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• | 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. |
• | On a prospective basis, all excess tax benefits and tax deficiencies related to share-based compensation will be reported in Net income (loss), rather than Additional paid-in capital. Prior year excess tax benefits will remain in Additional paid-in capital. |
• | The provision that removed the requirement to delay recognition of excess tax benefits until they reduce taxes payable was required to be adopted on a modified retrospective basis. Upon adoption, this provision resulted in a $15.4 increase in Deferred income tax assets with a corresponding increase to Retained earnings on the Condensed Consolidated Balance Sheet as of January 1, 2017, to record previously unrecognized excess tax benefits. |
• | The Company elected to retrospectively adopt the requirement to present cash inflows related to excess tax benefits as operating activities, which resulted in a $4.4 reclassification of Share-based compensation cash flows from financing activities to operating activities in the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2016. |
• | The Company also elected to continue its existing accounting policy of including estimated forfeitures in the calculation of share-based compensation expense. |
• | 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. |
• | Expands an entity's ability to hedge nonfinancial and financial risk components and reduces complexity in fair value hedges of interest rate risk, |
• | Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item, |
• | Eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness, and |
• | Modifies required disclosures. |
• | 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. |
• | 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 | $ | 2,983.3 | $ | 514.6 | $ | 4.3 | $ | — | $ | 3,493.6 | $ | — | |||||||||||
U.S. Government agencies and authorities | 253.1 | 53.5 | — | — | 306.6 | — | |||||||||||||||||
State, municipalities and political subdivisions | 2,419.5 | 70.0 | 17.1 | — | 2,472.4 | — | |||||||||||||||||
U.S. corporate public securities | 30,675.2 | 2,902.0 | 69.1 | — | 33,508.1 | — | |||||||||||||||||
U.S. corporate private securities | 8,456.1 | 362.4 | 71.1 | — | 8,747.4 | — | |||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 7,865.0 | 620.9 | 26.5 | — | 8,459.4 | — | |||||||||||||||||
Foreign corporate private securities(1) | 7,891.1 | 399.3 | 31.4 | — | 8,259.0 | — | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency | 4,562.6 | 241.2 | 37.0 | 32.7 | 4,799.5 | — | |||||||||||||||||
Non-Agency | 1,722.1 | 149.0 | 5.1 | 22.1 | 1,888.1 | 26.1 | |||||||||||||||||
Total Residential mortgage-backed securities | 6,284.7 | 390.2 | 42.1 | 54.8 | 6,687.6 | 26.1 | |||||||||||||||||
Commercial mortgage-backed securities | 3,487.4 | 85.8 | 16.8 | — | 3,556.4 | — | |||||||||||||||||
Other asset-backed securities | 1,815.9 | 52.8 | 2.7 | — | 1,866.0 | 3.4 | |||||||||||||||||
Total fixed maturities, including securities pledged | 72,131.3 | 5,451.5 | 281.1 | 54.8 | 77,356.5 | 29.5 | |||||||||||||||||
Less: Securities pledged | 2,989.9 | 278.3 | 19.7 | — | 3,248.5 | — | |||||||||||||||||
Total fixed maturities | 69,141.4 | 5,173.2 | 261.4 | 54.8 | 74,108.0 | 29.5 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock | 293.7 | 1.1 | 0.2 | — | 294.6 | — | |||||||||||||||||
Preferred stock | 90.4 | 35.0 | — | — | 125.4 | — | |||||||||||||||||
Total equity securities | 384.1 | 36.1 | 0.2 | — | 420.0 | — | |||||||||||||||||
Total fixed maturities and equity securities investments | $ | 69,525.5 | $ | 5,209.3 | $ | 261.6 | $ | 54.8 | $ | 74,528.0 | $ | 29.5 | |||||||||||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Fair Value | OTTI(3)(4) | ||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. Treasuries | $ | 3,452.0 | $ | 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 | Fair Value | ||||||
Due to mature: | |||||||
One year or less | $ | 2,185.5 | $ | 2,218.5 | |||
After one year through five years | 13,194.4 | 13,803.9 | |||||
After five years through ten years | 18,022.9 | 18,715.4 | |||||
After ten years | 27,140.5 | 30,508.7 | |||||
Mortgage-backed securities | 9,772.1 | 10,244.0 | |||||
Other asset-backed securities | 1,815.9 | 1,866.0 | |||||
Fixed maturities, including securities pledged | $ | 72,131.3 | $ | 77,356.5 | |||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Fair Value | ||||||||||||
September 30, 2017 | |||||||||||||||
Communications | $ | 3,710.4 | $ | 438.1 | $ | 8.9 | $ | 4,139.6 | |||||||
Financial | 8,166.2 | 643.5 | 7.1 | 8,802.6 | |||||||||||
Industrial and other companies | 25,269.1 | 1,779.2 | 74.5 | 26,973.8 | |||||||||||
Energy | 5,933.4 | 504.7 | 61.0 | 6,377.1 | |||||||||||
Utilities | 8,868.2 | 710.5 | 37.0 | 9,541.7 | |||||||||||
Transportation | 1,860.1 | 145.1 | 4.3 | 2,000.9 | |||||||||||
Total | $ | 53,807.4 | $ | 4,221.1 | $ | 192.8 | $ | 57,835.7 | |||||||
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 | |||||||
September 30, 2017 (1)(2) | December 31, 2016 (1)(2) | ||||||
U.S. Treasuries | $ | 674.6 | $ | 762.9 | |||
U.S. Government agencies and authorities | 39.1 | 4.3 | |||||
U.S. corporate public securities | 1,473.6 | 468.4 | |||||
Equity Securities | — | 0.5 | |||||
Short-term Investments | 4.1 | 1.0 | |||||
Foreign corporate public securities and foreign governments | 368.8 | 210.5 | |||||
Payables under securities loan agreements | $ | 2,560.2 | $ | 1,447.6 | |||
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 | $ | 359.2 | $ | 2.4 | $ | 93.7 | $ | 1.7 | $ | 15.1 | $ | 0.2 | $ | 468.0 | $ | 4.3 | |||||||||||||||
State, municipalities and political subdivisions | 264.3 | 2.6 | 244.5 | 7.8 | 141.8 | 6.7 | 650.6 | 17.1 | |||||||||||||||||||||||
U.S. corporate public securities | 1,191.1 | 13.4 | 698.2 | 22.4 | 513.3 | 33.3 | 2,402.6 | 69.1 | |||||||||||||||||||||||
U.S. corporate private securities | 499.2 | 4.8 | 792.1 | 24.5 | 356.6 | 41.8 | 1,647.9 | 71.1 | |||||||||||||||||||||||
Foreign corporate public securities and foreign governments | 289.7 | 3.9 | 127.3 | 4.7 | 225.9 | 17.9 | 642.9 | 26.5 | |||||||||||||||||||||||
Foreign corporate private securities | 327.1 | 9.5 | 194.7 | 6.3 | 291.8 | 15.6 | 813.6 | 31.4 | |||||||||||||||||||||||
Residential mortgage-backed | 485.7 | 5.0 | 588.5 | 16.3 | 467.1 | 20.8 | 1,541.3 | 42.1 | |||||||||||||||||||||||
Commercial mortgage-backed | 837.5 | 8.1 | 199.2 | 8.6 | 14.2 | 0.1 | 1,050.9 | 16.8 | |||||||||||||||||||||||
Other asset-backed | 316.1 | 1.0 | 73.4 | 0.7 | 73.7 | 1.0 | 463.2 | 2.7 | |||||||||||||||||||||||
Total | $ | 4,569.9 | $ | 50.7 | $ | 3,011.6 | $ | 93.0 | $ | 2,099.5 | $ | 137.4 | $ | 9,681.0 | $ | 281.1 | |||||||||||||||
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 | |||||||||||||||
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 | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
September 30, 2017 | |||||||||||||||||||||
Six months or less below amortized cost | $ | 4,677.7 | $ | 22.0 | $ | 58.2 | $ | 6.4 | 535 | 13 | |||||||||||
More than six months and twelve months or less below amortized cost | 3,131.4 | 16.9 | 94.7 | 4.8 | 363 | 12 | |||||||||||||||
More than twelve months below amortized cost | 2,001.0 | 113.1 | 82.3 | 34.7 | 319 | 11 | |||||||||||||||
Total | $ | 9,810.1 | $ | 152.0 | $ | 235.2 | $ | 45.9 | 1,217 | 36 | |||||||||||
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 | |||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
September 30, 2017 | |||||||||||||||||||||
U.S. Treasuries | $ | 472.3 | $ | — | $ | 4.3 | $ | — | 30 | — | |||||||||||
State, municipalities and political subdivisions | 667.7 | — | 17.1 | — | 117 | — | |||||||||||||||
U.S. corporate public securities | 2,437.2 | 34.5 | 60.3 | 8.8 | 245 | 5 | |||||||||||||||
U.S. corporate private securities | 1,625.0 | 94.0 | 41.7 | 29.4 | 62 | 2 | |||||||||||||||
Foreign corporate public securities and foreign governments | 657.4 | 12.0 | 23.2 | 3.3 | 64 | 2 | |||||||||||||||
Foreign corporate private securities | 845.0 | — | * | 31.4 | — | * | 36 | 2 | |||||||||||||
Residential mortgage-backed | 1,573.5 | 9.9 | 38.3 | 3.8 | 375 | 21 | |||||||||||||||
Commercial mortgage-backed | 1,067.7 | — | 16.8 | — | 159 | — | |||||||||||||||
Other asset-backed | 464.3 | 1.6 | 2.1 | 0.6 | 129 | 4 | |||||||||||||||
Total | $ | 9,810.1 | $ | 152.0 | $ | 235.2 | $ | 45.9 | 1,217 | 36 | |||||||||||
December 31, 2016 | |||||||||||||||||||||
U.S. Treasuries | $ | 1,075.3 | $ | — | $ | 13.9 | $ | — | 33 | — | |||||||||||
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 | |||||||||||
Loan-to-Value Ratio | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
September 30, 2017 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS > 100% | $ | — | $ | — | $ | — | $ | — | |||||||
Non-agency RMBS > 90% - 100% | 0.5 | — | — | * | — | ||||||||||
Non-agency RMBS 80% - 90% | 21.8 | — | 0.2 | — | |||||||||||
Non-agency RMBS < 80% | 376.1 | — | 5.6 | — | |||||||||||
Agency RMBS | 1,232.8 | 9.9 | 33.2 | 3.8 | |||||||||||
Other ABS (Non-RMBS) | 406.6 | 1.6 | 1.4 | 0.6 | |||||||||||
Total RMBS and Other ABS | $ | 2,037.8 | $ | 11.5 | $ | 40.4 | $ | 4.4 | |||||||
Credit Enhancement Percentage | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
September 30, 2017 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS 10% + | $ | 207.9 | $ | — | $ | 2.5 | $ | — | |||||||
Non-agency RMBS > 5% - 10% | 1.2 | — | — | * | — | ||||||||||
Non-agency RMBS > 0% - 5% | 113.4 | — | 1.6 | — | |||||||||||
Non-agency RMBS 0% | 75.9 | — | 1.7 | — | |||||||||||
Agency RMBS | 1,232.8 | 9.9 | 33.2 | 3.8 | |||||||||||
Other ABS (Non-RMBS) | 406.6 | 1.6 | 1.4 | 0.6 | |||||||||||
Total RMBS and Other ABS | $ | 2,037.8 | $ | 11.5 | $ | 40.4 | $ | 4.4 | |||||||
Fixed Rate/Floating Rate | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
September 30, 2017 | < 20% | > 20% | < 20% | > 20% | |||||||||||
Fixed Rate | $ | 1,521.2 | $ | 6.5 | $ | 28.4 | $ | 2.5 | |||||||
Floating Rate | 516.6 | 5.0 | 12.0 | 1.9 | |||||||||||
Total | $ | 2,037.8 | $ | 11.5 | $ | 40.4 | $ | 4.4 | |||||||
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 | |||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Impaired | Non Impaired | Total | Impaired | Non Impaired | Total | ||||||||||||||||||
Commercial mortgage loans | $ | 4.3 | $ | 12,742.5 | $ | 12,746.8 | $ | 4.6 | $ | 11,723.7 | $ | 11,728.3 | |||||||||||
Collective valuation allowance for losses | N/A | (2.3 | ) | (2.3 | ) | N/A | (3.1 | ) | (3.1 | ) | |||||||||||||
Total net commercial mortgage loans | $ | 4.3 | $ | 12,740.2 | $ | 12,744.5 | $ | 4.6 | $ | 11,720.6 | $ | 11,725.2 | |||||||||||
September 30, 2017 | December 31, 2016 | ||||||
Collective valuation allowance for losses, balance at January 1 | $ | 3.1 | $ | 3.2 | |||
Addition to (reduction of) allowance for losses | (0.8 | ) | (0.1 | ) | |||
Collective valuation allowance for losses, end of period | $ | 2.3 | $ | 3.1 | |||
September 30, 2017 | December 31, 2016 | ||||||
Impaired loans without allowances for losses | $ | 4.3 | $ | 4.6 | |||
Less: Allowances for losses on impaired loans | — | — | |||||
Impaired loans, net | $ | 4.3 | $ | 4.6 | |||
Unpaid principal balance of impaired loans | $ | 5.8 | $ | 6.1 | |||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Impaired loans, average investment during the period (amortized cost) (1) | $ | 4.4 | $ | 4.7 | |||
Interest income recognized on impaired loans, on an accrual basis (1) | 0.1 | 0.1 | |||||
Interest income recognized on impaired loans, on a cash basis (1) | 0.1 | 0.1 | |||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | — | — | |||||
(1) Includes amounts for Troubled debt restructured loans. | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Impaired loans, average investment during the period (amortized cost) (1) | $ | 4.5 | $ | 12.4 | |||
Interest income recognized on impaired loans, on an accrual basis (1) | 0.3 | 0.3 | |||||
Interest income recognized on impaired loans, on a cash basis (1) | 0.3 | 0.4 | |||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | — | 0.1 | |||||
September 30, 2017(1) | December 31, 2016(1) | ||||||
Loan-to-Value Ratio: | |||||||
0% - 50% | $ | 948.8 | $ | 1,366.3 | |||
> 50% - 60% | 2,856.3 | 2,950.1 | |||||
> 60% - 70% | 7,850.3 | 6,560.7 | |||||
> 70% - 80% | 1,006.6 | 833.8 | |||||
> 80% and above | 84.8 | 17.4 | |||||
Total Commercial mortgage loans | $ | 12,746.8 | $ | 11,728.3 | |||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||
Debt Service Coverage Ratio: | |||||||
Greater than 1.5x | $ | 10,187.7 | $ | 9,298.4 | |||
> 1.25x - 1.5x | 1,172.1 | 1,247.3 | |||||
> 1.0x - 1.25x | 1,093.8 | 899.2 | |||||
Less than 1.0x | 172.8 | 181.4 | |||||
Commercial mortgage loans secured by land or construction loans | 120.4 | 102.0 | |||||
Total Commercial mortgage loans | $ | 12,746.8 | $ | 11,728.3 | |||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | ||||||||||
Commercial Mortgage Loans by U.S. Region: | |||||||||||||
Pacific | $ | 2,909.2 | 22.8 | % | $ | 2,896.8 | 24.6 | % | |||||
South Atlantic | 2,714.8 | 21.3 | % | 2,646.0 | 22.6 | % | |||||||
Middle Atlantic | 2,136.0 | 16.8 | % | 1,648.7 | 14.1 | % | |||||||
West South Central | 1,343.9 | 10.5 | % | 1,236.1 | 10.5 | % | |||||||
Mountain | 1,368.5 | 10.7 | % | 1,092.1 | 9.3 | % | |||||||
East North Central | 1,335.4 | 10.5 | % | 1,274.3 | 10.9 | % | |||||||
New England | 224.2 | 1.8 | % | 231.2 | 2.0 | % | |||||||
West North Central | 534.0 | 4.2 | % | 508.9 | 4.3 | % | |||||||
East South Central | 180.8 | 1.4 | % | 194.2 | 1.7 | % | |||||||
Total Commercial mortgage loans | $ | 12,746.8 | 100.0 | % | $ | 11,728.3 | 100.0 | % | |||||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | ||||||||||
Commercial Mortgage Loans by Property Type: | |||||||||||||
Retail | $ | 3,730.5 | 29.2 | % | $ | 3,695.8 | 31.5 | % | |||||
Industrial | 3,244.7 | 25.5 | % | 2,663.5 | 22.7 | % | |||||||
Apartments | 2,622.9 | 20.6 | % | 2,410.8 | 20.6 | % | |||||||
Office | 2,106.3 | 16.5 | % | 1,917.0 | 16.3 | % | |||||||
Hotel/Motel | 432.3 | 3.4 | % | 411.2 | 3.5 | % | |||||||
Other | 491.9 | 3.9 | % | 516.5 | 4.4 | % | |||||||
Mixed Use | 118.2 | 0.9 | % | 113.5 | 1.0 | % | |||||||
Total Commercial mortgage loans | $ | 12,746.8 | 100.0 | % | $ | 11,728.3 | 100.0 | % | |||||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||
Year of Origination: | |||||||
2017 | $ | 1,834.3 | $ | — | |||
2016 | 2,348.5 | 2,349.6 | |||||
2015 | 2,017.5 | 2,066.1 | |||||
2014 | 1,838.9 | 1,860.3 | |||||
2013 | 1,889.2 | 1,953.1 | |||||
2012 | 1,000.7 | 1,241.4 | |||||
2011 and prior | 1,817.7 | 2,257.8 | |||||
Total Commercial mortgage loans | $ | 12,746.8 | $ | 11,728.3 | |||
Three Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
State, municipalities and political subdivisions | $ | 0.1 | 3 | $ | — | — | |||||||
U.S. corporate public securities | — | — | 9.0 | 2 | |||||||||
Foreign corporate public securities and foreign governments(1) | — | — | — | — | |||||||||
Foreign corporate private securities(1) | 0.4 | 1 | 3.0 | 1 | |||||||||
Residential mortgage-backed | 0.3 | 14 | 0.7 | 41 | |||||||||
Commercial mortgage-backed | — | — | — | — | |||||||||
Other asset-backed | — | — | — | * | 1 | ||||||||
Total | $ | 0.8 | 18 | $ | 12.7 | 45 | |||||||
* Less than $0.1. | |||||||||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
State, municipalities and political subdivisions | $ | 0.6 | 3 | $ | 0.3 | 2 | |||||||
U.S. corporate public securities | 0.1 | 1 | 9.6 | 3 | |||||||||
Foreign corporate public securities and foreign governments(1) | — | — | 10.0 | 2 | |||||||||
Foreign corporate private securities(1) | 0.4 | 1 | 3.2 | 2 | |||||||||
Residential mortgage-backed | 1.9 | 45 | 4.6 | 74 | |||||||||
Commercial mortgage-backed | 2.2 | 4 | — | — | |||||||||
Other asset-backed | — | — | — | * | 1 | ||||||||
Total | $ | 5.2 | 54 | $ | 27.7 | 84 | |||||||
* Less than $0.1. | |||||||||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
U.S. corporate public securities | $ | — | — | $ | 9.1 | 2 | |||||||
Foreign corporate public securities and foreign governments(1) | — | — | — | — | |||||||||
Residential mortgage-backed | — | * | 3 | 0.1 | 6 | ||||||||
Commercial mortgage-backed | — | — | — | — | |||||||||
Total | $ | — | 3 | $ | 9.2 | 8 | |||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
* Less than $0.1. | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
U.S. corporate public securities | $ | 0.1 | 1 | $ | 9.1 | 2 | |||||||
Foreign corporate public securities and foreign governments(1) | — | — | 8.7 | 1 | |||||||||
Residential mortgage-backed | 0.4 | 8 | 0.9 | 11 | |||||||||
Commercial mortgage-backed | 2.2 | 4 | — | — | |||||||||
Total | $ | 2.7 | 13 | $ | 18.7 | 14 | |||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Balance at July 1 | $ | 42.5 | $ | 71.6 | |||
Additional credit impairments: | |||||||
On securities previously impaired | 0.2 | 0.6 | |||||
Reductions: | |||||||
Increase in cash flows | 0.3 | 1.7 | |||||
Securities sold, matured, prepaid or paid down | 1.6 | 2.8 | |||||
Balance at September 30 | $ | 40.8 | $ | 67.7 | |||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Balance at January 1 | $ | 54.6 | $ | 75.3 | |||
Additional credit impairments: | |||||||
On securities previously impaired | 1.0 | 3.4 | |||||
Reductions: | |||||||
Increase in cash flows | 1.0 | 1.9 | |||||
Securities sold, matured, prepaid or paid down | 13.8 | 9.1 | |||||
Balance at September 30 | $ | 40.8 | $ | 67.7 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Fixed maturities | $ | 947.1 | $ | 1,004.4 | $ | 2,856.3 | $ | 3,005.0 | |||||||
Equity securities, available-for-sale | 2.0 | 5.3 | 14.1 | 14.2 | |||||||||||
Mortgage loans on real estate | 143.7 | 135.3 | 421.5 | 408.0 | |||||||||||
Policy loans | 25.4 | 26.6 | 76.2 | 80.8 | |||||||||||
