.2 | 3.8 | 13.8 | 1.9 | |||||||||||
Other ABS (Non-RMBS) | 207.2 | 1.8 | 1.6 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 1,272.7 | $ | 7.1 | $ | 35.4 | $ | 2.7 | |||||||
Credit Enhancement Percentage | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2015 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS 10% + | $ | 270.3 | $ | 1.5 | $ | 14.3 | $ | 0.3 | |||||||
Non-agency RMBS > 5% - 10% | 20.9 | — | 0.4 | — | |||||||||||
Non-agency RMBS > 0% - 5% | 36.9 | — | 2.4 | — | |||||||||||
Non-agency RMBS 0% | 33.2 | — | 2.9 | — | |||||||||||
Agency RMBS | 704.2 | 3.8 | 13.8 | 1.9 | |||||||||||
Other ABS (Non-RMBS) | 207.2 | 1.8 | 1.6 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 1,272.7 | $ | 7.1 | $ | 35.4 | $ | 2.7 | |||||||
Fixed Rate/Floating Rate | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2015 | < 20% | > 20% | < 20% | > 20% | |||||||||||
Fixed Rate | $ | 802.9 | $ | 2.4 | $ | 14.0 | $ | 0.6 | |||||||
Floating Rate | 469.8 | 4.7 | 21.4 | 2.1 | |||||||||||
Total | $ | 1,272.7 | $ | 7.1 | $ | 35.4 | $ | 2.7 | |||||||
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Impaired | Non Impaired | Total | Impaired | Non Impaired | Total | ||||||||||||||||||
Commercial mortgage loans | $ | 4.6 | $ | 11,723.7 | $ | 11,728.3 | $ | 20.2 | $ | 10,430.5 | $ | 10,450.7 | |||||||||||
Collective valuation allowance for losses | N/A | (3.1 | ) | (3.1 | ) | N/A | (3.2 | ) | (3.2 | ) | |||||||||||||
Total net commercial mortgage loans | $ | 4.6 | $ | 11,720.6 | $ | 11,725.2 | $ | 20.2 | $ | 10,427.3 | $ | 10,447.5 | |||||||||||
December 31, 2016 | December 31, 2015 | ||||||
Collective valuation allowance for losses, balance at January 1 | $ | 3.2 | $ | 2.8 | |||
Addition to (reduction of) allowance for losses | (0.1 | ) | 0.4 | ||||
Collective valuation allowance for losses, end of period | $ | 3.1 | $ | 3.2 | |||
December 31, 2016 | December 31, 2015 | ||||||
Impaired loans without allowances for losses | $ | 4.6 | $ | 20.2 | |||
Less: Allowances for losses on impaired loans | — | — | |||||
Impaired loans, net | $ | 4.6 | $ | 20.2 | |||
Unpaid principal balance of impaired loans | $ | 6.1 | $ | 21.7 | |||
December 31, 2016 | December 31, 2015 | ||||||
Troubled debt restructured loans | $ | — | $ | 15.3 | |||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Impaired loans, average investment during the period (amortized cost)(1) | $ | 12.4 | $ | 46.5 | $ | 83.6 | |||||
Interest income recognized on impaired loans, on an accrual basis(1) | 0.4 | 2.4 | 4.8 | ||||||||
Interest income recognized on impaired loans, on a cash basis(1) | 0.5 | 2.6 | 4.5 | ||||||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | 0.1 | 1.9 | 4.2 | ||||||||
December 31, 2016(1) | December 31, 2015(1) | ||||||
Loan-to-Value Ratio: | |||||||
0% - 50% | $ | 1,366.3 | $ | 1,388.0 | |||
>50% - 60% | 2,950.1 | 2,694.1 | |||||
>60% - 70% | 6,560.7 | 5,670.2 | |||||
>70% - 80% | 833.8 | 679.6 | |||||
>80% and above | 17.4 | 18.8 | |||||
Total Commercial mortgage loans | $ | 11,728.3 | $ | 10,450.7 | |||
December 31, 2016(1) | December 31, 2015(1) | ||||||
Debt Service Coverage Ratio: | |||||||
Greater than 1.5x | $ | 9,298.4 | $ | 8,112.1 | |||
>1.25x - 1.5x | 1,247.3 | 1,489.5 | |||||
>1.0x - 1.25x | 899.2 | 550.3 | |||||
Less than 1.0x | 181.4 | 158.6 | |||||
Commercial mortgage loans secured by land or construction loans | 102.0 | 140.2 | |||||
Total Commercial mortgage loans | $ | 11,728.3 | $ | 10,450.7 | |||
December 31, 2016(1) | December 31, 2015(1) | |||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||
Commercial Mortgage Loans by U.S. Region: | ||||||||||||
Pacific | $ | 2,896.8 | 24.6% | $ | 2,605.3 | 24.9 | % | |||||
South Atlantic | 2,646.0 | 22.6% | 2,318.9 | 22.2 | % | |||||||
Middle Atlantic | 1,648.7 | 14.1% | 1,499.1 | 14.3 | % | |||||||
West South Central | 1,236.1 | 10.5% | 1,103.7 | 10.6 | % | |||||||
Mountain | 1,092.1 | 9.3% | 924.2 | 8.8 | % | |||||||
East North Central | 1,274.3 | 10.9% | 1,103.3 | 10.6 | % | |||||||
New England | 231.2 | 2.0% | 222.8 | 2.1 | % | |||||||
West North Central | 508.9 | 4.3% | 488.8 | 4.7 | % | |||||||
East South Central | 194.2 | 1.7% | 184.6 | 1.8 | % | |||||||
Total Commercial mortgage loans | $ | 11,728.3 | 100.0% | $ | 10,450.7 | 100.0 | % | |||||
December 31, 2016(1) | December 31, 2015(1) | |||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||
Commercial Mortgage Loans by Property Type: | ||||||||||||
Retail | $ | 3,695.8 | 31.5% | $ | 3,672.8 | 35.1 | % | |||||
Industrial | 2,663.5 | 22.7% | 2,161.3 | 20.7 | % | |||||||
Apartments | 2,410.8 | 20.6% | 1,942.9 | 18.6 | % | |||||||
Office | 1,917.0 | 16.3% | 1,617.7 | 15.5 | % | |||||||
Hotel/Motel | 411.2 | 3.5% | 425.0 | 4.1 | % | |||||||
Other | 516.5 | 4.4% | 525.9 | 5.0 | % | |||||||
Mixed Use | 113.5 | 1.0% | 105.1 | 1.0 | % | |||||||
Total Commercial mortgage loans | $ | 11,728.3 | 100.0% | $ | 10,450.7 | 100.0 | % | |||||
December 31, 2016(1) | December 31, 2015(1) | ||||||
Year of Origination: | |||||||
2016 | $ | 2,349.6 | $ | — | |||
2015 | 2,066.1 | 2,114.0 | |||||
2014 | 1,860.3 | 1,896.0 | |||||
2013 | 1,953.1 | 2,024.8 | |||||
2012 | 1,241.4 | 1,423.3 | |||||
2011 | 979.0 | 1,237.7 | |||||
2010 and prior | 1,278.8 | 1,754.9 | |||||
Total Commercial mortgage loans | $ | 11,728.3 | $ | 10,450.7 | |||
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | Impairment | No. of Securities | |||||||||||||||
U.S. Treasuries | $ | — | — | $ | — | — | $ | 0.5 | 1 | |||||||||||
State, municipalities and political subdivisions | 0.3 | 2 | — | — | — | — | ||||||||||||||
U.S. corporate public securities | 9.6 | 3 | 41.1 | 27 | 14.9 | 42 | ||||||||||||||
Foreign corporate public securities and foreign governments(1) | 19.1 | 4 | 63.9 | 16 | 6.9 | 12 | ||||||||||||||
Foreign corporate private securities(1) | 3.2 | 2 | 1.9 | 1 | — | — | ||||||||||||||
Residential mortgage-backed | 9.1 | 90 | 7.1 | 68 | 7.3 | 93 | ||||||||||||||
Commercial mortgage-backed | 0.3 | 1 | 0.9 | 2 | 0.2 | 7 | ||||||||||||||
Other asset-backed | — | 2 | 2.0 | 3 | 0.8 | 17 | ||||||||||||||
Equity | — | — | 0.1 | 1 | 0.9 | 2 | ||||||||||||||
Other assets(2) | — | — | — | — | 0.1 | 1 | ||||||||||||||
Total | $ | 41.6 | 104 | $ | 117.0 | 118 | $ | 31.6 | 175 | |||||||||||
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | Impairment | No. of Securities | |||||||||||||||
U.S. Treasuries | $ | — | — | $ | — | — | $ | 0.5 | 1 | |||||||||||
State, municipalities and political subdivisions | — | — | — | — | — | — | ||||||||||||||
U.S. corporate public securities | 9.1 | 2 | 41.1 | 26 | 14.5 | 42 | ||||||||||||||
Foreign corporate public securities and foreign governments(1) | 17.9 | 3 | 58.0 | 15 | 6.9 | 12 | ||||||||||||||
Foreign corporate private securities(1) | — | — | — | — | — | — | ||||||||||||||
Residential mortgage-backed | 4.2 | 21 | 1.9 | 14 | 1.5 | 26 | ||||||||||||||
Commercial mortgage-backed | 0.3 | 1 | 0.9 | 2 | 0.2 | 7 | ||||||||||||||
Other asset-backed | — | — | 0.1 | 1 | 0.2 | 14 | ||||||||||||||
Equity | — | — | — | — | — | — | ||||||||||||||
Other assets | — | — | — | — | — | — | ||||||||||||||
Total | $ | 31.5 | 27 | $ | 102.0 | 58 | $ | 23.8 | 102 | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance at January 1 | $ | 75.3 | $ | 86.8 | $ | 114.2 | |||||
Additional credit impairments: | |||||||||||
On securities not previously impaired | — | — | 1.8 | ||||||||
On securities previously impaired | 4.4 | 6.9 | 4.8 | ||||||||
Reductions: | |||||||||||
Increase in cash flows | 2.2 | 1.1 | 2.0 | ||||||||
Securities sold, matured, prepaid or paid down | 22.9 | 17.3 | 32.0 | ||||||||
Balance at December 31 | $ | 54.6 | $ | 75.3 | $ | 86.8 | |||||
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Fixed maturities | $ | 4,011.6 | $ | 3,970.1 | $ | 4,001.0 | ||||||
Equity securities, available-for-sale | 12.1 | 10.1 | 12.8 | |||||||||
Mortgage loans on real estate | 540.4 | 553.9 | 495.8 | |||||||||
Policy loans | 107.9 | 110.0 | 113.0 | |||||||||
Short-term investments and cash equivalents | 5.1 | 3.0 | 3.0 | |||||||||
Other | 61.5 | (0.3 | ) | (4.9 | ) | |||||||
Gross investment income | 4,738.6 | 4,646.8 | 4,620.7 | |||||||||
Less: investment expenses | 117.8 | 108.6 | (1) | 105.4 | (1) | |||||||
Net investment income | $ | 4,620.8 | $ | 4,538.2 | $ | 4,515.3 | ||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Fixed maturities, available-for-sale, including securities pledged | $ | (98.8 | ) | $ | (122.2 | ) | $ | 63.6 | |||
Fixed maturities, at fair value option | (434.2 | ) | (434.4 | ) | (177.3 | ) | |||||
Equity securities, available-for-sale | 1.4 | 0.1 | 17.9 | ||||||||
Derivatives | (1,041.4 | ) | (150.6 | ) | 12.7 | ||||||
Embedded derivatives - fixed maturities | (24.4 | ) | (20.9 | ) | (10.6 | ) | |||||
Guaranteed benefit derivatives | 333.3 | (7.2 | ) | (804.4 | ) | ||||||
Other investments | 1.0 | 1.9 | 19.7 | ||||||||
Net realized capital gains (losses) | $ | (1,263.1 | ) | $ | (733.3 | ) | $ | (878.4 | ) | ||
After-tax net realized capital gains (losses) | $ | (853.2 | ) | $ | (482.4 | ) | $ | (517.5 | ) | ||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Proceeds on sales | $ | 7,511.6 | $ | 6,778.2 | $ | 8,580.8 | |||||
Gross gains | 157.5 | 101.5 | 188.6 | ||||||||
Gross losses | 211.4 | 122.9 | 96.6 | ||||||||
|
|||
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | Notional Amount | Asset Fair Value | Liability Fair Value | ||||||||||||||||||
Derivatives: Qualifying for hedge accounting (1) | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Interest rate contracts | $ | 124.0 | $ | 4.7 | $ | 0.3 | $ | 524.0 | $ | 73.3 | $ | — | |||||||||||
Foreign exchange contracts | 480.8 | 40.1 | 10.7 | 174.7 | 36.4 | — | |||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||
Interest rate contracts | — | — | — | 551.4 | 0.8 | 9.8 | |||||||||||||||||
Derivatives: Non-qualifying for hedge accounting (1) | |||||||||||||||||||||||
Interest rate contracts | 78,399.6 | 1,080.6 | 354.3 | 65,169.4 | 1,055.0 | 352.2 | |||||||||||||||||
Foreign exchange contracts | 1,573.0 | 60.7 | 39.2 | 1,281.9 | 60.5 | 37.0 | |||||||||||||||||
Equity contracts | 28,959.6 | 494.1 | 50.4 | 19,738.4 | 286.2 | 65.8 | |||||||||||||||||
Credit contracts | 3,255.3 | 32.2 | 15.8 | 4,266.3 | 26.3 | 22.7 | |||||||||||||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||
Within fixed maturity investments | N/A | 70.5 | — | N/A | 94.9 | — | |||||||||||||||||
Within products | N/A | — | 3,791.4 | N/A | — | 3,907.2 | |||||||||||||||||
Within reinsurance agreements | N/A | — | 78.7 | N/A | — | 25.2 | |||||||||||||||||
Managed custody guarantees | N/A | — | — | N/A | — | 0.3 | |||||||||||||||||
Total | $ | 1,782.9 | $ | 4,340.8 | $ | 1,633.4 | $ | 4,420.2 | |||||||||||||||
December 31, 2016 | |||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||
Credit contracts | $ | 3,255.3 | $ | 32.2 | $ | 15.8 | |||||
Equity contracts | 22,327.8 | 471.4 | 49.6 | ||||||||
Foreign exchange contracts | 2,053.8 | 100.8 | 49.9 | ||||||||
Interest rate contracts | 68,342.4 | 1,085.4 | 353.0 | ||||||||
1,689.8 | 468.3 | ||||||||||
Counterparty netting(1) | (411.3 | ) | (411.3 | ) | |||||||
Cash collateral netting(1) | (1,083.9 | ) | (21.3 | ) | |||||||
Securities collateral netting(1) | (71.6 | ) | (13.9 | ) | |||||||
Net receivables/payables | $ | 123.0 | $ | 21.8 | |||||||
December 31, 2015 | |||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||
Credit contracts | $ | 4,266.3 | $ | 26.3 | $ | 22.7 | |||||
Equity contracts | 12,034.9 | 228.6 | 53.9 | ||||||||
Foreign exchange contracts | 1,456.6 | 96.9 | 37.0 | ||||||||
Interest rate contracts | 57,145.6 | 1,129.1 | 360.1 | ||||||||
1,480.9 | 473.7 | ||||||||||
Counterparty netting(1) | (415.6 | ) | (415.6 | ) | |||||||
Cash collateral netting(1) | (848.1 | ) | (12.6 | ) | |||||||
Securities collateral netting(1) | (24.3 | ) | (24.4 | ) | |||||||
Net receivables/payables | $ | 192.9 | $ | 21.1 | |||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Derivatives: Qualifying for hedge accounting(1) | |||||||||||
Cash flow hedges: | |||||||||||
Interest rate contracts | $ | 1.3 | $ | 1.6 | $ | 0.7 | |||||
Foreign exchange contracts | 3.5 | 2.3 | 2.0 | ||||||||
Fair value hedges: | |||||||||||
Interest rate contracts | (2.8 | ) | (6.1 | ) | (17.2 | ) | |||||
Derivatives: Non-qualifying for hedge accounting(2) | |||||||||||
Interest rate contracts | 29.2 | 80.5 | 821.1 | ||||||||
Foreign exchange contracts | 87.0 | 62.0 | 106.0 | ||||||||
Equity contracts | (1,156.8 | ) | (294.9 | ) | (909.7 | ) | |||||
Credit contracts | (2.8 | ) | 4.0 | 9.8 | |||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||
Within fixed maturity investments(2) | (24.4 | ) | (20.9 | ) | (10.6 | ) | |||||
Within products(2) | 332.9 | (7.1 | ) | (804.5 | ) | ||||||
Within reinsurance agreements(3) | (25.0 | ) | 125.1 | (77.6 | ) | ||||||
Managed custody guarantees(2) | 0.4 | (0.1 | ) | 0.1 | |||||||
Total | $ | (757.5 | ) | $ | (53.6 | ) | $ | (879.9 | ) | ||
|
|||
• | Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Company defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. |
• | Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: |
• | Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||
U.S. Treasuries | $ | 3,271.0 | $ | 619.3 | $ | — | $ | 3,890.3 | |||||||
U.S. Government agencies and authorities | — | 298.0 | — | 298.0 | |||||||||||
State, municipalities and political subdivisions | — | 2,135.6 | — | 2,135.6 | |||||||||||
U.S. corporate public securities | — | 33,669.6 | 22.1 | 33,691.7 | |||||||||||
U.S. corporate private securities | — | 6,488.6 | 1,319.4 | 7,808.0 | |||||||||||
Foreign corporate public securities and foreign governments(1) | — | 8,067.1 | 12.3 | 8,079.4 | |||||||||||
Foreign corporate private securities(1) | — | 7,344.9 | 440.9 | 7,785.8 | |||||||||||
Residential mortgage-backed securities | — | 6,742.9 | 71.9 | 6,814.8 | |||||||||||
Commercial mortgage-backed securities | — | 3,335.5 | 23.4 | 3,358.9 | |||||||||||
Other asset-backed securities | — | 1,391.9 | 83.7 | 1,475.6 | |||||||||||
Total fixed maturities, including securities pledged | 3,271.0 | 70,093.4 | 1,973.7 | 75,338.1 | |||||||||||
Equity securities, available-for-sale | 174.7 | — | 99.5 | 274.2 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate contracts | — | 1,085.3 | — | 1,085.3 | |||||||||||
Foreign exchange contracts | — | 100.8 | — | 100.8 | |||||||||||
Equity contracts | 22.7 | 360.4 | 111.0 | 494.1 | |||||||||||
Credit contracts | — | 21.6 | 10.6 | 32.2 | |||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,325.8 | 189.3 | 5.0 | 4,520.1 | |||||||||||
Assets held in separate accounts | 92,330.5 | 4,782.9 | 5.3 | 97,118.7 | |||||||||||
Total assets | $ | 100,124.7 | $ | 76,633.7 | $ | 2,205.1 | $ | 178,963.5 | |||||||
Percentage of Level to total | 56.0 | % | 42.8 | % | 1.2 | % | 100.0 | % | |||||||
Liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | $ | — | $ | — | $ | 2,029.6 | $ | 2,029.6 | |||||||
IUL | — | — | 81.0 | 81.0 | |||||||||||
GMAB/GMWB/GMWBL | — | — | 1,530.4 | 1,530.4 | |||||||||||
Stabilizer and MCGs | — | — | 150.4 | 150.4 | |||||||||||
Other derivatives: | |||||||||||||||
Interest rate contracts | 1.7 | 352.9 | — | 354.6 | |||||||||||
Foreign exchange contracts | — | 49.9 | — | 49.9 | |||||||||||
Equity contracts | 0.8 | 49.6 | — | 50.4 | |||||||||||
Credit contracts | — | 0.5 | 15.3 | 15.8 | |||||||||||
Embedded derivative on reinsurance | — | 78.7 | — | 78.7 | |||||||||||
Total liabilities | $ | 2.5 | $ | 531.6 | $ | 3,806.7 | $ | 4,340.8 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||
U.S. Treasuries | $ | 3,030.6 | $ | 618.4 | $ | — | $ | 3,649.0 | |||||||
U.S. Government agencies and authorities | — | 352.6 | — | 352.6 | |||||||||||
State, municipalities and political subdivisions | — | 1,346.2 | — | 1,346.2 | |||||||||||
U.S. corporate public securities | — | 33,609.1 | 6.9 | 33,616.0 | |||||||||||
U.S. corporate private securities | — | 5,600.8 | 1,040.3 | 6,641.1 | |||||||||||
Foreign corporate public securities and foreign governments(1) | — | 8,009.8 | 13.8 | 8,023.6 | |||||||||||
Foreign corporate private securities(1) | — | 6,918.2 | 430.4 | 7,348.6 | |||||||||||
Residential mortgage-backed securities | — | 5,764.4 | 96.1 | 5,860.5 | |||||||||||
Commercial mortgage-backed securities | — | 4,061.2 | 31.4 | 4,092.6 | |||||||||||
Other asset-backed securities | — | 1,097.9 | 44.5 | 1,142.4 | |||||||||||
Total fixed maturities, including securities pledged | 3,030.6 | 67,378.6 | 1,663.4 | 72,072.6 | |||||||||||
Equity securities, available-for-sale | 234.3 | — | 97.4 | 331.7 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate contracts | — | 1,129.1 | — | 1,129.1 | |||||||||||
Foreign exchange contracts | — | 96.9 | — | 96.9 | |||||||||||
Equity contracts | 57.6 | 168.1 | 60.5 | 286.2 | |||||||||||
Credit contracts | — | 18.0 | 8.3 | 26.3 | |||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,617.7 | 51.7 | — | 4,669.4 | |||||||||||
Assets held in separate accounts | 91,887.2 | 4,623.7 | 3.9 | 96,514.8 | |||||||||||
Total assets | $ | 99,827.4 | $ | 73,466.1 | $ | 1,833.5 | $ | 175,127.0 | |||||||
Percentage of Level to total | 57.0 | % | 42.0 | % | 1.0 | % | 100.0 | % | |||||||
Liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | $ | — | $ | — | $ | 1,820.1 | $ | 1,820.1 | |||||||
IUL | — | — | 52.6 | 52.6 | |||||||||||
GMAB/GMWB/GMWBL | — | — | 1,873.5 | 1,873.5 | |||||||||||
Stabilizer and MCGs | — | — | 161.3 | 161.3 | |||||||||||
Other derivatives: | |||||||||||||||
Interest rate contracts | 1.9 | 360.1 | — | 362.0 | |||||||||||
Foreign exchange contracts | — | 37.0 | — | 37.0 | |||||||||||
Equity contracts | 11.9 | 53.9 | — | 65.8 | |||||||||||
Credit contracts | — | 6.3 | 16.4 | 22.7 | |||||||||||
Embedded derivative on reinsurance | — | 25.2 | — | 25.2 | |||||||||||
Total liabilities | $ | 13.8 | $ | 482.5 | $ | 3,923.9 | $ | 4,420.2 | |||||||
Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 6.9 | $ | (0.3 | ) | $ | 0.4 | $ | — | $ | — | $ | (2.1 | ) | $ | (2.0 | ) | $ | 19.2 | $ | — | $ | 22.1 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 1,040.3 | — | 7.2 | 428.7 | — | (37.0 | ) | (177.0 | ) | 81.9 | (24.7 | ) | 1,319.4 | 0.1 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 13.8 | (1.2 | ) | — | — | — | — | (0.3 | ) | — | — | 12.3 | (1.3 | ) | |||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 430.4 | (3.3 | ) | 20.5 | — | — | (0.5 | ) | (74.6 | ) | 80.0 | (11.6 | ) | 440.9 | (3.3 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 96.1 | (7.7 | ) | (0.6 | ) | — | — | (14.9 | ) | (1.0 | ) | — | — | 71.9 | (15.3 | ) | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 31.4 | (0.9 | ) | 0.7 | 3.6 | — | — | (11.8 | ) | 1.4 | (1.0 | ) | 23.4 | (0.9 | ) | ||||||||||||||||||||||||||||
Other asset-backed securities | 44.5 | — | 0.4 | 45.2 | — | — | (6.1 | ) | 9.7 | (10.0 | ) | 83.7 | — | ||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 1,663.4 | (13.4 | ) | 28.6 | 477.5 | — | (54.5 | ) | (272.8 | ) | 192.2 | (47.3 | ) | 1,973.7 | (20.7 | ) | |||||||||||||||||||||||||||
Year Ended December 31, 2016 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 97.4 | $ | — | $ | 2.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 99.5 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,820.1 | ) | (162.8 | ) | — | — | (238.1 | ) | — | 191.4 | — | — | (2,029.6 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (52.6 | ) | (12.6 | ) | — | — | (28.6 | ) | — | 12.8 | — | — | (81.0 | ) | — | ||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(2) | (1,873.5 | ) | 493.1 | — | — | (150.5 | ) | — | 0.5 | — | — | (1,530.4 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (161.3 | ) | 15.6 | — | — | (4.7 | ) | — | — | — | — | (150.4 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 52.4 | 13.1 | — | 53.3 | — | — | (12.5 | ) | — | — | 106.3 | 53.9 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | — | — | — | 5.0 | — | — | — | — | — | 5.0 | — | ||||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 3.9 | — | — | 3.0 | — | (0.4 | ) | — | 2.7 | (3.9 | ) | 5.3 | — | ||||||||||||||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 103.8 | $ | — | $ | (0.6 | ) | $ | — | $ | — | $ | — | $ | (2.0 | ) | $ | — | $ | (94.3 | ) | $ | 6.9 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 978.8 | 0.5 | (41.0 | ) | 308.9 | — | (10.2 | ) | (263.6 | ) | 66.9 | — | 1,040.3 | 0.2 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 13.5 | (5.9 | ) | (1.4 | ) | — | — | — | (7.6 | ) | 15.2 | — | 13.8 | (5.9 | ) | ||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 435.2 | (1.2 | ) | (8.9 | ) | 15.1 | — | — | (103.7 | ) | 93.9 | — | 430.4 | (1.8 | ) | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 94.2 | (7.1 | ) | (4.7 | ) | 9.9 | — | (5.6 | ) | (0.6 | ) | 12.6 | (2.6 | ) | 96.1 | (10.8 | ) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 22.0 | — | (0.2 | ) | 37.6 | — | — | (6.0 | ) | — | (22.0 | ) | 31.4 | — | |||||||||||||||||||||||||||||
Other asset-backed securities | 10.1 | — | 0.1 | 39.0 | — | — | (2.5 | ) | 34.9 | (37.1 | ) | 44.5 | — | ||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 1,657.6 | (13.7 | ) | (56.7 | ) | 410.5 | — | (15.8 | ) | (386.0 | ) | 223.5 | (156.0 | ) | 1,663.4 | (18.3 | ) | ||||||||||||||||||||||||||
Year Ended December 31, 2015 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 56.3 | $ | 2.6 | $ | 1.6 | $ | 39.9 | $ | — | $ | (3.0 | ) | $ | — | $ | — | $ | — | $ | 97.4 | $ | (0.1 | ) | |||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,970.0 | ) | 229.2 | — | — | (253.6 | ) | — | 174.3 | — | — | (1,820.1 | ) | — | |||||||||||||||||||||||||||||
IUL(2) | — | 8.7 | — | — | (64.6 | ) | — | 3.3 | — | — | (52.6 | ) | — | ||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(2) | (1,527.7 | ) | (191.4 | ) | — | — | (155.0 | ) | — | 0.6 | — | — | (1,873.5 | ) | — | ||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (102.9 | ) | (53.7 | ) | — | — | (4.7 | ) | — | — | — | — | (161.3 | ) | — | ||||||||||||||||||||||||||||
Other derivatives, net | 72.1 | (37.8 | ) | — | 39.7 | — | — | (21.6 | ) | — | — | 52.4 | (19.6 | ) | |||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 6.0 | — | — | — | — | — | (6.0 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 2.3 | (0.1 | ) | — | 4.1 | — | (0.1 | ) | — | — | (2.3 | ) | 3.9 | — | |||||||||||||||||||||||||||||
Range(1) | ||||||||||||||||
Unobservable Input | GMWB / GMWBL | GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||||
Long-term equity implied volatility | 15% to 25% | 15% to 25% | — | — | — | |||||||||||
Interest rate implied volatility | 0.1% to 18% | 0.1% to 18% | — | — | 0.1% to 7.5% | |||||||||||
Correlations between: | ||||||||||||||||
Equity Funds | -13% to 99% | -13% to 99% | — | — | — | |||||||||||
Equity and Fixed Income Funds | -38% to 62% | -38% to 62% | — | — | — | |||||||||||
Interest Rates and Equity Funds | -32% to 26% | -32% to 26% | — | — | — | |||||||||||
Nonperformance risk | 0.25% to 1.6% | 0.25% to 1.6% | 0.25% to 1.6% | 0.25% to 0.69% | 0.25% to 1.6% | |||||||||||
Actuarial Assumptions: | ||||||||||||||||
Benefit Utilization | 85% to 100% | (2) | — | — | — | — | ||||||||||
Partial Withdrawals | — | 0% to 3.4% | 0% to 10% | — | — | |||||||||||
Lapses | 0.11% to 12.15% | (3)(4) | 0.4% to 19.1% | (3)(4) | 0% to 60% | (3) | 2% to 10% | 0 % to 50% | (5) | |||||||
Policyholder Deposits(6) | — | — | — | — | 0 % to 50% | (5) | ||||||||||
Mortality | — | (7) | — | (7) | — | (7) | — | (8) | — | |||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. |
(2) | Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, 40% are taking systematic withdrawals. The Company assumes that 85% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing at age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2016 (account value amounts are in $ billions). |
Account Values | |||||||||||||||
Attained Age Group | In the Money | Out of the Money | Total | Average Expected Delay (Years)** | |||||||||||
< 60 | $ | 1.9 | $ | — | * | $ | 1.9 | 9.9 | |||||||
60-69 | 5.7 | 0.1 | 5.8 | 4.9 | |||||||||||
70+ | 5.8 | 0.1 | 5.9 | 3.0 | |||||||||||
$ | 13.4 | $ | 0.2 | $ | 13.6 | 5.5 | |||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. |
(4) | The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2016 (account value amounts are in $ billions). Lapse ranges are based on weighted average ranges of underlying account value exposure. |
GMAB | GMWB/GMWBL | ||||||||||||
Moneyness | Account Value | Lapse Range | Account Value | Lapse Range | |||||||||
During Surrender Charge Period | |||||||||||||
In the Money** | $ | — | 0.4% to 6.9% | $ | 2.0 | 0.1% to 4.5% | |||||||
Out of the Money | — | 1.6% to 7.6% | — | * | 0.6% to 4.7% | ||||||||
Shock Lapse Period | |||||||||||||
In the Money** | $ | — | 4.7% to 17.3% | $ | 2.8 | 2.3% to 11.6% | |||||||
Out of the Money | — | 17.3% to 19.1% | — | * | 11.6% to 12.2% | ||||||||
After Surrender Charge Period | |||||||||||||
In the Money** | $ | — | 2.8% to 10.6% | $ | 8.7 | 1.4% to 6.7% | |||||||
Out of the Money | 0.1 | 10.6% to 11.7% | 0.6 | 6.7% to 7.0% | |||||||||
(5) | Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: |
Percentage of Plans | Overall Range of Lapse Rates | Range of Lapse Rates for 85% of Plans | Overall Range of Policyholder Deposits | Range of Policyholder Deposits for 85% of Plans | ||||||
Stabilizer (Investment Only) and MCG Contracts | 93 | % | 0-25% | 0-15% | 0-30% | 0-15% | ||||
Stabilizer with Recordkeeping Agreements | 7 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Aggregate of all plans | 100 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
(6) | Measured as a percentage of assets under management or assets under administration. |
(7) | The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements. |
Range(1) | ||||||||||||||||
Unobservable Input | GMWB / GMWBL | GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||||
Long-term equity implied volatility | 15% to 25% | 15% to 25% | — | — | — | |||||||||||
Interest rate implied volatility | 0.1% to 18% | 0.1% to 18% | — | — | 0.1% to 7.3% | |||||||||||
Correlations between: | ||||||||||||||||
Equity Funds | 48% to 98% | 48% to 98% | — | — | — | |||||||||||
Equity and Fixed Income Funds | -38% to 62% | -38% to 62% | — | — | — | |||||||||||
Interest Rates and Equity Funds | -32% to 16% | -32% to 16% | — | — | — | |||||||||||
Nonperformance risk | 0.23% to 1.3% | 0.23% to 1.3% | 0.23% to 1.3% | 0.23% to 0.9% | 0.23% to 1.3% | |||||||||||
Actuarial Assumptions: | ||||||||||||||||
Benefit Utilization | 85% to 100% | (2) | — | — | — | — | ||||||||||
Partial Withdrawals | 0% to 10% | 0% to 10% | 0% to 10% | — | — | |||||||||||
Lapses | 0.08% to 22% | (3) (4) | 0.08% to 25% | (3) (4) | 0% to 60% | (3) | 2% to 10% | 0% to 50% | (5) | |||||||
Policyholder Deposits(6) | — | — | — | — | 0% to 50% | (5) | ||||||||||
Mortality | — | (7) | — | (7) | — | (7) | — | (8) | — | |||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. |
Account Values | |||||||||||||||
Attained Age Group | In the Money | Out of the Money | Total | Average Expected Delay (Years)** | |||||||||||
< 60 | $ | 2.3 | $ | — | $ | 2.3 | 9.0 | ||||||||
60-69 | 6.2 | — | 6.2 | 4.2 | |||||||||||
70+ | 5.5 | — | 5.5 | 2.4 | |||||||||||
$ | 14.0 | $ | — | $ | 14.0 | 4.9 | |||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. |
(4) | The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2015 (account value amounts are in $ billions). The December 31, 2015 presentation and calculation of the lapse ranges has been made consistent with the current period. Lapse ranges are based on weighted average ranges of underlying account value exposure. |
GMAB | GMWB/GMWBL | ||||||||||||
Moneyness | Account Value | Lapse Range | Account Value | Lapse Range | |||||||||
During Surrender Charge Period | |||||||||||||
In the Money** | $ | — | 0.4% to 6.9% | $ | 5.0 | 0.1% to 4.5% | |||||||
Out of the Money | — | * | 1.6% to 7.6% | — | * | 0.6% to 4.7% | |||||||
Shock Lapse Period | |||||||||||||
In the Money** | — | * | 5.4% to 22.3% | 2.0 | 3.0% to 13.7% | ||||||||
Out of the Money | — | * | 22.3% to 24.5% | — | * | 13.7% to 14.4% | |||||||
After Surrender Charge Period | |||||||||||||
In the Money** | $ | — | * | 2.8% to 12.1% | $ | 7.1 | 1.8% to 7.9% | ||||||
Out of the Money | — | * | 12.1% to 13.3% | 0.6 | 7.9% to 8.2% | ||||||||
(5) | Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: |
Percentage of Plans | Overall Range of Lapse Rates | Range of Lapse Rates for 85% of Plans | Overall Range of Policyholder Deposits | Range of Policyholder Deposits for 85% of Plans | ||||||
Stabilizer (Investment Only) and MCG Contracts | 90 | % | 0-25% | 0-15% | 0-30% | 0-15% | ||||
Stabilizer with Recordkeeping Agreements | 10 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Aggregate of all plans | 100 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
(6) | Measured as a percentage of assets under management or assets under administration. |
(8) | The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements. |
• | An increase (decrease) in long-term equity implied volatility |
• | An increase (decrease) in interest rate implied volatility |
• | An increase (decrease) in equity-interest rate correlations |
• | A decrease (increase) in nonperformance risk |
• | A decrease (increase) in mortality |
• | An increase (decrease) in benefit utilization |
• | A decrease (increase) in lapses |
• | A decrease (increase) in nonperformance risk |
• | A decrease (increase) in lapses |
• | An increase (decrease) in interest rate implied volatility |
• | A decrease (increase) in nonperformance risk |
• | A decrease (increase) in lapses |
• | A decrease (increase) in policyholder deposits |
• | Higher long-term equity implied volatility is often correlated with lower equity returns, which will result in higher in-the-moneyness, which in turn, results in lower lapses due to the dynamic lapse component reducing the lapses. This increases the projected number of policies that are available to use the GMWBL benefit and may also increase the fair value of the GMWBL. |
• | Generally, an increase (decrease) in benefit utilization will decrease (increase) lapses for GMWB and GMWBL. |
• | Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer and MCG contracts due to dynamic participant behavior. |
December 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged | $ | 75,338.1 | $ | 75,338.1 | $ | 72,072.6 | $ | 72,072.6 | |||||||
Equity securities, available-for-sale | 274.2 | 274.2 | 331.7 | 331.7 | |||||||||||
Mortgage loans on real estate | 11,725.2 | 11,960.7 | 10,447.5 | 10,881.4 | |||||||||||
Policy loans | 1,961.5 | 1,961.5 | 2,002.7 | 2,002.7 | |||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,520.1 | 4,520.1 | 4,669.4 | 4,669.4 | |||||||||||
Derivatives | 1,712.4 | 1,712.4 | 1,538.5 | 1,538.5 | |||||||||||
Other investments | 47.4 | 57.2 | 91.6 | 101.5 | |||||||||||
Assets held in separate accounts | 97,118.7 | 97,118.7 | 96,514.8 | 96,514.8 | |||||||||||
Liabilities: | |||||||||||||||
Investment contract liabilities: | |||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 53,314.1 | 57,561.3 | 51,361.7 | 56,884.4 | |||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 472.9 | 469.8 | 1,488.5 | 1,463.1 | |||||||||||
Supplementary contracts, immediate annuities and other | 3,878.9 | 4,120.5 | 2,948.1 | 3,162.8 | |||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | 2,029.6 | 2,029.6 | 1,820.1 | 1,820.1 | |||||||||||
IUL | 81.0 | 81.0 | 52.6 | 52.6 | |||||||||||
GMAB / GMWB / GMWBL | 1,530.4 | 1,530.4 | 1,873.5 | 1,873.5 | |||||||||||
Stabilizer and MCGs | 150.4 | 150.4 | 161.3 | 161.3 | |||||||||||
Other derivatives | 470.7 | 470.7 | 487.5 | 487.5 | |||||||||||
Long-term debt | 3,549.5 | 3,737.9 | 3,485.9 | 3,772.7 | |||||||||||
Embedded derivative on reinsurance | 78.7 | 78.7 | 25.2 | 25.2 | |||||||||||
|
|||
DAC | VOBA | Total | ||||||||||
Balance at January 1, 2014 | $ | 4,316.1 | $ | 1,035.5 | $ | 5,351.6 | ||||||
Deferrals of commissions and expenses | 371.6 | 12.7 | 384.3 | |||||||||
Amortization: | ||||||||||||
Amortization | (535.2 | ) | (166.1 | ) | (701.3 | ) | (1) | |||||
Interest accrued | 233.8 | 88.2 | (2) | 322.0 | ||||||||
Net amortization included in Consolidated Statements of Operations | (301.4 | ) | (77.9 | ) | (379.3 | ) | ||||||
Change in unrealized capital gains/losses on available-for-sale securities | (495.4 | ) | (290.3 | ) | (785.7 | ) | ||||||
Balance at December 31, 2014 | 3,890.9 | 680.0 | 4,570.9 | |||||||||
Deferrals of commissions and expenses | 375.9 | 10.8 | 386.7 | |||||||||
Amortization: | ||||||||||||
Amortization | (798.7 | ) | (177.1 | ) | (975.8 | ) | (1) | |||||
Interest accrued | 228.1 | 84.3 | (2) | 312.4 | ||||||||
Net amortization included in Consolidated Statements of Operations | (570.6 | ) | (92.8 | ) | (663.4 | ) | ||||||
Change in unrealized capital gains/losses on available-for-sale securities | 661.3 | 414.6 | 1,075.9 | |||||||||
Balance as of December 31, 2015 | 4,357.5 | 1,012.6 | 5,370.1 | |||||||||
Deferrals of commissions and expenses | 376.7 | 9.4 | 386.1 | |||||||||
Amortization: | ||||||||||||
Amortization | (627.6 | ) | (227.1 | ) | (854.7 | ) | (1) | |||||
Interest accrued | 226.9 | 76.8 | (2) | 303.7 | ||||||||
Net amortization included in Consolidated Statements of Operations | (400.7 | ) | (150.3 | ) | (551.0 | ) | ||||||
Change in unrealized capital gains/losses on available-for-sale securities | (268.9 | ) | (48.8 | ) | (317.7 | ) | ||||||
Balance as of December 31, 2016 | $ | 4,064.6 | $ | 822.9 | $ | 4,887.5 | ||||||
(1) | Includes DAC/VOBA unlocking of $(65.8), $(97.8), and $255.1 for the years ended December 31, 2016, 2015, and 2014, respectively, and loss recognition for DAC and VOBA of $80.7 and $4.4, respectively, during 2016. There was no loss recognition for DAC and VOBA during 2015 and 2014. |
(2) | Interest accrued at the following rates for VOBA: 4.1% to 7.5% during 2016, 3.5% to 7.5% during 2015 and 3.1% to 7.5% during 2014. |
Year | Amount | |||
2017 | $ | 86.3 | ||
2018 | 70.2 | |||
2019 | 60.8 | |||
2020 | 57.1 | |||
2021 | 54.7 | |||
|
|||
2016 | 2015 | ||||||
Future policy benefits: | |||||||
Individual and group life insurance contracts | $ | 8,294.7 | $ | 8,356.5 | |||
Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies | 12,314.7 | 10,262.9 | |||||
Accident and health | 837.8 | 888.6 | |||||
Total | $ | 21,447.2 | $ | 19,508.0 | |||
Contract owner account balances: | |||||||
GICs | $ | 461.9 | $ | 1,430.0 | |||
Universal life-type contracts | 14,626.3 | 14,892.2 | |||||
Fixed annuities and payout contracts without life contingencies | 40,945.1 | 38,531.7 | |||||
Fixed-indexed annuities | 14,572.9 | 13,810.2 | |||||
Total | $ | 70,606.2 | $ | 68,664.1 | |||
|
|||