Short-term investments and cash equivalents | 2.6 | 0.6 | 6.7 | 3.8 | |||||||||||
Other | 11.5 | 19.9 | 111.9 | 6.6 | |||||||||||
Gross investment income | 1,132.3 | 1,192.1 | 3,486.7 | 3,518.4 | |||||||||||
Less: investment expenses | 28.0 | 28.7 | 84.5 | 85.7 | |||||||||||
Net investment income | $ | 1,104.3 | $ | 1,163.4 | $ | 3,402.2 | $ | 3,432.7 | |||||||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Fixed maturities, available-for-sale, including securities pledged | $ | 14.5 | $ | (4.5 | ) | ||
Fixed maturities, at fair value option | (101.5 | ) | (103.4 | ) | |||
Equity securities, available-for-sale | (0.8 | ) | 0.1 | ||||
Derivatives | (308.6 | ) | (392.9 | ) | |||
Embedded derivatives - fixed maturities | (3.9 | ) | (7.4 | ) | |||
Guaranteed benefit derivatives | 154.3 | 140.5 | |||||
Other investments | 0.9 | (0.1 | ) | ||||
Net realized capital gains (losses) | $ | (245.1 | ) | $ | (367.7 | ) | |
After-tax net realized capital gains (losses) | $ | (157.9 | ) | $ | (242.2 | ) | |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Fixed maturities, available-for-sale, including securities pledged | $ | (6.0 | ) | $ | (73.4 | ) | |
Fixed maturities, at fair value option | (276.6 | ) | (119.9 | ) | |||
Equity securities, available-for-sale | (0.8 | ) | 0.2 | ||||
Derivatives | (861.2 | ) | (214.3 | ) | |||
Embedded derivatives - fixed maturities | (15.7 | ) | (4.6 | ) | |||
Guaranteed benefit derivatives | 213.0 | (46.4 | ) | ||||
Other investments | 2.8 | 0.1 | |||||
Net realized capital gains (losses) | $ | (944.5 | ) | $ | (458.3 | ) | |
After-tax net realized capital gains (losses) | $ | (605.2 | ) | $ | (300.6 | ) | |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Proceeds on sales | $ | 1,669.0 | $ | 1,030.6 | $ | 6,300.0 | $ | 5,488.8 | |||||||
Gross gains | 32.9 | 12.9 | 84.9 | 134.1 | |||||||||||
Gross losses | 15.1 | 3.7 | 60.2 | 177.7 | |||||||||||
|
|||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
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 | $ | 74.0 | $ | 0.2 | $ | — | $ | 124.0 | $ | 4.7 | $ | 0.3 | |||||||||||
Foreign exchange contracts | 717.4 | — | 56.3 | 480.8 | 40.1 | 10.7 | |||||||||||||||||
Derivatives: Non-qualifying for hedge accounting(1) | |||||||||||||||||||||||
Interest rate contracts | 59,937.4 | 717.1 | 138.6 | 78,399.6 | 1,080.6 | 354.3 | |||||||||||||||||
Foreign exchange contracts | 131.1 | 0.1 | 3.8 | 1,573.0 | 60.7 | 39.2 | |||||||||||||||||
Equity contracts | 40,617.6 | 817.4 | 430.3 | 28,959.6 | 494.1 | 50.4 | |||||||||||||||||
Credit contracts | 3,177.6 | 29.5 | 18.7 | 3,255.3 | 32.2 | 15.8 | |||||||||||||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||
Within fixed maturity investments | N/A | 54.8 | — | N/A | 70.5 | — | |||||||||||||||||
Within products | N/A | — | 3,650.1 | N/A | — | 3,791.4 | |||||||||||||||||
Within reinsurance agreements | N/A | — | 121.2 | N/A | — | 78.7 | |||||||||||||||||
Managed custody guarantees | N/A | — | — | N/A | — | — | |||||||||||||||||
Total | $ | 1,619.1 | $ | 4,419.0 | $ | 1,782.9 | $ | 4,340.8 | |||||||||||||||
September 30, 2017 | |||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||
Credit contracts | $ | 3,177.6 | $ | 29.5 | $ | 18.7 | |||||
Equity contracts | 32,948.8 | 816.6 | 400.8 | ||||||||
Foreign exchange contracts | 848.5 | 0.1 | 60.1 | ||||||||
Interest rate contracts | 54,608.9 | 716.1 | 138.6 | ||||||||
1,562.3 | 618.2 | ||||||||||
Counterparty netting(1) | (557.5 | ) | (557.5 | ) | |||||||
Cash collateral netting(1) | (969.1 | ) | (7.3 | ) | |||||||
Securities collateral netting(1) | (19.0 | ) | (45.5 | ) | |||||||
Net receivables/payables | $ | 16.7 | $ | 7.9 | |||||||
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 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Derivatives: Qualifying for hedge accounting(1) | |||||||||||||||
Cash flow hedges: | |||||||||||||||
Interest rate contracts | $ | 0.1 | $ | 0.3 | $ | 0.6 | $ | 0.9 | |||||||
Foreign exchange contracts | 4.7 | 0.6 | 33.3 | 2.0 | |||||||||||
Fair value hedges: | |||||||||||||||
Interest rate contracts | — | 0.6 | — | (5.1 | ) | ||||||||||
Derivatives: Non-qualifying for hedge accounting(2) | |||||||||||||||
Interest rate contracts | 20.0 | 29.2 | 118.9 | 662.1 | |||||||||||
Foreign exchange contracts | (3.3 | ) | (3.1 | ) | (42.5 | ) | (8.8 | ) | |||||||
Equity contracts | (333.3 | ) | (421.7 | ) | (986.1 | ) | (863.8 | ) | |||||||
Credit contracts | 3.2 | 1.2 | 14.6 | (1.6 | ) | ||||||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||||||
Within fixed maturity investments(2) | (3.9 | ) | (7.4 | ) | (15.7 | ) | (4.6 | ) | |||||||
Within products(2) | 154.2 | 140.5 | 212.8 | (42.5 | ) | ||||||||||
Within reinsurance agreements(3) | (9.7 | ) | (9.9 | ) | (44.2 | ) | (105.1 | ) | |||||||
Managed custody guarantees(2) | 0.1 | (0.1 | ) | 0.2 | (4.0 | ) | |||||||||
Total | $ | (167.9 | ) | $ | (269.8 | ) | $ | (708.1 | ) | $ | (370.5 | ) | |||
|
|||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||
U.S. Treasuries | $ | 2,879.7 | $ | 613.9 | $ | — | $ | 3,493.6 | |||||||
U.S. Government agencies and authorities | — | 306.6 | — | 306.6 | |||||||||||
State, municipalities and political subdivisions | — | 2,472.4 | — | 2,472.4 | |||||||||||
U.S. corporate public securities | — | 33,428.5 | 79.6 | 33,508.1 | |||||||||||
U.S. corporate private securities | — | 7,268.1 | 1,479.3 | 8,747.4 | |||||||||||
Foreign corporate public securities and foreign governments(1) | — | 8,448.6 | 10.8 | 8,459.4 | |||||||||||
Foreign corporate private securities(1) | — | 7,907.6 | 351.4 | 8,259.0 | |||||||||||
Residential mortgage-backed securities | — | 6,612.2 | 75.4 | 6,687.6 | |||||||||||
Commercial mortgage-backed securities | — | 3,523.0 | 33.4 | 3,556.4 | |||||||||||
Other asset-backed securities | — | 1,717.0 | 149.0 | 1,866.0 | |||||||||||
Total fixed maturities, including securities pledged | 2,879.7 | 72,297.9 | 2,178.9 | 77,356.5 | |||||||||||
Equity securities, available-for-sale | 306.5 | — | 113.5 | 420.0 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate contracts | 1.2 | 716.1 | — | 717.3 | |||||||||||
Foreign exchange contracts | — | 0.1 | — | 0.1 | |||||||||||
Equity contracts | 0.9 | 606.1 | 210.4 | 817.4 | |||||||||||
Credit contracts | — | 23.0 | 6.5 | 29.5 | |||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,718.9 | 328.5 | — | 5,047.4 | |||||||||||
Assets held in separate accounts | 102,938.7 | 4,529.9 | 5.6 | 107,474.2 | |||||||||||
Total assets | $ | 110,845.9 | $ | 78,501.6 | $ | 2,514.9 | $ | 191,862.4 | |||||||
Percentage of Level to total | 57.8 | % | 40.9 | % | 1.3 | % | 100.0 | % | |||||||
Liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | $ | — | $ | — | $ | 2,188.3 | $ | 2,188.3 | |||||||
IUL | — | — | 126.1 | 126.1 | |||||||||||
GMWBL/GMWB/GMAB(2) | — | — | 1,201.8 | 1,201.8 | |||||||||||
Stabilizer and MCGs | — | — | 133.9 | 133.9 | |||||||||||
Other derivatives: | |||||||||||||||
Interest rate contracts | — | 138.6 | — | 138.6 | |||||||||||
Foreign exchange contracts | — | 60.1 | — | 60.1 | |||||||||||
Equity contracts | 29.5 | 394.0 | 6.8 | 430.3 | |||||||||||
Credit contracts | — | 18.7 | — | 18.7 | |||||||||||
Embedded derivative on reinsurance | — | 121.2 | — | 121.2 | |||||||||||
Total liabilities | $ | 29.5 | $ | 732.6 | $ | 3,656.9 | $ | 4,419.0 | |||||||
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 | |||||||||||
GMWBL/GMWB/GMAB | — | — | 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 | |||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 89.2 | $ | (0.1 | ) | $ | 0.1 | $ | — | $ | — | $ | (9.6 | ) | $ | — | $ | — | $ | — | $ | 79.6 | $ | — | |||||||||||||||||||
U.S. corporate private securities | 1,487.5 | 0.2 | 1.9 | 6.0 | — | (4.1 | ) | (37.4 | ) | 25.2 | — | 1,479.3 | (0.1 | ) | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 11.2 | — | (0.3 | ) | — | — | — | (0.1 | ) | — | — | 10.8 | — | ||||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 301.4 | — | 3.1 | 50.0 | — | — | (3.1 | ) | — | — | 351.4 | — | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 100.2 | (5.2 | ) | 0.4 | 15.4 | — | — | (0.4 | ) | — | (35.0 | ) | 75.4 | (5.2 | ) | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 34.1 | — | — | 33.9 | — | — | (0.7 | ) | — | (33.9 | ) | 33.4 | — | ||||||||||||||||||||||||||||||
Other asset-backed securities | 126.2 | — | 0.8 | 119.2 | — | — | (0.8 | ) | — | (96.4 | ) | 149.0 | — | ||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 2,149.8 | (5.1 | ) | 6.0 | 224.5 | — | (13.7 | ) | (42.5 | ) | 25.2 | (165.3 | ) | 2,178.9 | (5.3 | ) | |||||||||||||||||||||||||||
Three Months Ended September 30, 2017 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 113.1 | $ | — | $ | 0.4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 113.5 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (2,097.1 | ) | (133.0 | ) | — | — | (4.0 | ) | — | 45.8 | — | — | (2,188.3 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (107.4 | ) | (21.6 | ) | — | — | (8.5 | ) | — | 11.4 | — | — | (126.1 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (1,465.8 | ) | 300.8 | — | — | (36.9 | ) | — | 0.1 | — | — | (1,201.8 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs (2) | (141.2 | ) | 8.1 | — | — | (0.8 | ) | — | — | — | — | (133.9 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 178.4 | 50.1 | — | 17.7 | — | — | (36.1 | ) | — | — | 210.1 | 31.7 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Assets held in separate accounts (5) | 3.1 | — | — | 3.8 | — | (0.3 | ) | — | — | (1.0 | ) | 5.6 | — | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||
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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 22.1 | $ | (0.1 | ) | $ | 1.2 | $ | 43.7 | $ | — | $ | (9.6 | ) | $ | (1.8 | ) | $ | 24.1 | $ | — | $ | 79.6 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 1,319.4 | 0.6 | 13.9 | 144.8 | — | (4.1 | ) | (48.6 | ) | 79.2 | (25.9 | ) | 1,479.3 | 0.2 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 12.3 | — | (1.3 | ) | — | — | — | (0.2 | ) | — | — | 10.8 | — | ||||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 440.9 | 0.1 | 0.7 | 69.9 | — | — | (50.8 | ) | — | (109.4 | ) | 351.4 | 0.2 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 71.9 | (12.6 | ) | (0.2 | ) | 15.5 | — | — | (1.2 | ) | 2.0 | — | 75.4 | (12.5 | ) | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 23.4 | (0.5 | ) | — | 33.9 | — | — | (0.7 | ) | — | (22.7 | ) | 33.4 | (0.5 | ) | ||||||||||||||||||||||||||||
Other asset-backed securities | 83.7 | 0.5 | 1.5 | 119.2 | — | — | (5.1 | ) | 1.8 | (52.6 | ) | 149.0 | 0.5 | ||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 1,973.7 | (12.0 | ) | 15.8 | 427.0 | — | (13.7 | ) | (108.4 | ) | 107.1 | (210.6 | ) | 2,178.9 | (12.1 | ) | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 (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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 99.5 | $ | — | $ | 2.4 | $ | 11.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 113.5 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (2,029.6 | ) | (196.6 | ) | — | — | (112.5 | ) | — | 150.4 | — | — | (2,188.3 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (81.0 | ) | (50.5 | ) | — | — | (25.3 | ) | — | 30.7 | — | — | (126.1 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (1,530.4 | ) | 440.4 | — | — | (112.1 | ) | — | 0.3 | — | — | (1,201.8 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (150.4 | ) | 19.7 | — | — | (3.2 | ) | — | — | — | — | (133.9 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 106.3 | 134.9 | — | 50.3 | — | — | (85.1 | ) | 3.7 | — | 210.1 | 100.1 | |||||||||||||||||||||||||||||||
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) | 5.3 | 0.1 | — | 9.9 | — | (3.0 | ) | — | 2.1 | (8.8 | ) | 5.6 | — | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 59.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | (30.3 | ) | $ | 29.5 | $ | — | |||||||||||||||||||
U.S. corporate private securities | 1,092.4 | — | 11.1 | 133.1 | — | — | (29.7 | ) | — | — | 1,206.9 | — | |||||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments (1) | 9.0 | — | 0.1 | — | — | — | (0.1 | ) | — | — | 9.0 | — | |||||||||||||||||||||||||||||||
Foreign corporate private securities (1) | 475.0 | (3.0 | ) | 8.3 | — | — | — | (11.5 | ) | — | — | 468.8 | (3.0 | ) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 97.8 | (4.4 | ) | 1.1 | 5.0 | — | (2.6 | ) | (0.4 | ) | — | (14.1 | ) | 82.4 | (3.7 | ) | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 25.7 | — | 0.1 | 11.3 | — | — | (2.7 | ) | — | (1.5 | ) | 32.9 | — | ||||||||||||||||||||||||||||||
Other asset-backed securities | 110.4 | — | — | 151.6 | — | (1.0 | ) | (0.7 | ) | 7.4 | (73.3 | ) | 194.4 | — | |||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 1,870.2 | (7.4 | ) | 20.7 | 301.0 | — | (3.6 | ) | (45.2 | ) | 7.4 | (119.2 | ) | 2,023.9 | (6.7 | ) | |||||||||||||||||||||||||||
Three Months Ended September 30, 2016 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 101.9 | $ | — | $ | 1.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 103.2 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,642.8 | ) | (121.7 | ) | — | — | (38.3 | ) | — | 55.1 | — | — | (1,747.7 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (51.5 | ) | (13.4 | ) | — | — | (6.7 | ) | — | 2.3 | — | — | (69.3 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (2,239.8 | ) | 269.4 | — | — | (37.7 | ) | — | 0.1 | — | — | (2,008.0 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (272.0 | ) | 6.1 | — | — | (1.2 | ) | — | — | — | — | (267.1 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 56.1 | 18.6 | — | 12.1 | — | — | (2.6 | ) | — | — | 84.2 | 28.1 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0.1 | — | — | — | — | — | — | — | — | 0.1 | — | ||||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 3.4 | 0.2 | — | 4.1 | — | (0.7 | ) | — | 2.1 | — | 9.1 | — | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 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 September 30 | 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 | ) | $ | 2.0 | $ | — | $ | — | $ | (2.1 | ) | $ | (1.1 | ) | $ | 24.1 | $ | — | $ | 29.5 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 1,040.3 | 0.1 | 47.4 | 268.3 | — | (37.0 | ) | (169.4 | ) | 81.9 | (24.7 | ) | 1,206.9 | 0.2 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 13.8 | (1.2 | ) | (3.3 | ) | — | — | — | (0.3 | ) | — | — | 9.0 | (1.2 | ) | ||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 430.4 | (3.2 | ) | 26.3 | — | — | (0.5 | ) | (52.6 | ) | 80.0 | (11.6 | ) | 468.8 | (3.2 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 96.1 | (3.1 | ) | — | 5.0 | — | (14.9 | ) | (0.7 | ) | — | — | 82.4 | (10.7 | ) | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 31.4 | — | 0.5 | 11.3 | — | — | (9.3 | ) | — | (1.0 | ) | 32.9 | — | ||||||||||||||||||||||||||||||
Other asset-backed securities | 44.5 | (0.2 | ) | 0.2 | 156.2 | — | (1.0 | ) | (3.6 | ) | 8.3 | (10.0 | ) | 194.4 | (0.3 | ) | |||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 1,663.4 | (7.9 | ) | 73.1 | 440.8 | — | (55.5 | ) | (237.0 | ) | 194.3 | (47.3 | ) | 2,023.9 | (15.2 | ) | |||||||||||||||||||||||||||
Nine Months Ended September 30, 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 97.4 | $ | — | $ | 5.8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 103.2 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,820.1 | ) | 81.3 | — | — | (160.9 | ) | — | 152.0 | — | — | (1,747.7 | ) | — | |||||||||||||||||||||||||||||
IUL(2) | (52.6 | ) | (3.6 | ) | — | — | (20.4 | ) | — | 7.3 | — | — | (69.3 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (1,873.5 | ) | (21.9 | ) | — | — | (113.0 | ) | — | 0.4 | — | — | (2,008.0 | ) | — | ||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (161.3 | ) | (102.3 | ) | — | — | (3.5 | ) | — | — | — | — | (267.1 | ) | — | ||||||||||||||||||||||||||||
Other derivatives, net | 52.4 | (1.3 | ) | — | 39.4 | — | — | (6.3 | ) | — | — | 84.2 | 31.8 | ||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | — | * | — | 0.1 | — | — | — | — | — | — | 0.1 | — | |||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 3.9 | 0.2 | — | 4.1 | — | (0.7 | ) | — | 5.5 | (3.9 | ) | 9.1 | — | ||||||||||||||||||||||||||||||
Range(1) | |||||||||||||
Unobservable Input | GMWBL/GMWB/GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||
Long-term equity implied volatility | 15% to 25% | — | — | — | |||||||||
Interest rate implied volatility | 0.1% to 16% | — | — | 0.1% to 6.6% | |||||||||
Correlations between: | |||||||||||||
Equity Funds | -13% to 99% | — | — | — | |||||||||
Equity and Fixed Income Funds | -38% to 62% | — | — | — | |||||||||
Interest Rates and Equity Funds | -32% to 26% | — | — | — | |||||||||
Nonperformance risk | 0.24% to 1.3% | 0.24% to 1.3% | 0.24% to 0.6% | 0.24% to 1.3% | |||||||||
Actuarial Assumptions: | |||||||||||||
Benefit Utilization | 70% to 100% | (2) | — | — | — | ||||||||
Partial Withdrawals | 0% to 3.4% | (2) | 0% to 10% | — | — | ||||||||
Lapses | 0.1% to 15.3% | (3)(4) | 0% to 60% | (3) | 2% to 10% | 0 % to 50% | (5) | ||||||
Policyholder Deposits(6) | — | — | — | 0 % to 50% | (5) | ||||||||
Mortality | — | (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 | $ | 1.6 | $ | 0.1 | $ | 1.7 | 9.0 | ||||||||
60-69 | 5.1 | 0.5 | 5.6 | 3.9 | |||||||||||
70+ | 6.0 | 0.5 | 6.5 | 2.6 | |||||||||||
$ | 12.7 | $ | 1.1 | $ | 13.8 | 4.5 | |||||||||
GMWBL/GMWB/GMAB | |||||||
Moneyness | Account Value | Lapse Range | |||||
During Surrender Charge Period | |||||||
In the Money** | $ | 0.5 | 0.1% to 4.8% | ||||
Out of the Money | 0.1 | 0.6% to 5.2% | |||||
Shock Lapse Period | |||||||
In the Money** | $ | 2.2 | 1.7% to 13.9% | ||||
Out of the Money | 0.2 | 13.9% to 15.3% | |||||
After Surrender Charge Period | |||||||
In the Money** | $ | 10.1 | 0.9% to 6.4% | ||||
Out of the Money | 1.4 | 6.4% to 7.1% | |||||
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 | 92 | % | 0-25% | 0-15% | 0-30% | 0-15% | ||||
Stabilizer with Recordkeeping Agreements | 8 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Aggregate of all plans | 100 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Range(1) | |||||||||||||
Unobservable Input | GMWBL/GMWB/GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||
Long-term equity implied volatility | 15% to 25% | — | — | — | |||||||||
Interest rate implied volatility | 0.1% to 18% | — | — | 0.1% to 7.5% | |||||||||
Correlations between: | |||||||||||||
Equity Funds | -13% to 99% | — | — | — | |||||||||
Equity and Fixed Income Funds | -38% to 62% | — | — | — | |||||||||
Interest Rates and Equity Funds | -32% to 26% | — | — | — | |||||||||
Nonperformance risk | 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% | (2) | 0% to 10% | — | — | ||||||||
Lapses | 0.12% to 12.4% | (3)(4) | 0% to 60% | (3) | 2% to 10% | 0 % to 50% | (5) | ||||||
Policyholder Deposits(6) | — | — | — | 0 % to 50% | (5) | ||||||||
Mortality | — | (7) | — | (7) | — | (8) | — | ||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. |
(2) | Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 40% are taking systematic withdrawals. The Company assumes that at least 85% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing by age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB 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 GMWBL or GMWB 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). Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB. |
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 | ||||||||
GMWBL/GMWB/GMAB | |||||||
Moneyness | Account Value | Lapse Range | |||||
During Surrender Charge Period | |||||||
In the Money** | $ | 2.0 | 0.1% to 4.6% | ||||
Out of the Money | — | * | 0.6% to 4.8% | ||||
Shock Lapse Period | |||||||
In the Money** | $ | 2.8 | 2.4% to 11.8% | ||||
Out of the Money | — | * | 11.8% to 12.4% | ||||
After Surrender Charge Period | |||||||
In the Money** | $ | 8.7 | 1.4% to 6.8% | ||||
Out of the Money | 0.7 | 6.8% to 7.1% | |||||
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% | ||||
• | 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 GMWBL and GMWB. |
• | Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer and MCG contracts due to dynamic participant behavior. |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged | $ | 77,356.5 | $ | 77,356.5 | $ | 75,338.1 | $ | 75,338.1 | |||||||
Equity securities, available-for-sale | 420.0 | 420.0 | 274.2 | 274.2 | |||||||||||
Mortgage loans on real estate | 12,744.5 | 12,995.3 | 11,725.2 | 11,960.7 | |||||||||||
Policy loans | 1,915.9 | 1,915.9 | 1,961.5 | 1,961.5 | |||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 5,047.4 | 5,047.4 | 4,520.1 | 4,520.1 | |||||||||||
Derivatives | 1,564.3 | 1,564.3 | 1,712.4 | 1,712.4 | |||||||||||
Other investments | 79.5 | 87.7 | 47.4 | 57.2 | |||||||||||
Assets held in separate accounts | 107,474.2 | 107,474.2 | 97,118.7 | 97,118.7 | |||||||||||
Liabilities: | |||||||||||||||
Investment contract liabilities: | |||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 53,488.3 | 58,127.4 | 53,314.1 | 57,561.3 | |||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 791.5 | 785.4 | 472.9 | 469.8 | |||||||||||
Supplementary contracts, immediate annuities and other | 3,843.7 | 4,180.7 | 3,878.9 | 4,120.5 | |||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | 2,188.3 | 2,188.3 | 2,029.6 | 2,029.6 | |||||||||||
IUL | 126.1 | 126.1 | 81.0 | 81.0 | |||||||||||
GMWBL/GMWB/GMAB | 1,201.8 | 1,201.8 | 1,530.4 | 1,530.4 | |||||||||||
Stabilizer and MCGs | 133.9 | 133.9 | 150.4 | 150.4 | |||||||||||
Other derivatives | 647.7 | 647.7 | 470.7 | 470.7 | |||||||||||
Short-term debt | 336.6 | 338.5 | — | — | |||||||||||
Long-term debt | 3,122.2 | 3,426.7 | 3,549.5 | 3,737.9 | |||||||||||
Embedded derivative on reinsurance | 121.2 | 121.2 | 78.7 | 78.7 | |||||||||||
|
|||
2017 | |||||||||||
DAC | VOBA | Total | |||||||||
Balance as of January 1, 2017 | $ | 4,064.6 | $ | 822.9 | $ | 4,887.5 | |||||
Deferrals of commissions and expenses | 246.0 | 5.7 | 251.7 | ||||||||
Amortization: | |||||||||||
Amortization, excluding unlocking | (477.7 | ) | (116.6 | ) | (594.3 | ) | |||||
Unlocking(1) | (82.2 | ) | (102.5 | ) | (184.7 | ) | |||||
Interest accrued | 164.4 | 51.2 | (2) | 215.6 | |||||||
Net amortization included in Condensed Consolidated Statements of Operations | (395.5 | ) | (167.9 | ) | (563.4 | ) | |||||
Change due to unrealized capital gains/losses on available-for-sale securities | (262.2 | ) | (104.6 | ) | (366.8 | ) | |||||
Balance as of September 30, 2017 | $ | 3,652.9 | $ | 556.1 | $ | 4,209.0 | |||||
2016 | |||||||||||
DAC | VOBA | Total | |||||||||
Balance as of January 1, 2016 | $ | 4,357.5 | $ | 1,012.6 | $ | 5,370.1 | |||||
Deferrals of commissions and expenses | 286.5 | 7.3 | 293.8 | ||||||||
Amortization: | |||||||||||
Amortization, excluding unlocking | (469.8 | ) | (120.7 | ) | (590.5 | ) | |||||
Unlocking(1) | 36.7 | (60.0 | ) | (23.3 | ) | ||||||
Interest accrued | 173.9 | 58.7 | (2) | 232.6 | |||||||
Net amortization included in Condensed Consolidated Statements of Operations | (259.2 | ) | (122.0 | ) | (381.2 | ) | |||||
Change due to unrealized capital gains/losses on available-for-sale securities | (905.7 | ) | (317.5 | ) | (1,223.2 | ) | |||||
Balance as of September 30, 2016 | $ | 3,479.1 | $ | 580.4 | $ | 4,059.5 | |||||
|
|||
September 30, | |||||||
2017 | 2016 | ||||||
Fixed maturities, net of OTTI | $ | 5,170.4 | $ | 6,843.0 | |||
Equity securities, available-for-sale | 35.9 | 37.5 | |||||
Derivatives | 161.5 | 285.6 | |||||
DAC/VOBA adjustment on available-for-sale securities | (1,449.3 | ) | (1,988.0 | ) | |||
Premium deficiency reserve | — | — | |||||
Sales inducements and other intangibles adjustment on available-for-sale securities | (263.7 | ) | (327.2 | ) | |||
Other | (30.8 | ) | (30.9 | ) | |||
Unrealized capital gains (losses), before tax | 3,624.0 | 4,820.0 | |||||
Deferred income tax asset (liability) | (809.9 | ) | (1,328.7 | ) | |||
Net unrealized capital gains (losses) | 2,814.1 | 3,491.3 | |||||
Pension and other postretirement benefits liability, net of tax | 17.9 | 25.8 | |||||
AOCI | $ | 2,832.0 | $ | 3,517.1 | |||
Three Months Ended September 30, 2017 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 307.2 | $ | (107.2 | ) | $ | 200.0 | ||||
Equity securities | (0.7 | ) | 0.3 | (0.4 | ) | ||||||
Other | (0.1 | ) | — | (0.1 | ) | ||||||
OTTI | 2.1 | (0.8 | ) | 1.3 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (13.7 | ) | 4.8 | (8.9 | ) | ||||||
DAC/VOBA | (60.6 | ) | 21.2 | (39.4 | ) | ||||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (3.7 | ) | 1.3 | (2.4 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 230.5 | (80.4 | ) | 150.1 | |||||||
Derivatives: | |||||||||||
Derivatives | (26.6 | ) | (1) | 9.2 | (17.4 | ) | |||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (6.4 | ) | 2.2 | (4.2 | ) | ||||||
Change in unrealized gains/losses on derivatives | (33.0 | ) | 11.4 | (21.6 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (5.3 | ) | 1.9 | (3.4 | ) | ||||||
Change in pension and other postretirement benefits liability | (5.3 | ) | 1.9 | (3.4 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 192.2 | $ | (67.1 | ) | $ | 125.1 | ||||
Nine Months Ended September 30, 2017 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 1,737.6 | $ | (606.8 | ) | $ | 1,130.8 | ||||
Equity securities | 2.7 | (0.9 | ) | 1.8 | |||||||
Other | — | — | — | ||||||||
OTTI | 14.0 | (4.9 | ) | 9.1 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 6.8 | (2.4 | ) | 4.4 | |||||||
DAC/VOBA | (366.8 | ) | (1) | 128.4 | (238.4 | ) | |||||
Premium deficiency reserve | 53.7 | (18.8 | ) | 34.9 | |||||||
Sales inducements | (94.9 | ) | 33.2 | (61.7 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 1,353.1 | (472.2 | ) | 880.9 | |||||||
Derivatives: | |||||||||||
Derivatives | (77.4 | ) | (2) | 27.1 | (50.3 | ) | |||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (18.9 | ) | 6.6 | (12.3 | ) | ||||||
Change in unrealized gains/losses on derivatives | (96.3 | ) | 33.7 | (62.6 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (12.3 | ) | 4.3 | (8.0 | ) | ||||||
Change in pension and other postretirement benefits liability | (12.3 | ) | 4.3 | (8.0 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 1,244.5 | $ | (434.2 | ) | $ | 810.3 | ||||
Three Months Ended September 30, 2016 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 269.5 | $ | (97.3 | ) | $ | 172.2 | ||||
Equity securities | 1.4 | (0.5 | ) | 0.9 | |||||||
Other | 0.1 | — | 0.1 | ||||||||
OTTI | 2.2 | (0.8 | ) | 1.4 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 4.4 | (1.5 | ) | 2.9 | |||||||
DAC/VOBA | (114.3 | ) | 40.0 | (74.3 | ) | ||||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (28.5 | ) | 10.0 | (18.5 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 134.8 | (50.1 | ) | 84.7 | |||||||
Derivatives: | |||||||||||
Derivatives | (2.4 | ) | (1) | 0.8 | (1.6 | ) | |||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (5.4 | ) | 1.9 | (3.5 | ) | ||||||
Change in unrealized gains/losses on derivatives | (7.8 | ) | 2.7 | (5.1 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (3.4 | ) | 1.2 | (2.2 | ) | ||||||
Change in pension and other postretirement benefits liability | (3.4 | ) | 1.2 | (2.2 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 123.6 | $ | (46.2 | ) | $ | 77.4 | ||||
Nine Months Ended September 30, 2016 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 4,638.6 | $ | (1,621.2 | ) | $ | 3,017.4 | ||||
Equity securities | 6.2 | (2.2 | ) | 4.0 | |||||||
Other | 0.4 | (0.1 | ) | 0.3 | |||||||
OTTI | 8.5 | (3.0 | ) | 5.5 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 73.2 | (25.6 | ) | 47.6 | |||||||
DAC/VOBA | (1,223.2 | ) | (1) | 428.1 | (795.1 | ) | |||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (304.6 | ) | 106.6 | (198.0 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 3,199.1 | (1,117.4 | ) | 2,081.7 | |||||||
Derivatives: | |||||||||||
Derivatives | 41.3 | (2) | (14.5 | ) | 26.8 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (14.8 | ) | 5.2 | (9.6 | ) | ||||||
Change in unrealized gains/losses on derivatives | 26.5 | (9.3 | ) | 17.2 | |||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (10.3 | ) | 3.6 | (6.7 | ) | ||||||
Change in pension and other postretirement benefits liability | (10.3 | ) | 3.6 | (6.7 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 3,215.3 | $ | (1,123.1 | ) | $ | 2,092.2 | ||||
|
|||
|
|||
Maturity | September 30, 2017 | December 31, 2016 | |||||||
7.25% Voya Holdings Inc. debentures, due 2023(1) | 08/15/2023 | $ | 143.2 | $ | 142.9 | ||||
7.63% Voya Holdings Inc. debentures, due 2026(1) | 08/15/2026 | 186.0 | 185.8 | ||||||
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 04/01/2027 | 13.6 | 13.6 | ||||||
6.97% Voya Holdings Inc. debentures, due 2036(1) | 08/15/2036 | 93.6 | 93.7 | ||||||
1.00% Windsor Property Loan | 06/14/2027 | 4.8 | 4.9 | ||||||
5.5% Senior Notes, due 2022 | 07/15/2022 | 361.0 | 360.7 | ||||||
2.9% Senior Notes, due 2018 | 02/15/2018 | 336.6 | 825.0 | ||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 05/15/2053 | 738.5 | 738.2 | ||||||
5.7% Senior Notes, due 2043 | 07/15/2043 | 394.5 | 394.3 | ||||||
3.65% Senior Notes, due 2026 | 06/15/2026 | 495.0 | 494.2 | ||||||
4.8% Senior Notes, due 2046 | 06/15/2046 | 296.5 | 296.2 | ||||||
3.125% Senior Notes, due 2024 | 07/15/2024 | 395.5 | — | ||||||
Subtotal | 3,458.8 | 3,549.5 | |||||||
Less: Current portion of long-term debt | 336.6 | — | |||||||
Total | $ | 3,122.2 | $ | 3,549.5 | |||||
|
|||
September 30, 2017 | December 31, 2016 | ||||||
Fixed maturity collateral pledged to FHLB (1) | $ | 920.6 | $ | 405.5 | |||
FHLB restricted stock(2) | 53.1 | 32.7 | |||||
Other fixed maturities-state deposits | 205.7 | 207.9 | |||||
Securities pledged(3) | 3,248.5 | 2,157.1 | |||||
Total restricted assets | $ | 4,427.9 | $ | 2,803.2 | |||
|
|||
September 30, 2017 | December 31, 2016 | ||||||
Assets of Consolidated Investment Entities | |||||||
VIEs | |||||||
Cash and cash equivalents | $ | 106.0 | $ | 133.0 | |||
Corporate loans, at fair value using the fair value option | 1,650.1 | 1,920.3 | |||||
Limited partnerships/corporations, at fair value | 1,740.3 | 1,770.3 | |||||
Other assets | 52.2 | 31.9 | |||||
Total VIE assets | 3,548.6 | 3,855.5 | |||||
VOEs | |||||||
Cash and cash equivalents | — | 0.2 | |||||
Corporate loans, at fair value using the fair value option | — | 32.2 | |||||
Limited partnerships/corporations, at fair value | 68.9 | 166.0 | |||||
Other assets | 0.3 | 2.1 | |||||
Total VOE assets | 69.2 | 200.5 | |||||
Total assets of consolidated investment entities | $ | 3,617.8 | $ | 4,056.0 | |||
Liabilities of Consolidated Investment Entities | |||||||
VIEs | |||||||
CLO notes, at fair value using the fair value option | $ | 1,576.3 | $ | 1,967.2 | |||
Other liabilities | 590.7 | 521.1 | |||||
Total VIE liabilities | 2,167.0 | 2,488.3 | |||||
VOEs | |||||||
Other liabilities | 1.3 | 6.7 | |||||
Total VOE liabilities | 1.3 | 6.7 | |||||
Total liabilities of consolidated investment entities | $ | 2,168.3 | $ | 2,495.0 | |||
• | 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 (decrease). |
• | 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 | $ | 106.0 | $ | — | $ | — | $ | — | $ | 106.0 | |||||||||
Corporate loans, at fair value using the fair value option | — | 1,649.7 | 0.4 | — | 1,650.1 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 1,740.3 | 1,740.3 | ||||||||||||||
VOEs | |||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | — | — | — | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 68.9 | 68.9 | ||||||||||||||
Total assets, at fair value | $ | 106.0 | $ | 1,649.7 | $ | 0.4 | $ | 1,809.2 | $ | 3,565.3 | |||||||||
Liabilities | |||||||||||||||||||
VIEs | |||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | 1,576.3 | $ | — | $ | — | $ | 1,576.3 | |||||||||
Total liabilities, at fair value | $ | — | $ | 1,576.3 | $ | — | $ | — | $ | 1,576.3 | |||||||||
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 | |||||||||
Variable Interests on the Condensed Consolidated Balance Sheet | |||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount | Maximum exposure to loss | Carrying Amount | Maximum exposure to loss | ||||||||||||
Fixed maturities, available for sale | $ | 257.9 | $ | 257.9 | $ | 110.4 | $ | 110.4 | |||||||
Limited partnership/corporations | 947.7 | 947.7 | 758.6 | 758.6 | |||||||||||
|
|||
Three Months Ended September 30, | Nine Months Ended September 30, | Cumulative Amounts Incurred to Date | |||||||||
2017 | 2017 | ||||||||||
Severance benefits | $ | 20.0 | $ | 33.0 | $ | 58.5 | |||||
Asset write-off costs | 15.5 | 15.5 | 15.5 | ||||||||
Transition costs | 7.6 | 7.6 | 7.6 | ||||||||
Other costs | 5.3 | 9.6 | 17.9 | ||||||||
Total restructuring expense | $ | 48.4 | $ | 65.7 | $ | 99.5 | |||||
Severance Benefits | Transition Costs | Other Costs | Total | ||||||||||||
Accrued liability as of January 1, 2017 | $ | 21.5 | $ | — | $ | 1.9 | $ | 23.4 | |||||||
Provision | 33.0 | 7.6 | 9.6 | 50.2 | |||||||||||
Payments | (17.6 | ) | — | (9.1 | ) | (26.7 | ) | ||||||||
Accrued liability as of September 30, 2017 | $ | 36.9 | $ | 7.6 | $ | 2.4 | (1) | $ | 46.9 | ||||||
|
|||
• | 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 the Company is 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. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Retirement | $ | 106.8 | $ | 62.9 | $ | 287.8 | $ | 307.1 | |||||||
Investment Management | 53.5 | 51.5 | 187.7 | 106.0 | |||||||||||
Annuities | 74.4 | 113.3 | 203.7 | 236.6 | |||||||||||
Individual Life | (66.2 | ) | (76.2 | ) | 27.8 | 15.2 | |||||||||
Employee Benefits | 58.0 | 41.3 | 95.6 | 94.4 | |||||||||||
Corporate | (88.6 | ) | (84.4 | ) | (249.5 | ) | (246.0 | ) | |||||||
Total operating earnings before income taxes | 137.9 | 108.4 | 553.1 | 513.3 | |||||||||||
Adjustments: | |||||||||||||||
Closed Block Variable Annuity | 141.8 | (328.0 | ) | (273.3 | ) | (225.5 | ) | ||||||||
Net investment gains (losses) and related charges and adjustments | (14.6 | ) | (65.6 | ) | (37.5 | ) | (150.7 | ) | |||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | (31.0 | ) | (53.5 | ) | 35.4 | 61.2 | |||||||||
Income (loss) related to businesses exited through reinsurance or divestment | (1.8 | ) | 1.3 | (6.3 | ) | 3.4 | |||||||||
Income (loss) attributable to noncontrolling interest | 65.4 | 11.6 | 118.5 | (13.2 | ) | ||||||||||
Loss related to early extinguishment of debt | (3.2 | ) | (0.1 | ) | (3.9 | ) | (104.2 | ) | |||||||
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments | 0.5 | (7.1 | ) | 0.5 | (7.1 | ) | |||||||||
Other adjustments to operating earnings | (56.9 | ) | (22.9 | ) | (76.7 | ) | (38.7 | ) | |||||||
Income (loss) before income taxes | $ | 238.1 | $ | (355.9 | ) | $ | 309.8 | $ | 38.5 | ||||||
• | Net realized 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. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Retirement | $ | 634.2 | $ | 673.8 | $ | 1,889.2 | $ | 2,333.8 | |||||||
Investment Management | 171.0 | 163.0 | 545.7 | 437.6 | |||||||||||
Annuities | 302.5 | 310.6 | 902.0 | 932.7 | |||||||||||
Individual Life | 668.9 | 637.7 | 1,927.5 | 1,886.6 | |||||||||||
Employee Benefits | 446.6 | 405.9 | 1,335.7 | 1,206.4 | |||||||||||
Corporate | 16.2 | 24.9 | 45.0 | 86.5 | |||||||||||
Total operating revenues | 2,239.4 | 2,215.9 | 6,645.1 | 6,883.6 | |||||||||||
Adjustments: | |||||||||||||||
Closed Block Variable Annuity | 217.9 | 271.7 | 315.8 | 1,086.7 | |||||||||||
Net realized investment gains (losses) and related charges and adjustments | (20.9 | ) | (12.8 | ) | (61.2 | ) | (160.1 | ) | |||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | (49.8 | ) | (51.1 | ) | 39.8 | 114.6 | |||||||||