• | Standard: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the premiums paid by the customer, adjusted for withdrawals. |
• | Ratchet: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Standard or (2) the maximum policy anniversary (or quarterly) value of the variable annuity, adjusted for withdrawals. |
• | Rollup: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the aggregate premiums paid by the contract owner, with interest at the contractual rate per annum, adjusted for withdrawals. The Rollup may be subject to a maximum cap on the total benefit. |
• | Combo: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Ratchet or (2) Rollup. |
Area | Assumptions/Basis for Assumptions | |
Data used | Based on 1,000 investment performance scenarios. | |
Mean investment performance | GMDB and GMIB: The overall blended mean is 7.8% based on a single fund group. | |
GMAB/GMWB/GMWBL: Zero rate curve. | ||
Volatility | GMDB: 14.2% for 2016 and 15.1% for 2015. | |
GMIB: 14.2% for 2016 and 15.1% for 2015. | ||
GMAB/GMWB/GMWBL: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. | ||
Mortality | Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement through December 31, 2016, further adjusted for company experience. | |
Lapse rates | Vary by contract type, share class, time remaining in the surrender charge period and in-the-moneyness. | |
Discount rates | GMDB/GMIB: 5.5% for 2016 and 2015. | |
GMAB/GMWB/GMWBL: Zero rate curve plus adjustment for nonperformance risk. | ||
UL and VUL(1) | GMDB(2) | GMAB/ GMWB | GMIB | GMWBL | Stabilizer and MCGs(3) | ||||||||||||||||||
Separate account liability at December 31, 2016 | $ | 488.1 | $ | 32,513.3 | $ | 564.4 | $ | 10,110.4 | $ | 13,594.4 | $ | 37,577.1 | |||||||||||
Separate account liability at December 31, 2015 | $ | 503.3 | $ | 35,117.4 | $ | 629.7 | $ | 11,669.3 | $ | 14,114.2 | $ | 36,014.5 | |||||||||||
Additional liability balance: | |||||||||||||||||||||||
Balance at January 1, 2014 | $ | 967.8 | $ | 350.7 | $ | 31.7 | $ | 1,069.4 | $ | 834.2 | $ | — | |||||||||||
Incurred guaranteed benefits | 529.3 | 112.0 | 4.9 | 262.6 | 657.6 | 102.9 | |||||||||||||||||
Paid guaranteed benefits | (402.1 | ) | (74.5 | ) | (0.7 | ) | (175.8 | ) | — | — | |||||||||||||
Balance at December 31, 2014 | 1,095.0 | 388.2 | 35.9 | 1,156.2 | 1,491.8 | 102.9 | |||||||||||||||||
Incurred guaranteed benefits | 554.2 | 238.1 | (3.2 | ) | 447.8 | 349.6 | 58.4 | ||||||||||||||||
Paid guaranteed benefits | (451.7 | ) | (91.9 | ) | (0.6 | ) | (162.0 | ) | — | — | |||||||||||||
Balance at December 31, 2015 | 1,197.5 | 534.4 | 32.1 | 1,442.0 | 1,841.4 | 161.3 | |||||||||||||||||
Incurred guaranteed benefits | 614.4 | 134.9 | (7.9 | ) | 453.5 | (334.7 | ) | (10.9 | ) | ||||||||||||||
Paid guaranteed benefits | (496.1 | ) | (137.7 | ) | (0.5 | ) | (517.9 | ) | — | — | |||||||||||||
Balance at December 31, 2016 | $ | 1,315.8 | $ | 531.6 | $ | 23.7 | $ | 1,377.6 | $ | 1,506.7 | $ | 150.4 | |||||||||||
December 31, 2016 | ||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | |||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | |||||||||||||
Annuity Contracts: | ||||||||||||||||
Minimum Return or Contract Value | ||||||||||||||||
Separate account value | $ | 32,513.3 | $ | 564.4 | $ | 10,110.4 | $ | 13,594.4 | ||||||||
Net amount at risk, net of reinsurance | $ | 5,562.8 | $ | 14.6 | $ | 2,945.8 | $ | 2,209.8 | ||||||||
Weighted average attained age | 71 | 73 | 63 | 68 | ||||||||||||
December 31, 2015 | ||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | |||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | |||||||||||||
Annuity Contracts: | ||||||||||||||||
Minimum Return or Contract Value | ||||||||||||||||
Separate account value | $ | 35,117.4 | $ | 629.7 | $ | 11,669.3 | $ | 14,114.2 | ||||||||
Net amount at risk, net of reinsurance | $ | 6,152.3 | $ | 18.8 | $ | 3,044.3 | $ | 2,106.3 | ||||||||
Weighted average attained age | 70 | 72 | 63 | 67 | ||||||||||||
December 31, 2016 | December 31, 2015 | ||||||||||||||
Secondary Guarantees | Paid-up Guarantees | Secondary Guarantees | Paid-up Guarantees | ||||||||||||
UL and VUL Contracts: | |||||||||||||||
Account value (general and separate account) | $ | 3,262.3 | $ | — | $ | 3,309.2 | $ | — | |||||||
Net amount at risk, net of reinsurance | $ | 16,371.8 | $ | — | $ | 16,955.1 | $ | — | |||||||
Weighted average attained age | 63 | — | 62 | — | |||||||||||
December 31, 2016 | December 31, 2015 | ||||||
Equity securities (including mutual funds): | |||||||
Equity funds | $ | 24,494.9 | $ | 26,612.5 | |||
Bond funds | 3,799.0 | 4,106.8 | |||||
Balanced funds | 4,784.5 | 4,918.1 | |||||
Money market funds | 533.9 | 602.8 | |||||
Other | 97.9 | 113.7 | |||||
Total | $ | 33,710.2 | $ | 36,353.9 | |||
|
|||
December 31, 2016 | |||||||||||||||
Direct | Assumed | Ceded | Total, Net of Reinsurance | ||||||||||||
Assets | |||||||||||||||
Premiums receivable | $ | 105.4 | $ | 357.9 | $ | (403.9 | ) | $ | 59.4 | ||||||
Reinsurance recoverable | — | — | 7,258.6 | 7,258.6 | |||||||||||
Total | $ | 105.4 | $ | 357.9 | $ | 6,854.7 | $ | 7,318.0 | |||||||
Liabilities | |||||||||||||||
Future policy benefits and contract owner account balances | $ | 88,759.5 | $ | 3,293.9 | $ | (7,258.6 | ) | $ | 84,794.8 | ||||||
Liability for funds withheld under reinsurance agreements | 729.1 | — | — | 729.1 | |||||||||||
Total | $ | 89,488.6 | $ | 3,293.9 | $ | (7,258.6 | ) | $ | 85,523.9 | ||||||
December 31, 2015 | |||||||||||||||
Direct | Assumed | Ceded | Total, Net of Reinsurance | ||||||||||||
Assets | |||||||||||||||
Premiums receivable | $ | 98.5 | $ | 387.6 | $ | (453.0 | ) | $ | 33.1 | ||||||
Reinsurance recoverable | — | — | 7,653.7 | 7,653.7 | |||||||||||
Total | $ | 98.5 | $ | 387.6 | $ | 7,200.7 | $ | 7,686.8 | |||||||
Liabilities | |||||||||||||||
Future policy benefits and contract owner account balances | $ | 84,653.9 | $ | 3,518.2 | $ | (7,653.7 | ) | $ | 80,518.4 | ||||||
Liability for funds withheld under reinsurance agreements | 702.4 | — | — | 702.4 | |||||||||||
Total | $ | 85,356.3 | $ | 3,518.2 | $ | (7,653.7 | ) | $ | 81,220.8 | ||||||
Year ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Premiums: | |||||||||||
Direct premiums | $ | 4,004.7 | $ | 3,445.5 | $ | 2,891.0 | |||||
Reinsurance assumed | 1,221.8 | 1,190.9 | 1,238.3 | ||||||||
Reinsurance ceded | (1,711.9 | ) | (1,611.9 | ) | (1,502.9 | ) | |||||
Net premiums | $ | 3,514.6 | $ | 3,024.5 | $ | 2,626.4 | |||||
Fee income: | |||||||||||
Gross fee income | $ | 3,363.6 | $ | 3,485.3 | $ | 3,637.3 | |||||
Reinsurance ceded | (3.8 | ) | (4.2 | ) | (4.8 | ) | |||||
Net fee income | $ | 3,359.8 | $ | 3,481.1 | $ | 3,632.5 | |||||
Interest credited and other benefits to contract owners / policyholders: | |||||||||||
Direct interest credited and other benefits to contract owners / policyholders | $ | 8,070.8 | $ | 7,226.9 | $ | 6,159.4 | |||||
Reinsurance assumed | 1,212.5 | 1,067.6 | 1,267.3 | ||||||||
Reinsurance ceded(1) | (1,769.8 | ) | (1,784.5 | ) | (1,488.8 | ) | |||||
Net interest credited and other benefits to contract owners / policyholders | $ | 7,513.5 | $ | 6,510.0 | $ | 5,937.9 | |||||
|
|||
Weighted Average Amortization Lives | December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Management contract rights | 20 years | $ | 550.0 | $ | 449.2 | $ | 100.8 | $ | 550.0 | $ | 421.7 | $ | 128.3 | ||||||||||||
Customer relationship lists | 20 years | 115.8 | 67.5 | 48.3 | 115.8 | 59.0 | 56.8 | ||||||||||||||||||
Computer software | 3 years | 355.9 | 316.6 | 39.3 | 324.7 | 290.1 | 34.6 | ||||||||||||||||||
Total intangible assets | $ | 1,021.7 | $ | 833.3 | $ | 188.4 | $ | 990.5 | $ | 770.8 | $ | 219.7 | |||||||||||||
Year | Amount | |||
2017 | $ | 56.2 | ||
2018 | 49.9 | |||
2019 | 37.6 | |||
2020 | 25.0 | |||
2021 | 5.8 | |||
Thereafter | 13.9 | |||
|
|||
Statutory Net Income (Loss) | Statutory Capital and Surplus | ||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | |||||||||||||||
Subsidiary Name (State of Domicile): | |||||||||||||||||||
Voya Insurance and Annuity Company ("VIAC") (IA) | $ | 232.4 | $ | 553.3 | $ | 335.6 | $ | 1,906.2 | $ | 2,074.8 | |||||||||
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) | 266.2 | 317.5 | 321.7 | 1,959.3 | 2,030.2 | ||||||||||||||
Security Life of Denver Insurance Company (CO) | 93.2 | (244.5 | ) | 141.6 | 897.1 | 858.3 | |||||||||||||
ReliaStar Life Insurance Company ("RLI") (MN) | (506.6 | ) | 74.2 | 103.9 | 1,662.0 | 1,609.2 | |||||||||||||
Dividends Permitted without Approval | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Subsidiary Name (State of domicile): | ||||||||||||
Voya Insurance and Annuity Company (IA) | $ | 278.9 | $ | 447.5 | $ | 394.1 | ||||||
Voya Retirement Insurance and Annuity Company (CT) | 265.9 | 364.1 | 321.8 | |||||||||
Security Life of Denver Insurance Company (CO) | 73.6 | 54.9 | 111.6 | |||||||||
ReliaStar Life Insurance Company (MN) | — | — | 194.2 | |||||||||
Dividends Paid | Extraordinary Distributions Paid | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Subsidiary Name (State of domicile): | |||||||||||||||
Voya Insurance and Annuity Company (IA) | $ | 373.0 | $ | 394.0 | $ | — | $ | 98.0 | |||||||
Voya Retirement Insurance and Annuity Company (CT) | 278.0 | 321.0 | — | — | |||||||||||
Security Life of Denver Insurance Company (CO) | 54.0 | 111.0 | — | 130.0 | |||||||||||
ReliaStar Life Insurance Company (MN) | — | 194.0 | 100.0 | 280.0 | |||||||||||
|
|||
Pension Plans | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligations, January 1 | $ | 2,054.0 | $ | 2,452.8 | $ | 28.0 | $ | 31.1 | |||||||
Service cost | 25.4 | 26.4 | — | — | |||||||||||
Interest cost | 96.1 | 104.0 | 1.1 | 1.0 | |||||||||||
Plan participants' contribution | — | — | 0.1 | 0.1 | |||||||||||
Net actuarial (gains) losses | 32.5 | (184.5 | ) | (1.6 | ) | (1.1 | ) | ||||||||
Benefits paid | (91.9 | ) | (90.9 | ) | (3.3 | ) | (3.1 | ) | |||||||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | — | (253.8 | ) | — | — | ||||||||||
Plan amendments | — | — | (3.4 | ) | — | ||||||||||
Benefit obligations, December 31 | 2,116.1 | 2,054.0 | 20.9 | 28.0 | |||||||||||
Change in plan assets: | |||||||||||||||
Fair value of plan net assets, January 1 | 1,394.6 | 1,657.7 | — | — | |||||||||||
Actual return on plan assets | 79.6 | (0.7 | ) | — | — | ||||||||||
Employer contributions | 80.4 | 82.3 | 3.2 | 3.0 | |||||||||||
Plan participants' contributions | — | — | 0.1 | 0.1 | |||||||||||
Benefits paid | (91.9 | ) | (90.9 | ) | (3.3 | ) | (3.1 | ) | |||||||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | — | (253.8 | ) | — | — | ||||||||||
Fair value of plan net assets, December 31 | 1,462.7 | 1,394.6 | — | — | |||||||||||
Unfunded status at end of year (1) | $ | (653.4 | ) | $ | (659.4 | ) | $ | (20.9 | ) | $ | (28.0 | ) | |||
Pension Plans | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||
Accrued benefit cost | $ | (653.4 | ) | $ | (659.4 | ) | $ | (20.9 | ) | $ | (28.0 | ) | |||
Net amount recognized | $ | (653.4 | ) | $ | (659.4 | ) | $ | (20.9 | ) | $ | (28.0 | ) | |||
Accumulated other comprehensive (income) loss: | |||||||||||||||
Prior service cost (credit) | $ | (21.4 | ) | $ | (31.8 | ) | $ | (18.4 | ) | $ | (18.2 | ) | |||
Tax effect | 7.5 | 11.1 | 6.4 | 6.4 | |||||||||||
Accumulated other comprehensive (income) loss, net of tax | $ | (13.9 | ) | $ | (20.7 | ) | $ | (12.0 | ) | $ | (11.8 | ) | |||
Pension Plans | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Projected benefit obligation | $ | 2,116.1 | $ | 2,054.0 | $ | 20.9 | $ | 28.0 | |||||||
Accumulated benefit obligation | 2,110.7 | 2,049.8 | N/A | N/A | |||||||||||
Fair value of plan assets | 1,462.7 | 1,394.6 | — | — | |||||||||||
▪ | Service Cost: Service cost represents the increase in the projected benefit obligation as a result of benefits payable to employees on service rendered during the current year. |
▪ | Interest Cost (on the Liability): Interest cost represents the increase in the amount of projected benefit obligation at the end of each year due to the time value adjustment. |
▪ | Expected Return on Plan Assets: Expected return on plan assets represents the anticipated return earned by the pension fund assets in a given year. |
▪ | Net Loss (Gain) Recognition: Actuarial gains and losses occur as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial losses (gains) on the qualified and nonqualified retirement plans as well as the other postretirement benefit plans. |
▪ | Amortization of Prior Service Cost: This cost represents the recognition of increases or decreases in Pension and other postretirement provisions on the Consolidated Balance Sheets as a result of changes in plans or initiation of new plans. The increases or decreases in obligation are recognized in AOCI at the time of the particular amendment. The costs are then amortized to Operating expenses in the Consolidated Statements of Operations over the expected service years of the covered employees. |
Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||||||||||||||||||||||
Service cost | $ | 25.4 | $ | 26.4 | $ | 26.8 | $ | — | $ | — | $ | — | |||||||||||
Interest cost | 96.1 | 104.0 | 96.2 | 1.1 | 1.0 | 1.5 | |||||||||||||||||
Expected return on plan assets | (104.0 | ) | (122.2 | ) | (114.3 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost (credit) | (10.4 | ) | (10.4 | ) | (10.4 | ) | (3.3 | ) | (3.3 | ) | (3.4 | ) | |||||||||||
Net (gain) loss recognition | 56.8 | (61.6 | ) | 376.4 | (1.6 | ) | (1.1 | ) | (3.7 | ) | |||||||||||||
Net periodic (benefit) costs | 63.9 | (63.8 | ) | 374.7 | (3.8 | ) | (3.4 | ) | (5.6 | ) | |||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||||||||||||||||||||||
Amortization of prior service (credit) cost | 10.4 | 10.4 | 10.4 | (0.2 | ) | 3.3 | 3.4 | ||||||||||||||||
Total recognized in AOCI | 10.4 | 10.4 | 10.4 | (0.2 | ) | 3.3 | 3.4 | ||||||||||||||||
Total recognized in net periodic (benefit) costs and AOCI | $ | 74.3 | $ | (53.4 | ) | $ | 385.1 | $ | (4.0 | ) | $ | (0.1 | ) | $ | (2.2 | ) | |||||||
(Gain)/Loss Recognized | 2016 | 2015 | 2014 | |||||||||
Discount Rate | $ | 69.5 | $ | (132.4 | ) | $ | 200.2 | |||||
Asset Returns | 24.4 | 122.9 | (42.4 | ) | ||||||||
Mortality Table Assumptions | (22.4 | ) | (32.3 | ) | 202.1 | |||||||
Demographic Data and other | (16.3 | ) | (20.9 | ) | 12.8 | |||||||
Total Net Actuarial (Gain)/Loss Recognized | $ | 55.2 | $ | (62.7 | ) | $ | 372.7 | |||||
Pension Plans | Other Postretirement Benefits | ||||||
Amortization of prior service cost (credit) | $ | (10.4 | ) | $ | (3.6 | ) | |
Pension Plans | Other Postretirement Benefits | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Discount rate | 4.55 | % | 4.81 | % | 4.55 | % | 4.81 | % | |||
Rate of compensation increase | 4.00 | % | 4.00 | % | N/A | N/A | |||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||
Discount rate | 4.81 | % | 4.36 | % | 4.95 | % | 4.81 | % | 4.36 | % | 4.95 | % | |||||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % | N/A | N/A | N/A | ||||||||
Expected rate of return on plan assets | 7.50 | % | 7.50 | % | 7.50 | % | N/A | N/A | N/A | ||||||||
One Percentage Point Increase | One Percentage Point Decrease | |||||||
Effect on the aggregate of service and interest cost components | $ | — | * | $ | — | * | ||
Effect on accumulated postretirement benefit obligation | 0.9 | (0.7 | ) | |||||
Actual Asset Allocation | |||||
2016 | 2015 | ||||
Equity securities: | |||||
Target allocation range | 37%-65% | 37%-65% | |||
Large-cap domestic | 23.7 | % | 24.2 | % | |
Small/Mid-cap domestic | 6.4 | % | 5.6 | % | |
International commingled funds | 11.6 | % | 11.4 | % | |
Limited Partnerships | 3.4 | % | 4.1 | % | |
Total equity securities | 45.1 | % | 45.3 | % | |
Fixed maturities: | |||||
Target allocation range | 30%-50% | 30%-50% | |||
U.S. Treasuries, short term investments, cash and futures | 6.3 | % | 7.2 | % | |
U.S. Government agencies and authorities | 4.2 | % | 4.8 | % | |
U.S. corporate, state and municipalities | 29.7 | % | 28.5 | % | |
Foreign securities | 4.3 | % | 3.6 | % | |
Commercial mortgage-backed securities | 0.1 | % | 0.1 | % | |
Total fixed maturities | 44.6 | % | 44.2 | % | |
Other investments: | |||||
Target allocation range | 6%-14% | 6%-14% | |||
Hedge funds | 4.8 | % | 5.1 | % | |
Real estate | 5.5 | % | 5.4 | % | |
Total other investments | 10.3 | % | 10.5 | % | |
Total | 100.0 | % | 100.0 | % | |
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
Fixed maturities, short-term investments and cash: | |||||||||||||||||||
Cash and cash equivalents | $ | 2.2 | $ | — | $ | — | $ | — | $ | 2.2 | |||||||||
Short-term investment fund(1) | — | — | — | 89.5 | 89.5 | ||||||||||||||
U.S. Government securities | 61.1 | — | — | — | 61.1 | ||||||||||||||
U.S. corporate, state and municipalities | — | 434.5 | — | — | 434.5 | ||||||||||||||
Foreign securities | — | 63.4 | — | — | 63.4 | ||||||||||||||
Commercial mortgage-backed securities | — | 1.2 | — | — | 1.2 | ||||||||||||||
Other asset-backed securities | — | 0.2 | — | — | 0.2 | ||||||||||||||
Total fixed maturities | 63.3 | 499.3 | — | 89.5 | 652.1 | ||||||||||||||
Equity securities: | |||||||||||||||||||
Large-cap domestic | 347.1 | — | — | — | 347.1 | ||||||||||||||
Small/Mid-cap domestic | 94.3 | — | — | — | 94.3 | ||||||||||||||
International commingled funds(2) | — | — | — | 169.6 | 169.6 | ||||||||||||||
Limited partnerships(3) | — | — | — | 49.4 | 49.4 | ||||||||||||||
Total equity securities | 441.4 | — | — | 219.0 | 660.4 | ||||||||||||||
Other investments: | |||||||||||||||||||
Real estate(4) | — | — | — | 80.9 | 80.9 | ||||||||||||||
Limited partnerships(5) | — | — | — | 69.6 | 69.6 | ||||||||||||||
Futures | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||
Total other investments | (0.3 | ) | — | — | 150.5 | 150.2 | |||||||||||||
Net, total pension assets | $ | 504.4 | $ | 499.3 | $ | — | $ | 459.0 | $ | 1,462.7 | |||||||||
(2) | International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $83.8 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $85.8 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. |
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
Fixed maturities, short term investments and cash: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | — | $ | — | $ | 1.4 | |||||||||
Short-term investment fund(1) | — | — | — | 98.3 | 98.3 | ||||||||||||||
U.S. Government securities | 66.2 | — | — | — | 66.2 | ||||||||||||||
U.S. corporate, state and municipalities | 1.0 | 396.3 | — | — | 397.3 | ||||||||||||||
Foreign securities | — | 50.3 | — | — | 50.3 | ||||||||||||||
Commercial mortgage-backed securities | — | 1.4 | — | — | 1.4 | ||||||||||||||
Other asset-backed securities | — | 0.3 | — | — | 0.3 | ||||||||||||||
Total fixed maturities | 68.6 | 448.3 | — | 98.3 | 615.2 | ||||||||||||||
Equity securities: | |||||||||||||||||||
Large-cap domestic | 337.5 | — | — | — | 337.5 | ||||||||||||||
Small/Mid-cap domestic | 77.8 | — | — | — | 77.8 | ||||||||||||||
International commingled funds(2) | — | — | — | 159.4 | 159.4 | ||||||||||||||
Limited partnerships(3) | — | — | — | 57.9 | 57.9 | ||||||||||||||
Total equity securities | 415.3 | — | — | 217.3 | 632.6 | ||||||||||||||
Other investments: | |||||||||||||||||||
Real estate(4) | — | — | — | 75.5 | 75.5 | ||||||||||||||
Limited partnerships(5) | — | — | — | 71.0 | 71.0 | ||||||||||||||
Futures | 0.3 | — | — | — | 0.3 | ||||||||||||||
Total other investments | 0.3 | — | — | 146.5 | 146.8 | ||||||||||||||
Net, total pension assets | $ | 484.2 | $ | 448.3 | $ | — | $ | 462.1 | $ | 1,394.6 | |||||||||
Pension Benefits | Other Postretirement Benefits Gross | ||||||
2017 | $ | 116.4 | $ | 2.0 | |||
2018 | 120.1 | 1.7 | |||||
2019 | 121.8 | 1.7 | |||||
2020 | 125.1 | 1.6 | |||||
2021 | 128.1 | 1.6 | |||||
2022-2026 | 661.4 | 6.7 | |||||
|
|||
December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Fixed maturities, net of OTTI | $ | 3,412.8 | $ | 2,122.7 | $ | 5,844.8 | |||||
Equity securities, available-for-sale | 32.4 | 31.3 | 29.8 | ||||||||
Derivatives | 257.8 | 259.1 | 229.4 | ||||||||
DAC/VOBA adjustment on available-for-sale securities | (1,082.5 | ) | (764.8 | ) | (1,840.7 | ) | |||||
Premium deficiency reserve | (53.7 | ) | — | — | |||||||
Sales inducements adjustment on available-for-sale securities | (168.8 | ) | (22.6 | ) | (75.1 | ) | |||||
Other | (30.8 | ) | (31.3 | ) | (31.4 | ) | |||||
Unrealized capital gains (losses), before tax | 2,367.2 | 1,594.4 | 4,156.8 | ||||||||
Deferred income tax asset (liability) | (371.4 | ) | (202.0 | ) | (1,094.5 | ) | |||||
Net unrealized capital gains (losses) | 1,995.8 | 1,392.4 | 3,062.3 | ||||||||
Pension and other postretirement benefits liability, net of tax | 25.9 | 32.5 | 41.4 | ||||||||
AOCI | $ | 2,021.7 | $ | 1,424.9 | $ | 3,103.7 | |||||
December 31, 2016 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 1,167.6 | $ | (307.5 | ) | (4) | $ | 860.1 | |||
Equity securities | 2.5 | (0.9 | ) | 1.6 | |||||||
Other | 0.5 | (0.2 | ) | 0.3 | |||||||
OTTI | 23.7 | (8.3 | ) | 15.4 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations | 97.4 | (34.1 | ) | 63.3 | |||||||
DAC/VOBA | (317.7 | ) | (1) | 111.2 | (206.5 | ) | |||||
Premium deficiency reserve | (53.7 | ) | 18.8 | (34.9 | ) | ||||||
Sales inducements | (146.2 | ) | 51.2 | (95.0 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 774.1 | (169.8 | ) | 604.3 | |||||||
Derivatives: | |||||||||||
Derivatives | 19.4 | (2) | (6.8 | ) | 12.6 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (20.7 | ) | 7.2 | (13.5 | ) | ||||||
Change in unrealized gains/losses on derivatives | (1.3 | ) | 0.4 | (0.9 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (10.2 | ) | (3) | 3.6 | (6.6 | ) | |||||
Change in pension and other postretirement benefits liability | (10.2 | ) | 3.6 | (6.6 | ) | ||||||
Change in Other comprehensive income (loss) | $ | 762.6 | $ | (165.8 | ) | $ | 596.8 | ||||
December 31, 2015 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | (3,863.0 | ) | $ | 1,347.7 | $ | (2,515.3 | ) | |||
Equity securities | 1.5 | (0.5 | ) | 1.0 | |||||||
Other | 0.1 | — | 0.1 | ||||||||
OTTI | 18.8 | (6.6 | ) | 12.2 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations | 122.1 | (42.7 | ) | 79.4 | |||||||
DAC/VOBA | 1,075.9 | (1) | (376.6 | ) | 699.3 | ||||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | 52.5 | (18.4 | ) | 34.1 | |||||||
Change in unrealized gains/losses on available-for-sale securities | (2,592.1 | ) | 902.9 | (1,689.2 | ) | ||||||
Derivatives: | |||||||||||
Derivatives | 44.3 | (2) | (15.5 | ) | 28.8 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (14.6 | ) | 5.1 | (9.5 | ) | ||||||
Change in unrealized gains/losses on derivatives | 29.7 | (10.4 | ) | 19.3 | |||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (13.7 | ) | (3) | 4.8 | (8.9 | ) | |||||
Change in pension and other postretirement benefits liability | (13.7 | ) | 4.8 | (8.9 | ) | ||||||
Change in Other comprehensive income (loss) | $ | (2,576.1 | ) | $ | 897.3 | $ | (1,678.8 | ) | |||
December 31, 2014 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 2,693.0 | $ | (946.8 | ) | $ | 1,746.2 | ||||
Equity securities | (17.2 | ) | 6.0 | (11.2 | ) | ||||||
Other | (3.7 | ) | 1.3 | (2.4 | ) | ||||||
OTTI | 40.0 | (14.0 | ) | 26.0 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations | (53.5 | ) | 18.7 | (34.8 | ) | ||||||
DAC/VOBA | (785.7 | ) | (1) | 275.0 | (510.7 | ) | |||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (17.0 | ) | 6.0 | (11.0 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 1,855.9 | (653.8 | ) | 1,202.1 | |||||||
Derivatives: | |||||||||||
Derivatives | 102.0 | (2) | (35.7 | ) | 66.3 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (7.4 | ) | 2.6 | (4.8 | ) | ||||||
Change in unrealized gains/losses on derivatives | 94.6 | (33.1 | ) | 61.5 | |||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (13.8 | ) | (3) | 4.8 | (9.0 | ) | |||||
Change in pension and other postretirement benefits liability | (13.8 | ) | 4.8 | (9.0 | ) | ||||||
Change in Other comprehensive income (loss) | $ | 1,936.7 | $ | (682.1 | ) | $ | 1,254.6 | ||||
|
|||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Current tax expense (benefit): | |||||||||||
Federal | $ | (173.8 | ) | $ | 75.5 | $ | 87.0 | ||||
State | (0.1 | ) | (11.2 | ) | 1.4 | ||||||
Total current tax expense (benefit) | (173.9 | ) | 64.3 | 88.4 | |||||||
Deferred tax expense (benefit): | |||||||||||
Federal | (41.7 | ) | (15.2 | ) | (1,808.9 | ) | |||||
State | 0.9 | (3.2 | ) | (11.0 | ) | ||||||
Total deferred tax expense (benefit) | (40.8 | ) | (18.4 | ) | (1,819.9 | ) | |||||
Total income tax expense (benefit) | $ | (214.7 | ) | $ | 45.9 | $ | (1,731.5 | ) | |||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Income (loss) before income taxes | $ | (613.4 | ) | $ | 584.5 | $ | 801.2 | ||||
Tax Rate | 35.0 | % | 35.0 | % | 35.0 | % | |||||
Income tax expense (benefit) at federal statutory rate | (214.7 | ) | 204.5 | 280.4 | |||||||
Tax effect of: | |||||||||||
Valuation allowance | 101.6 | (13.7 | ) | (1,834.9 | ) | ||||||
Dividend received deduction | (105.3 | ) | (109.3 | ) | (99.0 | ) | |||||
Audit settlement | (0.1 | ) | (0.1 | ) | (1.7 | ) | |||||
State tax expense (benefit) | (15.9 | ) | 2.3 | 2.0 | |||||||
Noncontrolling interest | (10.2 | ) | (45.6 | ) | (83.2 | ) | |||||
Tax credits | 9.8 | 6.7 | 1.8 | ||||||||
Nondeductible expenses | 2.3 | 3.1 | 1.2 | ||||||||
Expirations of federal tax capital loss carryforward | 17.1 | — | — | ||||||||
Other | 0.7 | (2.0 | ) | 1.9 | |||||||
Income tax expense (benefit) | $ | (214.7 | ) | $ | 45.9 | $ | (1,731.5 | ) | |||
Effective tax rate | 35.0 | % | 7.9 | % | (216.1 | )% | |||||
December 31, | |||||||
2016 | 2015 | ||||||
Deferred tax assets | |||||||
Federal and state loss carryforwards | $ | 1,524.4 | $ | 1,118.8 | |||
Investments | 2,613.0 | 2,684.3 | |||||
Compensation and benefits | 548.0 | 490.2 | |||||
Insurance reserves | 673.9 | 942.6 | |||||
Other assets | 402.4 | 450.8 | |||||
Total gross assets before valuation allowance | 5,761.7 | 5,686.7 | |||||
Less: Valuation allowance | 963.9 | 963.1 | |||||
Assets, net of valuation allowance | 4,797.8 | 4,723.6 | |||||
Deferred tax liabilities | |||||||
Net unrealized investment gains | (1,218.9 | ) | (833.6 | ) | |||
Deferred policy acquisition costs | (1,454.6 | ) | (1,633.7 | ) | |||
Other liabilities | (34.5 | ) | (41.5 | ) | |||
Total gross liabilities | (2,708.0 | ) | (2,508.8 | ) | |||
Net deferred income tax asset (liability) | $ | 2,089.8 | $ | 2,214.8 | |||
December 31, | |||||||
2016 | 2015 | ||||||
Federal net operating loss carryforward | $ | 4,111.5 | (1) | $ | 3,022.2 | ||
State net operating loss carryforward | 2,208.6 | (2) | 2,229.3 | ||||
Federal tax capital loss carryforward | 58.4 | (3) | — | ||||
Credit carryforward | 267.7 | (4) | 265.8 | ||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance at beginning of period | $ | 45.2 | $ | 62.4 | $ | 60.9 | |||||
Additions for tax positions related to current year | 3.2 | 3.4 | 4.7 | ||||||||
Additions for tax positions related to prior years | — | — | 4.9 | ||||||||
Reductions for tax positions related to prior years | (6.5 | ) | (18.1 | ) | (6.1 | ) | |||||
Reductions for settlements with taxing authorities | (1.3 | ) | (2.2 | ) | (0.2 | ) | |||||
Reductions for expiring statutes | (4.2 | ) | (0.3 | ) | (1.8 | ) | |||||
Balance at end of period | $ | 36.4 | $ | 45.2 | $ | 62.4 | |||||
|
|||
Maturity | 2016 | 2015 | |||||||
7.25% Voya Holdings Inc. debentures, due 2023(1) | 08/15/2023 | $ | 142.9 | $ | 159.4 | ||||
7.63% Voya Holdings Inc. debentures, due 2026(1) | 08/15/2026 | 185.8 | 201.8 | ||||||
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 04/01/2027 | 13.6 | 13.7 | ||||||
6.97% Voya Holdings Inc. debentures, due 2036(1) | 08/15/2036 | 93.7 | 108.6 | ||||||
1.00% Windsor Property Loan | 06/14/2027 | 4.9 | 4.9 | ||||||
5.5% Senior Notes, due 2022 | 07/15/2022 | 360.7 | 843.8 | ||||||
2.9% Senior Notes, due 2018 | 02/15/2018 | 825.0 | 995.7 | ||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 05/15/2053 | 738.2 | 737.8 | ||||||
5.7% Senior Notes, due 2043 | 07/15/2043 | 394.3 | 394.1 | ||||||
3.65% Senior Notes, due 2026 | 06/15/2026 | 494.2 | — | ||||||
4.8% Senior Notes, due 2046 | 06/15/2046 | 296.2 | — | ||||||
Subtotal | 3,549.5 | 3,459.8 | |||||||
Less: Current portion of long-term debt | — | — | |||||||
Total | $ | 3,549.5 | $ | 3,459.8 | |||||
2017 | $ | — | |
2018 | 827.0 | ||
2019 | — | ||
2020 | — | ||
2021 | — | ||
Thereafter | 2,757.5 | ||
Total | $ | 3,584.5 | |
Secured/ Unsecured | Committed/ Uncommitted | Expiration | Capacity | Utilization | Unused Commitment | ||||||||||||
Obligor / Applicant | |||||||||||||||||
Voya Financial, Inc. | Unsecured | Committed | 05/06/2021 | $ | 2,250.0 | $ | 297.2 | $ | 1,952.8 | ||||||||
Security Life of Denver International Limited | Unsecured | Committed | 01/24/2018 | 175.0 | 164.0 | 11.0 | |||||||||||
Voya Financial, Inc./ Langhorne I, LLC | Unsecured | Committed | 01/15/2019 | 500.0 | — | 500.0 | |||||||||||
Security Life of Denver International Limited | Unsecured | Committed | 10/29/2023 | 300.0 | 233.6 | 66.4 | |||||||||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/31/2025 | 475.0 | 475.0 | — | |||||||||||
Voya Financial, Inc. | Secured | Committed | 02/11/2018 | 195.0 | 195.0 | — | |||||||||||
Voya Financial, Inc. | Unsecured | Uncommitted | Various | 0.5 | 0.5 | — | |||||||||||
Voya Financial, Inc. | Secured | Uncommitted | Various | 10.0 | 0.7 | — | |||||||||||
Voya Financial, Inc. / Roaring River LLC | Unsecured | Committed | 10/01/2025 | 425.0 | 281.4 | 143.6 | |||||||||||
Voya Financial, Inc. / Roaring River IV, LLC | Unsecured | Committed | 12/31/2028 | 565.0 | 295.7 | 269.3 | |||||||||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured | Uncommitted | 12/12/2017 | 300.0 | 300.0 | — | |||||||||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/15/2017 | 600.0 | 600.0 | — | |||||||||||
Voya Financial, Inc. | Unsecured | Committed | 12/09/2021 | 195.0 | 195.0 | — | |||||||||||
Total | $ | 5,990.5 | $ | 3,038.1 | $ | 2,943.1 | |||||||||||
Secured facilities | $ | 205.0 | $ | 195.7 | $ | — | |||||||||||
Unsecured and uncommitted | 300.5 | 300.5 | — | ||||||||||||||
Unsecured and committed | 5,485.0 | 2,541.9 | 2,943.1 | ||||||||||||||
Total | $ | 5,990.5 | $ | 3,038.1 | $ | 2,943.1 | |||||||||||
|
|||
2017 | $ | 33.7 | |
2018 | 23.6 | ||
2019 | 20.0 | ||
2020 | 17.5 | ||
2021 | 16.9 | ||
Thereafter | 46.2 | ||
Total minimum lease payments | $ | 157.9 | |
2016 | 2015 | ||||||
Fixed maturity collateral pledged to FHLB(1) | $ | 405.5 | $ | 1,528.5 | |||
FHLB restricted stock(2) | 32.7 | 73.3 | |||||
Other fixed maturities-state deposits | 207.9 | 210.3 | |||||
Securities pledged(3) | 2,157.1 | 1,112.6 | |||||
Total restricted assets | $ | 2,803.2 | $ | 2,924.7 | |||
|
|||
December 31, 2016 | December 31, 2015 | ||||||
Assets of Consolidated Investment Entities | |||||||
VIEs(1) | |||||||
Cash and cash equivalents | $ | 133.0 | $ | 246.4 | |||
Corporate loans, at fair value using the fair value option | 1,920.3 | 6,882.5 | |||||
Limited partnerships/corporations, at fair value | 1,770.3 | — | |||||
Other assets | 31.9 | 115.3 | |||||
Total VIE assets | 3,855.5 | 7,244.2 | |||||
VOEs(1) | |||||||
Cash and cash equivalents | 0.2 | 221.2 | |||||
Corporate loans, at fair value using the fair value option | 32.2 | — | |||||
Limited partnerships/corporations, at fair value | 166.0 | 4,973.7 | |||||
Other assets | 2.1 | 39.0 | |||||
Total VOE assets | 200.5 | 5,233.9 | |||||
Total assets of consolidated investment entities | $ | 4,056.0 | $ | 12,478.1 | |||
Liabilities of Consolidated Investment Entities | |||||||
VIEs(1) | |||||||
CLO notes, at fair value using the fair value option | $ | 1,967.2 | $ | 6,956.2 | |||
Other liabilities | 521.1 | 240.8 | |||||
Total VIE liabilities | 2,488.3 | 7,197.0 | |||||
VOEs(1) | |||||||
Other liabilities | 6.7 | 1,710.8 | |||||
Total VOE liabilities | 6.7 | 1,710.8 | |||||
Total liabilities of consolidated investment entities | $ | 2,495.0 | $ | 8,907.8 | |||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||
Total investments and cash | $ | 96,136.5 | $ | — | $ | — | $ | (17.3 | ) | $ | (570.1 | ) | $ | 95,549.1 | |||||||||
Other assets | 17,511.9 | — | — | — | (0.6 | ) | 17,511.3 | ||||||||||||||||
Assets held in consolidated investment entities | — | 2,054.1 | 2,002.1 | — | (0.2 | ) | 4,056.0 | ||||||||||||||||
Assets held in separate accounts | 97,118.7 | — | — | — | — | 97,118.7 | |||||||||||||||||
Total assets | $ | 210,767.1 | $ | 2,054.1 | $ | 2,002.1 | $ | (17.3 | ) | $ | (570.9 | ) | $ | 214,235.1 | |||||||||
Future policy benefits and contract owner account balances | $ | 92,053.4 | $ | — | $ | — | $ | — | $ | — | $ | 92,053.4 | |||||||||||
Other liabilities | 8,601.1 | — | — | — | (0.2 | ) | 8,600.9 | ||||||||||||||||
Liabilities held in consolidated investment entities | — | 2,054.1 | 458.8 | (17.3 | ) | (0.6 | ) | 2,495.0 | |||||||||||||||
Liabilities related to separate accounts | 97,118.7 | — | — | — | — | 97,118.7 | |||||||||||||||||
Total liabilities | 197,773.2 | 2,054.1 | 458.8 | (17.3 | ) | (0.8 | ) | 200,268.0 | |||||||||||||||
Equity attributable to common shareholders | 12,993.9 | — | 1,543.3 | — | (1,543.3 | ) | 12,993.9 | ||||||||||||||||
Retained earnings appropriated for investors in consolidated investment entities | — | — | — | — | — | — | |||||||||||||||||
Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 973.2 | 973.2 | |||||||||||||||||
Total liabilities and equity | $ | 210,767.1 | $ | 2,054.1 | $ | 2,002.1 | $ | (17.3 | ) | $ | (570.9 | ) | $ | 214,235.1 | |||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Total investments and cash | $ | 91,727.4 | $ | — | $ | — | $ | (38.2 | ) | $ | (684.6 | ) | $ | 91,004.6 | |||||||||
Other assets | 18,226.0 | — | — | — | — | 18,226.0 | |||||||||||||||||
Assets held in consolidated investment entities | — | 7,244.2 | 5,235.4 | — | (1.5 | ) | 12,478.1 | ||||||||||||||||
Assets held in separate accounts | 96,514.8 | — | — | — | — | 96,514.8 | |||||||||||||||||
Total assets | $ | 206,468.2 | $ | 7,244.2 | $ | 5,235.4 | $ | (38.2 | ) | $ | (686.1 | ) | $ | 218,223.5 | |||||||||
Future policy benefits and contract owner account balances | $ | 88,172.1 | $ | — | $ | — | $ | — | $ | — | $ | 88,172.1 | |||||||||||
Other liabilities | 8,354.5 | — | — | — | (1.5 | ) | 8,353.0 | ||||||||||||||||
Liabilities held in consolidated investment entities | — | 7,235.2 | 1,710.8 | (38.2 | ) | — | 8,907.8 | ||||||||||||||||
Liabilities related to separate accounts | 96,514.8 | — | — | — | — | 96,514.8 | |||||||||||||||||
Total liabilities | 193,041.4 | 7,235.2 | 1,710.8 | (38.2 | ) | (1.5 | ) | 201,947.7 | |||||||||||||||