Revenues related to businesses exited through reinsurance or divestment | 26.6 | 32.3 | 95.4 | 156.9 | |||||||||||
Revenues attributable to noncontrolling interest | 84.9 | 39.3 | 185.2 | 65.3 | |||||||||||
Other adjustments to operating revenues | 52.1 | 33.2 | 132.3 | 86.8 | |||||||||||
Total revenues | $ | 2,550.2 | $ | 2,528.5 | $ | 7,352.4 | $ | 8,233.8 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Investment Management intersegment revenues | $ | 43.9 | $ | 42.4 | $ | 130.4 | $ | 123.1 | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Retirement | $ | 111,173.4 | $ | 101,047.9 | |||
Investment Management | 569.1 | 512.9 | |||||
Annuities | 26,224.9 | 25,793.4 | |||||
Individual Life | 27,543.5 | 26,850.7 | |||||
Employee Benefits | 2,700.2 | 2,548.8 | |||||
Closed Block Variable Annuity | 41,385.7 | 43,141.0 | |||||
Corporate | 13,920.6 | 10,872.5 | |||||
Total assets, before consolidation (1) | 223,517.4 | 210,767.2 | |||||
Consolidation of investment entities | 3,126.5 | 3,467.9 | |||||
Total assets | $ | 226,643.9 | $ | 214,235.1 | |||
|
|||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 70,395.5 | $ | (15.1 | ) | $ | 70,380.4 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,727.6 | — | 3,727.6 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 107.5 | — | 312.5 | — | 420.0 | ||||||||||||||
Short-term investments | 211.9 | — | 501.3 | — | 713.2 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 12,744.5 | — | 12,744.5 | ||||||||||||||
Policy loans | — | — | 1,915.9 | — | 1,915.9 | ||||||||||||||
Limited partnerships/corporations | — | — | 947.7 | — | 947.7 | ||||||||||||||
Derivatives | 50.3 | — | 1,613.0 | (99.0 | ) | 1,564.3 | |||||||||||||
Investments in subsidiaries | 15,152.9 | 10,755.2 | — | (25,908.1 | ) | — | |||||||||||||
Other investments | — | 0.6 | 78.9 | — | 79.5 | ||||||||||||||
Securities pledged | — | — | 3,248.5 | — | 3,248.5 | ||||||||||||||
Total investments | 15,522.6 | 10,755.8 | 95,485.4 | (26,022.2 | ) | 95,741.6 | |||||||||||||
Cash and cash equivalents | 390.3 | 1.5 | 1,575.1 | — | 1,966.9 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.7 | — | 2,356.6 | — | 2,367.3 | ||||||||||||||
Accrued investment income | — | — | 952.4 | — | 952.4 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,297.8 | — | 7,297.8 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 4,209.0 | — | 4,209.0 | ||||||||||||||
Sales inducements to contract owners | — | — | 233.5 | — | 233.5 | ||||||||||||||
Deferred income taxes | 572.6 | 37.9 | 1,053.2 | — | 1,663.7 | ||||||||||||||
Goodwill and other intangible assets | — | — | 196.0 | — | 196.0 | ||||||||||||||
Loans to subsidiaries and affiliates | 269.9 | — | — | (269.9 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 3.7 | 0.1 | 3.2 | (7.0 | ) | — | |||||||||||||
Other assets | 17.7 | — | 906.0 | — | 923.7 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 1,809.2 | — | 1,809.2 | ||||||||||||||
Cash and cash equivalents | — | — | 106.0 | — | 106.0 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 1,650.1 | — | 1,650.1 | ||||||||||||||
Other assets | — | — | 52.5 | — | 52.5 | ||||||||||||||
Assets held in separate accounts | — | — | 107,474.2 | — | 107,474.2 | ||||||||||||||
Total assets | $ | 16,787.5 | $ | 10,795.3 | $ | 225,360.2 | $ | (26,299.1 | ) | $ | 226,643.9 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 20,853.6 | $ | — | $ | 20,853.6 | |||||||||
Contract owner account balances | — | — | 71,354.3 | — | 71,354.3 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 3,317.7 | — | 3,317.7 | ||||||||||||||
Short-term debt | 336.6 | 109.9 | 160.0 | (269.9 | ) | 336.6 | |||||||||||||
Long-term debt | 2,681.0 | 437.9 | 18.4 | (15.1 | ) | 3,122.2 | |||||||||||||
Funds held under reinsurance agreements | — | — | 811.3 | — | 811.3 | ||||||||||||||
Derivatives | 50.3 | — | 696.4 | (99.0 | ) | 647.7 | |||||||||||||
Pension and other postretirement provisions | — | — | 542.2 | — | 542.2 | ||||||||||||||
Current income taxes | 12.7 | 1.9 | (13.3 | ) | — | 1.3 | |||||||||||||
Due to subsidiaries and affiliates | 0.9 | — | 3.4 | (4.3 | ) | — | |||||||||||||
Other liabilities | 53.0 | 4.7 | 1,348.2 | (2.7 | ) | 1,403.2 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 1,576.3 | — | 1,576.3 | ||||||||||||||
Other liabilities | — | — | 592.0 | — | 592.0 | ||||||||||||||
Liabilities related to separate accounts | — | — | 107,474.2 | — | 107,474.2 | ||||||||||||||
Total liabilities | 3,134.5 | 554.4 | 208,734.7 | (391.0 | ) | 212,032.6 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 13,653.0 | 10,240.9 | 15,667.2 | (25,908.1 | ) | 13,653.0 | |||||||||||||
Noncontrolling interest | — | — | 958.3 | — | 958.3 | ||||||||||||||
Total shareholders' equity | 13,653.0 | 10,240.9 | 16,625.5 | (25,908.1 | ) | 14,611.3 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,787.5 | $ | 10,795.3 | $ | 225,360.2 | $ | (26,299.1 | ) | $ | 226,643.9 | ||||||||
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 owners | — | — | 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 | 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 | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 7.9 | $ | — | $ | 1,098.9 | $ | (2.5 | ) | $ | 1,104.3 | ||||||||
Fee income | — | — | 880.0 | — | 880.0 | ||||||||||||||
Premiums | — | — | 581.6 | — | 581.6 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (1.2 | ) | — | (1.2 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||
Other net realized capital gains (losses) | — | — | (244.3 | ) | — | (244.3 | ) | ||||||||||||
Total net realized capital gains (losses) | — | — | (245.1 | ) | — | (245.1 | ) | ||||||||||||
Other revenue | — | 0.6 | 89.2 | — | 89.8 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 139.6 | — | 139.6 | ||||||||||||||
Total revenues | 7.9 | 0.6 | 2,544.2 | (2.5 | ) | 2,550.2 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 778.9 | — | 778.9 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 496.8 | — | 496.8 | ||||||||||||||
Operating expenses | 2.2 | — | 729.0 | — | 731.2 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 236.5 | — | 236.5 | ||||||||||||||
Interest expense | 40.9 | 9.1 | 1.7 | (2.5 | ) | 49.2 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 18.3 | — | 18.3 | ||||||||||||||
Other expense | — | — | 1.2 | — | 1.2 | ||||||||||||||
Total benefits and expenses | 43.1 | 9.1 | 2,262.4 | (2.5 | ) | 2,312.1 | |||||||||||||
Income (loss) before income taxes | (35.2 | ) | (8.5 | ) | 281.8 | — | 238.1 | ||||||||||||
Income tax expense (benefit) | (16.2 | ) | 1.5 | 38.8 | — | 24.1 | |||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (19.0 | ) | (10.0 | ) | 243.0 | — | 214.0 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 167.6 | 126.2 | — | (293.8 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 148.6 | 116.2 | 243.0 | (293.8 | ) | 214.0 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 65.4 | — | 65.4 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 148.6 | $ | 116.2 | $ | 177.6 | $ | (293.8 | ) | $ | 148.6 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 23.7 | $ | 0.1 | $ | 3,389.4 | $ | (11.0 | ) | $ | 3,402.2 | ||||||||
Fee income | — | — | 2,569.0 | — | 2,569.0 | ||||||||||||||
Premiums | — | — | 1,750.3 | — | 1,750.3 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (4.3 | ) | — | (4.3 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 0.9 | — | 0.9 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (5.2 | ) | — | (5.2 | ) | ||||||||||||
Other net realized capital gains (losses) | — | 0.1 | (939.4 | ) | — | (939.3 | ) | ||||||||||||
Total net realized capital gains (losses) | — | 0.1 | (944.6 | ) | — | (944.5 | ) | ||||||||||||
Other revenue | — | 0.6 | 279.2 | — | 279.8 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 295.6 | — | 295.6 | ||||||||||||||
Total revenues | 23.7 | 0.8 | 7,338.9 | (11.0 | ) | 7,352.4 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 2,575.8 | — | 2,575.8 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 1,535.2 | — | 1,535.2 | ||||||||||||||
Operating expenses | 6.9 | 0.1 | 2,154.7 | — | 2,161.7 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 563.4 | — | 563.4 | ||||||||||||||
Interest expense | 118.2 | 28.0 | 4.5 | (11.0 | ) | 139.7 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 62.0 | — | 62.0 | ||||||||||||||
Other expense | — | — | 4.8 | — | 4.8 | ||||||||||||||
Total benefits and expenses | 125.1 | 28.1 | 6,900.4 | (11.0 | ) | 7,042.6 | |||||||||||||
Income (loss) before income taxes | (101.4 | ) | (27.3 | ) | 438.5 | — | 309.8 | ||||||||||||
Income tax expense (benefit) | (39.8 | ) | (8.4 | ) | 67.2 | — | 19.0 | ||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (61.6 | ) | (18.9 | ) | 371.3 | — | 290.8 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 233.9 | 466.4 | — | (700.3 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 172.3 | 447.5 | 371.3 | (700.3 | ) | 290.8 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 118.5 | — | 118.5 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 172.3 | $ | 447.5 | $ | 252.8 | $ | (700.3 | ) | $ | 172.3 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 7.1 | $ | — | $ | 1,159.3 | $ | (3.0 | ) | $ | 1,163.4 | ||||||||
Fee income | — | — | 857.9 | — | 857.9 | ||||||||||||||
Premiums | — | — | 726.7 | — | 726.7 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (12.8 | ) | — | (12.8 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (12.7 | ) | — | (12.7 | ) | ||||||||||||
Other net realized capital gains (losses) | — | 0.1 | (355.1 | ) | — | (355.0 | ) | ||||||||||||
Total net realized capital gains (losses) | — | 0.1 | (367.8 | ) | — | (367.7 | ) | ||||||||||||
Other revenue | — | — | 90.5 | — | 90.5 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 57.7 | — | 57.7 | ||||||||||||||
Total revenues | 7.1 | 0.1 | 2,524.3 | (3.0 | ) | 2,528.5 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 1,385.5 | — | 1,385.5 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 521.4 | — | 521.4 | ||||||||||||||
Operating expenses | 1.8 | — | 721.8 | — | 723.6 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 180.7 | — | 180.7 | ||||||||||||||
Interest expense | 37.1 | 9.9 | 1.4 | (3.0 | ) | 45.4 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 26.7 | — | 26.7 | ||||||||||||||
Other expense | — | — | 1.1 | — | 1.1 | ||||||||||||||
Total benefits and expenses | 38.9 | 9.9 | 2,838.6 | (3.0 | ) | 2,884.4 | |||||||||||||
Income (loss) before income taxes | (31.8 | ) | (9.8 | ) | (314.3 | ) | — | (355.9 | ) | ||||||||||
Income tax expense (benefit) | 55.3 | (2.9 | ) | (105.1 | ) | (66.7 | ) | (119.4 | ) | ||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (87.1 | ) | (6.9 | ) | (209.2 | ) | 66.7 | (236.5 | ) | ||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (161.0 | ) | 2.4 | — | 158.6 | — | |||||||||||||
Net income (loss) including noncontrolling interest | (248.1 | ) | (4.5 | ) | (209.2 | ) | 225.3 | (236.5 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 11.6 | — | 11.6 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (248.1 | ) | $ | (4.5 | ) | $ | (220.8 | ) | $ | 225.3 | $ | (248.1 | ) | |||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 14.8 | $ | 0.1 | $ | 3,426.9 | $ | (9.1 | ) | $ | 3,432.7 | ||||||||
Fee income | — | — | 2,510.4 | — | 2,510.4 | ||||||||||||||
Premiums | — | — | 2,405.1 | — | 2,405.1 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (26.0 | ) | — | (26.0 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 1.7 | — | 1.7 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (27.7 | ) | — | (27.7 | ) | ||||||||||||
Other net realized capital gains (losses) | 1.3 | — | (431.9 | ) | — | (430.6 | ) | ||||||||||||
Total net realized capital gains (losses) | 1.3 | — | (459.6 | ) | — | (458.3 | ) | ||||||||||||
Other revenue | 1.0 | — | 256.9 | — | 257.9 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 86.0 | — | 86.0 | ||||||||||||||
Total revenues | 17.1 | 0.1 | 8,225.7 | (9.1 | ) | 8,233.8 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 3,818.3 | — | 3,818.3 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 1,514.0 | — | 1,514.0 | ||||||||||||||
Operating expenses | 6.6 | — | 2,153.6 | — | 2,160.2 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 381.2 | — | 381.2 | ||||||||||||||
Interest expense | 201.0 | 47.2 | 3.7 | (9.1 | ) | 242.8 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 75.4 | — | 75.4 | ||||||||||||||
Other expense | — | — | 3.4 | — | 3.4 | ||||||||||||||
Total benefits and expenses | 207.6 | 47.2 | 7,949.6 | (9.1 | ) | 8,195.3 | |||||||||||||
Income (loss) before income taxes | (190.5 | ) | (47.1 | ) | 276.1 | — | 38.5 | ||||||||||||
Income tax expense (benefit) | (0.2 | ) | (16.3 | ) | 29.9 | (66.7 | ) | (53.3 | ) | ||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (190.3 | ) | (30.8 | ) | 246.2 | 66.7 | 91.8 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 295.3 | 137.2 | — | (432.5 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 105.0 | 106.4 | 246.2 | (365.8 | ) | 91.8 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | (13.2 | ) | — | (13.2 | ) | ||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 105.0 | $ | 106.4 | $ | 259.4 | $ | (365.8 | ) | $ | 105.0 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 148.6 | $ | 116.2 | $ | 243.0 | $ | (293.8 | ) | $ | 214.0 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 195.4 | 178.4 | 195.4 | (373.8 | ) | 195.4 | |||||||||||||
Other-than-temporary impairments | 2.1 | 1.0 | 2.1 | (3.1 | ) | 2.1 | |||||||||||||
Pension and other postretirement benefits liability | (5.3 | ) | (0.8 | ) | (5.2 | ) | 6.0 | (5.3 | ) | ||||||||||
Other comprehensive income (loss), before tax | 192.2 | 178.6 | 192.3 | (370.9 | ) | 192.2 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 67.1 | 62.3 | 67.1 | (129.4 | ) | 67.1 | |||||||||||||
Other comprehensive income (loss), after tax | 125.1 | 116.3 | 125.2 | (241.5 | ) | 125.1 | |||||||||||||
Comprehensive income (loss) | 273.7 | 232.5 | 368.2 | (535.3 | ) | 339.1 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 65.4 | — | 65.4 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 273.7 | $ | 232.5 | $ | 302.8 | $ | (535.3 | ) | $ | 273.7 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 172.3 | $ | 447.5 | $ | 371.3 | $ | (700.3 | ) | $ | 290.8 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 1,242.8 | 907.6 | 1,242.8 | (2,150.4 | ) | 1,242.8 | |||||||||||||
Other-than-temporary impairments | 14.0 | 11.1 | 14.0 | (25.1 | ) | 14.0 | |||||||||||||
Pension and other postretirement benefits liability | (12.3 | ) | (2.4 | ) | (12.2 | ) | 14.6 | (12.3 | ) | ||||||||||
Other comprehensive income (loss), before tax | 1,244.5 | 916.3 | 1,244.6 | (2,160.9 | ) | 1,244.5 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 434.2 | 319.3 | 434.2 | (753.5 | ) | 434.2 | |||||||||||||
Other comprehensive income (loss), after tax | 810.3 | 597.0 | 810.4 | (1,407.4 | ) | 810.3 | |||||||||||||
Comprehensive income (loss) | 982.6 | 1,044.5 | 1,181.7 | (2,107.7 | ) | 1,101.1 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 118.5 | — | 118.5 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 982.6 | $ | 1,044.5 | $ | 1,063.2 | $ | (2,107.7 | ) | $ | 982.6 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | (248.1 | ) | $ | (4.5 | ) | $ | (209.2 | ) | $ | 225.3 | $ | (236.5 | ) | |||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 124.8 | 53.7 | 124.9 | (178.6 | ) | 124.8 | |||||||||||||
Other-than-temporary impairments | 2.2 | 1.2 | 2.2 | (3.4 | ) | 2.2 | |||||||||||||
Pension and other postretirement benefits liability | (3.4 | ) | (0.8 | ) | (3.4 | ) | 4.2 | (3.4 | ) | ||||||||||
Other comprehensive income (loss), before tax | 123.6 | 54.1 | 123.7 | (177.8 | ) | 123.6 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 46.2 | 21.9 | 46.3 | (68.2 | ) | 46.2 | |||||||||||||
Other comprehensive income (loss), after tax | 77.4 | 32.2 | 77.4 | (109.6 | ) | 77.4 | |||||||||||||
Comprehensive income (loss) | (170.7 | ) | 27.7 | (131.8 | ) | 115.7 | (159.1 | ) | |||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 11.6 | — | 11.6 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | (170.7 | ) | $ | 27.7 | $ | (143.4 | ) | $ | 115.7 | $ | (170.7 | ) | ||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 105.0 | $ | 106.4 | $ | 246.2 | $ | (365.8 | ) | $ | 91.8 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 3,217.1 | 2,163.0 | 3,217.3 | (5,380.3 | ) | 3,217.1 | |||||||||||||
Other-than-temporary impairments | 8.5 | 5.7 | 8.5 | (14.2 | ) | 8.5 | |||||||||||||
Pension and other postretirement benefits liability | (10.3 | ) | (2.4 | ) | (10.3 | ) | 12.7 | (10.3 | ) | ||||||||||
Other comprehensive income (loss), before tax | 3,215.3 | 2,166.3 | 3,215.5 | (5,381.8 | ) | 3,215.3 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 1,123.1 | 756.0 | 1,123.2 | (1,879.2 | ) | 1,123.1 | |||||||||||||
Other comprehensive income (loss), after tax | 2,092.2 | 1,410.3 | 2,092.3 | (3,502.6 | ) | 2,092.2 | |||||||||||||
Comprehensive income (loss) | 2,197.2 | 1,516.7 | 2,338.5 | (3,868.4 | ) | 2,184.0 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | (13.2 | ) | — | (13.2 | ) | ||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 2,197.2 | $ | 1,516.7 | $ | 2,351.7 | $ | (3,868.4 | ) | $ | 2,197.2 | ||||||||
Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 3.8 | $ | 100.5 | $ | 1,208.4 | $ | (190.0 | ) | $ | 1,122.7 | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 9,902.4 | — | 9,902.4 | ||||||||||||||
Equity securities, available-for-sale | 22.0 | — | 3.5 | — | 25.5 | ||||||||||||||
Mortgage loans on real estate | — | — | 932.7 | — | 932.7 | ||||||||||||||
Limited partnerships/corporations | — | — | 221.1 | — | 221.1 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (10,346.3 | ) | — | (10,346.3 | ) | ||||||||||||
Equity securities, available-for-sale | (22.9 | ) | — | (16.1 | ) | — | (39.0 | ) | |||||||||||
Mortgage loans on real estate | — | — | (1,951.3 | ) | — | (1,951.3 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (295.7 | ) | — | (295.7 | ) | ||||||||||||
Short-term investments, net | 0.1 | — | 107.7 | — | 107.8 | ||||||||||||||
Policy loans, net | — | — | 45.6 | — | 45.6 | ||||||||||||||
Derivatives, net | — | — | (614.8 | ) | — | (614.8 | ) | ||||||||||||
Other investments, net | — | — | (30.1 | ) | — | (30.1 | ) | ||||||||||||
Sales from consolidated investments entities | — | — | 1,620.6 | — | 1,620.6 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (1,719.8 | ) | — | (1,719.8 | ) | ||||||||||||
Issuance of intercompany loans with maturities more than three months | (33.9 | ) | — | — | 33.9 | — | |||||||||||||
Maturity (issuance) of short-term intercompany loans, net | 42.0 | — | 10.5 | (52.5 | ) | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 1,020.0 | 1,020.0 | — | (2,040.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (360.0 | ) | — | — | 360.0 | — | |||||||||||||
Collateral received (delivered), net | — | — | (106.8 | ) | — | (106.8 | ) | ||||||||||||
Purchases of fixed assets, net | — | — | (35.8 | ) | — | (35.8 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 667.3 | 1,020.0 | (2,272.6 | ) | (1,698.6 | ) | (2,283.9 | ) | |||||||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | — | — | 5,743.3 | — | 5,743.3 | ||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (5,577.8 | ) | — | (5,577.8 | ) | ||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 398.8 | — | — | — | 398.8 | ||||||||||||||
Repayment of debt with maturities of more than three months | (490.0 | ) | — | — | — | (490.0 | ) | ||||||||||||
Debt issuance costs | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||||||
Proceeds of intercompany loans with maturities of more than three months | — | — | 33.9 | (33.9 | ) | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (10.5 | ) | (101.3 | ) | 59.3 | 52.5 | — | ||||||||||||
Return of capital contributions and dividends to parent | — | (1,020.0 | ) | (1,210.0 | ) | 2,230.0 | — | ||||||||||||
Contributions of capital from parent | — | — | 360.0 | (360.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 807.0 | — | 807.0 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (779.4 | ) | — | (779.4 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities, net | — | — | 551.8 | — | 551.8 | ||||||||||||||
Proceeds from issuance of common stock, net | 2.7 | — | — | — | 2.7 | ||||||||||||||
Share-based compensation | (7.2 | ) | — | — | — | (7.2 | ) | ||||||||||||
Common stock acquired - Share repurchase | (422.8 | ) | — | — | — | (422.8 | ) | ||||||||||||
Dividends paid | (5.5 | ) | — | — | — | (5.5 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (538.0 | ) | (1,121.3 | ) | (11.9 | ) | 1,888.6 | 217.4 | |||||||||||
Net (decrease) increase in cash and cash equivalents | 133.1 | (0.8 | ) | (1,076.1 | ) | — | (943.8 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 257.2 | 2.3 | 2,651.2 | — | 2,910.7 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 390.3 | $ | 1.5 | $ | 1,575.1 | $ | — | $ | 1,966.9 | |||||||||
Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | (218.3 | ) | $ | 130.5 | $ | 2,803.6 | $ | (233.0 | ) | $ | 2,482.8 | |||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 8,786.2 | — | 8,786.2 | ||||||||||||||
Equity securities, available-for-sale | 12.7 | — | 77.6 | — | 90.3 | ||||||||||||||
Mortgage loans on real estate | — | — | 917.6 | — | 917.6 | ||||||||||||||
Limited partnerships/corporations | — | — | 206.0 | — | 206.0 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (10,731.8 | ) | — | (10,731.8 | ) | ||||||||||||
Equity securities, available-for-sale | (16.4 | ) | — | (22.6 | ) | — | (39.0 | ) | |||||||||||
Mortgage loans on real estate | — | — | (1,945.5 | ) | — | (1,945.5 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (304.6 | ) | — | (304.6 | ) | ||||||||||||
Short-term investments, net | — | — | 150.0 | — | 150.0 | ||||||||||||||
Policy loans, net | — | — | 7.1 | — | 7.1 | ||||||||||||||
Derivatives, net | 1.3 | — | (1,077.7 | ) | — | (1,076.4 | ) | ||||||||||||
Other investments, net | — | 0.1 | 14.2 | — | 14.3 | ||||||||||||||
Sales from consolidated investments entities | — | — | 1,539.8 | — | 1,539.8 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (1,006.4 | ) | — | (1,006.4 | ) | ||||||||||||
Maturity of intercompany loans with maturities more than three months | 0.3 | — | — | (0.3 | ) | — | |||||||||||||
Maturity (issuance) of short-term intercompany loans, net | (115.4 | ) | — | — | 115.4 | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 922.0 | 756.0 | — | (1,678.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (65.0 | ) | (44.0 | ) | — | 109.0 | — | ||||||||||||
Collateral received (delivered), net | (0.1 | ) | — | 927.5 | — | 927.4 | |||||||||||||
Purchases of fixed assets, net | — | — | (49.2 | ) | — | (49.2 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 739.4 | 712.1 | (2,511.8 | ) | (1,453.9 | ) | (2,514.2 | ) | |||||||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | — | — | 6,328.5 | — | 6,328.5 | ||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (5,183.1 | ) | — | (5,183.1 | ) | ||||||||||||
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 | ) | ||||||||||||
Intercompany loans with maturities of more than three months | — | — | (0.3 | ) | 0.3 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | — | 52.9 | 62.5 | (115.4 | ) | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (892.0 | ) | (1,019.0 | ) | 1,911.0 | — | ||||||||||||
Contributions of capital from parent | — | 30.0 | 79.0 | (109.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 124.6 | — | 124.6 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (410.1 | ) | — | (410.1 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities, net | — | — | (150.1 | ) | — | (150.1 | ) | ||||||||||||
Proceeds from issuance of common stock, net | 1.3 | — | — | — | 1.3 | ||||||||||||||
Share-based compensation | (6.3 | ) | — | — | — | (6.3 | ) | ||||||||||||
Common stock acquired - Share repurchase | (487.2 | ) | — | — | — | (487.2 | ) | ||||||||||||
Dividends paid | (6.1 | ) | — | — | — | (6.1 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (375.9 | ) | (857.6 | ) | (168.0 | ) | 1,686.9 | 285.4 | |||||||||||
Net (decrease) increase in cash and cash equivalents | 145.2 | (15.0 | ) | 123.8 | — | 254.0 | |||||||||||||
Cash and cash equivalents, beginning of period | 378.1 | 18.4 | 2,116.2 | — | 2,512.7 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 523.3 | $ | 3.4 | $ | 2,240.0 | $ | — | $ | 2,766.7 | |||||||||
|
|||
• | 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. |
• | On a prospective basis, all excess tax benefits and tax deficiencies related to share-based compensation will be reported in Net income (loss), rather than Additional paid-in capital. Prior year excess tax benefits will remain in Additional paid-in capital. |
• | The provision that removed the requirement to delay recognition of excess tax benefits until they reduce taxes payable was required to be adopted on a modified retrospective basis. Upon adoption, this provision resulted in a $15.4 increase in Deferred income tax assets with a corresponding increase to Retained earnings on the Condensed Consolidated Balance Sheet as of January 1, 2017, to record previously unrecognized excess tax benefits. |
• | The Company elected to retrospectively adopt the requirement to present cash inflows related to excess tax benefits as operating activities, which resulted in a $4.4 reclassification of Share-based compensation cash flows from financing activities to operating activities in the Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2016. |
• | The Company also elected to continue its existing accounting policy of including estimated forfeitures in the calculation of share-based compensation expense. |
• | 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. |
• | Expands an entity's ability to hedge nonfinancial and financial risk components and reduces complexity in fair value hedges of interest rate risk, |
• | Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item, |
• | Eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness, and |
• | Modifies required disclosures. |
• | 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. |
• | 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 | $ | 2,983.3 | $ | 514.6 | $ | 4.3 | $ | — | $ | 3,493.6 | $ | — | |||||||||||
U.S. Government agencies and authorities | 253.1 | 53.5 | — | — | 306.6 | — | |||||||||||||||||
State, municipalities and political subdivisions | 2,419.5 | 70.0 | 17.1 | — | 2,472.4 | — | |||||||||||||||||
U.S. corporate public securities | 30,675.2 | 2,902.0 | 69.1 | — | 33,508.1 | — | |||||||||||||||||
U.S. corporate private securities | 8,456.1 | 362.4 | 71.1 | — | 8,747.4 | — | |||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 7,865.0 | 620.9 | 26.5 | — | 8,459.4 | — | |||||||||||||||||
Foreign corporate private securities(1) | 7,891.1 | 399.3 | 31.4 | — | 8,259.0 | — | |||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Agency | 4,562.6 | 241.2 | 37.0 | 32.7 | 4,799.5 | — | |||||||||||||||||
Non-Agency | 1,722.1 | 149.0 | 5.1 | 22.1 | 1,888.1 | 26.1 | |||||||||||||||||
Total Residential mortgage-backed securities | 6,284.7 | 390.2 | 42.1 | 54.8 | 6,687.6 | 26.1 | |||||||||||||||||
Commercial mortgage-backed securities | 3,487.4 | 85.8 | 16.8 | — | 3,556.4 | — | |||||||||||||||||
Other asset-backed securities | 1,815.9 | 52.8 | 2.7 | — | 1,866.0 | 3.4 | |||||||||||||||||
Total fixed maturities, including securities pledged | 72,131.3 | 5,451.5 | 281.1 | 54.8 | 77,356.5 | 29.5 | |||||||||||||||||
Less: Securities pledged | 2,989.9 | 278.3 | 19.7 | — | 3,248.5 | — | |||||||||||||||||
Total fixed maturities | 69,141.4 | 5,173.2 | 261.4 | 54.8 | 74,108.0 | 29.5 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Common stock | 293.7 | 1.1 | 0.2 | — | 294.6 | — | |||||||||||||||||
Preferred stock | 90.4 | 35.0 | — | — | 125.4 | — | |||||||||||||||||
Total equity securities | 384.1 | 36.1 | 0.2 | — | 420.0 | — | |||||||||||||||||
Total fixed maturities and equity securities investments | $ | 69,525.5 | $ | 5,209.3 | $ | 261.6 | $ | 54.8 | $ | 74,528.0 | $ | 29.5 | |||||||||||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Fair Value | OTTI(3)(4) | ||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||
U.S. Treasuries | $ | 3,452.0 | $ | 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 | Fair Value | ||||||
Due to mature: | |||||||
One year or less | $ | 2,185.5 | $ | 2,218.5 | |||
After one year through five years | 13,194.4 | 13,803.9 | |||||
After five years through ten years | 18,022.9 | 18,715.4 | |||||
After ten years | 27,140.5 | 30,508.7 | |||||
Mortgage-backed securities | 9,772.1 | 10,244.0 | |||||
Other asset-backed securities | 1,815.9 | 1,866.0 | |||||
Fixed maturities, including securities pledged | $ | 72,131.3 | $ | 77,356.5 | |||
Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Fair Value | ||||||||||||
September 30, 2017 | |||||||||||||||
Communications | $ | 3,710.4 | $ | 438.1 | $ | 8.9 | $ | 4,139.6 | |||||||
Financial | 8,166.2 | 643.5 | 7.1 | 8,802.6 | |||||||||||
Industrial and other companies | 25,269.1 | 1,779.2 | 74.5 | 26,973.8 | |||||||||||
Energy | 5,933.4 | 504.7 | 61.0 | 6,377.1 | |||||||||||
Utilities | 8,868.2 | 710.5 | 37.0 | 9,541.7 | |||||||||||
Transportation | 1,860.1 | 145.1 | 4.3 | 2,000.9 | |||||||||||
Total | $ | 53,807.4 | $ | 4,221.1 | $ | 192.8 | $ | 57,835.7 | |||||||
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 | |||||||
September 30, 2017 (1)(2) | December 31, 2016 (1)(2) | ||||||
U.S. Treasuries | $ | 674.6 | $ | 762.9 | |||
U.S. Government agencies and authorities | 39.1 | 4.3 | |||||
U.S. corporate public securities | 1,473.6 | 468.4 | |||||
Equity Securities | — | 0.5 | |||||
Short-term Investments | 4.1 | 1.0 | |||||
Foreign corporate public securities and foreign governments | 368.8 | 210.5 | |||||
Payables under securities loan agreements | $ | 2,560.2 | $ | 1,447.6 | |||
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 | $ | 359.2 | $ | 2.4 | $ | 93.7 | $ | 1.7 | $ | 15.1 | $ | 0.2 | $ | 468.0 | $ | 4.3 | |||||||||||||||
State, municipalities and political subdivisions | 264.3 | 2.6 | 244.5 | 7.8 | 141.8 | 6.7 | 650.6 | 17.1 | |||||||||||||||||||||||
U.S. corporate public securities | 1,191.1 | 13.4 | 698.2 | 22.4 | 513.3 | 33.3 | 2,402.6 | 69.1 | |||||||||||||||||||||||
U.S. corporate private securities | 499.2 | 4.8 | 792.1 | 24.5 | 356.6 | 41.8 | 1,647.9 | 71.1 | |||||||||||||||||||||||
Foreign corporate public securities and foreign governments | 289.7 | 3.9 | 127.3 | 4.7 | 225.9 | 17.9 | 642.9 | 26.5 | |||||||||||||||||||||||
Foreign corporate private securities | 327.1 | 9.5 | 194.7 | 6.3 | 291.8 | 15.6 | 813.6 | 31.4 | |||||||||||||||||||||||
Residential mortgage-backed | 485.7 | 5.0 | 588.5 | 16.3 | 467.1 | 20.8 | 1,541.3 | 42.1 | |||||||||||||||||||||||
Commercial mortgage-backed | 837.5 | 8.1 | 199.2 | 8.6 | 14.2 | 0.1 | 1,050.9 | 16.8 | |||||||||||||||||||||||
Other asset-backed | 316.1 | 1.0 | 73.4 | 0.7 | 73.7 | 1.0 | 463.2 | 2.7 | |||||||||||||||||||||||
Total | $ | 4,569.9 | $ | 50.7 | $ | 3,011.6 | $ | 93.0 | $ | 2,099.5 | $ | 137.4 | $ | 9,681.0 | $ | 281.1 | |||||||||||||||
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 | |||||||||||||||
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 | |||||||||||||||
Loan-to-Value Ratio | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
September 30, 2017 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS > 100% | $ | — | $ | — | $ | — | $ | — | |||||||
Non-agency RMBS > 90% - 100% | 0.5 | — | — | * | — | ||||||||||
Non-agency RMBS 80% - 90% | 21.8 | — | 0.2 | — | |||||||||||
Non-agency RMBS < 80% | 376.1 | — | 5.6 | — | |||||||||||
Agency RMBS | 1,232.8 | 9.9 | 33.2 | 3.8 | |||||||||||
Other ABS (Non-RMBS) | 406.6 | 1.6 | 1.4 | 0.6 | |||||||||||
Total RMBS and Other ABS | $ | 2,037.8 | $ | 11.5 | $ | 40.4 | $ | 4.4 | |||||||
Credit Enhancement Percentage | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
September 30, 2017 | < 20% | > 20% | < 20% | > 20% | |||||||||||
RMBS and Other ABS(1) | |||||||||||||||
Non-agency RMBS 10% + | $ | 207.9 | $ | — | $ | 2.5 | $ | — | |||||||
Non-agency RMBS > 5% - 10% | 1.2 | — | — | * | — | ||||||||||
Non-agency RMBS > 0% - 5% | 113.4 | — | 1.6 | — | |||||||||||
Non-agency RMBS 0% | 75.9 | — | 1.7 | — | |||||||||||
Agency RMBS | 1,232.8 | 9.9 | 33.2 | 3.8 | |||||||||||
Other ABS (Non-RMBS) | 406.6 | 1.6 | 1.4 | 0.6 | |||||||||||
Total RMBS and Other ABS | $ | 2,037.8 | $ | 11.5 | $ | 40.4 | $ | 4.4 | |||||||
Fixed Rate/Floating Rate | |||||||||||||||
Amortized Cost | Unrealized Capital Losses | ||||||||||||||
September 30, 2017 | < 20% | > 20% | < 20% | > 20% | |||||||||||
Fixed Rate | $ | 1,521.2 | $ | 6.5 | $ | 28.4 | $ | 2.5 | |||||||
Floating Rate | 516.6 | 5.0 | 12.0 | 1.9 | |||||||||||
Total | $ | 2,037.8 | $ | 11.5 | $ | 40.4 | $ | 4.4 | |||||||
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 | |||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Impaired | Non Impaired | Total | Impaired | Non Impaired | Total | ||||||||||||||||||
Commercial mortgage loans | $ | 4.3 | $ | 12,742.5 | $ | 12,746.8 | $ | 4.6 | $ | 11,723.7 | $ | 11,728.3 | |||||||||||
Collective valuation allowance for losses | N/A | (2.3 | ) | (2.3 | ) | N/A | (3.1 | ) | (3.1 | ) | |||||||||||||
Total net commercial mortgage loans | $ | 4.3 | $ | 12,740.2 | $ | 12,744.5 | $ | 4.6 | $ | 11,720.6 | $ | 11,725.2 | |||||||||||
September 30, 2017 | December 31, 2016 | ||||||
Collective valuation allowance for losses, balance at January 1 | $ | 3.1 | $ | 3.2 | |||
Addition to (reduction of) allowance for losses | (0.8 | ) | (0.1 | ) | |||
Collective valuation allowance for losses, end of period | $ | 2.3 | $ | 3.1 | |||
September 30, 2017 | December 31, 2016 | ||||||
Impaired loans without allowances for losses | $ | 4.3 | $ | 4.6 | |||
Less: Allowances for losses on impaired loans | — | — | |||||
Impaired loans, net | $ | 4.3 | $ | 4.6 | |||
Unpaid principal balance of impaired loans | $ | 5.8 | $ | 6.1 | |||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Impaired loans, average investment during the period (amortized cost) (1) | $ | 4.4 | $ | 4.7 | |||
Interest income recognized on impaired loans, on an accrual basis (1) | 0.1 | 0.1 | |||||
Interest income recognized on impaired loans, on a cash basis (1) | 0.1 | 0.1 | |||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | — | — | |||||
(1) Includes amounts for Troubled debt restructured loans. | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Impaired loans, average investment during the period (amortized cost) (1) | $ | 4.5 | $ | 12.4 | |||
Interest income recognized on impaired loans, on an accrual basis (1) | 0.3 | 0.3 | |||||
Interest income recognized on impaired loans, on a cash basis (1) | 0.3 | 0.4 | |||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | — | 0.1 | |||||
September 30, 2017(1) | December 31, 2016(1) | ||||||
Loan-to-Value Ratio: | |||||||
0% - 50% | $ | 948.8 | $ | 1,366.3 | |||
> 50% - 60% | 2,856.3 | 2,950.1 | |||||
> 60% - 70% | 7,850.3 | 6,560.7 | |||||
> 70% - 80% | 1,006.6 | 833.8 | |||||
> 80% and above | 84.8 | 17.4 | |||||
Total Commercial mortgage loans | $ | 12,746.8 | $ | 11,728.3 | |||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||
Debt Service Coverage Ratio: | |||||||
Greater than 1.5x | $ | 10,187.7 | $ | 9,298.4 | |||
> 1.25x - 1.5x | 1,172.1 | 1,247.3 | |||||
> 1.0x - 1.25x | 1,093.8 | 899.2 | |||||
Less than 1.0x | 172.8 | 181.4 | |||||