Equity attributable to common shareholders | 13,426.8 | — | 3,524.6 | — | (3,524.6 | ) | 13,426.8 | ||||||||||||||||
Retained earnings appropriated for investors in consolidated investment entities | — | 9.0 | — | — | — | 9.0 | |||||||||||||||||
Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 2,840.0 | 2,840.0 | |||||||||||||||||
Total liabilities and equity | $ | 206,468.2 | $ | 7,244.2 | $ | 5,235.4 | $ | (38.2 | ) | $ | (686.1 | ) | $ | 218,223.5 | |||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net investment income | $ | 4,625.7 | $ | — | $ | — | $ | (6.6 | ) | $ | 1.7 | $ | 4,620.8 | ||||||||||
Fee income | 3,408.9 | — | — | (17.6 | ) | (31.5 | ) | 3,359.8 | |||||||||||||||
Premiums | 3,514.6 | — | — | — | — | 3,514.6 | |||||||||||||||||
Net realized capital losses | (1,263.1 | ) | — | — | — | — | (1,263.1 | ) | |||||||||||||||
Other income | 361.1 | — | — | — | — | 361.1 | |||||||||||||||||
Income related to consolidated investment entities | (0.1 | ) | 117.6 | 71.5 | — | — | 189.0 | ||||||||||||||||
Total revenues | 10,647.1 | 117.6 | 71.5 | (24.2 | ) | (29.8 | ) | 10,782.2 | |||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 7,513.5 | — | — | — | — | 7,513.5 | |||||||||||||||||
Other expense | 3,776.3 | — | — | — | — | 3,776.3 | |||||||||||||||||
Operating expenses related to consolidated investment entities | — | 117.6 | 43.9 | (24.2 | ) | (31.5 | ) | 105.8 | |||||||||||||||
Total benefits and expenses | 11,289.8 | 117.6 | 43.9 | (24.2 | ) | (31.5 | ) | 11,395.6 | |||||||||||||||
Income (loss) before income taxes | (642.7 | ) | — | 27.6 | — | 1.7 | (613.4 | ) | |||||||||||||||
Income tax expense (benefit) | (214.7 | ) | — | — | — | — | (214.7 | ) | |||||||||||||||
Net income (loss) | (428.0 | ) | — | 27.6 | — | 1.7 | (398.7 | ) | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | — | — | 29.3 | 29.3 | |||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | — | $ | 27.6 | $ | — | $ | (27.6 | ) | $ | (428.0 | ) | ||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net investment income | $ | 4,567.9 | $ | — | $ | — | $ | 2.4 | $ | (32.1 | ) | $ | 4,538.2 | ||||||||||
Fee income | 3,555.3 | — | — | (36.0 | ) | (38.2 | ) | 3,481.1 | |||||||||||||||
Premiums | 3,024.5 | — | — | — | — | 3,024.5 | |||||||||||||||||
Net realized capital losses | (733.3 | ) | — | — | — | — | (733.3 | ) | |||||||||||||||
Other income | 413.1 | — | — | (5.5 | ) | (0.7 | ) | 406.9 | |||||||||||||||
Income related to consolidated investment entities | — | 311.9 | 227.8 | (15.5 | ) | — | 524.2 | ||||||||||||||||
Total revenues | 10,827.5 | 311.9 | 227.8 | (54.6 | ) | (71.0 | ) | 11,241.6 | |||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 6,510.0 | — | — | — | — | 6,510.0 | |||||||||||||||||
Other expense | 3,863.3 | — | — | — | — | 3,863.3 | |||||||||||||||||
Operating expenses related to consolidated investment entities | — | 323.3 | 54.1 | (54.6 | ) | (39.0 | ) | 283.8 | |||||||||||||||
Total benefits and expenses | 10,373.3 | 323.3 | 54.1 | (54.6 | ) | (39.0 | ) | 10,657.1 | |||||||||||||||
Income (loss) before income taxes | 454.2 | (11.4 | ) | 173.7 | — | (32.0 | ) | 584.5 | |||||||||||||||
Income tax expense (benefit) | 45.9 | — | — | — | — | 45.9 | |||||||||||||||||
Net income (loss) | 408.3 | (11.4 | ) | 173.7 | — | (32.0 | ) | 538.6 | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | (11.4 | ) | — | — | 141.7 | 130.3 | ||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 408.3 | $ | — | $ | 173.7 | $ | — | $ | (173.7 | ) | $ | 408.3 | ||||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net investment income | $ | 4,631.9 | $ | — | $ | — | $ | (3.0 | ) | $ | (113.6 | ) | $ | 4,515.3 | |||||||||
Fee income | 3,711.0 | — | — | (30.2 | ) | (48.3 | ) | 3,632.5 | |||||||||||||||
Premiums | 2,626.4 | — | — | — | — | 2,626.4 | |||||||||||||||||
Net realized capital losses | (878.4 | ) | — | — | — | — | (878.4 | ) | |||||||||||||||
Other income | 441.7 | — | — | (7.5 | ) | (1.4 | ) | 432.8 | |||||||||||||||
Income related to consolidated investment entities | — | 257.3 | 410.3 | (8.8 | ) | — | 658.8 | ||||||||||||||||
Total revenues | 10,532.6 | 257.3 | 410.3 | (49.5 | ) | (163.3 | ) | 10,987.4 | |||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 5,937.9 | — | — | — | — | 5,937.9 | |||||||||||||||||
Other expense | 4,031.2 | — | — | — | — | 4,031.2 | |||||||||||||||||
Operating expenses related to consolidated investment entities | — | 255.3 | 61.0 | (49.5 | ) | (49.7 | ) | 217.1 | |||||||||||||||
Total benefits and expenses | 9,969.1 | 255.3 | 61.0 | (49.5 | ) | (49.7 | ) | 10,186.2 | |||||||||||||||
Income (loss) before income taxes | 563.5 | 2.0 | 349.3 | — | (113.6 | ) | 801.2 | ||||||||||||||||
Income tax expense (benefit) | (1,731.5 | ) | — | — | — | — | (1,731.5 | ) | |||||||||||||||
Net income (loss) | 2,295.0 | 2.0 | 349.3 | — | (113.6 | ) | 2,532.7 | ||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | 2.0 | — | — | 235.7 | 237.7 | |||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 2,295.0 | $ | — | $ | 349.3 | $ | — | $ | (349.3 | ) | $ | 2,295.0 | ||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | ||||||
December 31, 2015 | ||||||||
Assets: | ||||||||
CLO Investments | $ | 18.3 | Discounted Cash Flow | Default Rate | ||||
Recovery Rate | ||||||||
Prepayment Rate | ||||||||
Discount Margin | ||||||||
Liabilities: | ||||||||
CLO Notes | $ | 6,956.2 | Discounted Cash Flow | Default Rate | ||||
Recovery Rate | ||||||||
Prepayment Rate | ||||||||
Discount Margin | ||||||||
• | Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes. |
• | Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes. |
• | Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase. |
• | Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes and would decrease (increase) the value of the CLO investments and CLO notes. |
• | Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date; |
• | Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and |
• | Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value. |
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
VIEs | |||||||||||||||||||
Cash and cash equivalents | $ | 133.0 | $ | — | $ | — | $ | — | $ | 133.0 | |||||||||
Corporate loans, at fair value using the fair value option | — | 1,905.7 | 14.6 | — | 1,920.3 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 1,770.3 | 1,770.3 | ||||||||||||||
VOEs | |||||||||||||||||||
Cash and cash equivalents | 0.2 | — | — | — | 0.2 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | 32.2 | — | — | 32.2 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | 107.0 | — | 59.0 | 166.0 | ||||||||||||||
Total assets, at fair value | $ | 133.2 | $ | 2,044.9 | $ | 14.6 | $ | 1,829.3 | $ | 4,022.0 | |||||||||
Liabilities | |||||||||||||||||||
VIEs | |||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | 1,967.2 | $ | — | $ | — | $ | 1,967.2 | |||||||||
Total liabilities, at fair value | $ | — | $ | 1,967.2 | $ | — | $ | — | $ | 1,967.2 | |||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
VIEs | |||||||||||||||||||
Cash and cash equivalents | $ | 246.4 | $ | — | $ | — | $ | — | $ | 246.4 | |||||||||
Corporate loans, at fair value using the fair value option | — | 6,864.2 | 18.3 | — | 6,882.5 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | — | — | ||||||||||||||
VOEs | |||||||||||||||||||
Cash and cash equivalents | 221.2 | — | — | — | 221.2 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | — | — | — | ||||||||||||||
Limited partnerships/corporations, at fair value | — | 2,092.6 | 39.7 | 2,841.4 | 4,973.7 | ||||||||||||||
Total assets, at fair value | $ | 467.6 | $ | 8,956.8 | $ | 58.0 | $ | 2,841.4 | $ | 12,323.8 | |||||||||
Liabilities | |||||||||||||||||||
VIEs | |||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 6,956.2 | $ | — | $ | 6,956.2 | |||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 6,956.2 | $ | — | $ | 6,956.2 | |||||||||
Fair Value as of January 1 | Gains (Losses) Included in the Consolidated Statement of Operations | Purchases | Sales | Transfer into Level 3 | Transfer out of Level 3 | Fair Value as of December 31 | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
VIEs: | |||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | $ | 19.2 | $ | (0.2 | ) | $ | — | $ | (0.7 | ) | $ | — | $ | — | $ | 18.3 | |||||||||||
VOEs: | |||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | 17.1 | (2.8 | ) | 28.5 | (3.1 | ) | — | — | 39.7 | ||||||||||||||||||
Total assets, at fair value | $ | 36.3 | $ | (3.0 | ) | $ | 28.5 | $ | (3.8 | ) | $ | — | $ | — | $ | 58.0 | |||||||||||
Liabilities | |||||||||||||||||||||||||||
VIEs: | |||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | 6,838.1 | $ | (255.9 | ) | $ | 1,173.0 | $ | (799.0 | ) | $ | — | $ | — | $ | 6,956.2 | |||||||||||
Total liabilities, at fair value | $ | 6,838.1 | $ | (255.9 | ) | $ | 1,173.0 | $ | (799.0 | ) | $ | — | $ | — | $ | 6,956.2 | |||||||||||
Variable Interests on the Consolidated Balance Sheet | |||||||||||||||
December 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Amount | Maximum exposure to loss | Carrying Amount | Maximum exposure to loss | ||||||||||||
Fixed maturities, available for sale | $ | 110.4 | $ | 110.4 | $ | — | $ | — | |||||||
Limited partnership/corporations | 758.6 | 758.6 | 1.4 | 1.4 | |||||||||||
|
|||
Year Ended December 31, | |||
2016 | |||
Severance benefits | $ | 25.5 | |
Other costs | 8.3 | ||
Total restructuring expense | $ | 33.8 | |
2016 | |||||||||||
Severance Benefits | Other Costs | Total | |||||||||
Accrued liability as of January 1, 2016 | $ | — | $ | — | $ | — | |||||
Charged to expense | 25.5 | 8.3 | 33.8 | ||||||||
Payments | (4.0 | ) | (6.4 | ) | (10.4 | ) | |||||
Accrued liability as of December 31, 2016 | $ | 21.5 | $ | 1.9 | (1) | $ | 23.4 | ||||
|
|||
• | Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, 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 FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; |
• | Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in the Company's nonperformance spread; |
• | Income (loss) related to businesses exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Operating earnings before income taxes with how the Company manages its segments; |
• | Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than the Company, in consolidated entities. Income (loss) attributable to noncontrolling interest represents such shareholders' interests in the gains and (losses) of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; |
• | Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where the Company repurchases outstanding principal amounts of debt; these losses are excluded from Operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations; |
• | Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; |
• | Immediate recognition of net actuarial gains (losses) related to the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and |
• | Other items not indicative of normal operations or performance of the Company's segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with the 2016 Restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, the Company adjusts for these items as management believes that these items distort the ability to make a meaningful evaluation of the current and future performance of the Company's segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of the Company's operating businesses. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Retirement | $ | 449.8 | $ | 470.6 | $ | 517.8 | |||||
Investment Management | 170.8 | 181.9 | 210.3 | ||||||||
Annuities | 321.2 | 243.0 | 262.0 | ||||||||
Individual Life | 58.6 | 172.7 | 237.3 | ||||||||
Employee Benefits | 126.3 | 146.1 | 148.9 | ||||||||
Corporate | (349.4 | ) | (236.8 | ) | (145.7 | ) | |||||
Total operating earnings before income taxes | 777.3 | 977.5 | 1,230.6 | ||||||||
Adjustments: | |||||||||||
Closed Block Variable Annuity | (955.0 | ) | (173.3 | ) | (239.2 | ) | |||||
Net investment gains (losses) and related charges and adjustments | (140.9 | ) | (83.3 | ) | 215.1 | ||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | (81.7 | ) | (93.9 | ) | (12.8 | ) | |||||
Income (loss) related to businesses exited through reinsurance or divestment | (13.5 | ) | (169.3 | ) | (157.3 | ) | |||||
Income (loss) attributable to noncontrolling interest | 29.3 | 130.3 | 237.7 | ||||||||
Loss related to early extinguishment of debt | (104.2 | ) | (10.1 | ) | — | ||||||
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments | (55.2 | ) | 62.7 | (372.7 | ) | ||||||
Other adjustments to operating earnings | (69.5 | ) | (56.1 | ) | (100.2 | ) | |||||
Income (loss) before income taxes | $ | (613.4 | ) | $ | 584.5 | $ | 801.2 | ||||
• | Net investment gains (losses) and related charges and adjustments, 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 FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue; |
• | Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in the Company's nonperformance spread; |
• | Revenues related to businesses exited through reinsurance or divestment, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Operating revenues with how the Company manages its segments; |
• | Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than the Company, in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; and |
• | Other adjustments to Operating revenues primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Retirement | $ | 3,257.0 | $ | 2,994.1 | $ | 2,427.4 | |||||
Investment Management | 626.7 | 622.2 | 655.4 | ||||||||
Annuities | 1,253.7 | 1,262.6 | 1,353.4 | ||||||||
Individual Life | 2,527.5 | 2,616.7 | 2,717.8 | ||||||||
Employee Benefits | 1,616.4 | 1,507.2 | 1,373.0 | ||||||||
Corporate | 108.1 | 136.4 | 194.0 | ||||||||
Total operating revenues | 9,389.4 | 9,139.2 | 8,721.0 | ||||||||
Adjustments: | |||||||||||
Closed Block Variable Annuity | 1,296.2 | 1,584.5 | 1,262.0 | ||||||||
Net realized investment gains (losses) and related charges and adjustments | (165.1 | ) | (149.8 | ) | 216.7 | ||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | (81.8 | ) | 72.0 | (30.5 | ) | ||||||
Revenues related to businesses exited through reinsurance or divestment | 95.9 | 25.6 | 149.3 | ||||||||
Revenues attributable to noncontrolling interest | 133.1 | 414.1 | 455.0 | ||||||||
Other adjustments to operating revenues | 114.5 | 156.0 | 213.9 | ||||||||
Total revenues | $ | 10,782.2 | $ | 11,241.6 | $ | 10,987.4 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Investment management intersegment revenues | $ | 166.1 | $ | 158.2 | $ | 157.3 | |||||
December 31, 2016 | December 31, 2015 | ||||||
Retirement | $ | 101,047.9 | $ | 93,771.5 | |||
Investment Management | 512.9 | 556.8 | |||||
Annuities | 25,793.4 | 25,055.7 | |||||
Individual Life | 26,850.7 | 26,068.9 | |||||
Employee Benefits | 2,548.8 | 2,554.8 | |||||
Closed Block Variable Annuity | 43,141.0 | 44,322.9 | |||||
Corporate | 10,872.5 | 14,137.6 | |||||
Total assets, before consolidation(1) | 210,767.2 | 206,468.2 | |||||
Consolidation of investment entities | 3,467.9 | 11,755.3 | |||||
Total assets | $ | 214,235.1 | $ | 218,223.5 | |||
|
|||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 69,483.9 | $ | (15.2 | ) | $ | 69,468.7 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,712.3 | — | 3,712.3 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 93.1 | — | 181.1 | — | 274.2 | ||||||||||||||
Short-term investments | 212.0 | — | 609.0 | — | 821.0 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 11,725.2 | — | 11,725.2 | ||||||||||||||
Policy loans | — | — | 1,961.5 | — | 1,961.5 | ||||||||||||||
Limited partnerships/corporations | — | — | 758.6 | — | 758.6 | ||||||||||||||
Derivatives | 56.1 | — | 1,768.5 | (112.2 | ) | 1,712.4 | |||||||||||||
Investments in subsidiaries | 14,742.6 | 10,798.2 | — | (25,540.8 | ) | — | |||||||||||||
Other investments | — | 0.5 | 46.9 | — | 47.4 | ||||||||||||||
Securities pledged | — | — | 2,157.1 | — | 2,157.1 | ||||||||||||||
Total investments | 15,103.8 | 10,798.7 | 92,404.1 | (25,668.2 | ) | 92,638.4 | |||||||||||||
Cash and cash equivalents | 257.2 | 2.3 | 2,651.2 | — | 2,910.7 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.7 | — | 777.7 | — | 788.4 | ||||||||||||||
Accrued investment income | — | — | 891.2 | — | 891.2 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,318.0 | — | 7,318.0 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 4,887.5 | — | 4,887.5 | ||||||||||||||
Sales inducements to contract holders | — | — | 242.8 | — | 242.8 | ||||||||||||||
Current income taxes | 31.4 | 8.5 | 124.7 | — | 164.6 | ||||||||||||||
Deferred income taxes | 526.7 | 37.3 | 1,525.8 | — | 2,089.8 | ||||||||||||||
Goodwill and other intangible assets | — | — | 219.5 | — | 219.5 | ||||||||||||||
Loans to subsidiaries and affiliates | 278.0 | — | 10.5 | (288.5 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 2.8 | 0.5 | 2.0 | (5.3 | ) | — | |||||||||||||
Other assets | 21.0 | — | 888.5 | — | 909.5 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 1,936.3 | — | 1,936.3 | ||||||||||||||
Cash and cash equivalents | — | — | 133.2 | — | 133.2 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 1,952.5 | — | 1,952.5 | ||||||||||||||
Other assets | — | — | 34.0 | — | 34.0 | ||||||||||||||
Assets held in separate accounts | — | — | 97,118.7 | — | 97,118.7 | ||||||||||||||
Total assets | $ | 16,231.6 | $ | 10,847.3 | $ | 213,118.2 | $ | (25,962.0 | ) | $ | 214,235.1 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 21,447.2 | $ | — | $ | 21,447.2 | |||||||||
Contract owner account balances | — | — | 70,606.2 | — | 70,606.2 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,841.3 | — | 1,841.3 | ||||||||||||||
Short-term debt with affiliates | 10.5 | 211.2 | 66.8 | (288.5 | ) | — | |||||||||||||
Long-term debt | 3,108.6 | 437.5 | 18.6 | (15.2 | ) | 3,549.5 | |||||||||||||
Funds held under reinsurance agreements | — | — | 729.1 | — | 729.1 | ||||||||||||||
Derivatives | 56.1 | — | 526.8 | (112.2 | ) | 470.7 | |||||||||||||
Pension and other postretirement provisions | — | — | 674.3 | — | 674.3 | ||||||||||||||
Due to subsidiaries and affiliates | 0.1 | — | 3.1 | (3.2 | ) | — | |||||||||||||
Other liabilities | 62.4 | 12.8 | 1,262.9 | (2.1 | ) | 1,336.0 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 1,967.2 | — | 1,967.2 | ||||||||||||||
Other liabilities | — | — | 527.8 | — | 527.8 | ||||||||||||||
Liabilities related to separate accounts | — | — | 97,118.7 | — | 97,118.7 | ||||||||||||||
Total liabilities | 3,237.7 | 661.5 | 196,790.0 | (421.2 | ) | 200,268.0 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 12,993.9 | 10,185.8 | 15,355.0 | (25,540.8 | ) | 12,993.9 | |||||||||||||
Noncontrolling interest | — | — | 973.2 | — | 973.2 | ||||||||||||||
Total shareholders' equity | 12,993.9 | 10,185.8 | 16,328.2 | (25,540.8 | ) | 13,967.1 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,231.6 | $ | 10,847.3 | $ | 213,118.2 | $ | (25,962.0 | ) | $ | 214,235.1 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 67,748.7 | $ | (15.3 | ) | $ | 67,733.4 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,226.6 | — | 3,226.6 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 83.7 | — | 248.0 | — | 331.7 | ||||||||||||||
Short-term investments | 212.0 | — | 1,284.7 | — | 1,496.7 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 10,447.5 | — | 10,447.5 | ||||||||||||||
Policy loans | — | — | 2,002.7 | — | 2,002.7 | ||||||||||||||
Limited partnerships/corporations | — | — | 510.6 | — | 510.6 | ||||||||||||||
Derivatives | 67.2 | — | 1,605.7 | (134.4 | ) | 1,538.5 | |||||||||||||
Investments in subsidiaries | 15,110.5 | 11,092.2 | — | (26,202.7 | ) | — | |||||||||||||
Other investments | — | 0.5 | 91.1 | — | 91.6 | ||||||||||||||
Securities pledged | — | — | 1,112.6 | — | 1,112.6 | ||||||||||||||
Total investments | 15,473.4 | 11,092.7 | 88,278.2 | (26,352.4 | ) | 88,491.9 | |||||||||||||
Cash and cash equivalents | 378.1 | 18.4 | 2,116.2 | — | 2,512.7 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.6 | — | 649.4 | — | 660.0 | ||||||||||||||
Accrued investment income | — | — | 899.0 | — | 899.0 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,653.7 | — | 7,653.7 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 5,370.1 | — | 5,370.1 | ||||||||||||||
Sales inducements to contract holders | — | — | 263.3 | — | 263.3 | ||||||||||||||
Deferred income taxes | 404.4 | 32.7 | 1,777.7 | — | 2,214.8 | ||||||||||||||
Goodwill and other intangible assets | — | — | 250.8 | — | 250.8 | ||||||||||||||
Loans to subsidiaries and affiliates | 330.2 | — | — | (330.2 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 6.1 | 0.1 | 1.9 | (8.1 | ) | — | |||||||||||||
Other assets | 19.8 | — | 894.5 | — | 914.3 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 4,973.7 | — | 4,973.7 | ||||||||||||||
Cash and cash equivalents | — | — | 467.6 | — | 467.6 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 6,882.5 | — | 6,882.5 | ||||||||||||||
Other assets | — | — | 154.3 | — | 154.3 | ||||||||||||||
Assets held in separate accounts | — | — | 96,514.8 | — | 96,514.8 | ||||||||||||||
Total assets | $ | 16,622.6 | $ | 11,143.9 | $ | 217,147.7 | $ | (26,690.7 | ) | $ | 218,223.5 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 19,508.0 | $ | — | $ | 19,508.0 | |||||||||
Contract owner account balances | — | — | 68,664.1 | — | 68,664.1 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,485.0 | — | 1,485.0 | ||||||||||||||
Short-term debt with affiliates | — | 206.5 | 123.7 | (330.2 | ) | — | |||||||||||||
Long-term debt | 2,971.4 | 485.0 | 18.7 | (15.3 | ) | 3,459.8 | |||||||||||||
Funds held under reinsurance agreements | — | — | 702.4 | — | 702.4 | ||||||||||||||
Derivatives | 67.2 | — | 554.7 | (134.4 | ) | 487.5 | |||||||||||||
Pension and other postretirement provisions | — | — | 687.4 | — | 687.4 | ||||||||||||||
Current income taxes | 70.1 | (2.5 | ) | 2.4 | — | 70.0 | |||||||||||||
Due to subsidiaries and affiliates | 0.2 | — | 5.9 | (6.1 | ) | — | |||||||||||||
Other liabilities | 77.9 | 13.3 | 1,371.7 | (2.0 | ) | 1,460.9 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 6,956.2 | — | 6,956.2 | ||||||||||||||
Other liabilities | — | — | 1,951.6 | — | 1,951.6 | ||||||||||||||
Liabilities related to separate accounts | — | — | 96,514.8 | — | 96,514.8 | ||||||||||||||
Total liabilities | 3,186.8 | 702.3 | 198,546.6 | (488.0 | ) | 201,947.7 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 13,435.8 | 10,441.6 | 15,761.1 | (26,202.7 | ) | 13,435.8 | |||||||||||||
Noncontrolling interest | — | — | 2,840.0 | — | 2,840.0 | ||||||||||||||
Total shareholders' equity | 13,435.8 | 10,441.6 | 18,601.1 | (26,202.7 | ) | 16,275.8 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,622.6 | $ | 11,143.9 | $ | 217,147.7 | $ | (26,690.7 | ) | $ | 218,223.5 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 18.7 | $ | 0.2 | $ | 4,613.8 | $ | (11.9 | ) | $ | 4,620.8 | ||||||||
Fee income | — | — | 3,359.8 | — | 3,359.8 | ||||||||||||||
Premiums | — | — | 3,514.6 | — | 3,514.6 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (39.0 | ) | — | (39.0 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 2.6 | — | 2.6 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (41.6 | ) | — | (41.6 | ) | ||||||||||||
Other net realized capital gains (losses) | 1.3 | — | (1,222.8 | ) | — | (1,221.5 | ) | ||||||||||||
Total net realized capital gains (losses) | 1.3 | — | (1,264.4 | ) | — | (1,263.1 | ) | ||||||||||||
Other revenue | 1.0 | — | 360.1 | — | 361.1 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 189.0 | — | 189.0 | ||||||||||||||
Total revenues | 21.0 | 0.2 | 10,772.9 | (11.9 | ) | 10,782.2 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 5,471.0 | — | 5,471.0 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 2,042.5 | — | 2,042.5 | ||||||||||||||
Operating expenses | 8.8 | — | 2,928.5 | — | 2,937.3 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 551.0 | — | 551.0 | ||||||||||||||
Interest expense | 238.1 | 56.9 | 4.9 | (11.9 | ) | 288.0 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 101.9 | — | 101.9 | ||||||||||||||
Other expense | — | — | 3.9 | — | 3.9 | ||||||||||||||
Total benefits and expenses | 246.9 | 56.9 | 11,103.7 | (11.9 | ) | 11,395.6 | |||||||||||||
Income (loss) before income taxes | (225.9 | ) | (56.7 | ) | (330.8 | ) | — | (613.4 | ) | ||||||||||
Income tax expense (benefit) | (90.4 | ) | (26.4 | ) | (115.5 | ) | 17.6 | (214.7 | ) | ||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (135.5 | ) | (30.3 | ) | (215.3 | ) | (17.6 | ) | (398.7 | ) | |||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (292.5 | ) | 317.2 | — | (24.7 | ) | — | ||||||||||||
Net income (loss) including noncontrolling interest | (428.0 | ) | 286.9 | (215.3 | ) | (42.3 | ) | (398.7 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 29.3 | — | 29.3 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | 286.9 | $ | (244.6 | ) | $ | (42.3 | ) | $ | (428.0 | ) | |||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 3.9 | $ | 0.2 | $ | 4,543.1 | $ | (9.0 | ) | $ | 4,538.2 | ||||||||
Fee income | — | — | 3,481.1 | — | 3,481.1 | ||||||||||||||
Premiums | — | — | 3,024.5 | — | 3,024.5 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (110.3 | ) | — | (110.3 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 6.7 | — | 6.7 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (117.0 | ) | — | (117.0 | ) | ||||||||||||
Other net realized capital gains (losses) | (1.7 | ) | 0.3 | (614.9 | ) | — | (616.3 | ) | |||||||||||
Total net realized capital gains (losses) | (1.7 | ) | 0.3 | (731.9 | ) | — | (733.3 | ) | |||||||||||
Other revenue | 3.2 | — | 406.4 | (2.7 | ) | 406.9 | |||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 551.1 | — | 551.1 | ||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (26.9 | ) | — | (26.9 | ) | ||||||||||||
Total revenues | 5.4 | 0.5 | 11,247.4 | (11.7 | ) | 11,241.6 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 4,536.8 | — | 4,536.8 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 1,973.2 | — | 1,973.2 | ||||||||||||||
Operating expenses | 10.4 | (0.6 | ) | 2,996.3 | (2.7 | ) | 3,003.4 | ||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 663.4 | — | 663.4 | ||||||||||||||
Interest expense | 150.3 | 51.2 | 4.0 | (9.0 | ) | 196.5 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 272.2 | — | 272.2 | ||||||||||||||
Other expense | — | — | 11.6 | — | 11.6 | ||||||||||||||
Total benefits and expenses | 160.7 | 50.6 | 10,457.5 | (11.7 | ) | 10,657.1 | |||||||||||||
Income (loss) before income taxes | (155.3 | ) | (50.1 | ) | 789.9 | — | 584.5 | ||||||||||||
Income tax expense (benefit) | (52.4 | ) | (0.4 | ) | 119.3 | (20.6 | ) | 45.9 | |||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (102.9 | ) | (49.7 | ) | 670.6 | 20.6 | 538.6 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 511.2 | 257.1 | — | (768.3 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 408.3 | 207.4 | 670.6 | (747.7 | ) | 538.6 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 130.3 | — | 130.3 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 408.3 | $ | 207.4 | $ | 540.3 | $ | (747.7 | ) | $ | 408.3 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 11.5 | $ | 0.1 | $ | 4,511.0 | $ | (7.3 | ) | $ | 4,515.3 | ||||||||
Fee income | — | — | 3,632.5 | — | 3,632.5 | ||||||||||||||
Premiums | — | — | 2,626.4 | — | 2,626.4 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (31.9 | ) | — | (31.9 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (31.6 | ) | — | (31.6 | ) | ||||||||||||
Other net realized capital gains (losses) | (3.4 | ) | (0.4 | ) | (843.0 | ) | — | (846.8 | ) | ||||||||||
Total net realized capital gains (losses) | (3.4 | ) | (0.4 | ) | (874.6 | ) | — | (878.4 | ) | ||||||||||
Other revenue | 3.2 | 0.2 | 432.6 | (3.2 | ) | 432.8 | |||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 665.5 | — | 665.5 | ||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (6.7 | ) | — | (6.7 | ) | ||||||||||||
Total revenues | 11.3 | (0.1 | ) | 10,986.7 | (10.5 | ) | 10,987.4 | ||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 3,946.7 | — | 3,946.7 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 1,991.2 | — | 1,991.2 | ||||||||||||||
Operating expenses | 4.1 | — | 3,461.3 | (3.2 | ) | 3,462.2 | |||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 379.3 | — | 379.3 | ||||||||||||||
Interest expense | 149.1 | 43.2 | 4.7 | (7.3 | ) | 189.7 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 209.5 | — | 209.5 | ||||||||||||||
Other expense | — | — | 7.6 | — | 7.6 | ||||||||||||||
Total benefits and expenses | 153.2 | 43.2 | 10,000.3 | (10.5 | ) | 10,186.2 | |||||||||||||
Income (loss) before income taxes | (141.9 | ) | (43.3 | ) | 986.4 | — | 801.2 | ||||||||||||
Income tax expense (benefit) | (214.8 | ) | (82.6 | ) | (1,381.2 | ) | (52.9 | ) | (1,731.5 | ) | |||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | 72.9 | 39.3 | 2,367.6 | 52.9 | 2,532.7 | ||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 2,242.8 | 733.2 | — | (2,976.0 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 2,315.7 | 772.5 | 2,367.6 | (2,923.1 | ) | 2,532.7 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 237.7 | — | 237.7 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 2,315.7 | $ | 772.5 | $ | 2,129.9 | $ | (2,923.1 | ) | $ | 2,295.0 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | (428.0 | ) | $ | 286.9 | $ | (215.3 | ) | $ | (42.3 | ) | $ | (398.7 | ) | |||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains/losses on securities | 749.1 | 592.9 | 749.3 | (1,342.2 | ) | 749.1 | |||||||||||||
Other-than-temporary impairments | 23.7 | 20.1 | 23.7 | (43.8 | ) | 23.7 | |||||||||||||
Pension and other postretirement benefit liability | (10.2 | ) | (1.9 | ) | (10.2 | ) | 12.1 | (10.2 | ) | ||||||||||
Other comprehensive income (loss), before tax | 762.6 | 611.1 | 762.8 | (1,373.9 | ) | 762.6 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 165.8 | 213.5 | 183.4 | (396.9 | ) | 165.8 | |||||||||||||
Other comprehensive income (loss), after tax | 596.8 | 397.6 | 579.4 | (977.0 | ) | 596.8 | |||||||||||||
Comprehensive income (loss) | 168.8 | 684.5 | 364.1 | (1,019.3 | ) | 198.1 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 29.3 | — | 29.3 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 168.8 | $ | 684.5 | $ | 334.8 | $ | (1,019.3 | ) | $ | 168.8 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 408.3 | $ | 207.4 | $ | 670.6 | $ | (747.7 | ) | $ | 538.6 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains/losses on securities | (2,581.2 | ) | (1,874.5 | ) | (2,581.3 | ) | 4,455.8 | (2,581.2 | ) | ||||||||||
Other-than-temporary impairments | 18.8 | 12.9 | 18.8 | (31.7 | ) | 18.8 | |||||||||||||
Pension and other postretirement benefit liability | (13.7 | ) | (3.2 | ) | (13.7 | ) | 16.9 | (13.7 | ) | ||||||||||
Other comprehensive income (loss), before tax | (2,576.1 | ) | (1,864.8 | ) | (2,576.2 | ) | 4,441.0 | (2,576.1 | ) | ||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | (897.3 | ) | (648.3 | ) | (897.4 | ) | 1,545.7 | (897.3 | ) | ||||||||||
Other comprehensive income (loss), after tax | (1,678.8 | ) | (1,216.5 | ) | (1,678.8 | ) | 2,895.3 | (1,678.8 | ) | ||||||||||
Comprehensive income (loss) | (1,270.5 | ) | (1,009.1 | ) | (1,008.2 | ) | 2,147.6 | (1,140.2 | ) | ||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 130.3 | — | 130.3 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | (1,270.5 | ) | $ | (1,009.1 | ) | $ | (1,138.5 | ) | $ | 2,147.6 | $ | (1,270.5 | ) | |||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 2,315.7 | $ | 772.5 | $ | 2,367.6 | $ | (2,923.1 | ) | $ | 2,532.7 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains/losses on securities | 1,910.5 | 1,194.3 | 1,914.5 | (3,108.8 | ) | 1,910.5 | |||||||||||||
Other-than-temporary impairments | 40.0 | 34.2 | 40.0 | (74.2 | ) | 40.0 | |||||||||||||
Pension and other postretirement benefit liability | (13.8 | ) | (3.2 | ) | (13.8 | ) | 17.0 | (13.8 | ) | ||||||||||
Other comprehensive income (loss), before tax | 1,936.7 | 1,225.3 | 1,940.7 | (3,166.0 | ) | 1,936.7 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 682.1 | 433.1 | 682.1 | (1,115.2 | ) | 682.1 | |||||||||||||
Other comprehensive income (loss), after tax | 1,254.6 | 792.2 | 1,258.6 | (2,050.8 | ) | 1,254.6 | |||||||||||||
Comprehensive income (loss) | 3,570.3 | 1,564.7 | 3,626.2 | (4,973.9 | ) | 3,787.3 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 237.7 | — | 237.7 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 3,570.3 | $ | 1,564.7 | $ | 3,388.5 | $ | (4,973.9 | ) | $ | 3,549.6 | ||||||||
Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | (309.4 | ) | $ | 173.7 | $ | 3,991.2 | $ | (269.5 | ) | $ | 3,586.0 | |||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 12,427.7 | — | 12,427.7 | ||||||||||||||
Equity securities, available-for-sale | 18.4 | — | 85.8 | — | 104.2 | ||||||||||||||
Mortgage loans on real estate | — | — | 1,150.2 | — | 1,150.2 | ||||||||||||||
Limited partnerships/corporations | — | — | 349.1 | — | 349.1 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (14,990.5 | ) | — | (14,990.5 | ) | ||||||||||||
Equity securities, available-for-sale | (22.8 | ) | — | (23.8 | ) | — | (46.6 | ) | |||||||||||
Mortgage loans on real estate | — | — | (2,427.7 | ) | — | (2,427.7 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (445.3 | ) | — | (445.3 | ) | ||||||||||||
Short-term investments, net | — | — | 675.8 | — | 675.8 | ||||||||||||||
Policy loans, net | — | — | 41.2 | — | 41.2 | ||||||||||||||
Derivatives, net | 1.3 | — | (1,305.5 | ) | — | (1,304.2 | ) | ||||||||||||
Other investments, net | — | — | 45.3 | — | 45.3 | ||||||||||||||
Sales from consolidated investments entities | — | — | 2,304.4 | — | 2,304.4 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (1,726.6 | ) | — | (1,726.6 | ) | ||||||||||||
Net maturity of intercompany loans with maturities more than three months | 0.3 | — | — | (0.3 | ) | — | |||||||||||||
Net maturity of short-term intercompany loans to subsidiaries | 51.9 | — | (10.5 | ) | (41.4 | ) | — | ||||||||||||
Return of capital contributions and dividends from subsidiaries | 922.0 | 760.0 | — | (1,682.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (215.0 | ) | (64.0 | ) | — | 279.0 | — | ||||||||||||
Collateral received (delivered), net | (0.1 | ) | — | 226.4 | — | 226.3 | |||||||||||||
Purchases of fixed assets, net | — | — | (66.7 | ) | — | (66.7 | ) | ||||||||||||
Net cash provided by (used in) investing activities | $ | 756.0 | $ | 696.0 | $ | (3,690.7 | ) | $ | (1,444.7 | ) | $ | (3,683.4 | ) | ||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 8,954.4 | $ | — | $ | 8,954.4 | |||||||||
Maturities and withdrawals from investment contracts | — | — | (7,558.6 | ) | — | (7,558.6 | ) | ||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 798.2 | — | — | — | 798.2 | ||||||||||||||
Repayment of debt with maturities of more than three months | (659.8 | ) | (48.5 | ) | — | — | (708.3 | ) | |||||||||||
Debt issuance costs | (16.0 | ) | — | — | — | (16.0 | ) | ||||||||||||
Repayments of intercompany loans with maturities of more than three months | — | — | (0.3 | ) | 0.3 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | 10.5 | 4.7 | (56.6 | ) | 41.4 | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (892.0 | ) | (1,059.5 | ) | 1,951.5 | — | ||||||||||||
Contributions of capital from parent | — | 50.0 | 229.0 | (279.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 126.0 | — | 126.0 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (455.0 | ) | — | (455.0 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | 50.5 | — | 50.5 | ||||||||||||||
Proceeds from issuance of common stock, net | 1.3 | — | — | — | 1.3 | ||||||||||||||
Excess tax benefits on share-based compensation | — | — | 4.6 | — | 4.6 | ||||||||||||||
Share-based compensation | (6.5 | ) | — | — | — | (6.5 | ) | ||||||||||||
Common stock acquired - Share repurchase | (687.2 | ) | — | — | — | (687.2 | ) | ||||||||||||
Dividends paid | (8.0 | ) | — | — | — | (8.0 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (567.5 | ) | (885.8 | ) | 234.5 | 1,714.2 | 495.4 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (120.9 | ) | (16.1 | ) | 535.0 | — | 398.0 | ||||||||||||
Cash and cash equivalents, beginning of year | 378.1 | 18.4 | 2,116.2 | — | 2,512.7 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 257.2 | $ | 2.3 | $ | 2,651.2 | $ | — | $ | 2,910.7 | |||||||||
Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 127.8 | $ | 261.7 | $ | 3,373.0 | $ | (516.8 | ) | $ | 3,245.7 | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 12,070.7 | — | 12,070.7 | ||||||||||||||
Equity securities, available-for-sale | 24.1 | — | 51.4 | — | 75.5 | ||||||||||||||
Mortgage loans on real estate | — | — | 1,543.3 | — | 1,543.3 | ||||||||||||||
Limited partnerships/corporations | — | — | 288.7 | — | 288.7 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (13,573.1 | ) | — | (13,573.1 | ) | ||||||||||||
Equity securities, available-for-sale | (30.5 | ) | — | (111.5 | ) | — | (142.0 | ) | |||||||||||
Mortgage loans on real estate | — | — | (2,195.9 | ) | — | (2,195.9 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (470.6 | ) | — | (470.6 | ) | ||||||||||||
Short-term investments, net | (212.0 | ) | — | 428.3 | — | 216.3 | |||||||||||||
Policy loans, net | — | — | 101.3 | — | 101.3 | ||||||||||||||
Derivatives, net | (32.9 | ) | — | (232.8 | ) | — | (265.7 | ) | |||||||||||
Other investments, net | — | 14.2 | 5.3 | — | 19.5 | ||||||||||||||
Sales from consolidated investments entities | — | — | 5,431.5 | — | 5,431.5 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (7,521.0 | ) | — | (7,521.0 | ) | ||||||||||||
Maturity of Intercompany loans with maturities more than three months | 0.7 | — | — | (0.7 | ) | — | |||||||||||||
Net maturity of short-term intercompany loans | (161.9 | ) | — | — | 161.9 | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 1,467.5 | 1,197.7 | — | (2,665.2 | ) | — | |||||||||||||
Capital contributions to subsidiaries | — | (15.0 | ) | — | 15.0 | — | |||||||||||||
Collateral received (delivered), net | 20.1 | — | 187.6 | — | 207.7 | ||||||||||||||
Purchases of fixed assets, net | — | — | (60.1 | ) | — | (60.1 | ) | ||||||||||||
Net cash provided by (used in) investing activities | $ | 1,075.1 | $ | 1,196.9 | $ | (4,056.9 | ) | $ | (2,489.0 | ) | $ | (4,273.9 | ) | ||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2015 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 7,790.7 | $ | — | $ | 7,790.7 | |||||||||
Maturities and withdrawals from investment contracts | — | — | (6,800.1 | ) | — | (6,800.1 | ) | ||||||||||||
Repayment of debt with maturities of more than three months | — | (31.2 | ) | — | — | (31.2 | ) | ||||||||||||
Debt issuance costs | (6.8 | ) | — | — | — | (6.8 | ) | ||||||||||||
Intercompany loans with maturities more than three months | — | — | (0.7 | ) | 0.7 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | — | 56.9 | 105.0 | (161.9 | ) | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (1,467.5 | ) | (1,714.5 | ) | 3,182.0 | — | ||||||||||||
Contributions of capital from parent | — | — | 15.0 | (15.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 1,372.7 | — | 1,372.7 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (478.7 | ) | — | (478.7 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | 661.8 | — | 661.8 | ||||||||||||||
Excess tax benefits on share-based compensation | — | — | 1.7 | — | 1.7 | ||||||||||||||
Common stock acquired - Share repurchase | (1,486.6 | ) | — | — | — | (1,486.6 | ) | ||||||||||||
Share-based compensation | (4.5 | ) | — | — | — | (4.5 | ) | ||||||||||||
Dividends paid | (9.0 | ) | — | — | — | (9.0 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (1,506.9 | ) | (1,441.8 | ) | 952.9 | 3,005.8 | 1,010.0 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (304.0 | ) | 16.8 | 269.0 | — | (18.2 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 682.1 | 1.6 | 1,847.2 | — | 2,530.9 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 378.1 | $ | 18.4 | $ | 2,116.2 | $ | — | $ | 2,512.7 | |||||||||
Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 85.7 | $ | 160.1 | $ | 3,565.8 | $ | (183.0 | ) | $ | 3,628.6 | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 13,594.0 | — | 13,594.0 | ||||||||||||||
Equity securities, available-for-sale | 18.7 | 13.1 | 38.2 | — | 70.0 | ||||||||||||||
Mortgage loans on real estate | — | — | 1,555.3 | — | 1,555.3 | ||||||||||||||
Limited partnerships/corporations | — | — | 204.3 | — | 204.3 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (12,985.3 | ) | — | (12,985.3 | ) | ||||||||||||
Equity securities, available-for-sale | (25.0 | ) | — | (3.4 | ) | — | (28.4 | ) | |||||||||||
Mortgage loans on real estate | — | — | (2,036.4 | ) | — | (2,036.4 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (289.0 | ) | — | (289.0 | ) | ||||||||||||
Short-term investments, net | — | — | (662.0 | ) | — | (662.0 | ) | ||||||||||||
Policy loans, net | — | — | 43.0 | — | 43.0 | ||||||||||||||
Derivatives, net | 1.3 | — | (1,118.7 | ) | — | (1,117.4 | ) | ||||||||||||
Other investments, net | — | (11.0 | ) | 44.0 | — | 33.0 | |||||||||||||
Sales from consolidated investments entities | — | — | 3,470.1 | — | 3,470.1 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (5,533.9 | ) | — | (5,533.9 | ) | ||||||||||||
Maturity of intercompany loans with maturities more than three months | 0.9 | — | — | (0.9 | ) | — | |||||||||||||
Net maturity of short-term intercompany loans | 41.5 | — | — | (41.5 | ) | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 902.0 | 780.0 | — | (1,682.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (150.0 | ) | (171.0 | ) | — | 321.0 | — | ||||||||||||
Collateral received (delivered), net | — | — | 401.5 | — | 401.5 | ||||||||||||||
Purchases of fixed assets, net | — | — | (32.7 | ) | — | (32.7 | ) | ||||||||||||
Net cash provided by (used in) investing activities | $ | 789.4 | $ | 611.1 | $ | (3,311.0 | ) | $ | (1,403.4 | ) | $ | (3,313.9 | ) | ||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2014 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 8,153.6 | $ | — | $ | 8,153.6 | |||||||||
Maturities and withdrawals from investment contracts | — | — | (9,899.3 | ) | — | (9,899.3 | ) | ||||||||||||
Debt issuance costs | (16.8 | ) | — | — | — | (16.8 | ) | ||||||||||||
Intercompany loans with maturities of more than three months | — | — | (0.9 | ) | 0.9 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | — | 24.3 | (65.8 | ) | 41.5 | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (795.0 | ) | (1,070.0 | ) | 1,865.0 | — | ||||||||||||
Contributions of capital from parent | — | — | 321.0 | (321.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 401.3 | — | 401.3 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (75.8 | ) | — | (75.8 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | 1,624.9 | — | 1,624.9 | ||||||||||||||
Excess tax benefits on share-based compensation | — | — | 3.9 | — | 3.9 | ||||||||||||||
Common stock acquired - Share repurchase | (789.4 | ) | — | — | — | (789.4 | ) | ||||||||||||
Share-based compensation | (16.9 | ) | — | — | — | (16.9 | ) | ||||||||||||
Dividends paid | (10.1 | ) | — | — | — | (10.1 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (833.2 | ) | (770.7 | ) | (607.1 | ) | 1,586.4 | (624.6 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 41.9 | 0.5 | (352.3 | ) | — | (309.9 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 640.2 | 1.1 | 2,199.5 | — | 2,840.8 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 682.1 | $ | 1.6 | $ | 1,847.2 | $ | — | $ | 2,530.9 | |||||||||
|
|||
Three Months Ended, | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
($ in millions, except per share amounts) | |||||||||||||||
2016 | |||||||||||||||
Total revenues | $ | 3,009.3 | $ | 2,696.0 | $ | 2,528.5 | $ | 2,548.4 | |||||||
Total benefits and expenses | 2,768.0 | 2,542.9 | 2,884.4 | 3,200.3 | |||||||||||
Income (loss) before income taxes | 241.3 | 153.1 | (355.9 | ) | (651.9 | ) | |||||||||
Net income (loss) | 192.3 | 136.0 | (236.5 | ) | (490.5 | ) | |||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0.7 | (25.5 | ) | 11.6 | 42.5 | ||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 191.6 | 161.5 | (248.1 | ) | (533.0 | ) | |||||||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.93 | $ | 0.80 | $ | (1.24 | ) | $ | (2.74 | ) | |||||
Diluted (1)(2) | $ | 0.92 | $ | 0.79 | $ | (1.24 | ) | $ | (2.74 | ) | |||||
Cash dividends declared per common share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||
Three Months Ended, | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
($ in millions, except per share amounts) | |||||||||||||||
2015 | |||||||||||||||
Total revenues | $ | 2,604.4 | $ | 2,968.1 | $ | 3,696.4 | $ | 1,972.7 | |||||||
Total benefits and expenses | 2,343.1 | 2,481.9 | 3,616.1 | 2,216.0 | |||||||||||
Income (loss) before income taxes | 261.3 | 486.2 | 80.3 | (243.3 | ) | ||||||||||
Net income (loss) | 215.7 | 367.1 | 116.2 | (160.4 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 26.1 | 81.9 | 75.9 | (53.6 | ) | ||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 189.6 | 285.2 | 40.3 | (106.8 | ) | ||||||||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.80 | $ | 1.25 | $ | 0.18 | $ | (0.50 | ) | ||||||
Diluted (2) | $ | 0.79 | $ | 1.24 | $ | 0.18 | $ | (0.50 | ) | ||||||
Cash dividends declared per common share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||
|
|||
Type of Investments | Cost | Fair Value | Amount Shown on Consolidated Balance Sheet | ||||||||
Fixed maturities: | |||||||||||
U.S. Treasuries | $ | 3,452.0 | $ | 3,890.3 | $ | 3,890.3 | |||||
U.S. Government agencies and authorities | 253.9 | 298.0 | 298.0 | ||||||||
State, municipalities, and political subdivisions | 2,153.9 | 2,135.6 | 2,135.6 | ||||||||
U.S. corporate public securities | 31,754.8 | 33,691.7 | 33,691.7 | ||||||||
U.S. corporate private securities | 7,724.9 | 7,808.0 | 7,808.0 | ||||||||
Foreign corporate public securities and foreign governments(1) | 7,796.6 | 8,079.4 | 8,079.4 | ||||||||
Foreign corporate private securities(1) | 7,557.1 | 7,785.8 | 7,785.8 | ||||||||
Residential mortgage-backed securities | 6,407.0 | 6,814.8 | 6,814.8 | ||||||||
Commercial mortgage-backed securities | 3,320.7 | 3,358.9 | 3,358.9 | ||||||||
Other asset-backed securities | 1,433.9 | 1,475.6 | 1,475.6 | ||||||||
Total fixed maturities, including securities pledged | 71,854.8 | 75,338.1 | 75,338.1 | ||||||||
Equity securities, available-for-sale | 241.8 | 274.2 | 274.2 | ||||||||
Short-term investments | 821.0 | 821.0 | 821.0 | ||||||||
Mortgage loans on real estate | 11,725.2 | 11,960.7 | 11,725.2 | ||||||||
Policy loans | 1,961.5 | 1,961.5 | 1,961.5 | ||||||||
Limited partnerships/corporations | 758.6 | 758.6 | 758.6 | ||||||||
Derivatives | 610.0 | 1,712.4 | 1,712.4 | ||||||||
Other investments | 47.4 | 57.2 | 47.4 | ||||||||
Total investments | $ | 88,020.3 | $ | 92,883.7 | $ | 92,638.4 | |||||
|
|||
As of December 31, | |||||||
2016 | 2015 | ||||||
Assets | |||||||
Investments: | |||||||
Equity securities, available-for-sale, at fair value | $ | 93.1 | $ | 83.7 | |||
Short-term investments | 212.0 | 212.0 | |||||
Derivatives | 56.1 | 67.2 | |||||
Investments in subsidiaries | 14,742.6 | 15,110.5 | |||||
Total investments | 15,103.8 | 15,473.4 | |||||
Cash and cash equivalents | 257.2 | 378.1 | |||||
Short-term investments under securities loan agreements, including collateral delivered | 10.7 | 10.6 | |||||
Loans to subsidiaries | 278.0 | 330.2 | |||||
Due from subsidiaries | 2.8 | 6.1 | |||||
Current income taxes | 31.4 | — | |||||
Deferred income taxes | 526.7 | 404.4 | |||||
Other assets | 21.0 | 19.8 | |||||
Total assets | $ | 16,231.6 | $ | 16,622.6 | |||
Liabilities and Shareholders' Equity | |||||||
Short-term debt | $ | 10.5 | $ | — | |||
Long-term debt | 3,108.6 | 2,971.4 | |||||
Derivatives | 56.1 | 67.2 | |||||
Due to subsidiaries | 0.1 | 0.2 | |||||
Current income taxes | — | 70.1 | |||||
Other liabilities | 62.4 | 77.9 | |||||
Total liabilities | 3,237.7 | 3,186.8 | |||||
Shareholders' equity: | |||||||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 268,079,931 and 265,327,196 shares issued as of 2016 and 2015, respectively; 194,639,273 and 209,095,793 shares outstanding as of 2016 and 2015, respectively) | 2.7 | 2.7 | |||||
Treasury stock (at cost; 73,440,658 and 56,231,403 shares as of 2016 and 2015, respectively) | (2,796.0 | ) | (2,302.3 | ) | |||
Additional paid-in capital | 23,608.8 | 23,716.8 | |||||
Accumulated other comprehensive income (loss) | 2,021.7 | 1,424.9 | |||||
Retained earnings (deficit): | |||||||
Appropriated-consolidated investment entities | — | 9.0 | |||||
Unappropriated | (9,843.3 | ) | (9,415.3 | ) | |||
Total Voya Financial, Inc. shareholders' equity | 12,993.9 | 13,435.8 | |||||
Total liabilities and shareholders' equity | $ | 16,231.6 | $ | 16,622.6 | |||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Revenues: | |||||||||||
Net investment income | $ | 18.7 | $ | 3.9 | $ | 11.5 | |||||
Net realized capital gains (losses) | 1.3 | (1.7 | ) | (3.4 | ) | ||||||
Other revenue | 1.0 | 3.2 | 3.2 | ||||||||
Total revenues | 21.0 | 5.4 | 11.3 | ||||||||
Expenses: | |||||||||||
Interest expense | 238.1 | 150.3 | 149.1 | ||||||||
Other expenses | 8.8 | 10.4 | 4.1 | ||||||||
Total expenses | 246.9 | 160.7 | 153.2 | ||||||||
Loss before income taxes and equity in earnings of subsidiaries | (225.9 | ) | (155.3 | ) | (141.9 | ) | |||||
Income tax (benefit) expense | (90.4 | ) | (52.4 | ) | (214.8 | ) | |||||
Net income (loss) before equity in earnings of subsidiaries | (135.5 | ) | (102.9 | ) | 72.9 | ||||||
Equity in earnings (losses) of subsidiaries | (292.5 | ) | 511.2 | 2,242.8 | |||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | 408.3 | $ | 2,315.7 | ||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | 408.3 | $ | 2,315.7 | ||||
Other comprehensive income (loss), after tax | 596.8 | (1,678.8 | ) | 1,254.6 | |||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 168.8 | $ | (1,270.5 | ) | $ | 3,570.3 | ||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | 408.3 | $ | 2,315.7 | ||||
Adjustments to reconcile Net income (loss) available to Voya Financial, Inc.'s common shareholders to Net cash provided by operating activities: | |||||||||||
Equity in (earnings) losses of subsidiaries | 292.5 | (511.2 | ) | (2,242.8 | ) | ||||||
Dividends from subsidiaries | 55.0 | 241.0 | — | ||||||||
Net accretion/amortization of discount/premium | 10.4 | 10.2 | 0.4 | ||||||||
Deferred income tax (benefit) expense | (122.1 | ) | (4.1 | ) | (141.0 | ) | |||||
Loss related to early extinguishment of debt | 87.6 | — | — | ||||||||
Net realized capital (gains) losses | (1.3 | ) | 1.7 | (3.4 | ) | ||||||
Share-based compensation | — | (4.2 | ) | — | |||||||
Change in: | |||||||||||
Other receivables and asset accruals | (101.5 | ) | (16.9 | ) | 145.9 | ||||||
Due from subsidiaries | 3.3 | 5.7 | 3.8 | ||||||||
Due to subsidiaries | (0.1 | ) | (6.5 | ) | 6.5 | ||||||
Other payables and accruals | (16.2 | ) | (2.3 | ) | 5.1 | ||||||
Other, net | (89.0 | ) | 6.1 | (4.5 | ) | ||||||
Net cash (used in) provided by operating activities | (309.4 | ) | 127.8 | 85.7 | |||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale | 18.4 | 24.1 | 18.7 | ||||||||
Acquisition of equity securities, available-for-sale | (22.8 | ) | (30.5 | ) | (25.0 | ) | |||||
Short-term investments, net | — | (212.0 | ) | — | |||||||
Derivatives, net | 1.3 | (32.9 | ) | 1.3 | |||||||
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 0.3 | 0.7 | 0.9 | ||||||||
Net maturity of short-term intercompany loans to subsidiaries | 51.9 | (161.9 | ) | 41.5 | |||||||
Return of capital contributions and dividends from subsidiaries | 922.0 | 1,467.5 | 902.0 | ||||||||
Capital contributions to subsidiaries | (215.0 | ) | — | (150.0 | ) | ||||||
Collateral received (delivered), net | (0.1 | ) | 20.1 | — | |||||||
Net cash provided by investing activities | 756.0 | 1,075.1 | 789.4 | ||||||||
Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows (Continued) For the Years Ended December 31, 2016, 2015 and 2014 (In millions) | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of debt with maturities of more than three months | 798.2 | — | — | ||||||||
Repayment of debt with maturities of more than three months | (659.8 | ) | — | — | |||||||
Debt issuance costs | (16.0 | ) | (6.8 | ) | (16.8 | ) | |||||
Net proceeds from loans to subsidiaries | 10.5 | — | — | ||||||||
Proceeds from issuance of common stock, net | 1.3 | — | — | ||||||||
Share-based compensation | (6.5 | ) | (4.5 | ) | (16.9 | ) | |||||
Common stock acquired - Share repurchase | (687.2 | ) | (1,486.6 | ) | (789.4 | ) | |||||
Dividends paid | (8.0 | ) | (9.0 | ) | (10.1 | ) | |||||
Net cash used in financing activities | (567.5 | ) | (1,506.9 | ) | (833.2 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (120.9 | ) | (304.0 | ) | 41.9 | ||||||
Cash and cash equivalents, beginning of period | 378.1 | 682.1 | 640.2 | ||||||||
Cash and cash equivalents, end of period | $ | 257.2 | $ | 378.1 | $ | 682.1 | |||||
Supplemental cash flow information: | |||||||||||
Income taxes paid (received), net | $ | 64.1 | $ | 77.1 | $ | 42.8 | |||||
Interest paid | 156.2 | 143.5 | 141.1 | ||||||||
As of December 31, | ||||||||||||
Subsidiaries | Rate | Maturity Date | 2016 | 2015 | ||||||||
Voya Alternative Asset Management LLC | (2.56 | )% | 06/30/2017 | $ | 2.3 | $ | 2.6 | |||||
Voya Institutional Plan Services, LLC | 2.35 | % | 01/03/2017 | 1.0 | 1.0 | |||||||
Voya Institutional Plan Services, LLC | 2.35 | % | 01/04/2017 | 14.0 | 2.0 | |||||||
Voya Institutional Plan Services, LLC | 2.36 | % | 01/11/2017 | 17.0 | 3.0 | |||||||
Voya Institutional Plan Services, LLC | 2.37 | % | 01/12/2017 | 10.0 | — | |||||||
Voya Institutional Plan Services, LLC | 2.37 | % | 01/13/2017 | 1.0 | — | |||||||
Voya Custom Investments | 1.92 | % | 01/04/2016 | — | 4.0 | |||||||
Voya Custom Investments | 1.92 | % | 01/04/2016 | — | 1.0 | |||||||
Voya Custom Investments | 1.95 | % | 01/05/2016 | — | 21.0 | |||||||
Voya Custom Investments | 2.01 | % | 01/08/2016 | — | 1.0 | |||||||
Voya Custom Investments | 2.02 | % | 01/11/2016 | — | 2.0 | |||||||
Voya Custom Investments | 2.03 | % | 01/12/2016 | — | 25.1 | |||||||
Voya Custom Investments | 2.03 | % | 01/14/2016 | — | 1.0 | |||||||
Voya Custom Investments | 2.03 | % | 01/21/2016 | — | 4.0 | |||||||
Voya Capital | 2.34 | % | 01/05/2017 | 2.5 | — | |||||||
Voya Investment Management, LLC | 2.40 | % | 01/27/2017 | 15.0 | 50.0 | |||||||
Voya Investment Management, LLC | 2.01 | % | 01/07/2015 | — | — | |||||||
Voya Payroll Management, Inc. | 2.31 | % | 01/03/2017 | 4.0 | 6.0 | |||||||
Voya Holdings Inc. | 2.36 | % | 01/18/2017 | 203.2 | 11.5 | |||||||
Voya Holdings Inc. | 2.39 | % | 01/26/2017 | 2.0 | 10.0 | |||||||
Voya Holdings Inc. | 2.40 | % | 01/27/2017 | 6.0 | 139.6 | |||||||
Voya Holdings Inc. | 2.04 | % | 01/21/2016 | — | 5.0 | |||||||
Voya Holdings Inc. | 2.04 | % | 01/22/2016 | — | 6.5 | |||||||
Voya Holdings Inc. | 2.50 | % | 01/29/2016 | — | 33.9 | |||||||
Total | $ | 278.0 | $ | 330.2 | ||||||||
As of December 31, | ||||||||||||
Interest Rate | Maturity | 2016 | 2015 | |||||||||
5.5% Senior Notes, due 2022 | 5.5 | % | 07/15/2022 | $ | 360.7 | $ | 843.8 | |||||
2.9% Senior Notes, due 2018 | 2.9 | % | 02/15/2018 | 825.0 | 995.7 | |||||||
5.7% Senior Notes, due 2043 | 5.7 | % | 07/15/2043 | 394.3 | 394.1 | |||||||
3.65% Senior Notes, due 2026 | 3.65 | % | 06/15/2026 | 494.2 | — | |||||||
4.8% Senior Notes, due 2046 | 4.8 | % | 06/15/2046 | 296.2 | — | |||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5.65 | % | 05/15/2053 | 738.2 | 737.8 | |||||||
Subtotal | 3,108.6 | 2,971.4 | ||||||||||
Less: Current portion of long-term debt | — | — | ||||||||||
Total | $ | 3,108.6 | $ | 2,971.4 | ||||||||
2017 | $ | — | ||
2018 | 827.0 | |||
2019 | — | |||
2020 | — | |||
2021 | — | |||
Thereafter | 2,313.1 | |||
Total | $ | 3,140.1 | ||
• | On January 1, 2014, Voya Financial, Inc. entered into a reimbursement agreement with a third-party bank for its wholly owned subsidiary, Roaring River IV, LLC ("Roaring River IV"). At inception, the reimbursement agreement requires Voya Financial, Inc. to cause no less than $78.6 of capital to be maintained in Roaring River IV Holding LLC, the intermediate holding company of Roaring River IV, and $45.0 of capital to be maintained in Roaring River IV for a total of $123.6. This amount will vary over time based on a percentage of Roaring River IV in force life insurance. |
• | Effective January 15, 2014, Voya Financial, Inc. entered into a surplus maintenance agreement with Langhorne I, LLC ("Langhorne I"), a wholly owned captive reinsurance subsidiary, whereby Voya Financial, Inc. agrees to cause Langhorne I to maintain capital of at least $85.0. |
Years Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Voya Holdings Inc. (1) | $ | 916.4 | $ | 1,467.5 | $ | 795.0 | |||||
Security Life of Denver International Ltd | 30.0 | — | — | ||||||||
Security Life of Denver Insurance Company | 54.0 | 241.0 | 32.0 | ||||||||
Voya Insurance Management (Bermuda), Ltd | 1.0 | — | — | ||||||||
Voya Financial Products Company, Inc. | — | — | 75.0 | ||||||||
Total | $ | 1,001.4 | $ | 1,708.5 | $ | 902.0 | |||||
|
|||
Segment | DAC and VOBA | Future Policy Benefits and Contract Owner Account Balances | Unearned Premiums(1) | |||||||||
2016 | ||||||||||||
Retirement | $ | 1,165.1 | $ | 33,910.5 | $ | — | ||||||
Investment Management | 1.5 | — | — | |||||||||
Annuities | 647.5 | 22,191.8 | — | |||||||||
Individual Life | 2,702.2 | 19,373.1 | — | |||||||||
Employee Benefits | 74.5 | 2,098.9 | (0.5 | ) | ||||||||
Closed Block Variable Annuity | 296.4 | 8,969.4 | — | |||||||||
Corporate | 0.3 | 5,509.7 | — | |||||||||
Total | $ | 4,887.5 | $ | 92,053.4 | $ | (0.5 | ) | |||||
2015 | ||||||||||||
Retirement | $ | 1,402.5 | $ | 31,266.1 | $ | — | ||||||
Investment Management | 1.8 | — | — | |||||||||
Annuities | 604.6 | 21,742.3 | — | |||||||||
Individual Life | 2,856.8 | 18,867.5 | — | |||||||||
Employee Benefits | 82.0 | 2,090.2 | (0.2 | ) | ||||||||
Closed Block Variable Annuity | 422.1 | 7,325.4 | — | |||||||||
Corporate | 0.3 | 6,880.6 | — | |||||||||
Total | $ | 5,370.1 | $ | 88,172.1 | $ | (0.2 | ) | |||||
Segment | Net Investment Income (1)(2) | Premiums and Fee Income (1)(2) | Interest Credited and Other Benefits to Contract Owners | Amortization of DAC and VOBA | Other Operating Expenses(1)(2) | Premiums Written (Excluding Life) | ||||||||||||||||||
2016 | ||||||||||||||||||||||||
Retirement | $ | 1,907.2 | $ | 1,511.5 | $ | 1,797.0 | $ | 197.4 | $ | 1,122.0 | $ | — | ||||||||||||
Investment Management | (4.4 | ) | 627.3 | — | 3.3 | 529.1 | — | |||||||||||||||||
Annuities | 1,189.5 | 168.8 | 723.3 | 23.4 | 160.6 | — | ||||||||||||||||||
Individual Life | 874.9 | 1,662.6 | 2,001.2 | 181.3 | 324.1 | — | ||||||||||||||||||
Employee Benefits | 109.8 | 1,509.5 | 1,169.0 | 15.5 | 305.6 | 973.6 | ||||||||||||||||||
Closed Block Variable Annuity | 285.5 | 1,678.9 | 1,728.5 | 130.1 | 392.6 | — | ||||||||||||||||||
Corporate | 258.3 | (284.2 | ) | 94.5 | — | 103.3 | — | |||||||||||||||||
Total | $ | 4,620.8 | $ | 6,874.4 | $ | 7,513.5 | $ | 551.0 | $ | 2,937.3 | $ | 973.6 | ||||||||||||
2015 | ||||||||||||||||||||||||
Retirement | $ | 1,819.3 | $ | 1,349.5 | $ | 1,425.4 | $ | 182.5 | $ | 1,155.8 | $ | — | ||||||||||||
Investment Management | (26.2 | ) | 601.1 | — | 4.1 | 517.5 | — | |||||||||||||||||
Annuities | 1,189.0 | 180.0 | 778.9 | 247.8 | 152.6 | — | ||||||||||||||||||
Individual Life | 908.2 | 1,722.1 | 1,940.0 | 157.1 | 470.3 | — | ||||||||||||||||||
Employee Benefits | 109.1 | 1,404.9 | 1,050.5 | 21.5 | 289.0 | 879.5 | ||||||||||||||||||
Closed Block Variable Annuity | 231.1 | 1,534.5 | 1,275.9 | 50.4 | 431.5 | — | ||||||||||||||||||
Corporate | 307.7 | (286.5 | ) | 39.3 | — | (13.3 | ) | — | ||||||||||||||||
Total | $ | 4,538.2 | $ | 6,505.6 | $ | 6,510.0 | $ | 663.4 | $ | 3,003.4 | $ | 879.5 | ||||||||||||
2014 | ||||||||||||||||||||||||
Retirement | $ | 1,818.5 | $ | 798.9 | $ | 935.0 | $ | 162.0 | $ | 1,155.3 | $ | — | ||||||||||||
Investment Management | (92.5 | ) | 599.3 | — | 4.8 | 520.3 | — | |||||||||||||||||
Annuties | 1,235.3 | 226.0 | 791.9 | 132.5 | 139.8 | — | ||||||||||||||||||
Individual Life | 903.1 | 1,823.9 | 2,165.5 | 18.1 | 468.5 | — | ||||||||||||||||||
Employee Benefits | 111.6 | 1,265.8 | 940.7 | 28.7 | 254.7 | 734.9 | ||||||||||||||||||
Closed Block Variable Annuity | 163.2 | 1,773.9 | 994.8 | 32.8 | 473.6 | — | ||||||||||||||||||
Corporate | 376.1 | (228.9 | ) | 110.0 | 0.4 | 450.0 | — | |||||||||||||||||
Total | $ | 4,515.3 | $ | 6,258.9 | $ | 5,937.9 | $ | 379.3 | $ | 3,462.2 | $ | 734.9 | ||||||||||||
|
|||
Gross | Ceded | Assumed | Net | Percentage of Assumed to Net | ||||||||||||||
2016 | ||||||||||||||||||
Life insurance in force | $ | 790,570.1 | $ | 612,356.2 | $ | 318,442.7 | $ | 496,656.6 | 64.1 | % | ||||||||
Premiums: | ||||||||||||||||||
Life insurance | $ | 1,335.1 | $ | 1,583.5 | $ | 1,220.9 | $ | 972.5 | 125.5 | % | ||||||||
Accident and health insurance | 1,056.3 | 128.4 | 0.9 | 928.8 | 0.1 | % | ||||||||||||
Annuities | 1,613.3 | — | — | * | 1,613.3 | — | % | |||||||||||
Total premiums | $ | 4,004.7 | $ | 1,711.9 | $ | 1,221.8 | $ | 3,514.6 | 34.8 | % | ||||||||
2015 | ||||||||||||||||||
Life insurance in force | $ | 799,341.4 | $ | 642,889.8 | $ | 340,241.3 | $ | 496,692.9 | 68.5 | % | ||||||||
Premiums: | ||||||||||||||||||
Life insurance | $ | 1,351.7 | $ | 1,475.6 | $ | 1,189.2 | $ | 1,065.3 | 111.6 | % | ||||||||
Accident and health insurance | 947.9 | 136.3 | 1.6 | 813.2 | 0.2 | % | ||||||||||||
Annuities | 1,145.9 | — | 0.1 | 1,146.0 | — | % | ||||||||||||
Total premiums | $ | 3,445.5 | $ | 1,611.9 | $ | 1,190.9 | $ | 3,024.5 | 39.4 | % | ||||||||
2014 | ||||||||||||||||||
Life insurance in force | $ | 801,371.3 | $ | 599,504.5 | $ | 363,894.1 | $ | 565,760.9 | 64.3 | % | ||||||||
Premiums: | ||||||||||||||||||
Life insurance | $ | 1,358.9 | $ | 1,394.2 | $ | 1,234.4 | $ | 1,199.1 | 102.9 | % | ||||||||
Accident and health insurance | 814.2 | 108.7 | 3.8 | 709.3 | 0.5 | % | ||||||||||||
Annuities | 717.9 | — | 0.1 | 718.0 | — | % | ||||||||||||
Total premiums | $ | 2,891.0 | $ | 1,502.9 | $ | 1,238.3 | $ | 2,626.4 | 47.1 | % | ||||||||
|
|||
Balance at January 1, | Charged to Costs and Expenses | Write-offs/ Payments/ Other | Balance at December 31, | |||||||||||||
2016 | ||||||||||||||||
Valuation allowance on deferred tax assets | $ | 963.1 | $ | 101.6 | $ | (100.8 | ) | (1) | $ | 963.9 | ||||||
Allowance for losses on commercial mortgage loans | 3.2 | (0.1 | ) | 3.1 | ||||||||||||
2015 | ||||||||||||||||
Valuation allowance on deferred tax assets | $ | 971.9 | $ | (13.7 | ) | $ | 4.9 | (2) | $ | 963.1 | ||||||
Allowance for losses on commercial mortgage loans | 2.8 | 0.4 | 3.2 | |||||||||||||
2014 | ||||||||||||||||
Valuation allowance on deferred tax assets | $ | 2,806.8 | $ | (1,834.9 | ) | $ | — | $ | 971.9 | |||||||
Allowance for losses on commercial mortgage loans | 3.8 | (1.0 | ) | 2.8 | ||||||||||||
|
|||
• | Reserves for future policy benefits; |
• | Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles"); |
• | Valuation of investments and derivatives; |
• | Impairments; |
• | Income taxes; |
• | Contingencies; and |
• | Employee benefit plans |
• | Information relating to the market for the asset, including price quotations for and trading in the asset or in similar investments and the market environment and investor attitudes towards the asset and interests in similar investments; |
• | The characteristics of and fundamental analytical data relating to the investment, including the cost, current interest rate, period until next interest rate reset, maturity and base lending rate, the terms and conditions of the corporate loan and any related agreements and the position of the corporate loan in the borrower's debt structure; |
• | The nature, adequacy and value of the corporate loan's collateral, including the CLO's rights, remedies and interests with respect to the collateral; |
• | The creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the business, cash flows, capital structure and future prospects; |
• | The reputation and financial condition of the agent and any intermediate participants in the corporate loan; and |
• | General economic and market conditions affecting the fair value of the corporate loan. |
• | When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. |
• | Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. |
• | When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. |
• | The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. |
• | Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations. |
• | Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. |
• | Reserves for traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses and persistency are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.3% to 7.7%. |
• | Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 1.0% to 8.3%. |
• | Account balances for guaranteed investment contracts and funding agreements with fixed maturities (collectively referred to as "GICs") are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. |
• | Account balances for universal life-type contracts, including variable universal life ("VUL") contracts, are equal to cumulative deposits, less charges, withdrawals and account values released upon death, plus credited interest thereon. |
• | Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 7.5% for the years 2016, 2015 and 2014. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. |
• | For fixed-indexed annuity contracts ("FIAs") and indexed universal life ("IUL") contracts, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value. |
• | Such separate accounts are legally recognized; |
• | Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities; |
• | Investments are directed by the contract owner or participant; and |
• | All investment performance, net of contract fees and assessments, is passed through to the contract owner. |
• | The nature, frequency and severity of book income or losses in recent years; |
• | The nature and character of the deferred tax assets and liabilities; |
• | The nature and character of income by life and non-life subgroups; |
• | The recent cumulative book income (loss) position after adjustment for permanent differences; |
• | Taxable income in prior carryback years; |
• | Projected future taxable income, exclusive of reversing temporary differences and carryforwards; |
• | Projected future reversals of existing temporary differences; |
• | The length of time carryforwards can be utilized; |
• | Prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused; and |
• | Tax rules that would impact the utilization of the deferred tax assets. |
• | Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities. |
• | Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights. |
• | Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. |
• | Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance. |
• | ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations. |
• | The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. |
• | Introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, |
• | Modifies the impairment model for available-for-sale debt securities, and |
• | Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. |
• | The income tax consequences of awards, |
• | The impact of forfeitures on the recognition of expense for awards, |
• | Classification of awards as either equity or liabilities, and |
• | Classification on the statement of cash flows. |
• | Equity investments (except those consolidated or accounted for under the equity method) to be measured at fair value with changes in fair value recognized in net income. |
• | Elimination of the disclosure of methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. |
• | The use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. |
• | Separate presentation in other comprehensive income of the portion of the total change in fair value of a liability resulting from a change in own credit risk if the liability is measured at fair value under the fair value option. |
• | Separate presentation on the balance sheet or financial statement notes of financial assets and financial liabilities by measurement category and form of financial asset. |
|
|||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Fair Value | OTTI(3)(4) | ||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. Treasuries | $ | 3,452.0 | $ | 452.2 | $ | 13.9 | $ | — | $ | 3,890.3 | $ | — | |||||||||||
U.S. Government agencies and authorities | 253.9 | 44.1 | — | — | 298.0 | — | |||||||||||||||||
State, municipalities and political subdivisions | 2,153.9 | 31.7 | 50.0 | — | 2,135.6 | — | |||||||||||||||||
U.S. corporate public securities | 31,754.8 | 2,168.5 | 231.6 | — | 33,691.7 | 8.6 | |||||||||||||||||
U.S. corporate private securities | 7,724.9 | 242.7 | 159.6 | — | 7,808.0 | — | |||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 7,796.6 | 381.7 | 98.9 | — | 8,079.4 | — | |||||||||||||||||