Commercial mortgage loans secured by land or construction loans | 120.4 | 102.0 | |||||
Total Commercial mortgage loans | $ | 12,746.8 | $ | 11,728.3 | |||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | ||||||||||
Commercial Mortgage Loans by U.S. Region: | |||||||||||||
Pacific | $ | 2,909.2 | 22.8 | % | $ | 2,896.8 | 24.6 | % | |||||
South Atlantic | 2,714.8 | 21.3 | % | 2,646.0 | 22.6 | % | |||||||
Middle Atlantic | 2,136.0 | 16.8 | % | 1,648.7 | 14.1 | % | |||||||
West South Central | 1,343.9 | 10.5 | % | 1,236.1 | 10.5 | % | |||||||
Mountain | 1,368.5 | 10.7 | % | 1,092.1 | 9.3 | % | |||||||
East North Central | 1,335.4 | 10.5 | % | 1,274.3 | 10.9 | % | |||||||
New England | 224.2 | 1.8 | % | 231.2 | 2.0 | % | |||||||
West North Central | 534.0 | 4.2 | % | 508.9 | 4.3 | % | |||||||
East South Central | 180.8 | 1.4 | % | 194.2 | 1.7 | % | |||||||
Total Commercial mortgage loans | $ | 12,746.8 | 100.0 | % | $ | 11,728.3 | 100.0 | % | |||||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||||||||
Gross Carrying Value | % of Total | Gross Carrying Value | % of Total | ||||||||||
Commercial Mortgage Loans by Property Type: | |||||||||||||
Retail | $ | 3,730.5 | 29.2 | % | $ | 3,695.8 | 31.5 | % | |||||
Industrial | 3,244.7 | 25.5 | % | 2,663.5 | 22.7 | % | |||||||
Apartments | 2,622.9 | 20.6 | % | 2,410.8 | 20.6 | % | |||||||
Office | 2,106.3 | 16.5 | % | 1,917.0 | 16.3 | % | |||||||
Hotel/Motel | 432.3 | 3.4 | % | 411.2 | 3.5 | % | |||||||
Other | 491.9 | 3.9 | % | 516.5 | 4.4 | % | |||||||
Mixed Use | 118.2 | 0.9 | % | 113.5 | 1.0 | % | |||||||
Total Commercial mortgage loans | $ | 12,746.8 | 100.0 | % | $ | 11,728.3 | 100.0 | % | |||||
September 30, 2017 (1) | December 31, 2016 (1) | ||||||
Year of Origination: | |||||||
2017 | $ | 1,834.3 | $ | — | |||
2016 | 2,348.5 | 2,349.6 | |||||
2015 | 2,017.5 | 2,066.1 | |||||
2014 | 1,838.9 | 1,860.3 | |||||
2013 | 1,889.2 | 1,953.1 | |||||
2012 | 1,000.7 | 1,241.4 | |||||
2011 and prior | 1,817.7 | 2,257.8 | |||||
Total Commercial mortgage loans | $ | 12,746.8 | $ | 11,728.3 | |||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Balance at July 1 | $ | 42.5 | $ | 71.6 | |||
Additional credit impairments: | |||||||
On securities previously impaired | 0.2 | 0.6 | |||||
Reductions: | |||||||
Increase in cash flows | 0.3 | 1.7 | |||||
Securities sold, matured, prepaid or paid down | 1.6 | 2.8 | |||||
Balance at September 30 | $ | 40.8 | $ | 67.7 | |||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Balance at January 1 | $ | 54.6 | $ | 75.3 | |||
Additional credit impairments: | |||||||
On securities previously impaired | 1.0 | 3.4 | |||||
Reductions: | |||||||
Increase in cash flows | 1.0 | 1.9 | |||||
Securities sold, matured, prepaid or paid down | 13.8 | 9.1 | |||||
Balance at September 30 | $ | 40.8 | $ | 67.7 | |||
Three Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
U.S. corporate public securities | $ | — | — | $ | 9.1 | 2 | |||||||
Foreign corporate public securities and foreign governments(1) | — | — | — | — | |||||||||
Residential mortgage-backed | — | * | 3 | 0.1 | 6 | ||||||||
Commercial mortgage-backed | — | — | — | — | |||||||||
Total | $ | — | 3 | $ | 9.2 | 8 | |||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
* Less than $0.1. | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
U.S. corporate public securities | $ | 0.1 | 1 | $ | 9.1 | 2 | |||||||
Foreign corporate public securities and foreign governments(1) | — | — | 8.7 | 1 | |||||||||
Residential mortgage-backed | 0.4 | 8 | 0.9 | 11 | |||||||||
Commercial mortgage-backed | 2.2 | 4 | — | — | |||||||||
Total | $ | 2.7 | 13 | $ | 18.7 | 14 | |||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
Three Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
State, municipalities and political subdivisions | $ | 0.1 | 3 | $ | — | — | |||||||
U.S. corporate public securities | — | — | 9.0 | 2 | |||||||||
Foreign corporate public securities and foreign governments(1) | — | — | — | — | |||||||||
Foreign corporate private securities(1) | 0.4 | 1 | 3.0 | 1 | |||||||||
Residential mortgage-backed | 0.3 | 14 | 0.7 | 41 | |||||||||
Commercial mortgage-backed | — | — | — | — | |||||||||
Other asset-backed | — | — | — | * | 1 | ||||||||
Total | $ | 0.8 | 18 | $ | 12.7 | 45 | |||||||
* Less than $0.1. | |||||||||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Impairment | No. of Securities | Impairment | No. of Securities | ||||||||||
State, municipalities and political subdivisions | $ | 0.6 | 3 | $ | 0.3 | 2 | |||||||
U.S. corporate public securities | 0.1 | 1 | 9.6 | 3 | |||||||||
Foreign corporate public securities and foreign governments(1) | — | — | 10.0 | 2 | |||||||||
Foreign corporate private securities(1) | 0.4 | 1 | 3.2 | 2 | |||||||||
Residential mortgage-backed | 1.9 | 45 | 4.6 | 74 | |||||||||
Commercial mortgage-backed | 2.2 | 4 | — | — | |||||||||
Other asset-backed | — | — | — | * | 1 | ||||||||
Total | $ | 5.2 | 54 | $ | 27.7 | 84 | |||||||
* Less than $0.1. | |||||||||||||
(1) Primarily U.S. dollar denominated. | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Fixed maturities | $ | 947.1 | $ | 1,004.4 | $ | 2,856.3 | $ | 3,005.0 | |||||||
Equity securities, available-for-sale | 2.0 | 5.3 | 14.1 | 14.2 | |||||||||||
Mortgage loans on real estate | 143.7 | 135.3 | 421.5 | 408.0 | |||||||||||
Policy loans | 25.4 | 26.6 | 76.2 | 80.8 | |||||||||||
Short-term investments and cash equivalents | 2.6 | 0.6 | 6.7 | 3.8 | |||||||||||
Other | 11.5 | 19.9 | 111.9 | 6.6 | |||||||||||
Gross investment income | 1,132.3 | 1,192.1 | 3,486.7 | 3,518.4 | |||||||||||
Less: investment expenses | 28.0 | 28.7 | 84.5 | 85.7 | |||||||||||
Net investment income | $ | 1,104.3 | $ | 1,163.4 | $ | 3,402.2 | $ | 3,432.7 | |||||||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Fixed maturities, available-for-sale, including securities pledged | $ | 14.5 | $ | (4.5 | ) | ||
Fixed maturities, at fair value option | (101.5 | ) | (103.4 | ) | |||
Equity securities, available-for-sale | (0.8 | ) | 0.1 | ||||
Derivatives | (308.6 | ) | (392.9 | ) | |||
Embedded derivatives - fixed maturities | (3.9 | ) | (7.4 | ) | |||
Guaranteed benefit derivatives | 154.3 | 140.5 | |||||
Other investments | 0.9 | (0.1 | ) | ||||
Net realized capital gains (losses) | $ | (245.1 | ) | $ | (367.7 | ) | |
After-tax net realized capital gains (losses) | $ | (157.9 | ) | $ | (242.2 | ) | |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Fixed maturities, available-for-sale, including securities pledged | $ | (6.0 | ) | $ | (73.4 | ) | |
Fixed maturities, at fair value option | (276.6 | ) | (119.9 | ) | |||
Equity securities, available-for-sale | (0.8 | ) | 0.2 | ||||
Derivatives | (861.2 | ) | (214.3 | ) | |||
Embedded derivatives - fixed maturities | (15.7 | ) | (4.6 | ) | |||
Guaranteed benefit derivatives | 213.0 | (46.4 | ) | ||||
Other investments | 2.8 | 0.1 | |||||
Net realized capital gains (losses) | $ | (944.5 | ) | $ | (458.3 | ) | |
After-tax net realized capital gains (losses) | $ | (605.2 | ) | $ | (300.6 | ) | |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Proceeds on sales | $ | 1,669.0 | $ | 1,030.6 | $ | 6,300.0 | $ | 5,488.8 | |||||||
Gross gains | 32.9 | 12.9 | 84.9 | 134.1 | |||||||||||
Gross losses | 15.1 | 3.7 | 60.2 | 177.7 | |||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
September 30, 2017 | |||||||||||||||||||||
Six months or less below amortized cost | $ | 4,677.7 | $ | 22.0 | $ | 58.2 | $ | 6.4 | 535 | 13 | |||||||||||
More than six months and twelve months or less below amortized cost | 3,131.4 | 16.9 | 94.7 | 4.8 | 363 | 12 | |||||||||||||||
More than twelve months below amortized cost | 2,001.0 | 113.1 | 82.3 | 34.7 | 319 | 11 | |||||||||||||||
Total | $ | 9,810.1 | $ | 152.0 | $ | 235.2 | $ | 45.9 | 1,217 | 36 | |||||||||||
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 | |||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | |||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||
September 30, 2017 | |||||||||||||||||||||
U.S. Treasuries | $ | 472.3 | $ | — | $ | 4.3 | $ | — | 30 | — | |||||||||||
State, municipalities and political subdivisions | 667.7 | — | 17.1 | — | 117 | — | |||||||||||||||
U.S. corporate public securities | 2,437.2 | 34.5 | 60.3 | 8.8 | 245 | 5 | |||||||||||||||
U.S. corporate private securities | 1,625.0 | 94.0 | 41.7 | 29.4 | 62 | 2 | |||||||||||||||
Foreign corporate public securities and foreign governments | 657.4 | 12.0 | 23.2 | 3.3 | 64 | 2 | |||||||||||||||
Foreign corporate private securities | 845.0 | — | * | 31.4 | — | * | 36 | 2 | |||||||||||||
Residential mortgage-backed | 1,573.5 | 9.9 | 38.3 | 3.8 | 375 | 21 | |||||||||||||||
Commercial mortgage-backed | 1,067.7 | — | 16.8 | — | 159 | — | |||||||||||||||
Other asset-backed | 464.3 | 1.6 | 2.1 | 0.6 | 129 | 4 | |||||||||||||||
Total | $ | 9,810.1 | $ | 152.0 | $ | 235.2 | $ | 45.9 | 1,217 | 36 | |||||||||||
December 31, 2016 | |||||||||||||||||||||
U.S. Treasuries | $ | 1,075.3 | $ | — | $ | 13.9 | $ | — | 33 | — | |||||||||||
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 | |||||||||||
|
|||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
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 | $ | 74.0 | $ | 0.2 | $ | — | $ | 124.0 | $ | 4.7 | $ | 0.3 | |||||||||||
Foreign exchange contracts | 717.4 | — | 56.3 | 480.8 | 40.1 | 10.7 | |||||||||||||||||
Derivatives: Non-qualifying for hedge accounting(1) | |||||||||||||||||||||||
Interest rate contracts | 59,937.4 | 717.1 | 138.6 | 78,399.6 | 1,080.6 | 354.3 | |||||||||||||||||
Foreign exchange contracts | 131.1 | 0.1 | 3.8 | 1,573.0 | 60.7 | 39.2 | |||||||||||||||||
Equity contracts | 40,617.6 | 817.4 | 430.3 | 28,959.6 | 494.1 | 50.4 | |||||||||||||||||
Credit contracts | 3,177.6 | 29.5 | 18.7 | 3,255.3 | 32.2 | 15.8 | |||||||||||||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||||||||||||||
Within fixed maturity investments | N/A | 54.8 | — | N/A | 70.5 | — | |||||||||||||||||
Within products | N/A | — | 3,650.1 | N/A | — | 3,791.4 | |||||||||||||||||
Within reinsurance agreements | N/A | — | 121.2 | N/A | — | 78.7 | |||||||||||||||||
Managed custody guarantees | N/A | — | — | N/A | — | — | |||||||||||||||||
Total | $ | 1,619.1 | $ | 4,419.0 | $ | 1,782.9 | $ | 4,340.8 | |||||||||||||||
September 30, 2017 | |||||||||||
Notional Amount | Asset Fair Value | Liability Fair Value | |||||||||
Credit contracts | $ | 3,177.6 | $ | 29.5 | $ | 18.7 | |||||
Equity contracts | 32,948.8 | 816.6 | 400.8 | ||||||||
Foreign exchange contracts | 848.5 | 0.1 | 60.1 | ||||||||
Interest rate contracts | 54,608.9 | 716.1 | 138.6 | ||||||||
1,562.3 | 618.2 | ||||||||||
Counterparty netting(1) | (557.5 | ) | (557.5 | ) | |||||||
Cash collateral netting(1) | (969.1 | ) | (7.3 | ) | |||||||
Securities collateral netting(1) | (19.0 | ) | (45.5 | ) | |||||||
Net receivables/payables | $ | 16.7 | $ | 7.9 | |||||||
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 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Derivatives: Qualifying for hedge accounting(1) | |||||||||||||||
Cash flow hedges: | |||||||||||||||
Interest rate contracts | $ | 0.1 | $ | 0.3 | $ | 0.6 | $ | 0.9 | |||||||
Foreign exchange contracts | 4.7 | 0.6 | 33.3 | 2.0 | |||||||||||
Fair value hedges: | |||||||||||||||
Interest rate contracts | — | 0.6 | — | (5.1 | ) | ||||||||||
Derivatives: Non-qualifying for hedge accounting(2) | |||||||||||||||
Interest rate contracts | 20.0 | 29.2 | 118.9 | 662.1 | |||||||||||
Foreign exchange contracts | (3.3 | ) | (3.1 | ) | (42.5 | ) | (8.8 | ) | |||||||
Equity contracts | (333.3 | ) | (421.7 | ) | (986.1 | ) | (863.8 | ) | |||||||
Credit contracts | 3.2 | 1.2 | 14.6 | (1.6 | ) | ||||||||||
Embedded derivatives and Managed custody guarantees: | |||||||||||||||
Within fixed maturity investments(2) | (3.9 | ) | (7.4 | ) | (15.7 | ) | (4.6 | ) | |||||||
Within products(2) | 154.2 | 140.5 | 212.8 | (42.5 | ) | ||||||||||
Within reinsurance agreements(3) | (9.7 | ) | (9.9 | ) | (44.2 | ) | (105.1 | ) | |||||||
Managed custody guarantees(2) | 0.1 | (0.1 | ) | 0.2 | (4.0 | ) | |||||||||
Total | $ | (167.9 | ) | $ | (269.8 | ) | $ | (708.1 | ) | $ | (370.5 | ) | |||
|
|||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||
U.S. Treasuries | $ | 2,879.7 | $ | 613.9 | $ | — | $ | 3,493.6 | |||||||
U.S. Government agencies and authorities | — | 306.6 | — | 306.6 | |||||||||||
State, municipalities and political subdivisions | — | 2,472.4 | — | 2,472.4 | |||||||||||
U.S. corporate public securities | — | 33,428.5 | 79.6 | 33,508.1 | |||||||||||
U.S. corporate private securities | — | 7,268.1 | 1,479.3 | 8,747.4 | |||||||||||
Foreign corporate public securities and foreign governments(1) | — | 8,448.6 | 10.8 | 8,459.4 | |||||||||||
Foreign corporate private securities(1) | — | 7,907.6 | 351.4 | 8,259.0 | |||||||||||
Residential mortgage-backed securities | — | 6,612.2 | 75.4 | 6,687.6 | |||||||||||
Commercial mortgage-backed securities | — | 3,523.0 | 33.4 | 3,556.4 | |||||||||||
Other asset-backed securities | — | 1,717.0 | 149.0 | 1,866.0 | |||||||||||
Total fixed maturities, including securities pledged | 2,879.7 | 72,297.9 | 2,178.9 | 77,356.5 | |||||||||||
Equity securities, available-for-sale | 306.5 | — | 113.5 | 420.0 | |||||||||||
Derivatives: | |||||||||||||||
Interest rate contracts | 1.2 | 716.1 | — | 717.3 | |||||||||||
Foreign exchange contracts | — | 0.1 | — | 0.1 | |||||||||||
Equity contracts | 0.9 | 606.1 | 210.4 | 817.4 | |||||||||||
Credit contracts | — | 23.0 | 6.5 | 29.5 | |||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,718.9 | 328.5 | — | 5,047.4 | |||||||||||
Assets held in separate accounts | 102,938.7 | 4,529.9 | 5.6 | 107,474.2 | |||||||||||
Total assets | $ | 110,845.9 | $ | 78,501.6 | $ | 2,514.9 | $ | 191,862.4 | |||||||
Percentage of Level to total | 57.8 | % | 40.9 | % | 1.3 | % | 100.0 | % | |||||||
Liabilities: | |||||||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | $ | — | $ | — | $ | 2,188.3 | $ | 2,188.3 | |||||||
IUL | — | — | 126.1 | 126.1 | |||||||||||
GMWBL/GMWB/GMAB(2) | — | — | 1,201.8 | 1,201.8 | |||||||||||
Stabilizer and MCGs | — | — | 133.9 | 133.9 | |||||||||||
Other derivatives: | |||||||||||||||
Interest rate contracts | — | 138.6 | — | 138.6 | |||||||||||
Foreign exchange contracts | — | 60.1 | — | 60.1 | |||||||||||
Equity contracts | 29.5 | 394.0 | 6.8 | 430.3 | |||||||||||
Credit contracts | — | 18.7 | — | 18.7 | |||||||||||
Embedded derivative on reinsurance | — | 121.2 | — | 121.2 | |||||||||||
Total liabilities | $ | 29.5 | $ | 732.6 | $ | 3,656.9 | $ | 4,419.0 | |||||||
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 | |||||||||||
GMWBL/GMWB/GMAB | — | — | 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 | |||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 89.2 | $ | (0.1 | ) | $ | 0.1 | $ | — | $ | — | $ | (9.6 | ) | $ | — | $ | — | $ | — | $ | 79.6 | $ | — | |||||||||||||||||||
U.S. corporate private securities | 1,487.5 | 0.2 | 1.9 | 6.0 | — | (4.1 | ) | (37.4 | ) | 25.2 | — | 1,479.3 | (0.1 | ) | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 11.2 | — | (0.3 | ) | — | — | — | (0.1 | ) | — | — | 10.8 | — | ||||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 301.4 | — | 3.1 | 50.0 | — | — | (3.1 | ) | — | — | 351.4 | — | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 100.2 | (5.2 | ) | 0.4 | 15.4 | — | — | (0.4 | ) | — | (35.0 | ) | 75.4 | (5.2 | ) | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 34.1 | — | — | 33.9 | — | — | (0.7 | ) | — | (33.9 | ) | 33.4 | — | ||||||||||||||||||||||||||||||
Other asset-backed securities | 126.2 | — | 0.8 | 119.2 | — | — | (0.8 | ) | — | (96.4 | ) | 149.0 | — | ||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 2,149.8 | (5.1 | ) | 6.0 | 224.5 | — | (13.7 | ) | (42.5 | ) | 25.2 | (165.3 | ) | 2,178.9 | (5.3 | ) | |||||||||||||||||||||||||||
Three Months Ended September 30, 2017 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 113.1 | $ | — | $ | 0.4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 113.5 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (2,097.1 | ) | (133.0 | ) | — | — | (4.0 | ) | — | 45.8 | — | — | (2,188.3 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (107.4 | ) | (21.6 | ) | — | — | (8.5 | ) | — | 11.4 | — | — | (126.1 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (1,465.8 | ) | 300.8 | — | — | (36.9 | ) | — | 0.1 | — | — | (1,201.8 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs (2) | (141.2 | ) | 8.1 | — | — | (0.8 | ) | — | — | — | — | (133.9 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 178.4 | 50.1 | — | 17.7 | — | — | (36.1 | ) | — | — | 210.1 | 31.7 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Assets held in separate accounts (5) | 3.1 | — | — | 3.8 | — | (0.3 | ) | — | — | (1.0 | ) | 5.6 | — | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||
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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 22.1 | $ | (0.1 | ) | $ | 1.2 | $ | 43.7 | $ | — | $ | (9.6 | ) | $ | (1.8 | ) | $ | 24.1 | $ | — | $ | 79.6 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 1,319.4 | 0.6 | 13.9 | 144.8 | — | (4.1 | ) | (48.6 | ) | 79.2 | (25.9 | ) | 1,479.3 | 0.2 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 12.3 | — | (1.3 | ) | — | — | — | (0.2 | ) | — | — | 10.8 | — | ||||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 440.9 | 0.1 | 0.7 | 69.9 | — | — | (50.8 | ) | — | (109.4 | ) | 351.4 | 0.2 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 71.9 | (12.6 | ) | (0.2 | ) | 15.5 | — | — | (1.2 | ) | 2.0 | — | 75.4 | (12.5 | ) | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 23.4 | (0.5 | ) | — | 33.9 | — | — | (0.7 | ) | — | (22.7 | ) | 33.4 | (0.5 | ) | ||||||||||||||||||||||||||||