Foreign corporate private securities(1) | 7,557.1 | 302.8 | 74.1 | — | 7,785.8 | — | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency | 5,318.4 | 269.7 | 62.0 | 42.7 | 5,568.8 | — | |||||||||||||||||
Non-Agency | 1,088.6 | 137.3 | 7.7 | 27.8 | 1,246.0 | 31.0 | |||||||||||||||||
Total Residential mortgage-backed securities | 6,407.0 | 407.0 | 69.7 | 70.5 | 6,814.8 | 31.0 | |||||||||||||||||
Commercial mortgage-backed securities | 3,320.7 | 72.9 | 34.7 | — | 3,358.9 | — | |||||||||||||||||
Other asset-backed securities | 1,433.9 | 48.8 | 7.1 | — | 1,475.6 | 3.9 | |||||||||||||||||
Total fixed maturities, including securities pledged | 71,854.8 | 4,152.4 | 739.6 | 70.5 | 75,338.1 | 43.5 | |||||||||||||||||
Less: Securities pledged | 1,983.8 | 189.0 | 15.7 | — | 2,157.1 | — | |||||||||||||||||
Total fixed maturities | 69,871.0 | 3,963.4 | 723.9 | 70.5 | 73,181.0 | 43.5 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock | 151.3 | 0.5 | 0.3 | — | 151.5 | — | |||||||||||||||||
Preferred stock | 90.5 | 32.2 | — | — | 122.7 | — | |||||||||||||||||
Total equity securities | 241.8 | 32.7 | 0.3 | — | 274.2 | — | |||||||||||||||||
Total fixed maturities and equity securities investments | $ | 70,112.8 | $ | 3,996.1 | $ | 724.2 | $ | 70.5 | $ | 73,455.2 | $ | 43.5 | |||||||||||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Fair Value | OTTI(3)(4) | ||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. Treasuries | $ | 3,136.4 | $ | 517.6 | $ | 5.0 | $ | — | $ | 3,649.0 | $ | — | |||||||||||
U.S. Government agencies and authorities | 309.8 | 43.1 | 0.3 | — | 352.6 | — | |||||||||||||||||
State, municipalities and political subdivisions | 1,337.8 | 26.2 | 17.8 | — | 1,346.2 | — | |||||||||||||||||
U.S. corporate public securities | 32,794.3 | 1,647.4 | 825.7 | — | 33,616.0 | 9.6 | |||||||||||||||||
U.S. corporate private securities | 6,527.5 | 246.1 | 132.5 | — | 6,641.1 | — | |||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 8,129.1 | 267.9 | 373.4 | — | 8,023.6 | — | |||||||||||||||||
Foreign corporate private securities(1) | 7,252.5 | 272.6 | 176.5 | — | 7,348.6 | — | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency | 4,522.7 | 350.0 | 15.7 | 58.6 | 4,915.6 | — | |||||||||||||||||
Non-Agency | 779.3 | 138.2 | 8.9 | 36.3 | 944.9 | 46.5 | |||||||||||||||||
Total Residential mortgage-backed securities | 5,302.0 | 488.2 | 24.6 | 94.9 | 5,860.5 | 46.5 | |||||||||||||||||
Commercial mortgage-backed securities | 3,967.8 | 133.6 | 8.8 | — | 4,092.6 | 6.7 | |||||||||||||||||
Other asset-backed securities | 1,097.8 | 58.1 | 13.5 | — | 1,142.4 | 4.4 | |||||||||||||||||
Total fixed maturities, including securities pledged | 69,855.0 | 3,700.8 | 1,578.1 | 94.9 | 72,072.6 | 67.2 | |||||||||||||||||
Less: Securities pledged | 1,082.1 | 79.7 | 49.2 | — | 1,112.6 | — | |||||||||||||||||
Total fixed maturities | 68,772.9 | 3,621.1 | 1,528.9 | 94.9 | 70,960.0 | 67.2 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock | 210.1 | 0.5 | 0.2 | — | 210.4 | — | |||||||||||||||||
Preferred stock | 90.3 | 31.0 | — | — | 121.3 | — | |||||||||||||||||
Total equity securities | 300.4 | 31.5 | 0.2 | — | 331.7 | — | |||||||||||||||||
Total fixed maturities and equity securities investments | $ | 69,073.3 | $ | 3,652.6 | $ | 1,529.1 | $ | 94.9 | $ | 71,291.7 | $ | 67.2 | |||||||||||
Amortized Cost | Fair Value | ||||||
Due to mature: | |||||||
One year or less | $ | 2,510.9 | $ | 2,513.7 | |||
After one year through five years | 13,270.7 | 13,845.2 | |||||
After five years through ten years | 18,991.5 | 19,303.8 | |||||
After ten years | 25,920.1 | 28,026.1 | |||||
Mortgage-backed securities | 9,727.7 | 10,173.7 | |||||
Other asset-backed securities | 1,433.9 | 1,475.6 | |||||
Fixed maturities, including securities pledged | $ | 71,854.8 | $ | 75,338.1 | |||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Fair Value | ||||||||||||
December 31, 2016 | |||||||||||||||
Communications | $ | 3,778.7 | $ | 335.7 | $ | 20.8 | $ | 4,093.6 | |||||||
Financial | 8,166.3 | 478.7 | 47.6 | 8,597.4 | |||||||||||
Industrial and other companies | 25,679.5 | 1,259.5 | 256.9 | 26,682.1 | |||||||||||
Energy | 6,250.2 | 380.7 | 93.5 | 6,537.4 | |||||||||||
Utilities | 8,164.7 | 500.6 | 106.4 | 8,558.9 | |||||||||||
Transportation | 1,785.6 | 103.6 | 17.5 | 1,871.7 | |||||||||||
Total | $ | 53,825.0 | $ | 3,058.8 | $ | 542.7 | $ | 56,341.1 | |||||||
December 31, 2015 | |||||||||||||||
Communications | $ | 3,956.0 | $ | 251.0 | $ | 73.0 | $ | 4,134.0 | |||||||
Financial | 7,937.8 | 473.0 | 53.2 | 8,357.6 | |||||||||||
Industrial and other companies | 24,762.3 | 1,020.4 | 542.0 | 25,240.7 | |||||||||||
Energy | 7,871.5 | 127.9 | 668.1 | 7,331.3 | |||||||||||
Utilities | 7,540.3 | 457.4 | 89.8 | 7,907.9 | |||||||||||
Transportation | 1,705.3 | 70.5 | 40.2 | 1,735.6 | |||||||||||
Total | $ | 53,773.2 | $ | 2,400.2 | $ | 1,466.3 | $ | 54,707.1 | |||||||
December 31, 2016 (1) | December 31, 2015 | ||||||
U.S. Treasuries | $ | 762.9 | $ | — | |||
U.S. Government agencies and authorities | 4.3 | — | |||||
U.S. corporate public securities | 468.4 | 265.4 | |||||
Equity Securities | 0.5 | — | |||||
Short-term Investments | 1.0 | — | |||||
Foreign corporate public securities and foreign governments | 210.5 | 219.0 | |||||
Payables under securities loan agreements | $ | 1,447.6 | $ | 484.4 | |||
Six Months or Less Below Amortized Cost | More Than Six Months and Twelve Months or Less Below Amortized Cost | More Than Twelve Months Below Amortized Cost | Total | |||||||||||||||||||||||||||||
Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | |||||||||||||||||||||||||
U.S. Treasuries | $ | 1,061.4 | $ | 13.9 | $ | — | $ | — | $ | — | $ | — | $ | 1,061.4 | $ | 13.9 | ||||||||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
State, municipalities and political subdivisions | 1,264.7 | 46.9 | — | — | 23.3 | 3.1 | 1,288.0 | 50.0 | ||||||||||||||||||||||||
U.S. corporate public securities | 6,236.0 | 172.1 | 38.4 | 2.5 | 508.8 | 57.0 | 6,783.2 | 231.6 | ||||||||||||||||||||||||
U.S. corporate private securities | 2,261.8 | 98.1 | 74.7 | 2.9 | 315.6 | 58.6 | 2,652.1 | 159.6 | ||||||||||||||||||||||||
Foreign corporate public securities and foreign governments | 1,596.8 | 49.0 | 59.8 | 4.9 | 396.2 | 45.0 | 2,052.8 | 98.9 | ||||||||||||||||||||||||
Foreign corporate private securities | 1,382.3 | 56.8 | — | — | 165.9 | 17.3 | 1,548.2 | 74.1 | ||||||||||||||||||||||||
Residential mortgage-backed | 1,716.5 | 52.2 | 182.7 | 5.1 | 165.5 | 12.4 | 2,064.7 | 69.7 | ||||||||||||||||||||||||
Commercial mortgage-backed | 1,002.8 | 32.6 | 27.2 | 0.1 | 27.4 | 2.0 | 1,057.4 | 34.7 | ||||||||||||||||||||||||
Other asset-backed | 448.3 | 1.6 | 0.8 | — | 114.3 | 5.5 | 563.4 | 7.1 | ||||||||||||||||||||||||
Total | $ | 16,970.6 | $ | 523.2 | $ | 383.6 | $ | 15.5 | $ | 1,717.0 | $ | 200.9 | $ | 19,071.2 | $ | 739.6 | ||||||||||||||||
Six Months or Less Below Amortized Cost | More Than Six Months and Twelve Months or Less Below Amortized Cost | More Than Twelve Months Below Amortized Cost | Total | |||||||||||||||||||||||||||||
Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | |||||||||||||||||||||||||
U.S. Treasuries | $ | 482.2 | $ | 5.0 | $ | — | $ | — | $ | — | $ | — | $ | 482.2 | $ | 5.0 | ||||||||||||||||
U.S. Government agencies and authorities | 49.3 | 0.3 | — | — | — | — | 49.3 | 0.3 | ||||||||||||||||||||||||
State, municipalities and political subdivisions | 415.4 | 4.7 | 340.2 | 12.4 | 1.2 | 0.7 | 756.8 | 17.8 | ||||||||||||||||||||||||
U.S. corporate public securities | 5,072.0 | 201.3 | 6,196.9 | 481.9 | 642.9 | 142.5 | 11,911.8 | 825.7 | ||||||||||||||||||||||||
U.S. corporate private securities | 989.0 | 27.7 | 945.8 | 82.9 | 103.3 | 21.9 | 2,038.1 | 132.5 | ||||||||||||||||||||||||
Foreign corporate public securities and foreign governments | 2,101.4 | 83.9 | 1,291.2 | 151.6 | 472.2 | 137.9 | 3,864.8 | 373.4 | ||||||||||||||||||||||||
Foreign corporate private securities | 1,410.4 | 114.2 | 569.2 | 46.0 | 56.8 | 16.3 | 2,036.4 | 176.5 | ||||||||||||||||||||||||
Residential mortgage-backed | 306.3 | 4.0 | 198.0 | 4.1 | 350.0 | 16.5 | 854.3 | 24.6 | ||||||||||||||||||||||||
Commercial mortgage-backed | 502.9 | 4.3 | 112.5 | 3.0 | 1.3 | 1.5 | 616.7 | 8.8 | ||||||||||||||||||||||||
Other asset-backed | 183.8 | 0.6 | 18.2 | 0.1 | 185.4 | 12.8 | 387.4 | 13.5 | ||||||||||||||||||||||||
Total | $ | 11,512.7 | $ | 446.0 | $ | 9,672.0 | $ | 782.0 | $ | 1,813.1 | $ | 350.1 | $ | 22,997.8 | $ | 1,578.1 | ||||||||||||||||
Loan-to-Value Ratio | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2016 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS > 100% | $ | — | $ | — | $ | — | $ | — | |||||||
Non-agency RMBS > 90% - 100% | — | — | — | — | |||||||||||
Non-agency RMBS 80% - 90% | 5.3 | — | 0.3 | — | |||||||||||
Non-agency RMBS < 80% | 218.5 | 3.7 | 11.1 | 0.8 | |||||||||||
Agency RMBS | 1,985.5 | 2.9 | 60.6 | 1.4 | |||||||||||
Other ABS (Non-RMBS) | 487.3 | 1.7 | 2.1 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 2,696.6 | $ | 8.3 | $ | 74.1 | $ | 2.7 | |||||||
Credit Enhancement Percentage | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2016 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS 10% + | $ | 141.0 | $ | — | $ | 6.5 | $ | — | |||||||
Non-agency RMBS > 5% - 10% | 10.7 | — | 0.4 | — | |||||||||||
Non-agency RMBS > 0% - 5% | 35.8 | — | 2.6 | — | |||||||||||
Non-agency RMBS 0% | 36.3 | 3.7 | 1.9 | 0.8 | |||||||||||
Agency RMBS | 1,985.5 | 2.9 | 60.6 | 1.4 | |||||||||||
Other ABS (Non-RMBS) | 487.3 | 1.7 | 2.1 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 2,696.6 | $ | 8.3 | $ | 74.1 | $ | 2.7 | |||||||
Fixed Rate/Floating Rate | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2016 | < 20% | > 20% | < 20% | > 20% | |||||||||||
Fixed Rate | $ | 2,029.0 | $ | 2.5 | $ | 55.6 | $ | 0.8 | |||||||
Floating Rate | 667.6 | 5.8 | 18.5 | 1.9 | |||||||||||
Total | $ | 2,696.6 | $ | 8.3 | $ | 74.1 | $ | 2.7 | |||||||
Loan-to-Value Ratio | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2015 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS > 100% | $ | — | $ | — | $ | — | $ | — | |||||||
Non-agency RMBS > 90% - 100% | 4.2 | — | 0.2 | — | |||||||||||
Non-agency RMBS 80% - 90% | 50.7 | — | 2.3 | — | |||||||||||
Non-agency RMBS < 80% | 306.4 | 1.5 | 17.5 | 0.3 | |||||||||||
Agency RMBS | 704.2 | 3.8 | 13.8 | 1.9 | |||||||||||
Other ABS (Non-RMBS) | 207.2 | 1.8 | 1.6 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 1,272.7 | $ | 7.1 | $ | 35.4 | $ | 2.7 | |||||||
Credit Enhancement Percentage | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2015 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS 10% + | $ | 270.3 | $ | 1.5 | $ | 14.3 | $ | 0.3 | |||||||
Non-agency RMBS > 5% - 10% | 20.9 | — | 0.4 | — | |||||||||||
Non-agency RMBS > 0% - 5% | 36.9 | — | 2.4 | — | |||||||||||
Non-agency RMBS 0% | 33.2 | — | 2.9 | — | |||||||||||
Agency RMBS | 704.2 | 3.8 | 13.8 | 1.9 | |||||||||||
Other ABS (Non-RMBS) | 207.2 | 1.8 | 1.6 | 0.5 | |||||||||||
Total RMBS and Other ABS | $ | 1,272.7 | $ | 7.1 | $ | 35.4 | $ | 2.7 | |||||||
Fixed Rate/Floating Rate | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
December 31, 2015 | < 20% | > 20% | < 20% | > 20% | |||||||||||
Fixed Rate | $ | 802.9 | $ | 2.4 | $ | 14.0 | $ | 0.6 | |||||||
Floating Rate | 469.8 | 4.7 | 21.4 | 2.1 | |||||||||||
Total | $ | 1,272.7 | $ | 7.1 | $ | 35.4 | $ | 2.7 | |||||||
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Impaired | Non Impaired | Total | Impaired | Non Impaired | Total | ||||||||||||||||||
Commercial mortgage loans | $ | 4.6 | $ | 11,723.7 | $ | 11,728.3 | $ | 20.2 | $ | 10,430.5 | $ | 10,450.7 | |||||||||||
Collective valuation allowance for losses | N/A | (3.1 | ) | (3.1 | ) | N/A | (3.2 | ) | (3.2 | ) | |||||||||||||
Total net commercial mortgage loans | $ | 4.6 | $ | 11,720.6 | $ | 11,725.2 | $ | 20.2 | $ | 10,427.3 | $ | 10,447.5 | |||||||||||
December 31, 2016 | December 31, 2015 | ||||||
Collective valuation allowance for losses, balance at January 1 | $ | 3.2 | $ | 2.8 | |||
Addition to (reduction of) allowance for losses | (0.1 | ) | 0.4 | ||||
Collective valuation allowance for losses, end of period | $ | 3.1 | $ | 3.2 | |||
December 31, 2016 | December 31, 2015 | ||||||
Impaired loans without allowances for losses | $ | 4.6 | $ | 20.2 | |||
Less: Allowances for losses on impaired loans | — | — | |||||
Impaired loans, net | $ | 4.6 | $ | 20.2 | |||
Unpaid principal balance of impaired loans | $ | 6.1 | $ | 21.7 | |||
December 31, 2016 | December 31, 2015 | ||||||
Troubled debt restructured loans | $ | — | $ | 15.3 | |||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Impaired loans, average investment during the period (amortized cost)(1) | $ | 12.4 | $ | 46.5 | $ | 83.6 | |||||
Interest income recognized on impaired loans, on an accrual basis(1) | 0.4 | 2.4 | 4.8 | ||||||||
Interest income recognized on impaired loans, on a cash basis(1) | 0.5 | 2.6 | 4.5 | ||||||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | 0.1 | 1.9 | 4.2 | ||||||||
December 31, 2016(1) | December 31, 2015(1) | ||||||
Loan-to-Value Ratio: | |||||||
0% - 50% | $ | 1,366.3 | $ | 1,388.0 | |||
>50% - 60% | 2,950.1 | 2,694.1 | |||||
>60% - 70% | 6,560.7 | 5,670.2 | |||||
>70% - 80% | 833.8 | 679.6 | |||||
>80% and above | 17.4 | 18.8 | |||||
Total Commercial mortgage loans | $ | 11,728.3 | $ | 10,450.7 | |||
December 31, 2016(1) | December 31, 2015(1) | ||||||
Debt Service Coverage Ratio: | |||||||
Greater than 1.5x | $ | 9,298.4 | $ | 8,112.1 | |||
>1.25x - 1.5x | 1,247.3 | 1,489.5 | |||||
>1.0x - 1.25x | 899.2 | 550.3 | |||||
Less than 1.0x | 181.4 | 158.6 | |||||
Commercial mortgage loans secured by land or construction loans | 102.0 | 140.2 | |||||
Total Commercial mortgage loans | $ | 11,728.3 | $ | 10,450.7 | |||
December 31, 2016(1) | December 31, 2015(1) | |||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||
Commercial Mortgage Loans by U.S. Region: | ||||||||||||
Pacific | $ | 2,896.8 | 24.6% | $ | 2,605.3 | 24.9 | % | |||||
South Atlantic | 2,646.0 | 22.6% | 2,318.9 | 22.2 | % | |||||||
Middle Atlantic | 1,648.7 | 14.1% | 1,499.1 | 14.3 | % | |||||||
West South Central | 1,236.1 | 10.5% | 1,103.7 | 10.6 | % | |||||||
Mountain | 1,092.1 | 9.3% | 924.2 | 8.8 | % | |||||||
East North Central | 1,274.3 | 10.9% | 1,103.3 | 10.6 | % | |||||||
New England | 231.2 | 2.0% | 222.8 | 2.1 | % | |||||||
West North Central | 508.9 | 4.3% | 488.8 | 4.7 | % | |||||||
East South Central | 194.2 | 1.7% | 184.6 | 1.8 | % | |||||||
Total Commercial mortgage loans | $ | 11,728.3 | 100.0% | $ | 10,450.7 | 100.0 | % | |||||
December 31, 2016(1) | December 31, 2015(1) | |||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | |||||||||
Commercial Mortgage Loans by Property Type: | ||||||||||||
Retail | $ | 3,695.8 | 31.5% | $ | 3,672.8 | 35.1 | % | |||||
Industrial | 2,663.5 | 22.7% | 2,161.3 | 20.7 | % | |||||||
Apartments | 2,410.8 | 20.6% | 1,942.9 | 18.6 | % | |||||||
Office | 1,917.0 | 16.3% | 1,617.7 | 15.5 | % | |||||||
Hotel/Motel | 411.2 | 3.5% | 425.0 | 4.1 | % | |||||||
Other | 516.5 | 4.4% | 525.9 | 5.0 | % | |||||||
Mixed Use | 113.5 | 1.0% | 105.1 | 1.0 | % | |||||||
Total Commercial mortgage loans | $ | 11,728.3 | 100.0% | $ | 10,450.7 | 100.0 | % | |||||
December 31, 2016(1) | December 31, 2015(1) | ||||||
Year of Origination: | |||||||
2016 | $ | 2,349.6 | $ | — | |||
2015 | 2,066.1 | 2,114.0 | |||||
2014 | 1,860.3 | 1,896.0 | |||||
2013 | 1,953.1 | 2,024.8 | |||||
2012 | 1,241.4 | 1,423.3 | |||||
2011 | 979.0 | 1,237.7 | |||||
2010 and prior | 1,278.8 | 1,754.9 | |||||
Total Commercial mortgage loans | $ | 11,728.3 | $ | 10,450.7 | |||
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | Impairment | No. of Securities | |||||||||||||||
U.S. Treasuries | $ | — | — | $ | — | — | $ | 0.5 | 1 | |||||||||||
State, municipalities and political subdivisions | 0.3 | 2 | — | — | — | — | ||||||||||||||
U.S. corporate public securities | 9.6 | 3 | 41.1 | 27 | 14.9 | 42 | ||||||||||||||
Foreign corporate public securities and foreign governments(1) | 19.1 | 4 | 63.9 | 16 | 6.9 | 12 | ||||||||||||||
Foreign corporate private securities(1) | 3.2 | 2 | 1.9 | 1 | — | — | ||||||||||||||
Residential mortgage-backed | 9.1 | 90 | 7.1 | 68 | 7.3 | 93 | ||||||||||||||
Commercial mortgage-backed | 0.3 | 1 | 0.9 | 2 | 0.2 | 7 | ||||||||||||||
Other asset-backed | — | 2 | 2.0 | 3 | 0.8 | 17 | ||||||||||||||
Equity | — | — | 0.1 | 1 | 0.9 | 2 | ||||||||||||||
Other assets(2) | — | — | — | — | 0.1 | 1 | ||||||||||||||
Total | $ | 41.6 | 104 | $ | 117.0 | 118 | $ | 31.6 | 175 | |||||||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance at January 1 | $ | 75.3 | $ | 86.8 | $ | 114.2 | |||||
Additional credit impairments: | |||||||||||
On securities not previously impaired | — | — | 1.8 | ||||||||
On securities previously impaired | 4.4 | 6.9 | 4.8 | ||||||||
Reductions: | |||||||||||
Increase in cash flows | 2.2 | 1.1 | 2.0 | ||||||||
Securities sold, matured, prepaid or paid down | 22.9 | 17.3 | 32.0 | ||||||||
Balance at December 31 | $ | 54.6 | $ | 75.3 | $ | 86.8 | |||||
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | Impairment | No. of Securities | |||||||||||||||
U.S. Treasuries | $ | — | — | $ | — | — | $ | 0.5 | 1 | |||||||||||
State, municipalities and political subdivisions | — | — | — | — | — | — | ||||||||||||||
U.S. corporate public securities | 9.1 | 2 | 41.1 | 26 | 14.5 | 42 | ||||||||||||||
Foreign corporate public securities and foreign governments(1) | 17.9 | 3 | 58.0 | 15 | 6.9 | 12 | ||||||||||||||
Foreign corporate private securities(1) | — | — | — | — | — | — | ||||||||||||||
Residential mortgage-backed | 4.2 | 21 | 1.9 | 14 | 1.5 | 26 | ||||||||||||||
Commercial mortgage-backed | 0.3 | 1 | 0.9 | 2 | 0.2 | 7 | ||||||||||||||
Other asset-backed | — | — | 0.1 | 1 | 0.2 | 14 | ||||||||||||||
Equity | — | — | — | — | — | — | ||||||||||||||
Other assets | — | — | — | — | — | — | ||||||||||||||
Total | $ | 31.5 | 27 | $ | 102.0 | 58 | $ | 23.8 | 102 | |||||||||||
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Fixed maturities | $ | 4,011.6 | $ | 3,970.1 | $ | 4,001.0 | ||||||
Equity securities, available-for-sale | 12.1 | 10.1 | 12.8 | |||||||||
Mortgage loans on real estate | 540.4 | 553.9 | 495.8 | |||||||||
Policy loans | 107.9 | 110.0 | 113.0 | |||||||||
Short-term investments and cash equivalents | 5.1 | 3.0 | 3.0 | |||||||||
Other | 61.5 | (0.3 | ) | (4.9 | ) | |||||||
Gross investment income | 4,738.6 | 4,646.8 | 4,620.7 | |||||||||
Less: investment expenses | 117.8 | 108.6 | (1) | 105.4 | (1) | |||||||
Net investment income | $ | 4,620.8 | $ | 4,538.2 | $ | 4,515.3 | ||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Fixed maturities, available-for-sale, including securities pledged | $ | (98.8 | ) | $ | (122.2 | ) | $ | 63.6 | |||
Fixed maturities, at fair value option | (434.2 | ) | (434.4 | ) | (177.3 | ) | |||||
Equity securities, available-for-sale | 1.4 | 0.1 | 17.9 | ||||||||
Derivatives | (1,041.4 | ) | (150.6 | ) | 12.7 | ||||||
Embedded derivatives - fixed maturities | (24.4 | ) | (20.9 | ) | (10.6 | ) | |||||
Guaranteed benefit derivatives | 333.3 | (7.2 | ) | (804.4 | ) | ||||||
Other investments | 1.0 | 1.9 | 19.7 | ||||||||
Net realized capital gains (losses) | $ | (1,263.1 | ) | $ | (733.3 | ) | $ | (878.4 | ) | ||
After-tax net realized capital gains (losses) | $ | (853.2 | ) | $ | (482.4 | ) | $ | (517.5 | ) | ||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Proceeds on sales | $ | 7,511.6 | $ | 6,778.2 | $ | 8,580.8 | |||||
Gross gains | 157.5 | 101.5 | 188.6 | ||||||||
Gross losses | 211.4 | 122.9 | 96.6 | ||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
December 31, 2016 | |||||||||||||||||||||
Six months or less below amortized cost | $ | 17,729.6 | $ | 86.8 | $ | 554.6 | $ | 19.3 | 1,541 | 16 | |||||||||||
More than six months and twelve months or less below amortized cost | 755.0 | 28.3 | 45.1 | 7.8 | 92 | 9 | |||||||||||||||
More than twelve months below amortized cost | 1,086.7 | 124.4 | 76.5 | 36.3 | 267 | 12 | |||||||||||||||
Total | $ | 19,571.3 | $ | 239.5 | $ | 676.2 | $ | 63.4 | 1,900 | 37 | |||||||||||
December 31, 2015 | |||||||||||||||||||||
Six months or less below amortized cost | $ | 11,792.1 | $ | 1,863.4 | $ | 394.6 | $ | 524.5 | 1,051 | 130 | |||||||||||
More than six months and twelve months or less below amortized cost | 9,465.3 | 48.3 | 518.0 | 23.2 | 737 | 5 | |||||||||||||||
More than twelve months below amortized cost | 1,351.5 | 55.3 | 102.5 | 15.3 | 322 | 8 | |||||||||||||||
Total | $ | 22,608.9 | $ | 1,967.0 | $ | 1,015.1 | $ | 563.0 | 2,110 | 143 | |||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
December 31, 2016 | |||||||||||||||||||||
U.S. Treasuries | $ | 1,075.3 | $ | — | $ | 13.9 | $ | — | 33 | — | |||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | |||||||||||||||
State, municipalities and political subdivisions | 1,337.0 | 1.0 | 49.7 | 0.3 | 198 | 1 | |||||||||||||||
U.S. corporate public securities | 6,947.1 | 67.7 | 215.5 | 16.1 | 577 | 4 | |||||||||||||||
U.S. corporate private securities | 2,672.7 | 139.0 | 122.1 | 37.5 | 114 | 3 | |||||||||||||||
Foreign corporate public securities and foreign governments | 2,131.4 | 20.3 | 94.1 | 4.8 | 192 | 4 | |||||||||||||||
Foreign corporate private securities | 1,622.3 | — | * | 74.1 | — | * | 64 | 2 | |||||||||||||
Residential mortgage-backed | 2,127.8 | 6.6 | 67.5 | 2.2 | 451 | 19 | |||||||||||||||
Commercial mortgage-backed | 1,088.9 | 3.2 | 32.7 | 2.0 | 140 | 3 | |||||||||||||||
Other asset-backed | 568.8 | 1.7 | 6.6 | 0.5 | 131 | 1 | |||||||||||||||
Total | $ | 19,571.3 | $ | 239.5 | $ | 676.2 | $ | 63.4 | 1,900 | 37 | |||||||||||
* Less than $0.1 | |||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||
U.S. Treasuries | $ | 487.2 | $ | — | $ | 5.0 | $ | — | 21 | — | |||||||||||
U.S. Government agencies and authorities | 49.6 | — | 0.3 | — | 1 | — | |||||||||||||||
State, municipalities and political subdivisions | 772.6 | 2.0 | 17.1 | 0.7 | 117 | 3 | |||||||||||||||
U.S. corporate public securities | 11,712.1 | 1,025.4 | 542.7 | 283.0 | 955 | 73 | |||||||||||||||
U.S. corporate private securities | 2,006.6 | 164.0 | 85.1 | 47.4 | 92 | 4 | |||||||||||||||
Foreign corporate public securities and foreign governments | 3,570.1 | 668.1 | 173.9 | 199.5 | 331 | 48 | |||||||||||||||
Foreign corporate private securities | 2,115.3 | 97.6 | 148.3 | 28.2 | 86 | 5 | |||||||||||||||
Residential mortgage-backed | 875.1 | 3.8 | 22.7 | 1.9 | 327 | 7 | |||||||||||||||
Commercial mortgage-backed | 622.7 | 2.8 | 7.3 | 1.5 | 56 | 1 | |||||||||||||||
Other asset-backed | 397.6 | 3.3 | 12.7 | 0.8 | 124 | 2 | |||||||||||||||
Total | $ | 22,608.9 | $ | 1,967.0 | $ | 1,015.1 | $ | 563.0 | 2,110 | 143 | |||||||||||
|
|||
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | Notional Amount | Asset Fair Value | Liability Fair Value | ||||||||||||||||||
Derivatives: Qualifying for hedge accounting (1) | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Interest rate contracts | $ | 124.0 | $ | 4.7 | $ | 0.3 | $ | 524.0 | $ | 73.3 | $ | — | |||||||||||
Foreign exchange contracts | 480.8 | 40.1 | 10.7 | 174.7 | 36.4 | — | |||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||
Interest rate contracts | — | — | — | 551.4 | 0.8 | 9.8 | |||||||||||||||||
Derivatives: Non-qualifying for hedge accounting (1) | |||||||||||||||||||||||
Interest rate contracts | 78,399.6 | 1,080.6 | 354.3 | 65,169.4 | 1,055.0 | 352.2 | |||||||||||||||||
Foreign exchange contracts | 1,573.0 | 60.7 | 39.2 | 1,281.9 | 60.5 | 37.0 | |||||||||||||||||
Equity contracts | 28,959.6 | 494.1 | 50.4 | 19,738.4 | 286.2 | 65.8 | |||||||||||||||||
Credit contracts | 3,255.3 | 32.2 | 15.8 | 4,266.3 | 26.3 | 22.7 | |||||||||||||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||
Within fixed maturity investments | N/A | 70.5 | — | N/A | 94.9 | — | |||||||||||||||||
Within products | N/A | — | 3,791.4 | N/A | — | 3,907.2 | |||||||||||||||||
Within reinsurance agreements | N/A | — | 78.7 | N/A | — | 25.2 | |||||||||||||||||
Managed custody guarantees | N/A | — | — | N/A | — | 0.3 | |||||||||||||||||
Total | $ | 1,782.9 | $ | 4,340.8 | $ | 1,633.4 | $ | 4,420.2 | |||||||||||||||
December 31, 2016 | |||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||
Credit contracts | $ | 3,255.3 | $ | 32.2 | $ | 15.8 | |||||
Equity contracts | 22,327.8 | 471.4 | 49.6 | ||||||||
Foreign exchange contracts | 2,053.8 | 100.8 | 49.9 | ||||||||
Interest rate contracts | 68,342.4 | 1,085.4 | 353.0 | ||||||||
1,689.8 | 468.3 | ||||||||||
Counterparty netting(1) | (411.3 | ) | (411.3 | ) | |||||||
Cash collateral netting(1) | (1,083.9 | ) | (21.3 | ) | |||||||
Securities collateral netting(1) | (71.6 | ) | (13.9 | ) | |||||||
Net receivables/payables | $ | 123.0 | $ | 21.8 | |||||||
December 31, 2015 | |||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||
Credit contracts | $ | 4,266.3 | $ | 26.3 | $ | 22.7 | |||||
Equity contracts | 12,034.9 | 228.6 | 53.9 | ||||||||
Foreign exchange contracts | 1,456.6 | 96.9 | 37.0 | ||||||||
Interest rate contracts | 57,145.6 | 1,129.1 | 360.1 | ||||||||
1,480.9 | 473.7 | ||||||||||
Counterparty netting(1) | (415.6 | ) | (415.6 | ) | |||||||
Cash collateral netting(1) | (848.1 | ) | (12.6 | ) | |||||||
Securities collateral netting(1) | (24.3 | ) | (24.4 | ) | |||||||
Net receivables/payables | $ | 192.9 | $ | 21.1 | |||||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Derivatives: Qualifying for hedge accounting(1) | |||||||||||
Cash flow hedges: | |||||||||||
Interest rate contracts | $ | 1.3 | $ | 1.6 | $ | 0.7 | |||||
Foreign exchange contracts | 3.5 | 2.3 | 2.0 | ||||||||
Fair value hedges: | |||||||||||
Interest rate contracts | (2.8 | ) | (6.1 | ) | (17.2 | ) | |||||
Derivatives: Non-qualifying for hedge accounting(2) | |||||||||||
Interest rate contracts | 29.2 | 80.5 | 821.1 | ||||||||
Foreign exchange contracts | 87.0 | 62.0 | 106.0 | ||||||||
Equity contracts | (1,156.8 | ) | (294.9 | ) | (909.7 | ) | |||||
Credit contracts | (2.8 | ) | 4.0 | 9.8 | |||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||
Within fixed maturity investments(2) | (24.4 | ) | (20.9 | ) | (10.6 | ) | |||||
Within products(2) | 332.9 | (7.1 | ) | (804.5 | ) | ||||||
Within reinsurance agreements(3) | (25.0 | ) | 125.1 | (77.6 | ) | ||||||
Managed custody guarantees(2) | 0.4 | (0.1 | ) | 0.1 | |||||||
Total | $ | (757.5 | ) | $ | (53.6 | ) | $ | (879.9 | ) | ||
|
|||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||
U.S. Treasuries | $ | 3,271.0 | $ | 619.3 | $ | — | $ | 3,890.3 | |||||||
U.S. Government agencies and authorities | — | 298.0 | — | 298.0 | |||||||||||
State, municipalities and political subdivisions | — | 2,135.6 | — | 2,135.6 | |||||||||||
U.S. corporate public securities | — | 33,669.6 | 22.1 | 33,691.7 | |||||||||||
U.S. corporate private securities | — | 6,488.6 | 1,319.4 | 7,808.0 | |||||||||||
Foreign corporate public securities and foreign governments(1) | — | 8,067.1 | 12.3 | 8,079.4 | |||||||||||
Foreign corporate private securities(1) | — | 7,344.9 | 440.9 | 7,785.8 | |||||||||||
Residential mortgage-backed securities | — | 6,742.9 | 71.9 | 6,814.8 | |||||||||||
Commercial mortgage-backed securities | — | 3,335.5 | 23.4 | 3,358.9 | |||||||||||
Other asset-backed securities | — | 1,391.9 | 83.7 | 1,475.6 | |||||||||||
Total fixed maturities, including securities pledged | 3,271.0 | 70,093.4 | 1,973.7 | 75,338.1 | |||||||||||
Equity securities, available-for-sale | 174.7 | — | 99.5 | 274.2 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate contracts | — | 1,085.3 | — | 1,085.3 | |||||||||||
Foreign exchange contracts | — | 100.8 | — | 100.8 | |||||||||||
Equity contracts | 22.7 | 360.4 | 111.0 | 494.1 | |||||||||||
Credit contracts | — | 21.6 | 10.6 | 32.2 | |||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,325.8 | 189.3 | 5.0 | 4,520.1 | |||||||||||
Assets held in separate accounts | 92,330.5 | 4,782.9 | 5.3 | 97,118.7 | |||||||||||
Total assets | $ | 100,124.7 | $ | 76,633.7 | $ | 2,205.1 | $ | 178,963.5 | |||||||
Percentage of Level to total | 56.0 | % | 42.8 | % | 1.2 | % | 100.0 | % | |||||||
Liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | $ | — | $ | — | $ | 2,029.6 | $ | 2,029.6 | |||||||
IUL | — | — | 81.0 | 81.0 | |||||||||||
GMAB/GMWB/GMWBL | — | — | 1,530.4 | 1,530.4 | |||||||||||
Stabilizer and MCGs | — | — | 150.4 | 150.4 | |||||||||||
Other derivatives: | |||||||||||||||
Interest rate contracts | 1.7 | 352.9 | — | 354.6 | |||||||||||
Foreign exchange contracts | — | 49.9 | — | 49.9 | |||||||||||
Equity contracts | 0.8 | 49.6 | — | 50.4 | |||||||||||
Credit contracts | — | 0.5 | 15.3 | 15.8 | |||||||||||
Embedded derivative on reinsurance | — | 78.7 | — | 78.7 | |||||||||||
Total liabilities | $ | 2.5 | $ | 531.6 | $ | 3,806.7 | $ | 4,340.8 | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||
U.S. Treasuries | $ | 3,030.6 | $ | 618.4 | $ | — | $ | 3,649.0 | |||||||
U.S. Government agencies and authorities | — | 352.6 | — | 352.6 | |||||||||||
State, municipalities and political subdivisions | — | 1,346.2 | — | 1,346.2 | |||||||||||
U.S. corporate public securities | — | 33,609.1 | 6.9 | 33,616.0 | |||||||||||
U.S. corporate private securities | — | 5,600.8 | 1,040.3 | 6,641.1 | |||||||||||
Foreign corporate public securities and foreign governments(1) | — | 8,009.8 | 13.8 | 8,023.6 | |||||||||||
Foreign corporate private securities(1) | — | 6,918.2 | 430.4 | 7,348.6 | |||||||||||
Residential mortgage-backed securities | — | 5,764.4 | 96.1 | 5,860.5 | |||||||||||
Commercial mortgage-backed securities | — | 4,061.2 | 31.4 | 4,092.6 | |||||||||||
Other asset-backed securities | — | 1,097.9 | 44.5 | 1,142.4 | |||||||||||
Total fixed maturities, including securities pledged | 3,030.6 | 67,378.6 | 1,663.4 | 72,072.6 | |||||||||||
Equity securities, available-for-sale | 234.3 | — | 97.4 | 331.7 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate contracts | — | 1,129.1 | — | 1,129.1 | |||||||||||
Foreign exchange contracts | — | 96.9 | — | 96.9 | |||||||||||
Equity contracts | 57.6 | 168.1 | 60.5 | 286.2 | |||||||||||
Credit contracts | — | 18.0 | 8.3 | 26.3 | |||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,617.7 | 51.7 | — | 4,669.4 | |||||||||||
Assets held in separate accounts | 91,887.2 | 4,623.7 | 3.9 | 96,514.8 | |||||||||||
Total assets | $ | 99,827.4 | $ | 73,466.1 | $ | 1,833.5 | $ | 175,127.0 | |||||||
Percentage of Level to total | 57.0 | % | 42.0 | % | 1.0 | % | 100.0 | % | |||||||
Liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | $ | — | $ | — | $ | 1,820.1 | $ | 1,820.1 | |||||||
IUL | — | — | 52.6 | 52.6 | |||||||||||
GMAB/GMWB/GMWBL | — | — | 1,873.5 | 1,873.5 | |||||||||||
Stabilizer and MCGs | — | — | 161.3 | 161.3 | |||||||||||
Other derivatives: | |||||||||||||||
Interest rate contracts | 1.9 | 360.1 | — | 362.0 | |||||||||||
Foreign exchange contracts | — | 37.0 | — | 37.0 | |||||||||||
Equity contracts | 11.9 | 53.9 | — | 65.8 | |||||||||||
Credit contracts | — | 6.3 | 16.4 | 22.7 | |||||||||||
Embedded derivative on reinsurance | — | 25.2 | — | 25.2 | |||||||||||
Total liabilities | $ | 13.8 | $ | 482.5 | $ | 3,923.9 | $ | 4,420.2 | |||||||
Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 6.9 | $ | (0.3 | ) | $ | 0.4 | $ | — | $ | — | $ | (2.1 | ) | $ | (2.0 | ) | $ | 19.2 | $ | — | $ | 22.1 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 1,040.3 | — | 7.2 | 428.7 | — | (37.0 | ) | (177.0 | ) | 81.9 | (24.7 | ) | 1,319.4 | 0.1 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 13.8 | (1.2 | ) | — | — | — | — | (0.3 | ) | — | — | 12.3 | (1.3 | ) | |||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 430.4 | (3.3 | ) | 20.5 | — | — | (0.5 | ) | (74.6 | ) | 80.0 | (11.6 | ) | 440.9 | (3.3 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 96.1 | (7.7 | ) | (0.6 | ) | — | — | (14.9 | ) | (1.0 | ) | — | — | 71.9 | (15.3 | ) | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 31.4 | (0.9 | ) | 0.7 | 3.6 | — | — | (11.8 | ) | 1.4 | (1.0 | ) | 23.4 | (0.9 | ) | ||||||||||||||||||||||||||||
Other asset-backed securities | 44.5 | — | 0.4 | 45.2 | — | — | (6.1 | ) | 9.7 | (10.0 | ) | 83.7 | — | ||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 1,663.4 | (13.4 | ) | 28.6 | 477.5 | — | (54.5 | ) | (272.8 | ) | 192.2 | (47.3 | ) | 1,973.7 | (20.7 | ) | |||||||||||||||||||||||||||
Year Ended December 31, 2016 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 97.4 | $ | — | $ | 2.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 99.5 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,820.1 | ) | (162.8 | ) | — | — | (238.1 | ) | — | 191.4 | — | — | (2,029.6 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (52.6 | ) | (12.6 | ) | — | — | (28.6 | ) | — | 12.8 | — | — | (81.0 | ) | — | ||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(2) | (1,873.5 | ) | 493.1 | — | — | (150.5 | ) | — | 0.5 | — | — | (1,530.4 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (161.3 | ) | 15.6 | — | — | (4.7 | ) | — | — | — | — | (150.4 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 52.4 | 13.1 | — | 53.3 | — | — | (12.5 | ) | — | — | 106.3 | 53.9 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | — | — | — | 5.0 | — | — | — | — | — | 5.0 | — | ||||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 3.9 | — | — | 3.0 | — | (0.4 | ) | — | 2.7 | (3.9 | ) | 5.3 | — | ||||||||||||||||||||||||||||||
Year Ended December 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 103.8 | $ | — | $ | (0.6 | ) | $ | — | $ | — | $ | — | $ | (2.0 | ) | $ | — | $ | (94.3 | ) | $ | 6.9 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 978.8 | 0.5 | (41.0 | ) | 308.9 | — | (10.2 | ) | (263.6 | ) | 66.9 | — | 1,040.3 | 0.2 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 13.5 | (5.9 | ) | (1.4 | ) | — | — | — | (7.6 | ) | 15.2 | — | 13.8 | (5.9 | ) | ||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 435.2 | (1.2 | ) | (8.9 | ) | 15.1 | — | — | (103.7 | ) | 93.9 | — | 430.4 | (1.8 | ) | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | 94.2 | (7.1 | ) | (4.7 | ) | 9.9 | — | (5.6 | ) | (0.6 | ) | 12.6 | (2.6 | ) | 96.1 | (10.8 | ) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities | 22.0 | — | (0.2 | ) | 37.6 | — | — | (6.0 | ) | — | (22.0 | ) | 31.4 | — | |||||||||||||||||||||||||||||
Other asset-backed securities | 10.1 | — | 0.1 | 39.0 | — | — | (2.5 | ) | 34.9 | (37.1 | ) | 44.5 | — | ||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 1,657.6 | (13.7 | ) | (56.7 | ) | 410.5 | — | (15.8 | ) | (386.0 | ) | 223.5 | (156.0 | ) | 1,663.4 | (18.3 | ) | ||||||||||||||||||||||||||