Other asset-backed securities | 83.7 | 0.5 | 1.5 | 119.2 | — | — | (5.1 | ) | 1.8 | (52.6 | ) | 149.0 | 0.5 | ||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 1,973.7 | (12.0 | ) | 15.8 | 427.0 | — | (13.7 | ) | (108.4 | ) | 107.1 | (210.6 | ) | 2,178.9 | (12.1 | ) | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 (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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 99.5 | $ | — | $ | 2.4 | $ | 11.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 113.5 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (2,029.6 | ) | (196.6 | ) | — | — | (112.5 | ) | — | 150.4 | — | — | (2,188.3 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (81.0 | ) | (50.5 | ) | — | — | (25.3 | ) | — | 30.7 | — | — | (126.1 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (1,530.4 | ) | 440.4 | — | — | (112.1 | ) | — | 0.3 | — | — | (1,201.8 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (150.4 | ) | 19.7 | — | — | (3.2 | ) | — | — | — | — | (133.9 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 106.3 | 134.9 | — | 50.3 | — | — | (85.1 | ) | 3.7 | — | 210.1 | 100.1 | |||||||||||||||||||||||||||||||
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) | 5.3 | 0.1 | — | 9.9 | — | (3.0 | ) | — | 2.1 | (8.8 | ) | 5.6 | — | ||||||||||||||||||||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||
U.S. corporate public securities | $ | 59.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.1 | ) | $ | — | $ | (30.3 | ) | $ | 29.5 | $ | — | |||||||||||||||||||
U.S. corporate private securities | 1,092.4 | — | 11.1 | 133.1 | — | — | (29.7 | ) | — | — | 1,206.9 | — | |||||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments (1) | 9.0 | — | 0.1 | — | — | — | (0.1 | ) | — | — | 9.0 | — | |||||||||||||||||||||||||||||||
Foreign corporate private securities (1) | 475.0 | (3.0 | ) | 8.3 | — | — | — | (11.5 | ) | — | — | 468.8 | (3.0 | ) | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | 97.8 | (4.4 | ) | 1.1 | 5.0 | — | (2.6 | ) | (0.4 | ) | — | (14.1 | ) | 82.4 | (3.7 | ) | |||||||||||||||||||||||||||
Commercial mortgage-backed securities | 25.7 | — | 0.1 | 11.3 | — | — | (2.7 | ) | — | (1.5 | ) | 32.9 | — | ||||||||||||||||||||||||||||||
Other asset-backed securities | 110.4 | — | — | 151.6 | — | (1.0 | ) | (0.7 | ) | 7.4 | (73.3 | ) | 194.4 | — | |||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 1,870.2 | (7.4 | ) | 20.7 | 301.0 | — | (3.6 | ) | (45.2 | ) | 7.4 | (119.2 | ) | 2,023.9 | (6.7 | ) | |||||||||||||||||||||||||||
Three Months Ended September 30, 2016 (continued) | |||||||||||||||||||||||||||||||||||||||||||
Fair Value as of July 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 101.9 | $ | — | $ | 1.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 103.2 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,642.8 | ) | (121.7 | ) | — | — | (38.3 | ) | — | 55.1 | — | — | (1,747.7 | ) | — | ||||||||||||||||||||||||||||
IUL(2) | (51.5 | ) | (13.4 | ) | — | — | (6.7 | ) | — | 2.3 | — | — | (69.3 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (2,239.8 | ) | 269.4 | — | — | (37.7 | ) | — | 0.1 | — | — | (2,008.0 | ) | — | |||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (272.0 | ) | 6.1 | — | — | (1.2 | ) | — | — | — | — | (267.1 | ) | — | |||||||||||||||||||||||||||||
Other derivatives, net | 56.1 | 18.6 | — | 12.1 | — | — | (2.6 | ) | — | — | 84.2 | 28.1 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0.1 | — | — | — | — | — | — | — | — | 0.1 | — | ||||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 3.4 | 0.2 | — | 4.1 | — | (0.7 | ) | — | 2.1 | — | 9.1 | — | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 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 September 30 | 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 | ) | $ | 2.0 | $ | — | $ | — | $ | (2.1 | ) | $ | (1.1 | ) | $ | 24.1 | $ | — | $ | 29.5 | $ | — | ||||||||||||||||||
U.S. corporate private securities | 1,040.3 | 0.1 | 47.4 | 268.3 | — | (37.0 | ) | (169.4 | ) | 81.9 | (24.7 | ) | 1,206.9 | 0.2 | |||||||||||||||||||||||||||||
Foreign corporate public securities and foreign governments(1) | 13.8 | (1.2 | ) | (3.3 | ) | — | — | — | (0.3 | ) | — | — | 9.0 | (1.2 | ) | ||||||||||||||||||||||||||||
Foreign corporate private securities(1) | 430.4 | (3.2 | ) | 26.3 | — | — | (0.5 | ) | (52.6 | ) | 80.0 | (11.6 | ) | 468.8 | (3.2 | ) | |||||||||||||||||||||||||||
Residential mortgage-backed securities | 96.1 | (3.1 | ) | — | 5.0 | — | (14.9 | ) | (0.7 | ) | — | — | 82.4 | (10.7 | ) | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 31.4 | — | 0.5 | 11.3 | — | — | (9.3 | ) | — | (1.0 | ) | 32.9 | — | ||||||||||||||||||||||||||||||
Other asset-backed securities | 44.5 | (0.2 | ) | 0.2 | 156.2 | — | (1.0 | ) | (3.6 | ) | 8.3 | (10.0 | ) | 194.4 | (0.3 | ) | |||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 1,663.4 | (7.9 | ) | 73.1 | 440.8 | — | (55.5 | ) | (237.0 | ) | 194.3 | (47.3 | ) | 2,023.9 | (15.2 | ) | |||||||||||||||||||||||||||
Nine Months Ended September 30, 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 September 30 | Change In Unrealized Gains (Losses) Included in Earnings(4) | ||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | $ | 97.4 | $ | — | $ | 5.8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 103.2 | $ | — | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||||||||||||||||||||||||||||||
FIA(2) | (1,820.1 | ) | 81.3 | — | — | (160.9 | ) | — | 152.0 | — | — | (1,747.7 | ) | — | |||||||||||||||||||||||||||||
IUL(2) | (52.6 | ) | (3.6 | ) | — | — | (20.4 | ) | — | 7.3 | — | — | (69.3 | ) | — | ||||||||||||||||||||||||||||
GMWBL/GMWB/GMAB(2) | (1,873.5 | ) | (21.9 | ) | — | — | (113.0 | ) | — | 0.4 | — | — | (2,008.0 | ) | — | ||||||||||||||||||||||||||||
Stabilizer and MCGs(2) | (161.3 | ) | (102.3 | ) | — | — | (3.5 | ) | — | — | — | — | (267.1 | ) | — | ||||||||||||||||||||||||||||
Other derivatives, net | 52.4 | (1.3 | ) | — | 39.4 | — | — | (6.3 | ) | — | — | 84.2 | 31.8 | ||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | — | * | — | 0.1 | — | — | — | — | — | — | 0.1 | — | |||||||||||||||||||||||||||||||
Assets held in separate accounts(5) | 3.9 | 0.2 | — | 4.1 | — | (0.7 | ) | — | 5.5 | (3.9 | ) | 9.1 | — | ||||||||||||||||||||||||||||||
Range(1) | |||||||||||||
Unobservable Input | GMWBL/GMWB/GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||
Long-term equity implied volatility | 15% to 25% | — | — | — | |||||||||
Interest rate implied volatility | 0.1% to 16% | — | — | 0.1% to 6.6% | |||||||||
Correlations between: | |||||||||||||
Equity Funds | -13% to 99% | — | — | — | |||||||||
Equity and Fixed Income Funds | -38% to 62% | — | — | — | |||||||||
Interest Rates and Equity Funds | -32% to 26% | — | — | — | |||||||||
Nonperformance risk | 0.24% to 1.3% | 0.24% to 1.3% | 0.24% to 0.6% | 0.24% to 1.3% | |||||||||
Actuarial Assumptions: | |||||||||||||
Benefit Utilization | 70% to 100% | (2) | — | — | — | ||||||||
Partial Withdrawals | 0% to 3.4% | (2) | 0% to 10% | — | — | ||||||||
Lapses | 0.1% to 15.3% | (3)(4) | 0% to 60% | (3) | 2% to 10% | 0 % to 50% | (5) | ||||||
Policyholder Deposits(6) | — | — | — | 0 % to 50% | (5) | ||||||||
Mortality | — | (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 | $ | 1.6 | $ | 0.1 | $ | 1.7 | 9.0 | ||||||||
60-69 | 5.1 | 0.5 | 5.6 | 3.9 | |||||||||||
70+ | 6.0 | 0.5 | 6.5 | 2.6 | |||||||||||
$ | 12.7 | $ | 1.1 | $ | 13.8 | 4.5 | |||||||||
GMWBL/GMWB/GMAB | |||||||
Moneyness | Account Value | Lapse Range | |||||
During Surrender Charge Period | |||||||
In the Money** | $ | 0.5 | 0.1% to 4.8% | ||||
Out of the Money | 0.1 | 0.6% to 5.2% | |||||
Shock Lapse Period | |||||||
In the Money** | $ | 2.2 | 1.7% to 13.9% | ||||
Out of the Money | 0.2 | 13.9% to 15.3% | |||||
After Surrender Charge Period | |||||||
In the Money** | $ | 10.1 | 0.9% to 6.4% | ||||
Out of the Money | 1.4 | 6.4% to 7.1% | |||||
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 | 92 | % | 0-25% | 0-15% | 0-30% | 0-15% | ||||
Stabilizer with Recordkeeping Agreements | 8 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Aggregate of all plans | 100 | % | 0-50% | 0-30% | 0-50% | 0-25% | ||||
Range(1) | |||||||||||||
Unobservable Input | GMWBL/GMWB/GMAB | FIA | IUL | Stabilizer/MCGs | |||||||||
Long-term equity implied volatility | 15% to 25% | — | — | — | |||||||||
Interest rate implied volatility | 0.1% to 18% | — | — | 0.1% to 7.5% | |||||||||
Correlations between: | |||||||||||||
Equity Funds | -13% to 99% | — | — | — | |||||||||
Equity and Fixed Income Funds | -38% to 62% | — | — | — | |||||||||
Interest Rates and Equity Funds | -32% to 26% | — | — | — | |||||||||
Nonperformance risk | 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% | (2) | 0% to 10% | — | — | ||||||||
Lapses | 0.12% to 12.4% | (3)(4) | 0% to 60% | (3) | 2% to 10% | 0 % to 50% | (5) | ||||||
Policyholder Deposits(6) | — | — | — | 0 % to 50% | (5) | ||||||||
Mortality | — | (7) | — | (7) | — | (8) | — | ||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. |
(2) | Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 40% are taking systematic withdrawals. The Company assumes that at least 85% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing by age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB 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 GMWBL or GMWB 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). Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB. |
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 | ||||||||
GMWBL/GMWB/GMAB | |||||||
Moneyness | Account Value | Lapse Range | |||||
During Surrender Charge Period | |||||||
In the Money** | $ | 2.0 | 0.1% to 4.6% | ||||
Out of the Money | — | * | 0.6% to 4.8% | ||||
Shock Lapse Period | |||||||
In the Money** | $ | 2.8 | 2.4% to 11.8% | ||||
Out of the Money | — | * | 11.8% to 12.4% | ||||
After Surrender Charge Period | |||||||
In the Money** | $ | 8.7 | 1.4% to 6.8% | ||||
Out of the Money | 0.7 | 6.8% to 7.1% | |||||
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% | ||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged | $ | 77,356.5 | $ | 77,356.5 | $ | 75,338.1 | $ | 75,338.1 | |||||||
Equity securities, available-for-sale | 420.0 | 420.0 | 274.2 | 274.2 | |||||||||||
Mortgage loans on real estate | 12,744.5 | 12,995.3 | 11,725.2 | 11,960.7 | |||||||||||
Policy loans | 1,915.9 | 1,915.9 | 1,961.5 | 1,961.5 | |||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 5,047.4 | 5,047.4 | 4,520.1 | 4,520.1 | |||||||||||
Derivatives | 1,564.3 | 1,564.3 | 1,712.4 | 1,712.4 | |||||||||||
Other investments | 79.5 | 87.7 | 47.4 | 57.2 | |||||||||||
Assets held in separate accounts | 107,474.2 | 107,474.2 | 97,118.7 | 97,118.7 | |||||||||||
Liabilities: | |||||||||||||||
Investment contract liabilities: | |||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 53,488.3 | 58,127.4 | 53,314.1 | 57,561.3 | |||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 791.5 | 785.4 | 472.9 | 469.8 | |||||||||||
Supplementary contracts, immediate annuities and other | 3,843.7 | 4,180.7 | 3,878.9 | 4,120.5 | |||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | 2,188.3 | 2,188.3 | 2,029.6 | 2,029.6 | |||||||||||
IUL | 126.1 | 126.1 | 81.0 | 81.0 | |||||||||||
GMWBL/GMWB/GMAB | 1,201.8 | 1,201.8 | 1,530.4 | 1,530.4 | |||||||||||
Stabilizer and MCGs | 133.9 | 133.9 | 150.4 | 150.4 | |||||||||||
Other derivatives | 647.7 | 647.7 | 470.7 | 470.7 | |||||||||||
Short-term debt | 336.6 | 338.5 | — | — | |||||||||||
Long-term debt | 3,122.2 | 3,426.7 | 3,549.5 | 3,737.9 | |||||||||||
Embedded derivative on reinsurance | 121.2 | 121.2 | 78.7 | 78.7 | |||||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
VIEs | |||||||||||||||||||
Cash and cash equivalents | $ | 106.0 | $ | — | $ | — | $ | — | $ | 106.0 | |||||||||
Corporate loans, at fair value using the fair value option | — | 1,649.7 | 0.4 | — | 1,650.1 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 1,740.3 | 1,740.3 | ||||||||||||||
VOEs | |||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | — | — | — | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 68.9 | 68.9 | ||||||||||||||
Total assets, at fair value | $ | 106.0 | $ | 1,649.7 | $ | 0.4 | $ | 1,809.2 | $ | 3,565.3 | |||||||||
Liabilities | |||||||||||||||||||
VIEs | |||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | 1,576.3 | $ | — | $ | — | $ | 1,576.3 | |||||||||
Total liabilities, at fair value | $ | — | $ | 1,576.3 | $ | — | $ | — | $ | 1,576.3 | |||||||||
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 | |||||||||
|
|||
2017 | |||||||||||
DAC | VOBA | Total | |||||||||
Balance as of January 1, 2017 | $ | 4,064.6 | $ | 822.9 | $ | 4,887.5 | |||||
Deferrals of commissions and expenses | 246.0 | 5.7 | 251.7 | ||||||||
Amortization: | |||||||||||
Amortization, excluding unlocking | (477.7 | ) | (116.6 | ) | (594.3 | ) | |||||
Unlocking(1) | (82.2 | ) | (102.5 | ) | (184.7 | ) | |||||
Interest accrued | 164.4 | 51.2 | (2) | 215.6 | |||||||
Net amortization included in Condensed Consolidated Statements of Operations | (395.5 | ) | (167.9 | ) | (563.4 | ) | |||||
Change due to unrealized capital gains/losses on available-for-sale securities | (262.2 | ) | (104.6 | ) | (366.8 | ) | |||||
Balance as of September 30, 2017 | $ | 3,652.9 | $ | 556.1 | $ | 4,209.0 | |||||
2016 | |||||||||||
DAC | VOBA | Total | |||||||||
Balance as of January 1, 2016 | $ | 4,357.5 | $ | 1,012.6 | $ | 5,370.1 | |||||
Deferrals of commissions and expenses | 286.5 | 7.3 | 293.8 | ||||||||
Amortization: | |||||||||||
Amortization, excluding unlocking | (469.8 | ) | (120.7 | ) | (590.5 | ) | |||||
Unlocking(1) | 36.7 | (60.0 | ) | (23.3 | ) | ||||||
Interest accrued | 173.9 | 58.7 | (2) | 232.6 | |||||||
Net amortization included in Condensed Consolidated Statements of Operations | (259.2 | ) | (122.0 | ) | (381.2 | ) | |||||
Change due to unrealized capital gains/losses on available-for-sale securities | (905.7 | ) | (317.5 | ) | (1,223.2 | ) | |||||
Balance as of September 30, 2016 | $ | 3,479.1 | $ | 580.4 | $ | 4,059.5 | |||||
|
|||
September 30, | |||||||
2017 | 2016 | ||||||
Fixed maturities, net of OTTI | $ | 5,170.4 | $ | 6,843.0 | |||
Equity securities, available-for-sale | 35.9 | 37.5 | |||||
Derivatives | 161.5 | 285.6 | |||||
DAC/VOBA adjustment on available-for-sale securities | (1,449.3 | ) | (1,988.0 | ) | |||
Premium deficiency reserve | — | — | |||||
Sales inducements and other intangibles adjustment on available-for-sale securities | (263.7 | ) | (327.2 | ) | |||
Other | (30.8 | ) | (30.9 | ) | |||
Unrealized capital gains (losses), before tax | 3,624.0 | 4,820.0 | |||||
Deferred income tax asset (liability) | (809.9 | ) | (1,328.7 | ) | |||
Net unrealized capital gains (losses) | 2,814.1 | 3,491.3 | |||||
Pension and other postretirement benefits liability, net of tax | 17.9 | 25.8 | |||||
AOCI | $ | 2,832.0 | $ | 3,517.1 | |||
Three Months Ended September 30, 2017 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 307.2 | $ | (107.2 | ) | $ | 200.0 | ||||
Equity securities | (0.7 | ) | 0.3 | (0.4 | ) | ||||||
Other | (0.1 | ) | — | (0.1 | ) | ||||||
OTTI | 2.1 | (0.8 | ) | 1.3 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (13.7 | ) | 4.8 | (8.9 | ) | ||||||
DAC/VOBA | (60.6 | ) | 21.2 | (39.4 | ) | ||||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (3.7 | ) | 1.3 | (2.4 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 230.5 | (80.4 | ) | 150.1 | |||||||
Derivatives: | |||||||||||
Derivatives | (26.6 | ) | (1) | 9.2 | (17.4 | ) | |||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (6.4 | ) | 2.2 | (4.2 | ) | ||||||
Change in unrealized gains/losses on derivatives | (33.0 | ) | 11.4 | (21.6 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (5.3 | ) | 1.9 | (3.4 | ) | ||||||
Change in pension and other postretirement benefits liability | (5.3 | ) | 1.9 | (3.4 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 192.2 | $ | (67.1 | ) | $ | 125.1 | ||||
Nine Months Ended September 30, 2017 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 1,737.6 | $ | (606.8 | ) | $ | 1,130.8 | ||||
Equity securities | 2.7 | (0.9 | ) | 1.8 | |||||||
Other | — | — | — | ||||||||
OTTI | 14.0 | (4.9 | ) | 9.1 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 6.8 | (2.4 | ) | 4.4 | |||||||
DAC/VOBA | (366.8 | ) | (1) | 128.4 | (238.4 | ) | |||||
Premium deficiency reserve | 53.7 | (18.8 | ) | 34.9 | |||||||
Sales inducements | (94.9 | ) | 33.2 | (61.7 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 1,353.1 | (472.2 | ) | 880.9 | |||||||
Derivatives: | |||||||||||
Derivatives | (77.4 | ) | (2) | 27.1 | (50.3 | ) | |||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (18.9 | ) | 6.6 | (12.3 | ) | ||||||
Change in unrealized gains/losses on derivatives | (96.3 | ) | 33.7 | (62.6 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (12.3 | ) | 4.3 | (8.0 | ) | ||||||
Change in pension and other postretirement benefits liability | (12.3 | ) | 4.3 | (8.0 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 1,244.5 | $ | (434.2 | ) | $ | 810.3 | ||||
Three Months Ended September 30, 2016 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 269.5 | $ | (97.3 | ) | $ | 172.2 | ||||
Equity securities | 1.4 | (0.5 | ) | 0.9 | |||||||
Other | 0.1 | — | 0.1 | ||||||||
OTTI | 2.2 | (0.8 | ) | 1.4 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 4.4 | (1.5 | ) | 2.9 | |||||||
DAC/VOBA | (114.3 | ) | 40.0 | (74.3 | ) | ||||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (28.5 | ) | 10.0 | (18.5 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 134.8 | (50.1 | ) | 84.7 | |||||||
Derivatives: | |||||||||||
Derivatives | (2.4 | ) | (1) | 0.8 | (1.6 | ) | |||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (5.4 | ) | 1.9 | (3.5 | ) | ||||||
Change in unrealized gains/losses on derivatives | (7.8 | ) | 2.7 | (5.1 | ) | ||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (3.4 | ) | 1.2 | (2.2 | ) | ||||||