Year Ended December 31, 2015 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of January 1 | Total Realized/Unrealized Gains (Losses) Included in: | Purchases | Issuances | Sales | Settlements | Transfers into Level 3(3) | Transfers out of Level 3(3) | Fair Value as of December 31 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 56.3 | $ | 2.6 | $ | 1.6 | $ | 39.9 | $ | — | $ | (3.0 | ) | $ | — | $ | — | $ | — | $ | 97.4 | $ | (0.1 | ) | |||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,970.0 | ) | 229.2 | — | — | (253.6 | ) | — | 174.3 | — | — | (1,820.1 | ) | — | |||||||||||||||||||||||||||||
IUL(2) | — | 8.7 | — | — | (64.6 | ) | — | 3.3 | — | — | (52.6 | ) | — | ||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(2) | (1,527.7 | ) | (191.4 | ) | — | — | (155.0 | ) | — | 0.6 | — | — | (1,873.5 | ) | — | ||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (102.9 | ) | (53.7 | ) | — | — | (4.7 | ) | — | — | — | — | (161.3 | ) | — | ||||||||||||||||||||||||||||
Other derivatives, net | 72.1 | (37.8 | ) | — | 39.7 | — | — | (21.6 | ) | — | — | 52.4 | (19.6 | ) | |||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 6.0 | — | — | — | — | — | (6.0 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 2.3 | (0.1 | ) | — | 4.1 | — | (0.1 | ) | — | — | (2.3 | ) | 3.9 | — | |||||||||||||||||||||||||||||
Range(1) | ||||||||||||||||
Unobservable Input | GMWB / GMWBL | GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||||
Long-term equity implied volatility | 15% to 25% | 15% to 25% | — | — | — | |||||||||||
Interest rate implied volatility | 0.1% to 18% | 0.1% to 18% | — | — | 0.1% to 7.5% | |||||||||||
Correlations between: | ||||||||||||||||
Equity Funds | -13% to 99% | -13% to 99% | — | — | — | |||||||||||
Equity and Fixed Income Funds | -38% to 62% | -38% to 62% | — | — | — | |||||||||||
Interest Rates and Equity Funds | -32% to 26% | -32% to 26% | — | — | — | |||||||||||
Nonperformance risk | 0.25% to 1.6% | 0.25% to 1.6% | 0.25% to 1.6% | 0.25% to 0.69% | 0.25% to 1.6% | |||||||||||
Actuarial Assumptions: | ||||||||||||||||
Benefit Utilization | 85% to 100% | (2) | — | — | — | — | ||||||||||
Partial Withdrawals | — | 0% to 3.4% | 0% to 10% | — | — | |||||||||||
Lapses | 0.11% to 12.15% | (3)(4) | 0.4% to 19.1% | (3)(4) | 0% to 60% | (3) | 2% to 10% | 0 % to 50% | (5) | |||||||
Policyholder Deposits(6) | — | — | — | — | 0 % to 50% | (5) | ||||||||||
Mortality | — | (7) | — | (7) | — | (7) | — | (8) | — | |||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. |
(2) | Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, 40% are taking systematic withdrawals. The Company assumes that 85% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing at age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2016 (account value amounts are in $ billions). |
Account Values | |||||||||||||||
Attained Age Group | In the Money | Out of the Money | Total | Average Expected Delay (Years)** | |||||||||||
< 60 | $ | 1.9 | $ | — | * | $ | 1.9 | 9.9 | |||||||
60-69 | 5.7 | 0.1 | 5.8 | 4.9 | |||||||||||
70+ | 5.8 | 0.1 | 5.9 | 3.0 | |||||||||||
$ | 13.4 | $ | 0.2 | $ | 13.6 | 5.5 | |||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. |
(4) | The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2016 (account value amounts are in $ billions). Lapse ranges are based on weighted average ranges of underlying account value exposure. |
GMAB | GMWB/GMWBL | ||||||||||||
Moneyness | Account Value | Lapse Range | Account Value | Lapse Range | |||||||||
During Surrender Charge Period | |||||||||||||
In the Money** | $ | — | 0.4% to 6.9% | $ | 2.0 | 0.1% to 4.5% | |||||||
Out of the Money | — | 1.6% to 7.6% | — | * | 0.6% to 4.7% | ||||||||
Shock Lapse Period | |||||||||||||
In the Money** | $ | — | 4.7% to 17.3% | $ | 2.8 | 2.3% to 11.6% | |||||||
Out of the Money | — | 17.3% to 19.1% | — | * | 11.6% to 12.2% | ||||||||
After Surrender Charge Period | |||||||||||||
In the Money** | $ | — | 2.8% to 10.6% | $ | 8.7 | 1.4% to 6.7% | |||||||
Out of the Money | 0.1 | 10.6% to 11.7% | 0.6 | 6.7% to 7.0% | |||||||||
(5) | Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: |
Percentage of Plans | Overall Range of Lapse Rates | Range of Lapse Rates for 85% of Plans | Overall Range of Policyholder Deposits | Range of Policyholder Deposits for 85% of Plans | ||||||
Stabilizer (Investment Only) and MCG Contracts | 93 | % | 0-25% | 0-15% | 0-30% | 0-15% | ||||
Stabilizer with Recordkeeping Agreements | 7 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Aggregate of all plans | 100 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
(6) | Measured as a percentage of assets under management or assets under administration. |
(7) | The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements. |
Range(1) | ||||||||||||||||
Unobservable Input | GMWB / GMWBL | GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||||
Long-term equity implied volatility | 15% to 25% | 15% to 25% | — | — | — | |||||||||||
Interest rate implied volatility | 0.1% to 18% | 0.1% to 18% | — | — | 0.1% to 7.3% | |||||||||||
Correlations between: | ||||||||||||||||
Equity Funds | 48% to 98% | 48% to 98% | — | — | — | |||||||||||
Equity and Fixed Income Funds | -38% to 62% | -38% to 62% | — | — | — | |||||||||||
Interest Rates and Equity Funds | -32% to 16% | -32% to 16% | — | — | — | |||||||||||
Nonperformance risk | 0.23% to 1.3% | 0.23% to 1.3% | 0.23% to 1.3% | 0.23% to 0.9% | 0.23% to 1.3% | |||||||||||
Actuarial Assumptions: | ||||||||||||||||
Benefit Utilization | 85% to 100% | (2) | — | — | — | — | ||||||||||
Partial Withdrawals | 0% to 10% | 0% to 10% | 0% to 10% | — | — | |||||||||||
Lapses | 0.08% to 22% | (3) (4) | 0.08% to 25% | (3) (4) | 0% to 60% | (3) | 2% to 10% | 0% to 50% | (5) | |||||||
Policyholder Deposits(6) | — | — | — | — | 0% to 50% | (5) | ||||||||||
Mortality | — | (7) | — | (7) | — | (7) | — | (8) | — | |||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. |
Account Values | |||||||||||||||
Attained Age Group | In the Money | Out of the Money | Total | Average Expected Delay (Years)** | |||||||||||
< 60 | $ | 2.3 | $ | — | $ | 2.3 | 9.0 | ||||||||
60-69 | 6.2 | — | 6.2 | 4.2 | |||||||||||
70+ | 5.5 | — | 5.5 | 2.4 | |||||||||||
$ | 14.0 | $ | — | $ | 14.0 | 4.9 | |||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. |
(4) | The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2015 (account value amounts are in $ billions). The December 31, 2015 presentation and calculation of the lapse ranges has been made consistent with the current period. Lapse ranges are based on weighted average ranges of underlying account value exposure. |
GMAB | GMWB/GMWBL | ||||||||||||
Moneyness | Account Value | Lapse Range | Account Value | Lapse Range | |||||||||
During Surrender Charge Period | |||||||||||||
In the Money** | $ | — | 0.4% to 6.9% | $ | 5.0 | 0.1% to 4.5% | |||||||
Out of the Money | — | * | 1.6% to 7.6% | — | * | 0.6% to 4.7% | |||||||
Shock Lapse Period | |||||||||||||
In the Money** | — | * | 5.4% to 22.3% | 2.0 | 3.0% to 13.7% | ||||||||
Out of the Money | — | * | 22.3% to 24.5% | — | * | 13.7% to 14.4% | |||||||
After Surrender Charge Period | |||||||||||||
In the Money** | $ | — | * | 2.8% to 12.1% | $ | 7.1 | 1.8% to 7.9% | ||||||
Out of the Money | — | * | 12.1% to 13.3% | 0.6 | 7.9% to 8.2% | ||||||||
(5) | Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: |
Percentage of Plans | Overall Range of Lapse Rates | Range of Lapse Rates for 85% of Plans | Overall Range of Policyholder Deposits | Range of Policyholder Deposits for 85% of Plans | ||||||
Stabilizer (Investment Only) and MCG Contracts | 90 | % | 0-25% | 0-15% | 0-30% | 0-15% | ||||
Stabilizer with Recordkeeping Agreements | 10 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Aggregate of all plans | 100 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
(6) | Measured as a percentage of assets under management or assets under administration. |
(8) | The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements. |
December 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged | $ | 75,338.1 | $ | 75,338.1 | $ | 72,072.6 | $ | 72,072.6 | |||||||
Equity securities, available-for-sale | 274.2 | 274.2 | 331.7 | 331.7 | |||||||||||
Mortgage loans on real estate | 11,725.2 | 11,960.7 | 10,447.5 | 10,881.4 | |||||||||||
Policy loans | 1,961.5 | 1,961.5 | 2,002.7 | 2,002.7 | |||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,520.1 | 4,520.1 | 4,669.4 | 4,669.4 | |||||||||||
Derivatives | 1,712.4 | 1,712.4 | 1,538.5 | 1,538.5 | |||||||||||
Other investments | 47.4 | 57.2 | 91.6 | 101.5 | |||||||||||
Assets held in separate accounts | 97,118.7 | 97,118.7 | 96,514.8 | 96,514.8 | |||||||||||
Liabilities: | |||||||||||||||
Investment contract liabilities: | |||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 53,314.1 | 57,561.3 | 51,361.7 | 56,884.4 | |||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 472.9 | 469.8 | 1,488.5 | 1,463.1 | |||||||||||
Supplementary contracts, immediate annuities and other | 3,878.9 | 4,120.5 | 2,948.1 | 3,162.8 | |||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | 2,029.6 | 2,029.6 | 1,820.1 | 1,820.1 | |||||||||||
IUL | 81.0 | 81.0 | 52.6 | 52.6 | |||||||||||
GMAB / GMWB / GMWBL | 1,530.4 | 1,530.4 | 1,873.5 | 1,873.5 | |||||||||||
Stabilizer and MCGs | 150.4 | 150.4 | 161.3 | 161.3 | |||||||||||
Other derivatives | 470.7 | 470.7 | 487.5 | 487.5 | |||||||||||
Long-term debt | 3,549.5 | 3,737.9 | 3,485.9 | 3,772.7 | |||||||||||
Embedded derivative on reinsurance | 78.7 | 78.7 | 25.2 | 25.2 | |||||||||||
|
|||
DAC | VOBA | Total | ||||||||||
Balance at January 1, 2014 | $ | 4,316.1 | $ | 1,035.5 | $ | 5,351.6 | ||||||
Deferrals of commissions and expenses | 371.6 | 12.7 | 384.3 | |||||||||
Amortization: | ||||||||||||
Amortization | (535.2 | ) | (166.1 | ) | (701.3 | ) | (1) | |||||
Interest accrued | 233.8 | 88.2 | (2) | 322.0 | ||||||||
Net amortization included in Consolidated Statements of Operations | (301.4 | ) | (77.9 | ) | (379.3 | ) | ||||||
Change in unrealized capital gains/losses on available-for-sale securities | (495.4 | ) | (290.3 | ) | (785.7 | ) | ||||||
Balance at December 31, 2014 | 3,890.9 | 680.0 | 4,570.9 | |||||||||
Deferrals of commissions and expenses | 375.9 | 10.8 | 386.7 | |||||||||
Amortization: | ||||||||||||
Amortization | (798.7 | ) | (177.1 | ) | (975.8 | ) | (1) | |||||
Interest accrued | 228.1 | 84.3 | (2) | 312.4 | ||||||||
Net amortization included in Consolidated Statements of Operations | (570.6 | ) | (92.8 | ) | (663.4 | ) | ||||||
Change in unrealized capital gains/losses on available-for-sale securities | 661.3 | 414.6 | 1,075.9 | |||||||||
Balance as of December 31, 2015 | 4,357.5 | 1,012.6 | 5,370.1 | |||||||||
Deferrals of commissions and expenses | 376.7 | 9.4 | 386.1 | |||||||||
Amortization: | ||||||||||||
Amortization | (627.6 | ) | (227.1 | ) | (854.7 | ) | (1) | |||||
Interest accrued | 226.9 | 76.8 | (2) | 303.7 | ||||||||
Net amortization included in Consolidated Statements of Operations | (400.7 | ) | (150.3 | ) | (551.0 | ) | ||||||
Change in unrealized capital gains/losses on available-for-sale securities | (268.9 | ) | (48.8 | ) | (317.7 | ) | ||||||
Balance as of December 31, 2016 | $ | 4,064.6 | $ | 822.9 | $ | 4,887.5 | ||||||
(1) | Includes DAC/VOBA unlocking of $(65.8), $(97.8), and $255.1 for the years ended December 31, 2016, 2015, and 2014, respectively, and loss recognition for DAC and VOBA of $80.7 and $4.4, respectively, during 2016. There was no loss recognition for DAC and VOBA during 2015 and 2014. |
(2) | Interest accrued at the following rates for VOBA: 4.1% to 7.5% during 2016, 3.5% to 7.5% during 2015 and 3.1% to 7.5% during 2014. |
Year | Amount | |||
2017 | $ | 86.3 | ||
2018 | 70.2 | |||
2019 | 60.8 | |||
2020 | 57.1 | |||
2021 | 54.7 | |||
|
|||
2016 | 2015 | ||||||
Future policy benefits: | |||||||
Individual and group life insurance contracts | $ | 8,294.7 | $ | 8,356.5 | |||
Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies | 12,314.7 | 10,262.9 | |||||
Accident and health | 837.8 | 888.6 | |||||
Total | $ | 21,447.2 | $ | 19,508.0 | |||
Contract owner account balances: | |||||||
GICs | $ | 461.9 | $ | 1,430.0 | |||
Universal life-type contracts | 14,626.3 | 14,892.2 | |||||
Fixed annuities and payout contracts without life contingencies | 40,945.1 | 38,531.7 | |||||
Fixed-indexed annuities | 14,572.9 | 13,810.2 | |||||
Total | $ | 70,606.2 | $ | 68,664.1 | |||
|
|||
Area | Assumptions/Basis for Assumptions | |
Data used | Based on 1,000 investment performance scenarios. | |
Mean investment performance | GMDB and GMIB: The overall blended mean is 7.8% based on a single fund group. | |
GMAB/GMWB/GMWBL: Zero rate curve. | ||
Volatility | GMDB: 14.2% for 2016 and 15.1% for 2015. | |
GMIB: 14.2% for 2016 and 15.1% for 2015. | ||
GMAB/GMWB/GMWBL: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. | ||
Mortality | Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement through December 31, 2016, further adjusted for company experience. | |
Lapse rates | Vary by contract type, share class, time remaining in the surrender charge period and in-the-moneyness. | |
Discount rates | GMDB/GMIB: 5.5% for 2016 and 2015. | |
GMAB/GMWB/GMWBL: Zero rate curve plus adjustment for nonperformance risk. | ||
UL and VUL(1) | GMDB(2) | GMAB/ GMWB | GMIB | GMWBL | Stabilizer and MCGs(3) | ||||||||||||||||||
Separate account liability at December 31, 2016 | $ | 488.1 | $ | 32,513.3 | $ | 564.4 | $ | 10,110.4 | $ | 13,594.4 | $ | 37,577.1 | |||||||||||
Separate account liability at December 31, 2015 | $ | 503.3 | $ | 35,117.4 | $ | 629.7 | $ | 11,669.3 | $ | 14,114.2 | $ | 36,014.5 | |||||||||||
Additional liability balance: | |||||||||||||||||||||||
Balance at January 1, 2014 | $ | 967.8 | $ | 350.7 | $ | 31.7 | $ | 1,069.4 | $ | 834.2 | $ | — | |||||||||||
Incurred guaranteed benefits | 529.3 | 112.0 | 4.9 | 262.6 | 657.6 | 102.9 | |||||||||||||||||
Paid guaranteed benefits | (402.1 | ) | (74.5 | ) | (0.7 | ) | (175.8 | ) | — | — | |||||||||||||
Balance at December 31, 2014 | 1,095.0 | 388.2 | 35.9 | 1,156.2 | 1,491.8 | 102.9 | |||||||||||||||||
Incurred guaranteed benefits | 554.2 | 238.1 | (3.2 | ) | 447.8 | 349.6 | 58.4 | ||||||||||||||||
Paid guaranteed benefits | (451.7 | ) | (91.9 | ) | (0.6 | ) | (162.0 | ) | — | — | |||||||||||||
Balance at December 31, 2015 | 1,197.5 | 534.4 | 32.1 | 1,442.0 | 1,841.4 | 161.3 | |||||||||||||||||
Incurred guaranteed benefits | 614.4 | 134.9 | (7.9 | ) | 453.5 | (334.7 | ) | (10.9 | ) | ||||||||||||||
Paid guaranteed benefits | (496.1 | ) | (137.7 | ) | (0.5 | ) | (517.9 | ) | — | — | |||||||||||||
Balance at December 31, 2016 | $ | 1,315.8 | $ | 531.6 | $ | 23.7 | $ | 1,377.6 | $ | 1,506.7 | $ | 150.4 | |||||||||||
December 31, 2016 | December 31, 2015 | ||||||||||||||
Secondary Guarantees | Paid-up Guarantees | Secondary Guarantees | Paid-up Guarantees | ||||||||||||
UL and VUL Contracts: | |||||||||||||||
Account value (general and separate account) | $ | 3,262.3 | $ | — | $ | 3,309.2 | $ | — | |||||||
Net amount at risk, net of reinsurance | $ | 16,371.8 | $ | — | $ | 16,955.1 | $ | — | |||||||
Weighted average attained age | 63 | — | 62 | — | |||||||||||
December 31, 2016 | ||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | |||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | |||||||||||||
Annuity Contracts: | ||||||||||||||||
Minimum Return or Contract Value | ||||||||||||||||
Separate account value | $ | 32,513.3 | $ | 564.4 | $ | 10,110.4 | $ | 13,594.4 | ||||||||
Net amount at risk, net of reinsurance | $ | 5,562.8 | $ | 14.6 | $ | 2,945.8 | $ | 2,209.8 | ||||||||
Weighted average attained age | 71 | 73 | 63 | 68 | ||||||||||||
December 31, 2015 | ||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | |||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | |||||||||||||
Annuity Contracts: | ||||||||||||||||
Minimum Return or Contract Value | ||||||||||||||||
Separate account value | $ | 35,117.4 | $ | 629.7 | $ | 11,669.3 | $ | 14,114.2 | ||||||||
Net amount at risk, net of reinsurance | $ | 6,152.3 | $ | 18.8 | $ | 3,044.3 | $ | 2,106.3 | ||||||||
Weighted average attained age | 70 | 72 | 63 | 67 | ||||||||||||
December 31, 2016 | December 31, 2015 | ||||||
Equity securities (including mutual funds): | |||||||
Equity funds | $ | 24,494.9 | $ | 26,612.5 | |||
Bond funds | 3,799.0 | 4,106.8 | |||||
Balanced funds | 4,784.5 | 4,918.1 | |||||
Money market funds | 533.9 | 602.8 | |||||
Other | 97.9 | 113.7 | |||||
Total | $ | 33,710.2 | $ | 36,353.9 | |||
|
|||
December 31, 2016 | |||||||||||||||
Direct | Assumed | Ceded | Total, Net of Reinsurance | ||||||||||||
Assets | |||||||||||||||
Premiums receivable | $ | 105.4 | $ | 357.9 | $ | (403.9 | ) | $ | 59.4 | ||||||
Reinsurance recoverable | — | — | 7,258.6 | 7,258.6 | |||||||||||
Total | $ | 105.4 | $ | 357.9 | $ | 6,854.7 | $ | 7,318.0 | |||||||
Liabilities | |||||||||||||||
Future policy benefits and contract owner account balances | $ | 88,759.5 | $ | 3,293.9 | $ | (7,258.6 | ) | $ | 84,794.8 | ||||||
Liability for funds withheld under reinsurance agreements | 729.1 | — | — | 729.1 | |||||||||||
Total | $ | 89,488.6 | $ | 3,293.9 | $ | (7,258.6 | ) | $ | 85,523.9 | ||||||
December 31, 2015 | |||||||||||||||
Direct | Assumed | Ceded | Total, Net of Reinsurance | ||||||||||||
Assets | |||||||||||||||
Premiums receivable | $ | 98.5 | $ | 387.6 | $ | (453.0 | ) | $ | 33.1 | ||||||
Reinsurance recoverable | — | — | 7,653.7 | 7,653.7 | |||||||||||
Total | $ | 98.5 | $ | 387.6 | $ | 7,200.7 | $ | 7,686.8 | |||||||
Liabilities | |||||||||||||||
Future policy benefits and contract owner account balances | $ | 84,653.9 | $ | 3,518.2 | $ | (7,653.7 | ) | $ | 80,518.4 | ||||||
Liability for funds withheld under reinsurance agreements | 702.4 | — | — | 702.4 | |||||||||||
Total | $ | 85,356.3 | $ | 3,518.2 | $ | (7,653.7 | ) | $ | 81,220.8 | ||||||
Year ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Premiums: | |||||||||||
Direct premiums | $ | 4,004.7 | $ | 3,445.5 | $ | 2,891.0 | |||||
Reinsurance assumed | 1,221.8 | 1,190.9 | 1,238.3 | ||||||||
Reinsurance ceded | (1,711.9 | ) | (1,611.9 | ) | (1,502.9 | ) | |||||
Net premiums | $ | 3,514.6 | $ | 3,024.5 | $ | 2,626.4 | |||||
Fee income: | |||||||||||
Gross fee income | $ | 3,363.6 | $ | 3,485.3 | $ | 3,637.3 | |||||
Reinsurance ceded | (3.8 | ) | (4.2 | ) | (4.8 | ) | |||||
Net fee income | $ | 3,359.8 | $ | 3,481.1 | $ | 3,632.5 | |||||
Interest credited and other benefits to contract owners / policyholders: | |||||||||||
Direct interest credited and other benefits to contract owners / policyholders | $ | 8,070.8 | $ | 7,226.9 | $ | 6,159.4 | |||||
Reinsurance assumed | 1,212.5 | 1,067.6 | 1,267.3 | ||||||||
Reinsurance ceded(1) | (1,769.8 | ) | (1,784.5 | ) | (1,488.8 | ) | |||||
Net interest credited and other benefits to contract owners / policyholders | $ | 7,513.5 | $ | 6,510.0 | $ | 5,937.9 | |||||
|
|||
Weighted Average Amortization Lives | December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Management contract rights | 20 years | $ | 550.0 | $ | 449.2 | $ | 100.8 | $ | 550.0 | $ | 421.7 | $ | 128.3 | ||||||||||||
Customer relationship lists | 20 years | 115.8 | 67.5 | 48.3 | 115.8 | 59.0 | 56.8 | ||||||||||||||||||
Computer software | 3 years | 355.9 | 316.6 | 39.3 | 324.7 | 290.1 | 34.6 | ||||||||||||||||||
Total intangible assets | $ | 1,021.7 | $ | 833.3 | $ | 188.4 | $ | 990.5 | $ | 770.8 | $ | 219.7 | |||||||||||||
Year | Amount | |||
2017 | $ | 56.2 | ||
2018 | 49.9 | |||
2019 | 37.6 | |||
2020 | 25.0 | |||
2021 | 5.8 | |||
Thereafter | 13.9 | |||
|
|||
Statutory Net Income (Loss) | Statutory Capital and Surplus | ||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | |||||||||||||||
Subsidiary Name (State of Domicile): | |||||||||||||||||||
Voya Insurance and Annuity Company ("VIAC") (IA) | $ | 232.4 | $ | 553.3 | $ | 335.6 | $ | 1,906.2 | $ | 2,074.8 | |||||||||
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) | 266.2 | 317.5 | 321.7 | 1,959.3 | 2,030.2 | ||||||||||||||
Security Life of Denver Insurance Company (CO) | 93.2 | (244.5 | ) | 141.6 | 897.1 | 858.3 | |||||||||||||
ReliaStar Life Insurance Company ("RLI") (MN) | (506.6 | ) | 74.2 | 103.9 | 1,662.0 | 1,609.2 | |||||||||||||
Dividends Permitted without Approval | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Subsidiary Name (State of domicile): | ||||||||||||
Voya Insurance and Annuity Company (IA) | $ | 278.9 | $ | 447.5 | $ | 394.1 | ||||||
Voya Retirement Insurance and Annuity Company (CT) | 265.9 | 364.1 | 321.8 | |||||||||
Security Life of Denver Insurance Company (CO) | 73.6 | 54.9 | 111.6 | |||||||||
ReliaStar Life Insurance Company (MN) | — | — | 194.2 | |||||||||
Dividends Paid | Extraordinary Distributions Paid | ||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Subsidiary Name (State of domicile): | |||||||||||||||
Voya Insurance and Annuity Company (IA) | $ | 373.0 | $ | 394.0 | $ | — | $ | 98.0 | |||||||
Voya Retirement Insurance and Annuity Company (CT) | 278.0 | 321.0 | — | — | |||||||||||
Security Life of Denver Insurance Company (CO) | 54.0 | 111.0 | — | 130.0 | |||||||||||
ReliaStar Life Insurance Company (MN) | — | 194.0 | 100.0 | 280.0 | |||||||||||
|
|||
Pension Plans | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligations, January 1 | $ | 2,054.0 | $ | 2,452.8 | $ | 28.0 | $ | 31.1 | |||||||
Service cost | 25.4 | 26.4 | — | — | |||||||||||
Interest cost | 96.1 | 104.0 | 1.1 | 1.0 | |||||||||||
Plan participants' contribution | — | — | 0.1 | 0.1 | |||||||||||
Net actuarial (gains) losses | 32.5 | (184.5 | ) | (1.6 | ) | (1.1 | ) | ||||||||
Benefits paid | (91.9 | ) | (90.9 | ) | (3.3 | ) | (3.1 | ) | |||||||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | — | (253.8 | ) | — | — | ||||||||||
Plan amendments | — | — | (3.4 | ) | — | ||||||||||
Benefit obligations, December 31 | 2,116.1 | 2,054.0 | 20.9 | 28.0 | |||||||||||
Change in plan assets: | |||||||||||||||
Fair value of plan net assets, January 1 | 1,394.6 | 1,657.7 | — | — | |||||||||||
Actual return on plan assets | 79.6 | (0.7 | ) | — | — | ||||||||||
Employer contributions | 80.4 | 82.3 | 3.2 | 3.0 | |||||||||||
Plan participants' contributions | — | — | 0.1 | 0.1 | |||||||||||
Benefits paid | (91.9 | ) | (90.9 | ) | (3.3 | ) | (3.1 | ) | |||||||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | — | (253.8 | ) | — | — | ||||||||||
Fair value of plan net assets, December 31 | 1,462.7 | 1,394.6 | — | — | |||||||||||
Unfunded status at end of year (1) | $ | (653.4 | ) | $ | (659.4 | ) | $ | (20.9 | ) | $ | (28.0 | ) | |||
Pension Plans | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||
Accrued benefit cost | $ | (653.4 | ) | $ | (659.4 | ) | $ | (20.9 | ) | $ | (28.0 | ) | |||
Net amount recognized | $ | (653.4 | ) | $ | (659.4 | ) | $ | (20.9 | ) | $ | (28.0 | ) | |||
Accumulated other comprehensive (income) loss: | |||||||||||||||
Prior service cost (credit) | $ | (21.4 | ) | $ | (31.8 | ) | $ | (18.4 | ) | $ | (18.2 | ) | |||
Tax effect | 7.5 | 11.1 | 6.4 | 6.4 | |||||||||||
Accumulated other comprehensive (income) loss, net of tax | $ | (13.9 | ) | $ | (20.7 | ) | $ | (12.0 | ) | $ | (11.8 | ) | |||
Pension Plans | Other Postretirement Benefits | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Projected benefit obligation | $ | 2,116.1 | $ | 2,054.0 | $ | 20.9 | $ | 28.0 | |||||||
Accumulated benefit obligation | 2,110.7 | 2,049.8 | N/A | N/A | |||||||||||
Fair value of plan assets | 1,462.7 | 1,394.6 | — | — | |||||||||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||||||||||||||||||||||
Service cost | $ | 25.4 | $ | 26.4 | $ | 26.8 | $ | — | $ | — | $ | — | |||||||||||
Interest cost | 96.1 | 104.0 | 96.2 | 1.1 | 1.0 | 1.5 | |||||||||||||||||
Expected return on plan assets | (104.0 | ) | (122.2 | ) | (114.3 | ) | — | — | — | ||||||||||||||
Amortization of prior service cost (credit) | (10.4 | ) | (10.4 | ) | (10.4 | ) | (3.3 | ) | (3.3 | ) | (3.4 | ) | |||||||||||
Net (gain) loss recognition | 56.8 | (61.6 | ) | 376.4 | (1.6 | ) | (1.1 | ) | (3.7 | ) | |||||||||||||
Net periodic (benefit) costs | 63.9 | (63.8 | ) | 374.7 | (3.8 | ) | (3.4 | ) | (5.6 | ) | |||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||||||||||||||||||||||
Amortization of prior service (credit) cost | 10.4 | 10.4 | 10.4 | (0.2 | ) | 3.3 | 3.4 | ||||||||||||||||
Total recognized in AOCI | 10.4 | 10.4 | 10.4 | (0.2 | ) | 3.3 | 3.4 | ||||||||||||||||
Total recognized in net periodic (benefit) costs and AOCI | $ | 74.3 | $ | (53.4 | ) | $ | 385.1 | $ | (4.0 | ) | $ | (0.1 | ) | $ | (2.2 | ) | |||||||
(Gain)/Loss Recognized | 2016 | 2015 | 2014 | |||||||||
Discount Rate | $ | 69.5 | $ | (132.4 | ) | $ | 200.2 | |||||
Asset Returns | 24.4 | 122.9 | (42.4 | ) | ||||||||
Mortality Table Assumptions | (22.4 | ) | (32.3 | ) | 202.1 | |||||||
Demographic Data and other | (16.3 | ) | (20.9 | ) | 12.8 | |||||||
Total Net Actuarial (Gain)/Loss Recognized | $ | 55.2 | $ | (62.7 | ) | $ | 372.7 | |||||
Pension Plans | Other Postretirement Benefits | ||||||
Amortization of prior service cost (credit) | $ | (10.4 | ) | $ | (3.6 | ) | |
Pension Plans | Other Postretirement Benefits | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Discount rate | 4.55 | % | 4.81 | % | 4.55 | % | 4.81 | % | |||
Rate of compensation increase | 4.00 | % | 4.00 | % | N/A | N/A | |||||
Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||
Discount rate | 4.81 | % | 4.36 | % | 4.95 | % | 4.81 | % | 4.36 | % | 4.95 | % | |||||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % | N/A | N/A | N/A | ||||||||
Expected rate of return on plan assets | 7.50 | % | 7.50 | % | 7.50 | % | N/A | N/A | N/A | ||||||||
One Percentage Point Increase | One Percentage Point Decrease | |||||||
Effect on the aggregate of service and interest cost components | $ | — | * | $ | — | * | ||
Effect on accumulated postretirement benefit obligation | 0.9 | (0.7 | ) | |||||
Actual Asset Allocation | |||||
2016 | 2015 | ||||
Equity securities: | |||||
Target allocation range | 37%-65% | 37%-65% | |||
Large-cap domestic | 23.7 | % | 24.2 | % | |
Small/Mid-cap domestic | 6.4 | % | 5.6 | % | |
International commingled funds | 11.6 | % | 11.4 | % | |
Limited Partnerships | 3.4 | % | 4.1 | % | |
Total equity securities | 45.1 | % | 45.3 | % | |
Fixed maturities: | |||||
Target allocation range | 30%-50% | 30%-50% | |||
U.S. Treasuries, short term investments, cash and futures | 6.3 | % | 7.2 | % | |
U.S. Government agencies and authorities | 4.2 | % | 4.8 | % | |
U.S. corporate, state and municipalities | 29.7 | % | 28.5 | % | |
Foreign securities | 4.3 | % | 3.6 | % | |
Commercial mortgage-backed securities | 0.1 | % | 0.1 | % | |
Total fixed maturities | 44.6 | % | 44.2 | % | |
Other investments: | |||||
Target allocation range | 6%-14% | 6%-14% | |||
Hedge funds | 4.8 | % | 5.1 | % | |
Real estate | 5.5 | % | 5.4 | % | |
Total other investments | 10.3 | % | 10.5 | % | |
Total | 100.0 | % | 100.0 | % | |
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
Fixed maturities, short-term investments and cash: | |||||||||||||||||||
Cash and cash equivalents | $ | 2.2 | $ | — | $ | — | $ | — | $ | 2.2 | |||||||||
Short-term investment fund(1) | — | — | — | 89.5 | 89.5 | ||||||||||||||
U.S. Government securities | 61.1 | — | — | — | 61.1 | ||||||||||||||
U.S. corporate, state and municipalities | — | 434.5 | — | — | 434.5 | ||||||||||||||
Foreign securities | — | 63.4 | — | — | 63.4 | ||||||||||||||
Commercial mortgage-backed securities | — | 1.2 | — | — | 1.2 | ||||||||||||||
Other asset-backed securities | — | 0.2 | — | — | 0.2 | ||||||||||||||
Total fixed maturities | 63.3 | 499.3 | — | 89.5 | 652.1 | ||||||||||||||
Equity securities: | |||||||||||||||||||
Large-cap domestic | 347.1 | — | — | — | 347.1 | ||||||||||||||
Small/Mid-cap domestic | 94.3 | — | — | — | 94.3 | ||||||||||||||
International commingled funds(2) | — | — | — | 169.6 | 169.6 | ||||||||||||||
Limited partnerships(3) | — | — | — | 49.4 | 49.4 | ||||||||||||||
Total equity securities | 441.4 | — | — | 219.0 | 660.4 | ||||||||||||||
Other investments: | |||||||||||||||||||
Real estate(4) | — | — | — | 80.9 | 80.9 | ||||||||||||||
Limited partnerships(5) | — | — | — | 69.6 | 69.6 | ||||||||||||||
Futures | (0.3 | ) | — | — | — | (0.3 | ) | ||||||||||||
Total other investments | (0.3 | ) | — | — | 150.5 | 150.2 | |||||||||||||
Net, total pension assets | $ | 504.4 | $ | 499.3 | $ | — | $ | 459.0 | $ | 1,462.7 | |||||||||
(2) | International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $83.8 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $85.8 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. |
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
Fixed maturities, short term investments and cash: | |||||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | — | $ | — | $ | 1.4 | |||||||||
Short-term investment fund(1) | — | — | — | 98.3 | 98.3 | ||||||||||||||
U.S. Government securities | 66.2 | — | — | — | 66.2 | ||||||||||||||
U.S. corporate, state and municipalities | 1.0 | 396.3 | — | — | 397.3 | ||||||||||||||
Foreign securities | — | 50.3 | — | — | 50.3 | ||||||||||||||
Commercial mortgage-backed securities | — | 1.4 | — | — | 1.4 | ||||||||||||||
Other asset-backed securities | — | 0.3 | — | — | 0.3 | ||||||||||||||
Total fixed maturities | 68.6 | 448.3 | — | 98.3 | 615.2 | ||||||||||||||
Equity securities: | |||||||||||||||||||
Large-cap domestic | 337.5 | — | — | — | 337.5 | ||||||||||||||
Small/Mid-cap domestic | 77.8 | — | — | — | 77.8 | ||||||||||||||
International commingled funds(2) | — | — | — | 159.4 | 159.4 | ||||||||||||||
Limited partnerships(3) | — | — | — | 57.9 | 57.9 | ||||||||||||||
Total equity securities | 415.3 | — | — | 217.3 | 632.6 | ||||||||||||||
Other investments: | |||||||||||||||||||
Real estate(4) | — | — | — | 75.5 | 75.5 | ||||||||||||||
Limited partnerships(5) | — | — | — | 71.0 | 71.0 | ||||||||||||||
Futures | 0.3 | — | — | — | 0.3 | ||||||||||||||
Total other investments | 0.3 | — | — | 146.5 | 146.8 | ||||||||||||||
Net, total pension assets | $ | 484.2 | $ | 448.3 | $ | — | $ | 462.1 | $ | 1,394.6 | |||||||||
Pension Benefits | Other Postretirement Benefits Gross | ||||||
2017 | $ | 116.4 | $ | 2.0 | |||
2018 | 120.1 | 1.7 | |||||
2019 | 121.8 | 1.7 | |||||
2020 | 125.1 | 1.6 | |||||
2021 | 128.1 | 1.6 | |||||
2022-2026 | 661.4 | 6.7 | |||||
|
|||
December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Fixed maturities, net of OTTI | $ | 3,412.8 | $ | 2,122.7 | $ | 5,844.8 | |||||
Equity securities, available-for-sale | 32.4 | 31.3 | 29.8 | ||||||||
Derivatives | 257.8 | 259.1 | 229.4 | ||||||||
DAC/VOBA adjustment on available-for-sale securities | (1,082.5 | ) | (764.8 | ) | (1,840.7 | ) | |||||
Premium deficiency reserve | (53.7 | ) | — | — | |||||||
Sales inducements adjustment on available-for-sale securities | (168.8 | ) | (22.6 | ) | (75.1 | ) | |||||
Other | (30.8 | ) | (31.3 | ) | (31.4 | ) | |||||
Unrealized capital gains (losses), before tax | 2,367.2 | 1,594.4 | 4,156.8 | ||||||||
Deferred income tax asset (liability) | (371.4 | ) | (202.0 | ) | (1,094.5 | ) | |||||
Net unrealized capital gains (losses) | 1,995.8 | 1,392.4 | 3,062.3 | ||||||||
Pension and other postretirement benefits liability, net of tax | 25.9 | 32.5 | 41.4 | ||||||||
AOCI | $ | 2,021.7 | $ | 1,424.9 | $ | 3,103.7 | |||||
December 31, 2016 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 1,167.6 | $ | (307.5 | ) | (4) | $ | 860.1 | |||
Equity securities | 2.5 | (0.9 | ) | 1.6 | |||||||
Other | 0.5 | (0.2 | ) | 0.3 | |||||||
OTTI | 23.7 | (8.3 | ) | 15.4 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations | 97.4 | (34.1 | ) | 63.3 | |||||||
DAC/VOBA | (317.7 | ) | (1) | 111.2 | (206.5 | ) | |||||
Premium deficiency reserve | (53.7 | ) | 18.8 | (34.9 | ) | ||||||
Sales inducements | (146.2 | ) | 51.2 | (95.0 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 774.1 | (169.8 | ) | 604.3 | |||||||
Derivatives: | |||||||||||
Derivatives | 19.4 | (2) | (6.8 | ) | 12.6 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (20.7 | ) | 7.2 | (13.5 | ) | ||||||
Change in unrealized gains/losses on derivatives | (1.3 | ) | 0.4 | (0.9 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (10.2 | ) | (3) | 3.6 | (6.6 | ) | |||||
Change in pension and other postretirement benefits liability | (10.2 | ) | 3.6 | (6.6 | ) | ||||||
Change in Other comprehensive income (loss) | $ | 762.6 | $ | (165.8 | ) | $ | 596.8 | ||||
December 31, 2015 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | (3,863.0 | ) | $ | 1,347.7 | $ | (2,515.3 | ) | |||
Equity securities | 1.5 | (0.5 | ) | 1.0 | |||||||
Other | 0.1 | — | 0.1 | ||||||||
OTTI | 18.8 | (6.6 | ) | 12.2 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations | 122.1 | (42.7 | ) | 79.4 | |||||||
DAC/VOBA | 1,075.9 | (1) | (376.6 | ) | 699.3 | ||||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | 52.5 | (18.4 | ) | 34.1 | |||||||
Change in unrealized gains/losses on available-for-sale securities | (2,592.1 | ) | 902.9 | (1,689.2 | ) | ||||||
Derivatives: | |||||||||||
Derivatives | 44.3 | (2) | (15.5 | ) | 28.8 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (14.6 | ) | 5.1 | (9.5 | ) | ||||||
Change in unrealized gains/losses on derivatives | 29.7 | (10.4 | ) | 19.3 | |||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (13.7 | ) | (3) | 4.8 | (8.9 | ) | |||||
Change in pension and other postretirement benefits liability | (13.7 | ) | 4.8 | (8.9 | ) | ||||||
Change in Other comprehensive income (loss) | $ | (2,576.1 | ) | $ | 897.3 | $ | (1,678.8 | ) | |||
December 31, 2014 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 2,693.0 | $ | (946.8 | ) | $ | 1,746.2 | ||||
Equity securities | (17.2 | ) | 6.0 | (11.2 | ) | ||||||
Other | (3.7 | ) | 1.3 | (2.4 | ) | ||||||
OTTI | 40.0 | (14.0 | ) | 26.0 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations | (53.5 | ) | 18.7 | (34.8 | ) | ||||||
DAC/VOBA | (785.7 | ) | (1) | 275.0 | (510.7 | ) | |||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (17.0 | ) | 6.0 | (11.0 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 1,855.9 | (653.8 | ) | 1,202.1 | |||||||
Derivatives: | |||||||||||
Derivatives | 102.0 | (2) | (35.7 | ) | 66.3 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (7.4 | ) | 2.6 | (4.8 | ) | ||||||
Change in unrealized gains/losses on derivatives | 94.6 | (33.1 | ) | 61.5 | |||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (13.8 | ) | (3) | 4.8 | (9.0 | ) | |||||
Change in pension and other postretirement benefits liability | (13.8 | ) | 4.8 | (9.0 | ) | ||||||
Change in Other comprehensive income (loss) | $ | 1,936.7 | $ | (682.1 | ) | $ | 1,254.6 | ||||
|
|||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Current tax expense (benefit): | |||||||||||
Federal | $ | (173.8 | ) | $ | 75.5 | $ | 87.0 | ||||
State | (0.1 | ) | (11.2 | ) | 1.4 | ||||||
Total current tax expense (benefit) | (173.9 | ) | 64.3 | 88.4 | |||||||
Deferred tax expense (benefit): | |||||||||||
Federal | (41.7 | ) | (15.2 | ) | (1,808.9 | ) | |||||
State | 0.9 | (3.2 | ) | (11.0 | ) | ||||||
Total deferred tax expense (benefit) | (40.8 | ) | (18.4 | ) | (1,819.9 | ) | |||||
Total income tax expense (benefit) | $ | (214.7 | ) | $ | 45.9 | $ | (1,731.5 | ) | |||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Income (loss) before income taxes | $ | (613.4 | ) | $ | 584.5 | $ | 801.2 | ||||
Tax Rate | 35.0 | % | 35.0 | % | 35.0 | % | |||||
Income tax expense (benefit) at federal statutory rate | (214.7 | ) | 204.5 | 280.4 | |||||||
Tax effect of: | |||||||||||
Valuation allowance | 101.6 | (13.7 | ) | (1,834.9 | ) | ||||||
Dividend received deduction | (105.3 | ) | (109.3 | ) | (99.0 | ) | |||||
Audit settlement | (0.1 | ) | (0.1 | ) | (1.7 | ) | |||||
State tax expense (benefit) | (15.9 | ) | 2.3 | 2.0 | |||||||
Noncontrolling interest | (10.2 | ) | (45.6 | ) | (83.2 | ) | |||||
Tax credits | 9.8 | 6.7 | 1.8 | ||||||||
Nondeductible expenses | 2.3 | 3.1 | 1.2 | ||||||||
Expirations of federal tax capital loss carryforward | 17.1 | — | — | ||||||||
Other | 0.7 | (2.0 | ) | 1.9 | |||||||
Income tax expense (benefit) | $ | (214.7 | ) | $ | 45.9 | $ | (1,731.5 | ) | |||
Effective tax rate | 35.0 | % | 7.9 | % | (216.1 | )% | |||||
December 31, | |||||||
2016 | 2015 | ||||||
Deferred tax assets | |||||||
Federal and state loss carryforwards | $ | 1,524.4 | $ | 1,118.8 | |||
Investments | 2,613.0 | 2,684.3 | |||||
Compensation and benefits | 548.0 | 490.2 | |||||
Insurance reserves | 673.9 | 942.6 | |||||
Other assets | 402.4 | 450.8 | |||||
Total gross assets before valuation allowance | 5,761.7 | 5,686.7 | |||||
Less: Valuation allowance | 963.9 | 963.1 | |||||
Assets, net of valuation allowance | 4,797.8 | 4,723.6 | |||||
Deferred tax liabilities | |||||||
Net unrealized investment gains | (1,218.9 | ) | (833.6 | ) | |||
Deferred policy acquisition costs | (1,454.6 | ) | (1,633.7 | ) | |||
Other liabilities | (34.5 | ) | (41.5 | ) | |||
Total gross liabilities | (2,708.0 | ) | (2,508.8 | ) | |||
Net deferred income tax asset (liability) | $ | 2,089.8 | $ | 2,214.8 | |||
December 31, | |||||||
2016 | 2015 | ||||||
Federal net operating loss carryforward | $ | 4,111.5 | (1) | $ | 3,022.2 | ||
State net operating loss carryforward | 2,208.6 | (2) | 2,229.3 | ||||
Federal tax capital loss carryforward | 58.4 | (3) | — | ||||
Credit carryforward | 267.7 | (4) | 265.8 | ||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Balance at beginning of period | $ | 45.2 | $ | 62.4 | $ | 60.9 | |||||
Additions for tax positions related to current year | 3.2 | 3.4 | 4.7 | ||||||||
Additions for tax positions related to prior years | — | — | 4.9 | ||||||||
Reductions for tax positions related to prior years | (6.5 | ) | (18.1 | ) | (6.1 | ) | |||||
Reductions for settlements with taxing authorities | (1.3 | ) | (2.2 | ) | (0.2 | ) | |||||
Reductions for expiring statutes | (4.2 | ) | (0.3 | ) | (1.8 | ) | |||||
Balance at end of period | $ | 36.4 | $ | 45.2 | $ | 62.4 | |||||
|
|||
Maturity | 2016 | 2015 | |||||||
7.25% Voya Holdings Inc. debentures, due 2023(1) | 08/15/2023 | $ | 142.9 | $ | 159.4 | ||||
7.63% Voya Holdings Inc. debentures, due 2026(1) | 08/15/2026 | 185.8 | 201.8 | ||||||
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 04/01/2027 | 13.6 | 13.7 | ||||||
6.97% Voya Holdings Inc. debentures, due 2036(1) | 08/15/2036 | 93.7 | 108.6 | ||||||
1.00% Windsor Property Loan | 06/14/2027 | 4.9 | 4.9 | ||||||
5.5% Senior Notes, due 2022 | 07/15/2022 | 360.7 | 843.8 | ||||||
2.9% Senior Notes, due 2018 | 02/15/2018 | 825.0 | 995.7 | ||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 05/15/2053 | 738.2 | 737.8 | ||||||
5.7% Senior Notes, due 2043 | 07/15/2043 | 394.3 | 394.1 | ||||||
3.65% Senior Notes, due 2026 | 06/15/2026 | 494.2 | — | ||||||
4.8% Senior Notes, due 2046 | 06/15/2046 | 296.2 | — | ||||||
Subtotal | 3,549.5 | 3,459.8 | |||||||
Less: Current portion of long-term debt | — | — | |||||||
Total | $ | 3,549.5 | $ | 3,459.8 | |||||
2017 | $ | — | |
2018 | 827.0 | ||
2019 | — | ||
2020 | — | ||
2021 | — | ||
Thereafter | 2,757.5 | ||
Total | $ | 3,584.5 | |
Secured/ Unsecured | Committed/ Uncommitted | Expiration | Capacity | Utilization | Unused Commitment | ||||||||||||
Obligor / Applicant | |||||||||||||||||
Voya Financial, Inc. | Unsecured | Committed | 05/06/2021 | $ | 2,250.0 | $ | 297.2 | $ | 1,952.8 | ||||||||
Security Life of Denver International Limited | Unsecured | Committed | 01/24/2018 | 175.0 | 164.0 | 11.0 | |||||||||||
Voya Financial, Inc./ Langhorne I, LLC | Unsecured | Committed | 01/15/2019 | 500.0 | — | 500.0 | |||||||||||
Security Life of Denver International Limited | Unsecured | Committed | 10/29/2023 | 300.0 | 233.6 | 66.4 | |||||||||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/31/2025 | 475.0 | 475.0 | — | |||||||||||
Voya Financial, Inc. | Secured | Committed | 02/11/2018 | 195.0 | 195.0 | — | |||||||||||
Voya Financial, Inc. | Unsecured | Uncommitted | Various | 0.5 | 0.5 | — | |||||||||||
Voya Financial, Inc. | Secured | Uncommitted | Various | 10.0 | 0.7 | — | |||||||||||
Voya Financial, Inc. / Roaring River LLC | Unsecured | Committed | 10/01/2025 | 425.0 | 281.4 | 143.6 | |||||||||||
Voya Financial, Inc. / Roaring River IV, LLC | Unsecured | Committed | 12/31/2028 | 565.0 | 295.7 | 269.3 | |||||||||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured | Uncommitted | 12/12/2017 | 300.0 | 300.0 | — | |||||||||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/15/2017 | 600.0 | 600.0 | — | |||||||||||
Voya Financial, Inc. | Unsecured | Committed | 12/09/2021 | 195.0 | 195.0 | — | |||||||||||
Total | $ | 5,990.5 | $ | 3,038.1 | $ | 2,943.1 | |||||||||||
Secured facilities | $ | 205.0 | $ | 195.7 | $ | — | |||||||||||
Unsecured and uncommitted | 300.5 | 300.5 | — | ||||||||||||||
Unsecured and committed | 5,485.0 | 2,541.9 | 2,943.1 | ||||||||||||||
Total | $ | 5,990.5 | $ | 3,038.1 | $ | 2,943.1 | |||||||||||
|
|||
2017 | $ | 33.7 | |
2018 | 23.6 | ||
2019 | 20.0 | ||
2020 | 17.5 | ||
2021 | 16.9 | ||
Thereafter | 46.2 | ||
Total minimum lease payments | $ | 157.9 | |
2016 | 2015 | ||||||
Fixed maturity collateral pledged to FHLB(1) | $ | 405.5 | $ | 1,528.5 | |||
FHLB restricted stock(2) | 32.7 | 73.3 | |||||
Other fixed maturities-state deposits | 207.9 | 210.3 | |||||
Securities pledged(3) | 2,157.1 | 1,112.6 | |||||
Total restricted assets | $ | 2,803.2 | $ | 2,924.7 | |||
|
|||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 69,483.9 | $ | (15.2 | ) | $ | 69,468.7 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,712.3 | — | 3,712.3 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 93.1 | — | 181.1 | — | 274.2 | ||||||||||||||
Short-term investments | 212.0 | — | 609.0 | — | 821.0 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 11,725.2 | — | 11,725.2 | ||||||||||||||
Policy loans | — | — | 1,961.5 | — | 1,961.5 | ||||||||||||||
Limited partnerships/corporations | — | — | 758.6 | — | 758.6 | ||||||||||||||
Derivatives | 56.1 | — | 1,768.5 | (112.2 | ) | 1,712.4 | |||||||||||||
Investments in subsidiaries | 14,742.6 | 10,798.2 | — | (25,540.8 | ) | — | |||||||||||||
Other investments | — | 0.5 | 46.9 | — | 47.4 | ||||||||||||||
Securities pledged | — | — | 2,157.1 | — | 2,157.1 | ||||||||||||||
Total investments | 15,103.8 | 10,798.7 | 92,404.1 | (25,668.2 | ) | 92,638.4 | |||||||||||||
Cash and cash equivalents | 257.2 | 2.3 | 2,651.2 | — | 2,910.7 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.7 | — | 777.7 | — | 788.4 | ||||||||||||||
Accrued investment income | — | — | 891.2 | — | 891.2 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,318.0 | — | 7,318.0 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 4,887.5 | — | 4,887.5 | ||||||||||||||
Sales inducements to contract holders | — | — | 242.8 | — | 242.8 | ||||||||||||||
Current income taxes | 31.4 | 8.5 | 124.7 | — | 164.6 | ||||||||||||||
Deferred income taxes | 526.7 | 37.3 | 1,525.8 | — | 2,089.8 | ||||||||||||||
Goodwill and other intangible assets | — | — | 219.5 | — | 219.5 | ||||||||||||||
Loans to subsidiaries and affiliates | 278.0 | — | 10.5 | (288.5 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 2.8 | 0.5 | 2.0 | (5.3 | ) | — | |||||||||||||
Other assets | 21.0 | — | 888.5 | — | 909.5 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 1,936.3 | — | 1,936.3 | ||||||||||||||
Cash and cash equivalents | — | — | 133.2 | — | 133.2 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 1,952.5 | — | 1,952.5 | ||||||||||||||
Other assets | — | — | 34.0 | — | 34.0 | ||||||||||||||
Assets held in separate accounts | — | — | 97,118.7 | — | 97,118.7 | ||||||||||||||
Total assets | $ | 16,231.6 | $ | 10,847.3 | $ | 213,118.2 | $ | (25,962.0 | ) | $ | 214,235.1 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 21,447.2 | $ | — | $ | 21,447.2 | |||||||||
Contract owner account balances | — | — | 70,606.2 | — | 70,606.2 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,841.3 | — | 1,841.3 | ||||||||||||||
Short-term debt with affiliates | 10.5 | 211.2 | 66.8 | (288.5 | ) | — | |||||||||||||
Long-term debt | 3,108.6 | 437.5 | 18.6 | (15.2 | ) | 3,549.5 | |||||||||||||
Funds held under reinsurance agreements | — | — | 729.1 | — | 729.1 | ||||||||||||||
Derivatives | 56.1 | — | 526.8 | (112.2 | ) | 470.7 | |||||||||||||
Pension and other postretirement provisions | — | — | 674.3 | — | 674.3 | ||||||||||||||
Due to subsidiaries and affiliates | 0.1 | — | 3.1 | (3.2 | ) | — | |||||||||||||
Other liabilities | 62.4 | 12.8 | 1,262.9 | (2.1 | ) | 1,336.0 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 1,967.2 | — | 1,967.2 | ||||||||||||||
Other liabilities | — | — | 527.8 | — | 527.8 | ||||||||||||||
Liabilities related to separate accounts | — | — | 97,118.7 | — | 97,118.7 | ||||||||||||||
Total liabilities | 3,237.7 | 661.5 | 196,790.0 | (421.2 | ) | 200,268.0 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 12,993.9 | 10,185.8 | 15,355.0 | (25,540.8 | ) | 12,993.9 | |||||||||||||
Noncontrolling interest | — | — | 973.2 | — | 973.2 | ||||||||||||||
Total shareholders' equity | 12,993.9 | 10,185.8 | 16,328.2 | (25,540.8 | ) | 13,967.1 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,231.6 | $ | 10,847.3 | $ | 213,118.2 | $ | (25,962.0 | ) | $ | 214,235.1 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 67,748.7 | $ | (15.3 | ) | $ | 67,733.4 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,226.6 | — | 3,226.6 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 83.7 | — | 248.0 | — | 331.7 | ||||||||||||||
Short-term investments | 212.0 | — | 1,284.7 | — | 1,496.7 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 10,447.5 | — | 10,447.5 | ||||||||||||||
Policy loans | — | — | 2,002.7 | — | 2,002.7 | ||||||||||||||
Limited partnerships/corporations | — | — | 510.6 | — | 510.6 | ||||||||||||||
Derivatives | 67.2 | — | 1,605.7 | (134.4 | ) | 1,538.5 | |||||||||||||
Investments in subsidiaries | 15,110.5 | 11,092.2 | — | (26,202.7 | ) | — | |||||||||||||
Other investments | — | 0.5 | 91.1 | — | 91.6 | ||||||||||||||
Securities pledged | — | — | 1,112.6 | — | 1,112.6 | ||||||||||||||
Total investments | 15,473.4 | 11,092.7 | 88,278.2 | (26,352.4 | ) | 88,491.9 | |||||||||||||
Cash and cash equivalents | 378.1 | 18.4 | 2,116.2 | — | 2,512.7 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.6 | — | 649.4 | — | 660.0 | ||||||||||||||
Accrued investment income | — | — | 899.0 | — | 899.0 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,653.7 | — | 7,653.7 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 5,370.1 | — | 5,370.1 | ||||||||||||||
Sales inducements to contract holders | — | — | 263.3 | — | 263.3 | ||||||||||||||
Deferred income taxes | 404.4 | 32.7 | 1,777.7 | — | 2,214.8 | ||||||||||||||
Goodwill and other intangible assets | — | — | 250.8 | — | 250.8 | ||||||||||||||
Loans to subsidiaries and affiliates | 330.2 | — | — | (330.2 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 6.1 | 0.1 | 1.9 | (8.1 | ) | — | |||||||||||||
Other assets | 19.8 | — | 894.5 | — | 914.3 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 4,973.7 | — | 4,973.7 | ||||||||||||||
Cash and cash equivalents | — | — | 467.6 | — | 467.6 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 6,882.5 | — | 6,882.5 | ||||||||||||||
Other assets | — | — | 154.3 | — | 154.3 | ||||||||||||||
Assets held in separate accounts | — | — | 96,514.8 | — | 96,514.8 | ||||||||||||||
Total assets | $ | 16,622.6 | $ | 11,143.9 | $ | 217,147.7 | $ | (26,690.7 | ) | $ | 218,223.5 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 19,508.0 | $ | — | $ | 19,508.0 | |||||||||
Contract owner account balances | — | — | 68,664.1 | — | 68,664.1 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,485.0 | — | 1,485.0 | ||||||||||||||
Short-term debt with affiliates | — | 206.5 | 123.7 | (330.2 | ) | — | |||||||||||||
Long-term debt | 2,971.4 | 485.0 | 18.7 | (15.3 | ) | 3,459.8 | |||||||||||||
Funds held under reinsurance agreements | — | — | 702.4 | — | 702.4 | ||||||||||||||
Derivatives | 67.2 | — | 554.7 | (134.4 | ) | 487.5 | |||||||||||||
Pension and other postretirement provisions | — | — | 687.4 | — | 687.4 | ||||||||||||||
Current income taxes | 70.1 | (2.5 | ) | 2.4 | — | 70.0 | |||||||||||||
Due to subsidiaries and affiliates | 0.2 | — | 5.9 | (6.1 | ) | — | |||||||||||||
Other liabilities | 77.9 | 13.3 | 1,371.7 | (2.0 | ) | 1,460.9 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 6,956.2 | — | 6,956.2 | ||||||||||||||
Other liabilities | — | — | 1,951.6 | — | 1,951.6 | ||||||||||||||
Liabilities related to separate accounts | — | — | 96,514.8 | — | 96,514.8 | ||||||||||||||
Total liabilities | 3,186.8 | 702.3 | 198,546.6 | (488.0 | ) | 201,947.7 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 13,435.8 | 10,441.6 | 15,761.1 | (26,202.7 | ) | 13,435.8 | |||||||||||||
Noncontrolling interest | — | — | 2,840.0 | — | 2,840.0 | ||||||||||||||
Total shareholders' equity | 13,435.8 | 10,441.6 | 18,601.1 | (26,202.7 | ) | 16,275.8 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,622.6 | $ | 11,143.9 | $ | 217,147.7 | $ | (26,690.7 | ) | $ | 218,223.5 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 18.7 | $ | 0.2 | $ | 4,613.8 | $ | (11.9 | ) | $ | 4,620.8 | ||||||||
Fee income | — | — | 3,359.8 | — | 3,359.8 | ||||||||||||||
Premiums | — | — | 3,514.6 | — | 3,514.6 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (39.0 | ) | — | (39.0 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 2.6 | — | 2.6 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (41.6 | ) | — | (41.6 | ) | ||||||||||||
Other net realized capital gains (losses) | 1.3 | — | (1,222.8 | ) | — | (1,221.5 | ) | ||||||||||||
Total net realized capital gains (losses) | 1.3 | — | (1,264.4 | ) | — | (1,263.1 | ) | ||||||||||||
Other revenue | 1.0 | — | 360.1 | — | 361.1 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 189.0 | — | 189.0 | ||||||||||||||
Total revenues | 21.0 | 0.2 | 10,772.9 | (11.9 | ) | 10,782.2 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 5,471.0 | — | 5,471.0 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 2,042.5 | — | 2,042.5 | ||||||||||||||
Operating expenses | 8.8 | — | 2,928.5 | — | 2,937.3 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 551.0 | — | 551.0 | ||||||||||||||
Interest expense | 238.1 | 56.9 | 4.9 | (11.9 | ) | 288.0 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 101.9 | — | 101.9 | ||||||||||||||
Other expense | — | — | 3.9 | — | 3.9 | ||||||||||||||
Total benefits and expenses | 246.9 | 56.9 | 11,103.7 | (11.9 | ) | 11,395.6 | |||||||||||||
Income (loss) before income taxes | (225.9 | ) | (56.7 | ) | (330.8 | ) | — | (613.4 | ) | ||||||||||
Income tax expense (benefit) | (90.4 | ) | (26.4 | ) | (115.5 | ) | 17.6 | (214.7 | ) | ||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (135.5 | ) | (30.3 | ) | (215.3 | ) | (17.6 | ) | (398.7 | ) | |||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (292.5 | ) | 317.2 | — | (24.7 | ) | — | ||||||||||||
Net income (loss) including noncontrolling interest | (428.0 | ) | 286.9 | (215.3 | ) | (42.3 | ) | (398.7 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 29.3 | — | 29.3 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | 286.9 | $ | (244.6 | ) | $ | (42.3 | ) | $ | (428.0 | ) | |||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 3.9 | $ | 0.2 | $ | 4,543.1 | $ | (9.0 | ) | $ | 4,538.2 | ||||||||
Fee income | — | — | 3,481.1 | — | 3,481.1 | ||||||||||||||
Premiums | — | — | 3,024.5 | — | 3,024.5 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (110.3 | ) | — | (110.3 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 6.7 | — | 6.7 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (117.0 | ) | — | (117.0 | ) | ||||||||||||
Other net realized capital gains (losses) | (1.7 | ) | 0.3 | (614.9 | ) | — | (616.3 | ) | |||||||||||
Total net realized capital gains (losses) | (1.7 | ) | 0.3 | (731.9 | ) | — | (733.3 | ) | |||||||||||
Other revenue | 3.2 | — | 406.4 | (2.7 | ) | 406.9 | |||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 551.1 | — | 551.1 | ||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (26.9 | ) | — | (26.9 | ) | ||||||||||||
Total revenues | 5.4 | 0.5 | 11,247.4 | (11.7 | ) | 11,241.6 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 4,536.8 | — | 4,536.8 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 1,973.2 | — | 1,973.2 | ||||||||||||||
Operating expenses | 10.4 | (0.6 | ) | 2,996.3 | (2.7 | ) | 3,003.4 | ||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 663.4 | — | 663.4 | ||||||||||||||
Interest expense | 150.3 | 51.2 | 4.0 | (9.0 | ) | 196.5 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 272.2 | — | 272.2 | ||||||||||||||
Other expense | — | — | 11.6 | — | 11.6 | ||||||||||||||
Total benefits and expenses | 160.7 | 50.6 | 10,457.5 | (11.7 | ) | 10,657.1 | |||||||||||||
Income (loss) before income taxes | (155.3 | ) | (50.1 | ) | 789.9 | — | 584.5 | ||||||||||||
Income tax expense (benefit) | (52.4 | ) | (0.4 | ) | 119.3 | (20.6 | ) | 45.9 | |||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (102.9 | ) | (49.7 | ) | 670.6 | 20.6 | 538.6 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 511.2 | 257.1 | — | (768.3 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 408.3 | 207.4 | 670.6 | (747.7 | ) | 538.6 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 130.3 | — | 130.3 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 408.3 | $ | 207.4 | $ | 540.3 | $ | (747.7 | ) | $ | 408.3 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 11.5 | $ | 0.1 | $ | 4,511.0 | $ | (7.3 | ) | $ | 4,515.3 | ||||||||
Fee income | — | — | 3,632.5 | — | 3,632.5 | ||||||||||||||
Premiums | — | — | 2,626.4 | — | 2,626.4 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (31.9 | ) | — | (31.9 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (31.6 | ) | — | (31.6 | ) | ||||||||||||
Other net realized capital gains (losses) | (3.4 | ) | (0.4 | ) | (843.0 | ) | — | (846.8 | ) | ||||||||||
Total net realized capital gains (losses) | (3.4 | ) | (0.4 | ) | (874.6 | ) | — | (878.4 | ) | ||||||||||
Other revenue | 3.2 | 0.2 | 432.6 | (3.2 | ) | 432.8 | |||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 665.5 | — | 665.5 | ||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (6.7 | ) | — | (6.7 | ) | ||||||||||||
Total revenues | 11.3 | (0.1 | ) | 10,986.7 | (10.5 | ) | 10,987.4 | ||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 3,946.7 | — | 3,946.7 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 1,991.2 | — | 1,991.2 | ||||||||||||||
Operating expenses | 4.1 | — | 3,461.3 | (3.2 | ) | 3,462.2 | |||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 379.3 | — | 379.3 | ||||||||||||||
Interest expense | 149.1 | 43.2 | 4.7 | (7.3 | ) | 189.7 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 209.5 | — | 209.5 | ||||||||||||||
Other expense | — | — | 7.6 | — | 7.6 | ||||||||||||||
Total benefits and expenses | 153.2 | 43.2 | 10,000.3 | (10.5 | ) | 10,186.2 | |||||||||||||
Income (loss) before income taxes | (141.9 | ) | (43.3 | ) | 986.4 | — | 801.2 | ||||||||||||
Income tax expense (benefit) | (214.8 | ) | (82.6 | ) | (1,381.2 | ) | (52.9 | ) | (1,731.5 | ) | |||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | 72.9 | 39.3 | 2,367.6 | 52.9 | 2,532.7 | ||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 2,242.8 | 733.2 | — | (2,976.0 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 2,315.7 | 772.5 | 2,367.6 | (2,923.1 | ) | 2,532.7 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 237.7 | — | 237.7 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 2,315.7 | $ | 772.5 | $ | 2,129.9 | $ | (2,923.1 | ) | $ | 2,295.0 | ||||||||
December 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged | $ | 75,338.1 | $ | 75,338.1 | $ | 72,072.6 | $ | 72,072.6 | |||||||
Equity securities, available-for-sale | 274.2 | 274.2 | 331.7 | 331.7 | |||||||||||
Mortgage loans on real estate | 11,725.2 | 11,960.7 | 10,447.5 | 10,881.4 | |||||||||||
Policy loans | 1,961.5 | 1,961.5 | 2,002.7 | 2,002.7 | |||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,520.1 | 4,520.1 | 4,669.4 | 4,669.4 | |||||||||||
Derivatives | 1,712.4 | 1,712.4 | 1,538.5 | 1,538.5 | |||||||||||
Other investments | 47.4 | 57.2 | 91.6 | 101.5 | |||||||||||
Assets held in separate accounts | 97,118.7 | 97,118.7 | 96,514.8 | 96,514.8 | |||||||||||
Liabilities: | |||||||||||||||
Investment contract liabilities: | |||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 53,314.1 | 57,561.3 | 51,361.7 | 56,884.4 | |||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 472.9 | 469.8 | 1,488.5 | 1,463.1 | |||||||||||
Supplementary contracts, immediate annuities and other | 3,878.9 | 4,120.5 | 2,948.1 | 3,162.8 | |||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | 2,029.6 | 2,029.6 | 1,820.1 | 1,820.1 | |||||||||||
IUL | 81.0 | 81.0 | 52.6 | 52.6 | |||||||||||
GMAB / GMWB / GMWBL | 1,530.4 | 1,530.4 | 1,873.5 | 1,873.5 | |||||||||||
Stabilizer and MCGs | 150.4 | 150.4 | 161.3 | 161.3 | |||||||||||
Other derivatives | 470.7 | 470.7 | 487.5 | 487.5 | |||||||||||
Long-term debt | 3,549.5 | 3,737.9 | 3,485.9 | 3,772.7 | |||||||||||
Embedded derivative on reinsurance | 78.7 | 78.7 | 25.2 | 25.2 | |||||||||||
Variable Interests on the Consolidated Balance Sheet | |||||||||||||||
December 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Amount | Maximum exposure to loss | Carrying Amount | Maximum exposure to loss | ||||||||||||
Fixed maturities, available for sale | $ | 110.4 | $ | 110.4 | $ | — | $ | — | |||||||
Limited partnership/corporations | 758.6 | 758.6 | 1.4 | 1.4 | |||||||||||
December 31, 2016 | December 31, 2015 | ||||||
Assets of Consolidated Investment Entities | |||||||
VIEs(1) | |||||||
Cash and cash equivalents | $ | 133.0 | $ | 246.4 | |||
Corporate loans, at fair value using the fair value option | 1,920.3 | 6,882.5 | |||||
Limited partnerships/corporations, at fair value | 1,770.3 | — | |||||
Other assets | 31.9 | 115.3 | |||||
Total VIE assets | 3,855.5 | 7,244.2 | |||||
VOEs(1) | |||||||
Cash and cash equivalents | 0.2 | 221.2 | |||||
Corporate loans, at fair value using the fair value option | 32.2 | — | |||||
Limited partnerships/corporations, at fair value | 166.0 | 4,973.7 | |||||
Other assets | 2.1 | 39.0 | |||||
Total VOE assets | 200.5 | 5,233.9 | |||||
Total assets of consolidated investment entities | $ | 4,056.0 | $ | 12,478.1 | |||
Liabilities of Consolidated Investment Entities | |||||||
VIEs(1) | |||||||
CLO notes, at fair value using the fair value option | $ | 1,967.2 | $ | 6,956.2 | |||
Other liabilities | 521.1 | 240.8 | |||||
Total VIE liabilities | 2,488.3 | 7,197.0 | |||||
VOEs(1) | |||||||
Other liabilities | 6.7 | 1,710.8 | |||||
Total VOE liabilities | 6.7 | 1,710.8 | |||||
Total liabilities of consolidated investment entities | $ | 2,495.0 | $ | 8,907.8 | |||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||
Total investments and cash | $ | 96,136.5 | $ | — | $ | — | $ | (17.3 | ) | $ | (570.1 | ) | $ | 95,549.1 | |||||||||
Other assets | 17,511.9 | — | — | — | (0.6 | ) | 17,511.3 | ||||||||||||||||
Assets held in consolidated investment entities | — | 2,054.1 | 2,002.1 | — | (0.2 | ) | 4,056.0 | ||||||||||||||||
Assets held in separate accounts | 97,118.7 | — | — | — | — | 97,118.7 | |||||||||||||||||
Total assets | $ | 210,767.1 | $ | 2,054.1 | $ | 2,002.1 | $ | (17.3 | ) | $ | (570.9 | ) | $ | 214,235.1 | |||||||||
Future policy benefits and contract owner account balances | $ | 92,053.4 | $ | — | $ | — | $ | — | $ | — | $ | 92,053.4 | |||||||||||
Other liabilities | 8,601.1 | — | — | — | (0.2 | ) | 8,600.9 | ||||||||||||||||
Liabilities held in consolidated investment entities | — | 2,054.1 | 458.8 | (17.3 | ) | (0.6 | ) | 2,495.0 | |||||||||||||||
Liabilities related to separate accounts | 97,118.7 | — | — | — | — | 97,118.7 | |||||||||||||||||
Total liabilities | 197,773.2 | 2,054.1 | 458.8 | (17.3 | ) | (0.8 | ) | 200,268.0 | |||||||||||||||
Equity attributable to common shareholders | 12,993.9 | — | 1,543.3 | — | (1,543.3 | ) | 12,993.9 | ||||||||||||||||
Retained earnings appropriated for investors in consolidated investment entities | — | — | — | — | — | — | |||||||||||||||||
Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 973.2 | 973.2 | |||||||||||||||||
Total liabilities and equity | $ | 210,767.1 | $ | 2,054.1 | $ | 2,002.1 | $ | (17.3 | ) | $ | (570.9 | ) | $ | 214,235.1 | |||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Total investments and cash | $ | 91,727.4 | $ | — | $ | — | $ | (38.2 | ) | $ | (684.6 | ) | $ | 91,004.6 | |||||||||
Other assets | 18,226.0 | — | — | — | — | 18,226.0 | |||||||||||||||||
Assets held in consolidated investment entities | — | 7,244.2 | 5,235.4 | — | (1.5 | ) | 12,478.1 | ||||||||||||||||
Assets held in separate accounts | 96,514.8 | — | — | — | — | 96,514.8 | |||||||||||||||||
Total assets | $ | 206,468.2 | $ | 7,244.2 | $ | 5,235.4 | $ | (38.2 | ) | $ | (686.1 | ) | $ | 218,223.5 | |||||||||
Future policy benefits and contract owner account balances | $ | 88,172.1 | $ | — | $ | — | $ | — | $ | — | $ | 88,172.1 | |||||||||||
Other liabilities | 8,354.5 | — | — | — | (1.5 | ) | 8,353.0 | ||||||||||||||||
Liabilities held in consolidated investment entities | — | 7,235.2 | 1,710.8 | (38.2 | ) | — | 8,907.8 | ||||||||||||||||
Liabilities related to separate accounts | 96,514.8 | — | — | — | — | 96,514.8 | |||||||||||||||||
Total liabilities | 193,041.4 | 7,235.2 | 1,710.8 | (38.2 | ) | (1.5 | ) | 201,947.7 | |||||||||||||||
Equity attributable to common shareholders | 13,426.8 | — | 3,524.6 | — | (3,524.6 | ) | 13,426.8 | ||||||||||||||||
Retained earnings appropriated for investors in consolidated investment entities | — | 9.0 | — | — | — | 9.0 | |||||||||||||||||
Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 2,840.0 | 2,840.0 | |||||||||||||||||
Total liabilities and equity | $ | 206,468.2 | $ | 7,244.2 | $ | 5,235.4 | $ | (38.2 | ) | $ | (686.1 | ) | $ | 218,223.5 | |||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net investment income | $ | 4,625.7 | $ | — | $ | — | $ | (6.6 | ) | $ | 1.7 | $ | 4,620.8 | ||||||||||
Fee income | 3,408.9 | — | — | (17.6 | ) | (31.5 | ) | 3,359.8 | |||||||||||||||
Premiums | 3,514.6 | — | — | — | — | 3,514.6 | |||||||||||||||||
Net realized capital losses | (1,263.1 | ) | — | — | — | — | (1,263.1 | ) | |||||||||||||||
Other income | 361.1 | — | — | — | — | 361.1 | |||||||||||||||||
Income related to consolidated investment entities | (0.1 | ) | 117.6 | 71.5 | — | — | 189.0 | ||||||||||||||||
Total revenues | 10,647.1 | 117.6 | 71.5 | (24.2 | ) | (29.8 | ) | 10,782.2 | |||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 7,513.5 | — | — | — | — | 7,513.5 | |||||||||||||||||
Other expense | 3,776.3 | — | — | — | — | 3,776.3 | |||||||||||||||||
Operating expenses related to consolidated investment entities | — | 117.6 | 43.9 | (24.2 | ) | (31.5 | ) | 105.8 | |||||||||||||||
Total benefits and expenses | 11,289.8 | 117.6 | 43.9 | (24.2 | ) | (31.5 | ) | 11,395.6 | |||||||||||||||
Income (loss) before income taxes | (642.7 | ) | — | 27.6 | — | 1.7 | (613.4 | ) | |||||||||||||||
Income tax expense (benefit) | (214.7 | ) | — | — | — | — | (214.7 | ) | |||||||||||||||
Net income (loss) | (428.0 | ) | — | 27.6 | — | 1.7 | (398.7 | ) | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | — | — | 29.3 | 29.3 | |||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | — | $ | 27.6 | $ | — | $ | (27.6 | ) | $ | (428.0 | ) | ||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net investment income | $ | 4,567.9 | $ | — | $ | — | $ | 2.4 | $ | (32.1 | ) | $ | 4,538.2 | ||||||||||
Fee income | 3,555.3 | — | — | (36.0 | ) | (38.2 | ) | 3,481.1 | |||||||||||||||
Premiums | 3,024.5 | — | — | — | — | 3,024.5 | |||||||||||||||||
Net realized capital losses | (733.3 | ) | — | — | — | — | (733.3 | ) | |||||||||||||||
Other income | 413.1 | — | — | (5.5 | ) | (0.7 | ) | 406.9 | |||||||||||||||
Income related to consolidated investment entities | — | 311.9 | 227.8 | (15.5 | ) | — | 524.2 | ||||||||||||||||
Total revenues | 10,827.5 | 311.9 | 227.8 | (54.6 | ) | (71.0 | ) | 11,241.6 | |||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 6,510.0 | — | — | — | — | 6,510.0 | |||||||||||||||||
Other expense | 3,863.3 | — | — | — | — | 3,863.3 | |||||||||||||||||
Operating expenses related to consolidated investment entities | — | 323.3 | 54.1 | (54.6 | ) | (39.0 | ) | 283.8 | |||||||||||||||
Total benefits and expenses | 10,373.3 | 323.3 | 54.1 | (54.6 | ) | (39.0 | ) | 10,657.1 | |||||||||||||||
Income (loss) before income taxes | 454.2 | (11.4 | ) | 173.7 | — | (32.0 | ) | 584.5 | |||||||||||||||
Income tax expense (benefit) | 45.9 | — | — | — | — | 45.9 | |||||||||||||||||
Net income (loss) | 408.3 | (11.4 | ) | 173.7 | — | (32.0 | ) | 538.6 | |||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | (11.4 | ) | — | — | 141.7 | 130.3 | ||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 408.3 | $ | — | $ | 173.7 | $ | — | $ | (173.7 | ) | $ | 408.3 | ||||||||||
Before Consolidation(1) | CLOs | VOEs and LPs | CLOs Adjustments(2) | VOEs Adjustments(2) | Total | ||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net investment income | $ | 4,631.9 | $ | — | $ | — | $ | (3.0 | ) | $ | (113.6 | ) | $ | 4,515.3 | |||||||||
Fee income | 3,711.0 | — | — | (30.2 | ) | (48.3 | ) | 3,632.5 | |||||||||||||||
Premiums | 2,626.4 | — | — | — | — | 2,626.4 | |||||||||||||||||
Net realized capital losses | (878.4 | ) | — | — | — | — | (878.4 | ) | |||||||||||||||
Other income | 441.7 | — | — | (7.5 | ) | (1.4 | ) | 432.8 | |||||||||||||||
Income related to consolidated investment entities | — | 257.3 | 410.3 | (8.8 | ) | — | 658.8 | ||||||||||||||||
Total revenues | 10,532.6 | 257.3 | 410.3 | (49.5 | ) | (163.3 | ) | 10,987.4 | |||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 5,937.9 | — | — | — | — | 5,937.9 | |||||||||||||||||
Other expense | 4,031.2 | — | — | — | — | 4,031.2 | |||||||||||||||||
Operating expenses related to consolidated investment entities | — | 255.3 | 61.0 | (49.5 | ) | (49.7 | ) | 217.1 | |||||||||||||||
Total benefits and expenses | 9,969.1 | 255.3 | 61.0 | (49.5 | ) | (49.7 | ) | 10,186.2 | |||||||||||||||
Income (loss) before income taxes | 563.5 | 2.0 | 349.3 | — | (113.6 | ) | 801.2 | ||||||||||||||||
Income tax expense (benefit) | (1,731.5 | ) | — | — | — | — | (1,731.5 | ) | |||||||||||||||
Net income (loss) | 2,295.0 | 2.0 | 349.3 | — | (113.6 | ) | 2,532.7 | ||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | 2.0 | — | — | 235.7 | 237.7 | |||||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 2,295.0 | $ | — | $ | 349.3 | $ | — | $ | (349.3 | ) | $ | 2,295.0 | ||||||||||
Fair Value | Valuation Technique | Unobservable Inputs | ||||||
December 31, 2015 | ||||||||
Assets: | ||||||||
CLO Investments | $ | 18.3 | Discounted Cash Flow | Default Rate | ||||
Recovery Rate | ||||||||
Prepayment Rate | ||||||||
Discount Margin | ||||||||
Liabilities: | ||||||||
CLO Notes | $ | 6,956.2 | Discounted Cash Flow | Default Rate | ||||
Recovery Rate | ||||||||
Prepayment Rate | ||||||||
Discount Margin | ||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
VIEs | |||||||||||||||||||
Cash and cash equivalents | $ | 133.0 | $ | — | $ | — | $ | — | $ | 133.0 | |||||||||
Corporate loans, at fair value using the fair value option | — | 1,905.7 | 14.6 | — | 1,920.3 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 1,770.3 | 1,770.3 | ||||||||||||||
VOEs | |||||||||||||||||||
Cash and cash equivalents | 0.2 | — | — | — | 0.2 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | 32.2 | — | — | 32.2 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | 107.0 | — | 59.0 | 166.0 | ||||||||||||||
Total assets, at fair value | $ | 133.2 | $ | 2,044.9 | $ | 14.6 | $ | 1,829.3 | $ | 4,022.0 | |||||||||
Liabilities | |||||||||||||||||||
VIEs | |||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | 1,967.2 | $ | — | $ | — | $ | 1,967.2 | |||||||||
Total liabilities, at fair value | $ | — | $ | 1,967.2 | $ | — | $ | — | $ | 1,967.2 | |||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
VIEs | |||||||||||||||||||
Cash and cash equivalents | $ | 246.4 | $ | — | $ | — | $ | — | $ | 246.4 | |||||||||
Corporate loans, at fair value using the fair value option | — | 6,864.2 | 18.3 | — | 6,882.5 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | — | — | ||||||||||||||
VOEs | |||||||||||||||||||
Cash and cash equivalents | 221.2 | — | — | — | 221.2 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | — | — | — | ||||||||||||||
Limited partnerships/corporations, at fair value | — | 2,092.6 | 39.7 | 2,841.4 | 4,973.7 | ||||||||||||||
Total assets, at fair value | $ | 467.6 | $ | 8,956.8 | $ | 58.0 | $ | 2,841.4 | $ | 12,323.8 | |||||||||
Liabilities | |||||||||||||||||||
VIEs | |||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 6,956.2 | $ | — | $ | 6,956.2 | |||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 6,956.2 | $ | — | $ | 6,956.2 | |||||||||
Fair Value as of January 1 | Gains (Losses) Included in the Consolidated Statement of Operations | Purchases | Sales | Transfer into Level 3 | Transfer out of Level 3 | Fair Value as of December 31 | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
VIEs: | |||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | $ | 19.2 | $ | (0.2 | ) | $ | — | $ | (0.7 | ) | $ | — | $ | — | $ | 18.3 | |||||||||||
VOEs: | |||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | 17.1 | (2.8 | ) | 28.5 | (3.1 | ) | — | — | 39.7 | ||||||||||||||||||
Total assets, at fair value | $ | 36.3 | $ | (3.0 | ) | $ | 28.5 | $ | (3.8 | ) | $ | — | $ | — | $ | 58.0 | |||||||||||
Liabilities | |||||||||||||||||||||||||||
VIEs: | |||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | 6,838.1 | $ | (255.9 | ) | $ | 1,173.0 | $ | (799.0 | ) | $ | — | $ | — | $ | 6,956.2 | |||||||||||
Total liabilities, at fair value | $ | 6,838.1 | $ | (255.9 | ) | $ | 1,173.0 | $ | (799.0 | ) | $ | — | $ | — | $ | 6,956.2 | |||||||||||
|
|||
Year Ended December 31, | |||
2016 | |||
Severance benefits | $ | 25.5 | |
Other costs | 8.3 | ||
Total restructuring expense | $ | 33.8 | |
2016 | |||||||||||
Severance Benefits | Other Costs | Total | |||||||||
Accrued liability as of January 1, 2016 | $ | — | $ | — | $ | — | |||||
Charged to expense | 25.5 | 8.3 | 33.8 | ||||||||
Payments | (4.0 | ) | (6.4 | ) | (10.4 | ) | |||||
Accrued liability as of December 31, 2016 | $ | 21.5 | $ | 1.9 | (1) | $ | 23.4 | ||||
|
|||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Retirement | $ | 449.8 | $ | 470.6 | $ | 517.8 | |||||
Investment Management | 170.8 | 181.9 | 210.3 | ||||||||
Annuities | 321.2 | 243.0 | 262.0 | ||||||||
Individual Life | 58.6 | 172.7 | 237.3 | ||||||||
Employee Benefits | 126.3 | 146.1 | 148.9 | ||||||||
Corporate | (349.4 | ) | (236.8 | ) | (145.7 | ) | |||||
Total operating earnings before income taxes | 777.3 | 977.5 | 1,230.6 | ||||||||
Adjustments: | |||||||||||
Closed Block Variable Annuity | (955.0 | ) | (173.3 | ) | (239.2 | ) | |||||
Net investment gains (losses) and related charges and adjustments | (140.9 | ) | (83.3 | ) | 215.1 | ||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | (81.7 | ) | (93.9 | ) | (12.8 | ) | |||||
Income (loss) related to businesses exited through reinsurance or divestment | (13.5 | ) | (169.3 | ) | (157.3 | ) | |||||
Income (loss) attributable to noncontrolling interest | 29.3 | 130.3 | 237.7 | ||||||||
Loss related to early extinguishment of debt | (104.2 | ) | (10.1 | ) | — | ||||||
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments | (55.2 | ) | 62.7 | (372.7 | ) | ||||||
Other adjustments to operating earnings | (69.5 | ) | (56.1 | ) | (100.2 | ) | |||||
Income (loss) before income taxes | $ | (613.4 | ) | $ | 584.5 | $ | 801.2 | ||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Retirement | $ | 3,257.0 | $ | 2,994.1 | $ | 2,427.4 | |||||
Investment Management | 626.7 | 622.2 | 655.4 | ||||||||
Annuities | 1,253.7 | 1,262.6 | 1,353.4 | ||||||||
Individual Life | 2,527.5 | 2,616.7 | 2,717.8 | ||||||||
Employee Benefits | 1,616.4 | 1,507.2 | 1,373.0 | ||||||||
Corporate | 108.1 | 136.4 | 194.0 | ||||||||
Total operating revenues | 9,389.4 | 9,139.2 | 8,721.0 | ||||||||
Adjustments: | |||||||||||
Closed Block Variable Annuity | 1,296.2 | 1,584.5 | 1,262.0 | ||||||||
Net realized investment gains (losses) and related charges and adjustments | (165.1 | ) | (149.8 | ) | 216.7 | ||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | (81.8 | ) | 72.0 | (30.5 | ) | ||||||
Revenues related to businesses exited through reinsurance or divestment | 95.9 | 25.6 | 149.3 | ||||||||
Revenues attributable to noncontrolling interest | 133.1 | 414.1 | 455.0 | ||||||||
Other adjustments to operating revenues | 114.5 | 156.0 | 213.9 | ||||||||
Total revenues | $ | 10,782.2 | $ | 11,241.6 | $ | 10,987.4 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Investment management intersegment revenues | $ | 166.1 | $ | 158.2 | $ | 157.3 | |||||
December 31, 2016 | December 31, 2015 | ||||||
Retirement | $ | 101,047.9 | $ | 93,771.5 | |||
Investment Management | 512.9 | 556.8 | |||||
Annuities | 25,793.4 | 25,055.7 | |||||
Individual Life | 26,850.7 | 26,068.9 | |||||
Employee Benefits | 2,548.8 | 2,554.8 | |||||
Closed Block Variable Annuity | 43,141.0 | 44,322.9 | |||||
Corporate | 10,872.5 | 14,137.6 | |||||
Total assets, before consolidation(1) | 210,767.2 | 206,468.2 | |||||
Consolidation of investment entities | 3,467.9 | 11,755.3 | |||||
Total assets | $ | 214,235.1 | $ | 218,223.5 | |||
|
|||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 69,483.9 | $ | (15.2 | ) | $ | 69,468.7 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,712.3 | — | 3,712.3 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 93.1 | — | 181.1 | — | 274.2 | ||||||||||||||
Short-term investments | 212.0 | — | 609.0 | — | 821.0 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 11,725.2 | — | 11,725.2 | ||||||||||||||
Policy loans | — | — | 1,961.5 | — | 1,961.5 | ||||||||||||||
Limited partnerships/corporations | — | — | 758.6 | — | 758.6 | ||||||||||||||
Derivatives | 56.1 | — | 1,768.5 | (112.2 | ) | 1,712.4 | |||||||||||||
Investments in subsidiaries | 14,742.6 | 10,798.2 | — | (25,540.8 | ) | — | |||||||||||||
Other investments | — | 0.5 | 46.9 | — | 47.4 | ||||||||||||||
Securities pledged | — | — | 2,157.1 | — | 2,157.1 | ||||||||||||||
Total investments | 15,103.8 | 10,798.7 | 92,404.1 | (25,668.2 | ) | 92,638.4 | |||||||||||||
Cash and cash equivalents | 257.2 | 2.3 | 2,651.2 | — | 2,910.7 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.7 | — | 777.7 | — | 788.4 | ||||||||||||||
Accrued investment income | — | — | 891.2 | — | 891.2 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,318.0 | — | 7,318.0 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 4,887.5 | — | 4,887.5 | ||||||||||||||
Sales inducements to contract holders | — | — | 242.8 | — | 242.8 | ||||||||||||||
Current income taxes | 31.4 | 8.5 | 124.7 | — | 164.6 | ||||||||||||||
Deferred income taxes | 526.7 | 37.3 | 1,525.8 | — | 2,089.8 | ||||||||||||||
Goodwill and other intangible assets | — | — | 219.5 | — | 219.5 | ||||||||||||||
Loans to subsidiaries and affiliates | 278.0 | — | 10.5 | (288.5 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 2.8 | 0.5 | 2.0 | (5.3 | ) | — | |||||||||||||
Other assets | 21.0 | — | 888.5 | — | 909.5 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 1,936.3 | — | 1,936.3 | ||||||||||||||
Cash and cash equivalents | — | — | 133.2 | — | 133.2 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 1,952.5 | — | 1,952.5 | ||||||||||||||
Other assets | — | — | 34.0 | — | 34.0 | ||||||||||||||
Assets held in separate accounts | — | — | 97,118.7 | — | 97,118.7 | ||||||||||||||
Total assets | $ | 16,231.6 | $ | 10,847.3 | $ | 213,118.2 | $ | (25,962.0 | ) | $ | 214,235.1 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 21,447.2 | $ | — | $ | 21,447.2 | |||||||||
Contract owner account balances | — | — | 70,606.2 | — | 70,606.2 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,841.3 | — | 1,841.3 | ||||||||||||||
Short-term debt with affiliates | 10.5 | 211.2 | 66.8 | (288.5 | ) | — | |||||||||||||
Long-term debt | 3,108.6 | 437.5 | 18.6 | (15.2 | ) | 3,549.5 | |||||||||||||
Funds held under reinsurance agreements | — | — | 729.1 | — | 729.1 | ||||||||||||||
Derivatives | 56.1 | — | 526.8 | (112.2 | ) | 470.7 | |||||||||||||
Pension and other postretirement provisions | — | — | 674.3 | — | 674.3 | ||||||||||||||
Due to subsidiaries and affiliates | 0.1 | — | 3.1 | (3.2 | ) | — | |||||||||||||
Other liabilities | 62.4 | 12.8 | 1,262.9 | (2.1 | ) | 1,336.0 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 1,967.2 | — | 1,967.2 | ||||||||||||||
Other liabilities | — | — | 527.8 | — | 527.8 | ||||||||||||||
Liabilities related to separate accounts | — | — | 97,118.7 | — | 97,118.7 | ||||||||||||||
Total liabilities | 3,237.7 | 661.5 | 196,790.0 | (421.2 | ) | 200,268.0 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 12,993.9 | 10,185.8 | 15,355.0 | (25,540.8 | ) | 12,993.9 | |||||||||||||
Noncontrolling interest | — | — | 973.2 | — | 973.2 | ||||||||||||||
Total shareholders' equity | 12,993.9 | 10,185.8 | 16,328.2 | (25,540.8 | ) | 13,967.1 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,231.6 | $ | 10,847.3 | $ | 213,118.2 | $ | (25,962.0 | ) | $ | 214,235.1 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 67,748.7 | $ | (15.3 | ) | $ | 67,733.4 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,226.6 | — | 3,226.6 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 83.7 | — | 248.0 | — | 331.7 | ||||||||||||||
Short-term investments | 212.0 | — | 1,284.7 | — | 1,496.7 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 10,447.5 | — | 10,447.5 | ||||||||||||||
Policy loans | — | — | 2,002.7 | — | 2,002.7 | ||||||||||||||
Limited partnerships/corporations | — | — | 510.6 | — | 510.6 | ||||||||||||||
Derivatives | 67.2 | — | 1,605.7 | (134.4 | ) | 1,538.5 | |||||||||||||
Investments in subsidiaries | 15,110.5 | 11,092.2 | — | (26,202.7 | ) | — | |||||||||||||
Other investments | — | 0.5 | 91.1 | — | 91.6 | ||||||||||||||
Securities pledged | — | — | 1,112.6 | — | 1,112.6 | ||||||||||||||
Total investments | 15,473.4 | 11,092.7 | 88,278.2 | (26,352.4 | ) | 88,491.9 | |||||||||||||
Cash and cash equivalents | 378.1 | 18.4 | 2,116.2 | — | 2,512.7 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.6 | — | 649.4 | — | 660.0 | ||||||||||||||
Accrued investment income | — | — | 899.0 | — | 899.0 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,653.7 | — | 7,653.7 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 5,370.1 | — | 5,370.1 | ||||||||||||||
Sales inducements to contract holders | — | — | 263.3 | — | 263.3 | ||||||||||||||
Deferred income taxes | 404.4 | 32.7 | 1,777.7 | — | 2,214.8 | ||||||||||||||
Goodwill and other intangible assets | — | — | 250.8 | — | 250.8 | ||||||||||||||
Loans to subsidiaries and affiliates | 330.2 | — | — | (330.2 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 6.1 | 0.1 | 1.9 | (8.1 | ) | — | |||||||||||||
Other assets | 19.8 | — | 894.5 | — | 914.3 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 4,973.7 | — | 4,973.7 | ||||||||||||||
Cash and cash equivalents | — | — | 467.6 | — | 467.6 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 6,882.5 | — | 6,882.5 | ||||||||||||||
Other assets | — | — | 154.3 | — | 154.3 | ||||||||||||||
Assets held in separate accounts | — | — | 96,514.8 | — | 96,514.8 | ||||||||||||||
Total assets | $ | 16,622.6 | $ | 11,143.9 | $ | 217,147.7 | $ | (26,690.7 | ) | $ | 218,223.5 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 19,508.0 | $ | — | $ | 19,508.0 | |||||||||
Contract owner account balances | — | — | 68,664.1 | — | 68,664.1 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,485.0 | — | 1,485.0 | ||||||||||||||
Short-term debt with affiliates | — | 206.5 | 123.7 | (330.2 | ) | — | |||||||||||||
Long-term debt | 2,971.4 | 485.0 | 18.7 | (15.3 | ) | 3,459.8 | |||||||||||||
Funds held under reinsurance agreements | — | — | 702.4 | — | 702.4 | ||||||||||||||
Derivatives | 67.2 | — | 554.7 | (134.4 | ) | 487.5 | |||||||||||||
Pension and other postretirement provisions | — | — | 687.4 | — | 687.4 | ||||||||||||||
Current income taxes | 70.1 | (2.5 | ) | 2.4 | — | 70.0 | |||||||||||||
Due to subsidiaries and affiliates | 0.2 | — | 5.9 | (6.1 | ) | — | |||||||||||||
Other liabilities | 77.9 | 13.3 | 1,371.7 | (2.0 | ) | 1,460.9 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 6,956.2 | — | 6,956.2 | ||||||||||||||
Other liabilities | — | — | 1,951.6 | — | 1,951.6 | ||||||||||||||
Liabilities related to separate accounts | — | — | 96,514.8 | — | 96,514.8 | ||||||||||||||
Total liabilities | 3,186.8 | 702.3 | 198,546.6 | (488.0 | ) | 201,947.7 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 13,435.8 | 10,441.6 | 15,761.1 | (26,202.7 | ) | 13,435.8 | |||||||||||||
Noncontrolling interest | — | — | 2,840.0 | — | 2,840.0 | ||||||||||||||
Total shareholders' equity | 13,435.8 | 10,441.6 | 18,601.1 | (26,202.7 | ) | 16,275.8 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,622.6 | $ | 11,143.9 | $ | 217,147.7 | $ | (26,690.7 | ) | $ | 218,223.5 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 18.7 | $ | 0.2 | $ | 4,613.8 | $ | (11.9 | ) | $ | 4,620.8 | ||||||||
Fee income | — | — | 3,359.8 | — | 3,359.8 | ||||||||||||||
Premiums | — | — | 3,514.6 | — | 3,514.6 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (39.0 | ) | — | (39.0 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 2.6 | — | 2.6 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (41.6 | ) | — | (41.6 | ) | ||||||||||||
Other net realized capital gains (losses) | 1.3 | — | (1,222.8 | ) | — | (1,221.5 | ) | ||||||||||||
Total net realized capital gains (losses) | 1.3 | — | (1,264.4 | ) | — | (1,263.1 | ) | ||||||||||||
Other revenue | 1.0 | — | 360.1 | — | 361.1 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 189.0 | — | 189.0 | ||||||||||||||
Total revenues | 21.0 | 0.2 | 10,772.9 | (11.9 | ) | 10,782.2 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 5,471.0 | — | 5,471.0 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 2,042.5 | — | 2,042.5 | ||||||||||||||
Operating expenses | 8.8 | — | 2,928.5 | — | 2,937.3 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 551.0 | — | 551.0 | ||||||||||||||
Interest expense | 238.1 | 56.9 | 4.9 | (11.9 | ) | 288.0 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 101.9 | — | 101.9 | ||||||||||||||
Other expense | — | — | 3.9 | — | 3.9 | ||||||||||||||
Total benefits and expenses | 246.9 | 56.9 | 11,103.7 | (11.9 | ) | 11,395.6 | |||||||||||||
Income (loss) before income taxes | (225.9 | ) | (56.7 | ) | (330.8 | ) | — | (613.4 | ) | ||||||||||
Income tax expense (benefit) | (90.4 | ) | (26.4 | ) | (115.5 | ) | 17.6 | (214.7 | ) | ||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (135.5 | ) | (30.3 | ) | (215.3 | ) | (17.6 | ) | (398.7 | ) | |||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (292.5 | ) | 317.2 | — | (24.7 | ) | — | ||||||||||||
Net income (loss) including noncontrolling interest | (428.0 | ) | 286.9 | (215.3 | ) | (42.3 | ) | (398.7 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 29.3 | — | 29.3 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (428.0 | ) | $ | 286.9 | $ | (244.6 | ) | $ | (42.3 | ) | $ | (428.0 | ) | |||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 3.9 | $ | 0.2 | $ | 4,543.1 | $ | (9.0 | ) | $ | 4,538.2 | ||||||||
Fee income | — | — | 3,481.1 | — | 3,481.1 | ||||||||||||||
Premiums | — | — | 3,024.5 | — | 3,024.5 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (110.3 | ) | — | (110.3 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 6.7 | — | 6.7 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (117.0 | ) | — | (117.0 | ) | ||||||||||||
Other net realized capital gains (losses) | (1.7 | ) | 0.3 | (614.9 | ) | — | (616.3 | ) | |||||||||||
Total net realized capital gains (losses) | (1.7 | ) | 0.3 | (731.9 | ) | — | (733.3 | ) | |||||||||||
Other revenue | 3.2 | — | 406.4 | (2.7 | ) | 406.9 | |||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 551.1 | — | 551.1 | ||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (26.9 | ) | — | (26.9 | ) | ||||||||||||
Total revenues | 5.4 | 0.5 | 11,247.4 | (11.7 | ) | 11,241.6 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 4,536.8 | — | 4,536.8 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 1,973.2 | — | 1,973.2 | ||||||||||||||
Operating expenses | 10.4 | (0.6 | ) | 2,996.3 | (2.7 | ) | 3,003.4 | ||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 663.4 | — | 663.4 | ||||||||||||||
Interest expense | 150.3 | 51.2 | 4.0 | (9.0 | ) | 196.5 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 272.2 | — | 272.2 | ||||||||||||||
Other expense | — | — | 11.6 | — | 11.6 | ||||||||||||||
Total benefits and expenses | 160.7 | 50.6 | 10,457.5 | (11.7 | ) | 10,657.1 | |||||||||||||
Income (loss) before income taxes | (155.3 | ) | (50.1 | ) | 789.9 | — | 584.5 | ||||||||||||
Income tax expense (benefit) | (52.4 | ) | (0.4 | ) | 119.3 | (20.6 | ) | 45.9 | |||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (102.9 | ) | (49.7 | ) | 670.6 | 20.6 | 538.6 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 511.2 | 257.1 | — | (768.3 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 408.3 | 207.4 | 670.6 | (747.7 | ) | 538.6 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 130.3 | — | 130.3 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 408.3 | $ | 207.4 | $ | 540.3 | $ | (747.7 | ) | $ | 408.3 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 11.5 | $ | 0.1 | $ | 4,511.0 | $ | (7.3 | ) | $ | 4,515.3 | ||||||||
Fee income | — | — | 3,632.5 | — | 3,632.5 | ||||||||||||||
Premiums | — | — | 2,626.4 | — | 2,626.4 | ||||||||||||||
Net realized gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (31.9 | ) | — | (31.9 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (0.3 | ) | — | (0.3 | ) | ||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (31.6 | ) | — | (31.6 | ) | ||||||||||||
Other net realized capital gains (losses) | (3.4 | ) | (0.4 | ) | (843.0 | ) | — | (846.8 | ) | ||||||||||
Total net realized capital gains (losses) | (3.4 | ) | (0.4 | ) | (874.6 | ) | — | (878.4 | ) | ||||||||||
Other revenue | 3.2 | 0.2 | 432.6 | (3.2 | ) | 432.8 | |||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income (loss) | — | — | 665.5 | — | 665.5 | ||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (6.7 | ) | — | (6.7 | ) | ||||||||||||
Total revenues | 11.3 | (0.1 | ) | 10,986.7 | (10.5 | ) | 10,987.4 | ||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 3,946.7 | — | 3,946.7 | ||||||||||||||
Interest credited to contract owner account balance | — | — | 1,991.2 | — | 1,991.2 | ||||||||||||||
Operating expenses | 4.1 | — | 3,461.3 | (3.2 | ) | 3,462.2 | |||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 379.3 | — | 379.3 | ||||||||||||||
Interest expense | 149.1 | 43.2 | 4.7 | (7.3 | ) | 189.7 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 209.5 | — | 209.5 | ||||||||||||||
Other expense | — | — | 7.6 | — | 7.6 | ||||||||||||||
Total benefits and expenses | 153.2 | 43.2 | 10,000.3 | (10.5 | ) | 10,186.2 | |||||||||||||
Income (loss) before income taxes | (141.9 | ) | (43.3 | ) | 986.4 | — | 801.2 | ||||||||||||
Income tax expense (benefit) | (214.8 | ) | (82.6 | ) | (1,381.2 | ) | (52.9 | ) | (1,731.5 | ) | |||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | 72.9 | 39.3 | 2,367.6 | 52.9 | 2,532.7 | ||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 2,242.8 | 733.2 | — | (2,976.0 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 2,315.7 | 772.5 | 2,367.6 | (2,923.1 | ) | 2,532.7 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 237.7 | — | 237.7 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 2,315.7 | $ | 772.5 | $ | 2,129.9 | $ | (2,923.1 | ) | $ | 2,295.0 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | (428.0 | ) | $ | 286.9 | $ | (215.3 | ) | $ | (42.3 | ) | $ | (398.7 | ) | |||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains/losses on securities | 749.1 | 592.9 | 749.3 | (1,342.2 | ) | 749.1 | |||||||||||||
Other-than-temporary impairments | 23.7 | 20.1 | 23.7 | (43.8 | ) | 23.7 | |||||||||||||
Pension and other postretirement benefit liability | (10.2 | ) | (1.9 | ) | (10.2 | ) | 12.1 | (10.2 | ) | ||||||||||
Other comprehensive income (loss), before tax | 762.6 | 611.1 | 762.8 | (1,373.9 | ) | 762.6 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 165.8 | 213.5 | 183.4 | (396.9 | ) | 165.8 | |||||||||||||
Other comprehensive income (loss), after tax | 596.8 | 397.6 | 579.4 | (977.0 | ) | 596.8 | |||||||||||||
Comprehensive income (loss) | 168.8 | 684.5 | 364.1 | (1,019.3 | ) | 198.1 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 29.3 | — | 29.3 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 168.8 | $ | 684.5 | $ | 334.8 | $ | (1,019.3 | ) | $ | 168.8 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 408.3 | $ | 207.4 | $ | 670.6 | $ | (747.7 | ) | $ | 538.6 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains/losses on securities | (2,581.2 | ) | (1,874.5 | ) | (2,581.3 | ) | 4,455.8 | (2,581.2 | ) | ||||||||||
Other-than-temporary impairments | 18.8 | 12.9 | 18.8 | (31.7 | ) | 18.8 | |||||||||||||
Pension and other postretirement benefit liability | (13.7 | ) | (3.2 | ) | (13.7 | ) | 16.9 | (13.7 | ) | ||||||||||
Other comprehensive income (loss), before tax | (2,576.1 | ) | (1,864.8 | ) | (2,576.2 | ) | 4,441.0 | (2,576.1 | ) | ||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | (897.3 | ) | (648.3 | ) | (897.4 | ) | 1,545.7 | (897.3 | ) | ||||||||||
Other comprehensive income (loss), after tax | (1,678.8 | ) | (1,216.5 | ) | (1,678.8 | ) | 2,895.3 | (1,678.8 | ) | ||||||||||
Comprehensive income (loss) | (1,270.5 | ) | (1,009.1 | ) | (1,008.2 | ) | 2,147.6 | (1,140.2 | ) | ||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 130.3 | — | 130.3 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | (1,270.5 | ) | $ | (1,009.1 | ) | $ | (1,138.5 | ) | $ | 2,147.6 | $ | (1,270.5 | ) | |||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 2,315.7 | $ | 772.5 | $ | 2,367.6 | $ | (2,923.1 | ) | $ | 2,532.7 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains/losses on securities | 1,910.5 | 1,194.3 | 1,914.5 | (3,108.8 | ) | 1,910.5 | |||||||||||||
Other-than-temporary impairments | 40.0 | 34.2 | 40.0 | (74.2 | ) | 40.0 | |||||||||||||
Pension and other postretirement benefit liability | (13.8 | ) | (3.2 | ) | (13.8 | ) | 17.0 | (13.8 | ) | ||||||||||
Other comprehensive income (loss), before tax | 1,936.7 | 1,225.3 | 1,940.7 | (3,166.0 | ) | 1,936.7 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 682.1 | 433.1 | 682.1 | (1,115.2 | ) | 682.1 | |||||||||||||
Other comprehensive income (loss), after tax | 1,254.6 | 792.2 | 1,258.6 | (2,050.8 | ) | 1,254.6 | |||||||||||||
Comprehensive income (loss) | 3,570.3 | 1,564.7 | 3,626.2 | (4,973.9 | ) | 3,787.3 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 237.7 | — | 237.7 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 3,570.3 | $ | 1,564.7 | $ | 3,388.5 | $ | (4,973.9 | ) | $ | 3,549.6 | ||||||||
Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | (309.4 | ) | $ | 173.7 | $ | 3,991.2 | $ | (269.5 | ) | $ | 3,586.0 | |||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 12,427.7 | — | 12,427.7 | ||||||||||||||
Equity securities, available-for-sale | 18.4 | — | 85.8 | — | 104.2 | ||||||||||||||
Mortgage loans on real estate | — | — | 1,150.2 | — | 1,150.2 | ||||||||||||||
Limited partnerships/corporations | — | — | 349.1 | — | 349.1 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (14,990.5 | ) | — | (14,990.5 | ) | ||||||||||||
Equity securities, available-for-sale | (22.8 | ) | — | (23.8 | ) | — | (46.6 | ) | |||||||||||
Mortgage loans on real estate | — | — | (2,427.7 | ) | — | (2,427.7 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (445.3 | ) | — | (445.3 | ) | ||||||||||||
Short-term investments, net | — | — | 675.8 | — | 675.8 | ||||||||||||||
Policy loans, net | — | — | 41.2 | — | 41.2 | ||||||||||||||
Derivatives, net | 1.3 | — | (1,305.5 | ) | — | (1,304.2 | ) | ||||||||||||
Other investments, net | — | — | 45.3 | — | 45.3 | ||||||||||||||
Sales from consolidated investments entities | — | — | 2,304.4 | — | 2,304.4 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (1,726.6 | ) | — | (1,726.6 | ) | ||||||||||||
Net maturity of intercompany loans with maturities more than three months | 0.3 | — | — | (0.3 | ) | — | |||||||||||||
Net maturity of short-term intercompany loans to subsidiaries | 51.9 | — | (10.5 | ) | (41.4 | ) | — | ||||||||||||
Return of capital contributions and dividends from subsidiaries | 922.0 | 760.0 | — | (1,682.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (215.0 | ) | (64.0 | ) | — | 279.0 | — | ||||||||||||
Collateral received (delivered), net | (0.1 | ) | — | 226.4 | — | 226.3 | |||||||||||||
Purchases of fixed assets, net | — | — | (66.7 | ) | — | (66.7 | ) | ||||||||||||
Net cash provided by (used in) investing activities | $ | 756.0 | $ | 696.0 | $ | (3,690.7 | ) | $ | (1,444.7 | ) | $ | (3,683.4 | ) | ||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 8,954.4 | $ | — | $ | 8,954.4 | |||||||||
Maturities and withdrawals from investment contracts | — | — | (7,558.6 | ) | — | (7,558.6 | ) | ||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 798.2 | — | — | — | 798.2 | ||||||||||||||
Repayment of debt with maturities of more than three months | (659.8 | ) | (48.5 | ) | — | — | (708.3 | ) | |||||||||||
Debt issuance costs | (16.0 | ) | — | — | — | (16.0 | ) | ||||||||||||
Repayments of intercompany loans with maturities of more than three months | — | — | (0.3 | ) | 0.3 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | 10.5 | 4.7 | (56.6 | ) | 41.4 | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (892.0 | ) | (1,059.5 | ) | 1,951.5 | — | ||||||||||||
Contributions of capital from parent | — | 50.0 | 229.0 | (279.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 126.0 | — | 126.0 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (455.0 | ) | — | (455.0 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | 50.5 | — | 50.5 | ||||||||||||||
Proceeds from issuance of common stock, net | 1.3 | — | — | — | 1.3 | ||||||||||||||
Excess tax benefits on share-based compensation | — | — | 4.6 | — | 4.6 | ||||||||||||||
Share-based compensation | (6.5 | ) | — | — | — | (6.5 | ) | ||||||||||||
Common stock acquired - Share repurchase | (687.2 | ) | — | — | — | (687.2 | ) | ||||||||||||
Dividends paid | (8.0 | ) | — | — | — | (8.0 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (567.5 | ) | (885.8 | ) | 234.5 | 1,714.2 | 495.4 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (120.9 | ) | (16.1 | ) | 535.0 | — | 398.0 | ||||||||||||
Cash and cash equivalents, beginning of year | 378.1 | 18.4 | 2,116.2 | — | 2,512.7 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 257.2 | $ | 2.3 | $ | 2,651.2 | $ | — | $ | 2,910.7 | |||||||||
Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 127.8 | $ | 261.7 | $ | 3,373.0 | $ | (516.8 | ) | $ | 3,245.7 | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 12,070.7 | — | 12,070.7 | ||||||||||||||
Equity securities, available-for-sale | 24.1 | — | 51.4 | — | 75.5 | ||||||||||||||
Mortgage loans on real estate | — | — | 1,543.3 | — | 1,543.3 | ||||||||||||||
Limited partnerships/corporations | — | — | 288.7 | — | 288.7 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (13,573.1 | ) | — | (13,573.1 | ) | ||||||||||||
Equity securities, available-for-sale | (30.5 | ) | — | (111.5 | ) | — | (142.0 | ) | |||||||||||
Mortgage loans on real estate | — | — | (2,195.9 | ) | — | (2,195.9 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (470.6 | ) | — | (470.6 | ) | ||||||||||||
Short-term investments, net | (212.0 | ) | — | 428.3 | — | 216.3 | |||||||||||||
Policy loans, net | — | — | 101.3 | — | 101.3 | ||||||||||||||
Derivatives, net | (32.9 | ) | — | (232.8 | ) | — | (265.7 | ) | |||||||||||
Other investments, net | — | 14.2 | 5.3 | — | 19.5 | ||||||||||||||
Sales from consolidated investments entities | — | — | 5,431.5 | — | 5,431.5 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (7,521.0 | ) | — | (7,521.0 | ) | ||||||||||||
Maturity of Intercompany loans with maturities more than three months | 0.7 | — | — | (0.7 | ) | — | |||||||||||||
Net maturity of short-term intercompany loans | (161.9 | ) | — | — | 161.9 | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 1,467.5 | 1,197.7 | — | (2,665.2 | ) | — | |||||||||||||
Capital contributions to subsidiaries | — | (15.0 | ) | — | 15.0 | — | |||||||||||||
Collateral received (delivered), net | 20.1 | — | 187.6 | — | 207.7 | ||||||||||||||
Purchases of fixed assets, net | — | — | (60.1 | ) | — | (60.1 | ) | ||||||||||||
Net cash provided by (used in) investing activities | $ | 1,075.1 | $ | 1,196.9 | $ | (4,056.9 | ) | $ | (2,489.0 | ) | $ | (4,273.9 | ) | ||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2015 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 7,790.7 | $ | — | $ | 7,790.7 | |||||||||
Maturities and withdrawals from investment contracts | — | — | (6,800.1 | ) | — | (6,800.1 | ) | ||||||||||||
Repayment of debt with maturities of more than three months | — | (31.2 | ) | — | — | (31.2 | ) | ||||||||||||
Debt issuance costs | (6.8 | ) | — | — | — | (6.8 | ) | ||||||||||||
Intercompany loans with maturities more than three months | — | — | (0.7 | ) | 0.7 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | — | 56.9 | 105.0 | (161.9 | ) | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (1,467.5 | ) | (1,714.5 | ) | 3,182.0 | — | ||||||||||||
Contributions of capital from parent | — | — | 15.0 | (15.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 1,372.7 | — | 1,372.7 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (478.7 | ) | — | (478.7 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | 661.8 | — | 661.8 | ||||||||||||||
Excess tax benefits on share-based compensation | — | — | 1.7 | — | 1.7 | ||||||||||||||
Common stock acquired - Share repurchase | (1,486.6 | ) | — | — | — | (1,486.6 | ) | ||||||||||||
Share-based compensation | (4.5 | ) | — | — | — | (4.5 | ) | ||||||||||||
Dividends paid | (9.0 | ) | — | — | — | (9.0 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (1,506.9 | ) | (1,441.8 | ) | 952.9 | 3,005.8 | 1,010.0 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | (304.0 | ) | 16.8 | 269.0 | — | (18.2 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 682.1 | 1.6 | 1,847.2 | — | 2,530.9 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 378.1 | $ | 18.4 | $ | 2,116.2 | $ | — | $ | 2,512.7 | |||||||||
Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 85.7 | $ | 160.1 | $ | 3,565.8 | $ | (183.0 | ) | $ | 3,628.6 | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 13,594.0 | — | 13,594.0 | ||||||||||||||
Equity securities, available-for-sale | 18.7 | 13.1 | 38.2 | — | 70.0 | ||||||||||||||
Mortgage loans on real estate | — | — | 1,555.3 | — | 1,555.3 | ||||||||||||||
Limited partnerships/corporations | — | — | 204.3 | — | 204.3 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (12,985.3 | ) | — | (12,985.3 | ) | ||||||||||||
Equity securities, available-for-sale | (25.0 | ) | — | (3.4 | ) | — | (28.4 | ) | |||||||||||
Mortgage loans on real estate | — | — | (2,036.4 | ) | — | (2,036.4 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (289.0 | ) | — | (289.0 | ) | ||||||||||||
Short-term investments, net | — | — | (662.0 | ) | — | (662.0 | ) | ||||||||||||
Policy loans, net | — | — | 43.0 | — | 43.0 | ||||||||||||||
Derivatives, net | 1.3 | — | (1,118.7 | ) | — | (1,117.4 | ) | ||||||||||||
Other investments, net | — | (11.0 | ) | 44.0 | — | 33.0 | |||||||||||||
Sales from consolidated investments entities | — | — | 3,470.1 | — | 3,470.1 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (5,533.9 | ) | — | (5,533.9 | ) | ||||||||||||
Maturity of intercompany loans with maturities more than three months | 0.9 | — | — | (0.9 | ) | — | |||||||||||||
Net maturity of short-term intercompany loans | 41.5 | — | — | (41.5 | ) | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 902.0 | 780.0 | — | (1,682.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (150.0 | ) | (171.0 | ) | — | 321.0 | — | ||||||||||||
Collateral received (delivered), net | — | — | 401.5 | — | 401.5 | ||||||||||||||
Purchases of fixed assets, net | — | — | (32.7 | ) | — | (32.7 | ) | ||||||||||||
Net cash provided by (used in) investing activities | $ | 789.4 | $ | 611.1 | $ | (3,311.0 | ) | $ | (1,403.4 | ) | $ | (3,313.9 | ) | ||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2014 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 8,153.6 | $ | — | $ | 8,153.6 | |||||||||
Maturities and withdrawals from investment contracts | — | — | (9,899.3 | ) | — | (9,899.3 | ) | ||||||||||||
Debt issuance costs | (16.8 | ) | — | — | — | (16.8 | ) | ||||||||||||
Intercompany loans with maturities of more than three months | — | — | (0.9 | ) | 0.9 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | — | 24.3 | (65.8 | ) | 41.5 | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (795.0 | ) | (1,070.0 | ) | 1,865.0 | — | ||||||||||||
Contributions of capital from parent | — | — | 321.0 | (321.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 401.3 | — | 401.3 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (75.8 | ) | — | (75.8 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | 1,624.9 | — | 1,624.9 | ||||||||||||||
Excess tax benefits on share-based compensation | — | — | 3.9 | — | 3.9 | ||||||||||||||
Common stock acquired - Share repurchase | (789.4 | ) | — | — | — | (789.4 | ) | ||||||||||||
Share-based compensation | (16.9 | ) | — | — | — | (16.9 | ) | ||||||||||||
Dividends paid | (10.1 | ) | — | — | — | (10.1 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (833.2 | ) | (770.7 | ) | (607.1 | ) | 1,586.4 | (624.6 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | 41.9 | 0.5 | (352.3 | ) | — | (309.9 | ) | ||||||||||||
Cash and cash equivalents, beginning of year | 640.2 | 1.1 | 2,199.5 | — | 2,840.8 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 682.1 | $ | 1.6 | $ | 1,847.2 | $ | — | $ | 2,530.9 | |||||||||
|
|||
Three Months Ended, | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
($ in millions, except per share amounts) | |||||||||||||||
2016 | |||||||||||||||
Total revenues | $ | 3,009.3 | $ | 2,696.0 | $ | 2,528.5 | $ | 2,548.4 | |||||||
Total benefits and expenses | 2,768.0 | 2,542.9 | 2,884.4 | 3,200.3 | |||||||||||
Income (loss) before income taxes | 241.3 | 153.1 | (355.9 | ) | (651.9 | ) | |||||||||
Net income (loss) | 192.3 | 136.0 | (236.5 | ) | (490.5 | ) | |||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0.7 | (25.5 | ) | 11.6 | 42.5 | ||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 191.6 | 161.5 | (248.1 | ) | (533.0 | ) | |||||||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.93 | $ | 0.80 | $ | (1.24 | ) | $ | (2.74 | ) | |||||
Diluted (1)(2) | $ | 0.92 | $ | 0.79 | $ | (1.24 | ) | $ | (2.74 | ) | |||||
Cash dividends declared per common share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||
Three Months Ended, | |||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||
($ in millions, except per share amounts) | |||||||||||||||
2015 | |||||||||||||||
Total revenues | $ | 2,604.4 | $ | 2,968.1 | $ | 3,696.4 | $ | 1,972.7 | |||||||
Total benefits and expenses | 2,343.1 | 2,481.9 | 3,616.1 | 2,216.0 | |||||||||||
Income (loss) before income taxes | 261.3 | 486.2 | 80.3 | (243.3 | ) | ||||||||||
Net income (loss) | 215.7 | 367.1 | 116.2 | (160.4 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 26.1 | 81.9 | 75.9 | (53.6 | ) | ||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 189.6 | 285.2 | 40.3 | (106.8 | ) | ||||||||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.80 | $ | 1.25 | $ | 0.18 | $ | (0.50 | ) | ||||||
Diluted (2) | $ | 0.79 | $ | 1.24 | $ | 0.18 | $ | (0.50 | ) | ||||||
Cash dividends declared per common share | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.01 | |||||||
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