Change in pension and other postretirement benefits liability | (3.4 | ) | 1.2 | (2.2 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 123.6 | $ | (46.2 | ) | $ | 77.4 | ||||
Nine Months Ended September 30, 2016 | |||||||||||
Before-Tax Amount | Income Tax | After-Tax Amount | |||||||||
Available-for-sale securities: | |||||||||||
Fixed maturities | $ | 4,638.6 | $ | (1,621.2 | ) | $ | 3,017.4 | ||||
Equity securities | 6.2 | (2.2 | ) | 4.0 | |||||||
Other | 0.4 | (0.1 | ) | 0.3 | |||||||
OTTI | 8.5 | (3.0 | ) | 5.5 | |||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 73.2 | (25.6 | ) | 47.6 | |||||||
DAC/VOBA | (1,223.2 | ) | (1) | 428.1 | (795.1 | ) | |||||
Premium deficiency reserve | — | — | — | ||||||||
Sales inducements | (304.6 | ) | 106.6 | (198.0 | ) | ||||||
Change in unrealized gains/losses on available-for-sale securities | 3,199.1 | (1,117.4 | ) | 2,081.7 | |||||||
Derivatives: | |||||||||||
Derivatives | 41.3 | (2) | (14.5 | ) | 26.8 | ||||||
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (14.8 | ) | 5.2 | (9.6 | ) | ||||||
Change in unrealized gains/losses on derivatives | 26.5 | (9.3 | ) | 17.2 | |||||||
Pension and other postretirement benefits liability: | |||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (10.3 | ) | 3.6 | (6.7 | ) | ||||||
Change in pension and other postretirement benefits liability | (10.3 | ) | 3.6 | (6.7 | ) | ||||||
Change in Accumulated other comprehensive income (loss) | $ | 3,215.3 | $ | (1,123.1 | ) | $ | 2,092.2 | ||||
|
|||
Maturity | September 30, 2017 | December 31, 2016 | |||||||
7.25% Voya Holdings Inc. debentures, due 2023(1) | 08/15/2023 | $ | 143.2 | $ | 142.9 | ||||
7.63% Voya Holdings Inc. debentures, due 2026(1) | 08/15/2026 | 186.0 | 185.8 | ||||||
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 04/01/2027 | 13.6 | 13.6 | ||||||
6.97% Voya Holdings Inc. debentures, due 2036(1) | 08/15/2036 | 93.6 | 93.7 | ||||||
1.00% Windsor Property Loan | 06/14/2027 | 4.8 | 4.9 | ||||||
5.5% Senior Notes, due 2022 | 07/15/2022 | 361.0 | 360.7 | ||||||
2.9% Senior Notes, due 2018 | 02/15/2018 | 336.6 | 825.0 | ||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 05/15/2053 | 738.5 | 738.2 | ||||||
5.7% Senior Notes, due 2043 | 07/15/2043 | 394.5 | 394.3 | ||||||
3.65% Senior Notes, due 2026 | 06/15/2026 | 495.0 | 494.2 | ||||||
4.8% Senior Notes, due 2046 | 06/15/2046 | 296.5 | 296.2 | ||||||
3.125% Senior Notes, due 2024 | 07/15/2024 | 395.5 | — | ||||||
Subtotal | 3,458.8 | 3,549.5 | |||||||
Less: Current portion of long-term debt | 336.6 | — | |||||||
Total | $ | 3,122.2 | $ | 3,549.5 | |||||
|
|||
September 30, 2017 | December 31, 2016 | ||||||
Fixed maturity collateral pledged to FHLB (1) | $ | 920.6 | $ | 405.5 | |||
FHLB restricted stock(2) | 53.1 | 32.7 | |||||
Other fixed maturities-state deposits | 205.7 | 207.9 | |||||
Securities pledged(3) | 3,248.5 | 2,157.1 | |||||
Total restricted assets | $ | 4,427.9 | $ | 2,803.2 | |||
|
|||
September 30, 2017 | December 31, 2016 | ||||||
Assets of Consolidated Investment Entities | |||||||
VIEs | |||||||
Cash and cash equivalents | $ | 106.0 | $ | 133.0 | |||
Corporate loans, at fair value using the fair value option | 1,650.1 | 1,920.3 | |||||
Limited partnerships/corporations, at fair value | 1,740.3 | 1,770.3 | |||||
Other assets | 52.2 | 31.9 | |||||
Total VIE assets | 3,548.6 | 3,855.5 | |||||
VOEs | |||||||
Cash and cash equivalents | — | 0.2 | |||||
Corporate loans, at fair value using the fair value option | — | 32.2 | |||||
Limited partnerships/corporations, at fair value | 68.9 | 166.0 | |||||
Other assets | 0.3 | 2.1 | |||||
Total VOE assets | 69.2 | 200.5 | |||||
Total assets of consolidated investment entities | $ | 3,617.8 | $ | 4,056.0 | |||
Liabilities of Consolidated Investment Entities | |||||||
VIEs | |||||||
CLO notes, at fair value using the fair value option | $ | 1,576.3 | $ | 1,967.2 | |||
Other liabilities | 590.7 | 521.1 | |||||
Total VIE liabilities | 2,167.0 | 2,488.3 | |||||
VOEs | |||||||
Other liabilities | 1.3 | 6.7 | |||||
Total VOE liabilities | 1.3 | 6.7 | |||||
Total liabilities of consolidated investment entities | $ | 2,168.3 | $ | 2,495.0 | |||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Assets: | |||||||||||||||
Fixed maturities, including securities pledged | $ | 77,356.5 | $ | 77,356.5 | $ | 75,338.1 | $ | 75,338.1 | |||||||
Equity securities, available-for-sale | 420.0 | 420.0 | 274.2 | 274.2 | |||||||||||
Mortgage loans on real estate | 12,744.5 | 12,995.3 | 11,725.2 | 11,960.7 | |||||||||||
Policy loans | 1,915.9 | 1,915.9 | 1,961.5 | 1,961.5 | |||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 5,047.4 | 5,047.4 | 4,520.1 | 4,520.1 | |||||||||||
Derivatives | 1,564.3 | 1,564.3 | 1,712.4 | 1,712.4 | |||||||||||
Other investments | 79.5 | 87.7 | 47.4 | 57.2 | |||||||||||
Assets held in separate accounts | 107,474.2 | 107,474.2 | 97,118.7 | 97,118.7 | |||||||||||
Liabilities: | |||||||||||||||
Investment contract liabilities: | |||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 53,488.3 | 58,127.4 | 53,314.1 | 57,561.3 | |||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 791.5 | 785.4 | 472.9 | 469.8 | |||||||||||
Supplementary contracts, immediate annuities and other | 3,843.7 | 4,180.7 | 3,878.9 | 4,120.5 | |||||||||||
Derivatives: | |||||||||||||||
Guaranteed benefit derivatives: | |||||||||||||||
FIA | 2,188.3 | 2,188.3 | 2,029.6 | 2,029.6 | |||||||||||
IUL | 126.1 | 126.1 | 81.0 | 81.0 | |||||||||||
GMWBL/GMWB/GMAB | 1,201.8 | 1,201.8 | 1,530.4 | 1,530.4 | |||||||||||
Stabilizer and MCGs | 133.9 | 133.9 | 150.4 | 150.4 | |||||||||||
Other derivatives | 647.7 | 647.7 | 470.7 | 470.7 | |||||||||||
Short-term debt | 336.6 | 338.5 | — | — | |||||||||||
Long-term debt | 3,122.2 | 3,426.7 | 3,549.5 | 3,737.9 | |||||||||||
Embedded derivative on reinsurance | 121.2 | 121.2 | 78.7 | 78.7 | |||||||||||
Level 1 | Level 2 | Level 3 | NAV | Total | |||||||||||||||
Assets | |||||||||||||||||||
VIEs | |||||||||||||||||||
Cash and cash equivalents | $ | 106.0 | $ | — | $ | — | $ | — | $ | 106.0 | |||||||||
Corporate loans, at fair value using the fair value option | — | 1,649.7 | 0.4 | — | 1,650.1 | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 1,740.3 | 1,740.3 | ||||||||||||||
VOEs | |||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | — | — | — | ||||||||||||||
Limited partnerships/corporations, at fair value | — | — | — | 68.9 | 68.9 | ||||||||||||||
Total assets, at fair value | $ | 106.0 | $ | 1,649.7 | $ | 0.4 | $ | 1,809.2 | $ | 3,565.3 | |||||||||
Liabilities | |||||||||||||||||||
VIEs | |||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | 1,576.3 | $ | — | $ | — | $ | 1,576.3 | |||||||||
Total liabilities, at fair value | $ | — | $ | 1,576.3 | $ | — | $ | — | $ | 1,576.3 | |||||||||
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 | |||||||||
Variable Interests on the Condensed Consolidated Balance Sheet | |||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount | Maximum exposure to loss | Carrying Amount | Maximum exposure to loss | ||||||||||||
Fixed maturities, available for sale | $ | 257.9 | $ | 257.9 | $ | 110.4 | $ | 110.4 | |||||||
Limited partnership/corporations | 947.7 | 947.7 | 758.6 | 758.6 | |||||||||||
|
|||
Three Months Ended September 30, | Nine Months Ended September 30, | Cumulative Amounts Incurred to Date | |||||||||
2017 | 2017 | ||||||||||
Severance benefits | $ | 20.0 | $ | 33.0 | $ | 58.5 | |||||
Asset write-off costs | 15.5 | 15.5 | 15.5 | ||||||||
Transition costs | 7.6 | 7.6 | 7.6 | ||||||||
Other costs | 5.3 | 9.6 | 17.9 | ||||||||
Total restructuring expense | $ | 48.4 | $ | 65.7 | $ | 99.5 | |||||
Severance Benefits | Transition Costs | Other Costs | Total | ||||||||||||
Accrued liability as of January 1, 2017 | $ | 21.5 | $ | — | $ | 1.9 | $ | 23.4 | |||||||
Provision | 33.0 | 7.6 | 9.6 | 50.2 | |||||||||||
Payments | (17.6 | ) | — | (9.1 | ) | (26.7 | ) | ||||||||
Accrued liability as of September 30, 2017 | $ | 36.9 | $ | 7.6 | $ | 2.4 | (1) | $ | 46.9 | ||||||
|
|||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Retirement | $ | 106.8 | $ | 62.9 | $ | 287.8 | $ | 307.1 | |||||||
Investment Management | 53.5 | 51.5 | 187.7 | 106.0 | |||||||||||
Annuities | 74.4 | 113.3 | 203.7 | 236.6 | |||||||||||
Individual Life | (66.2 | ) | (76.2 | ) | 27.8 | 15.2 | |||||||||
Employee Benefits | 58.0 | 41.3 | 95.6 | 94.4 | |||||||||||
Corporate | (88.6 | ) | (84.4 | ) | (249.5 | ) | (246.0 | ) | |||||||
Total operating earnings before income taxes | 137.9 | 108.4 | 553.1 | 513.3 | |||||||||||
Adjustments: | |||||||||||||||
Closed Block Variable Annuity | 141.8 | (328.0 | ) | (273.3 | ) | (225.5 | ) | ||||||||
Net investment gains (losses) and related charges and adjustments | (14.6 | ) | (65.6 | ) | (37.5 | ) | (150.7 | ) | |||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | (31.0 | ) | (53.5 | ) | 35.4 | 61.2 | |||||||||
Income (loss) related to businesses exited through reinsurance or divestment | (1.8 | ) | 1.3 | (6.3 | ) | 3.4 | |||||||||
Income (loss) attributable to noncontrolling interest | 65.4 | 11.6 | 118.5 | (13.2 | ) | ||||||||||
Loss related to early extinguishment of debt | (3.2 | ) | (0.1 | ) | (3.9 | ) | (104.2 | ) | |||||||
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments | 0.5 | (7.1 | ) | 0.5 | (7.1 | ) | |||||||||
Other adjustments to operating earnings | (56.9 | ) | (22.9 | ) | (76.7 | ) | (38.7 | ) | |||||||
Income (loss) before income taxes | $ | 238.1 | $ | (355.9 | ) | $ | 309.8 | $ | 38.5 | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Retirement | $ | 634.2 | $ | 673.8 | $ | 1,889.2 | $ | 2,333.8 | |||||||
Investment Management | 171.0 | 163.0 | 545.7 | 437.6 | |||||||||||
Annuities | 302.5 | 310.6 | 902.0 | 932.7 | |||||||||||
Individual Life | 668.9 | 637.7 | 1,927.5 | 1,886.6 | |||||||||||
Employee Benefits | 446.6 | 405.9 | 1,335.7 | 1,206.4 | |||||||||||
Corporate | 16.2 | 24.9 | 45.0 | 86.5 | |||||||||||
Total operating revenues | 2,239.4 | 2,215.9 | 6,645.1 | 6,883.6 | |||||||||||
Adjustments: | |||||||||||||||
Closed Block Variable Annuity | 217.9 | 271.7 | 315.8 | 1,086.7 | |||||||||||
Net realized investment gains (losses) and related charges and adjustments | (20.9 | ) | (12.8 | ) | (61.2 | ) | (160.1 | ) | |||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | (49.8 | ) | (51.1 | ) | 39.8 | 114.6 | |||||||||
Revenues related to businesses exited through reinsurance or divestment | 26.6 | 32.3 | 95.4 | 156.9 | |||||||||||
Revenues attributable to noncontrolling interest | 84.9 | 39.3 | 185.2 | 65.3 | |||||||||||
Other adjustments to operating revenues | 52.1 | 33.2 | 132.3 | 86.8 | |||||||||||
Total revenues | $ | 2,550.2 | $ | 2,528.5 | $ | 7,352.4 | $ | 8,233.8 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Investment Management intersegment revenues | $ | 43.9 | $ | 42.4 | $ | 130.4 | $ | 123.1 | |||||||
September 30, 2017 | December 31, 2016 | ||||||
Retirement | $ | 111,173.4 | $ | 101,047.9 | |||
Investment Management | 569.1 | 512.9 | |||||
Annuities | 26,224.9 | 25,793.4 | |||||
Individual Life | 27,543.5 | 26,850.7 | |||||
Employee Benefits | 2,700.2 | 2,548.8 | |||||
Closed Block Variable Annuity | 41,385.7 | 43,141.0 | |||||
Corporate | 13,920.6 | 10,872.5 | |||||
Total assets, before consolidation (1) | 223,517.4 | 210,767.2 | |||||
Consolidation of investment entities | 3,126.5 | 3,467.9 | |||||
Total assets | $ | 226,643.9 | $ | 214,235.1 | |||
|
|||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 70,395.5 | $ | (15.1 | ) | $ | 70,380.4 | ||||||||
Fixed maturities, at fair value using the fair value option | — | — | 3,727.6 | — | 3,727.6 | ||||||||||||||
Equity securities, available-for-sale, at fair value | 107.5 | — | 312.5 | — | 420.0 | ||||||||||||||
Short-term investments | 211.9 | — | 501.3 | — | 713.2 | ||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 12,744.5 | — | 12,744.5 | ||||||||||||||
Policy loans | — | — | 1,915.9 | — | 1,915.9 | ||||||||||||||
Limited partnerships/corporations | — | — | 947.7 | — | 947.7 | ||||||||||||||
Derivatives | 50.3 | — | 1,613.0 | (99.0 | ) | 1,564.3 | |||||||||||||
Investments in subsidiaries | 15,152.9 | 10,755.2 | — | (25,908.1 | ) | — | |||||||||||||
Other investments | — | 0.6 | 78.9 | — | 79.5 | ||||||||||||||
Securities pledged | — | — | 3,248.5 | — | 3,248.5 | ||||||||||||||
Total investments | 15,522.6 | 10,755.8 | 95,485.4 | (26,022.2 | ) | 95,741.6 | |||||||||||||
Cash and cash equivalents | 390.3 | 1.5 | 1,575.1 | — | 1,966.9 | ||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | 10.7 | — | 2,356.6 | — | 2,367.3 | ||||||||||||||
Accrued investment income | — | — | 952.4 | — | 952.4 | ||||||||||||||
Premium receivable and reinsurance recoverable | — | — | 7,297.8 | — | 7,297.8 | ||||||||||||||
Deferred policy acquisition costs and Value of business acquired | — | — | 4,209.0 | — | 4,209.0 | ||||||||||||||
Sales inducements to contract owners | — | — | 233.5 | — | 233.5 | ||||||||||||||
Deferred income taxes | 572.6 | 37.9 | 1,053.2 | — | 1,663.7 | ||||||||||||||
Goodwill and other intangible assets | — | — | 196.0 | — | 196.0 | ||||||||||||||
Loans to subsidiaries and affiliates | 269.9 | — | — | (269.9 | ) | — | |||||||||||||
Due from subsidiaries and affiliates | 3.7 | 0.1 | 3.2 | (7.0 | ) | — | |||||||||||||
Other assets | 17.7 | — | 906.0 | — | 923.7 | ||||||||||||||
Assets related to consolidated investment entities: | |||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 1,809.2 | — | 1,809.2 | ||||||||||||||
Cash and cash equivalents | — | — | 106.0 | — | 106.0 | ||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 1,650.1 | — | 1,650.1 | ||||||||||||||
Other assets | — | — | 52.5 | — | 52.5 | ||||||||||||||
Assets held in separate accounts | — | — | 107,474.2 | — | 107,474.2 | ||||||||||||||
Total assets | $ | 16,787.5 | $ | 10,795.3 | $ | 225,360.2 | $ | (26,299.1 | ) | $ | 226,643.9 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 20,853.6 | $ | — | $ | 20,853.6 | |||||||||
Contract owner account balances | — | — | 71,354.3 | — | 71,354.3 | ||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 3,317.7 | — | 3,317.7 | ||||||||||||||
Short-term debt | 336.6 | 109.9 | 160.0 | (269.9 | ) | 336.6 | |||||||||||||
Long-term debt | 2,681.0 | 437.9 | 18.4 | (15.1 | ) | 3,122.2 | |||||||||||||
Funds held under reinsurance agreements | — | — | 811.3 | — | 811.3 | ||||||||||||||
Derivatives | 50.3 | — | 696.4 | (99.0 | ) | 647.7 | |||||||||||||
Pension and other postretirement provisions | — | — | 542.2 | — | 542.2 | ||||||||||||||
Current income taxes | 12.7 | 1.9 | (13.3 | ) | — | 1.3 | |||||||||||||
Due to subsidiaries and affiliates | 0.9 | — | 3.4 | (4.3 | ) | — | |||||||||||||
Other liabilities | 53.0 | 4.7 | 1,348.2 | (2.7 | ) | 1,403.2 | |||||||||||||
Liabilities related to consolidated investment entities: | |||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 1,576.3 | — | 1,576.3 | ||||||||||||||
Other liabilities | — | — | 592.0 | — | 592.0 | ||||||||||||||
Liabilities related to separate accounts | — | — | 107,474.2 | — | 107,474.2 | ||||||||||||||
Total liabilities | 3,134.5 | 554.4 | 208,734.7 | (391.0 | ) | 212,032.6 | |||||||||||||
Shareholders' equity: | |||||||||||||||||||
Total Voya Financial, Inc. shareholders' equity | 13,653.0 | 10,240.9 | 15,667.2 | (25,908.1 | ) | 13,653.0 | |||||||||||||
Noncontrolling interest | — | — | 958.3 | — | 958.3 | ||||||||||||||
Total shareholders' equity | 13,653.0 | 10,240.9 | 16,625.5 | (25,908.1 | ) | 14,611.3 | |||||||||||||
Total liabilities and shareholders' equity | $ | 16,787.5 | $ | 10,795.3 | $ | 225,360.2 | $ | (26,299.1 | ) | $ | 226,643.9 | ||||||||
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 owners | — | — | 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 | 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 | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 7.9 | $ | — | $ | 1,098.9 | $ | (2.5 | ) | $ | 1,104.3 | ||||||||
Fee income | — | — | 880.0 | — | 880.0 | ||||||||||||||
Premiums | — | — | 581.6 | — | 581.6 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (1.2 | ) | — | (1.2 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (0.4 | ) | — | (0.4 | ) | ||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (0.8 | ) | — | (0.8 | ) | ||||||||||||
Other net realized capital gains (losses) | — | — | (244.3 | ) | — | (244.3 | ) | ||||||||||||
Total net realized capital gains (losses) | — | — | (245.1 | ) | — | (245.1 | ) | ||||||||||||
Other revenue | — | 0.6 | 89.2 | — | 89.8 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 139.6 | — | 139.6 | ||||||||||||||
Total revenues | 7.9 | 0.6 | 2,544.2 | (2.5 | ) | 2,550.2 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 778.9 | — | 778.9 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 496.8 | — | 496.8 | ||||||||||||||
Operating expenses | 2.2 | — | 729.0 | — | 731.2 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 236.5 | — | 236.5 | ||||||||||||||
Interest expense | 40.9 | 9.1 | 1.7 | (2.5 | ) | 49.2 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 18.3 | — | 18.3 | ||||||||||||||
Other expense | — | — | 1.2 | — | 1.2 | ||||||||||||||
Total benefits and expenses | 43.1 | 9.1 | 2,262.4 | (2.5 | ) | 2,312.1 | |||||||||||||
Income (loss) before income taxes | (35.2 | ) | (8.5 | ) | 281.8 | — | 238.1 | ||||||||||||
Income tax expense (benefit) | (16.2 | ) | 1.5 | 38.8 | — | 24.1 | |||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (19.0 | ) | (10.0 | ) | 243.0 | — | 214.0 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 167.6 | 126.2 | — | (293.8 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 148.6 | 116.2 | 243.0 | (293.8 | ) | 214.0 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 65.4 | — | 65.4 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 148.6 | $ | 116.2 | $ | 177.6 | $ | (293.8 | ) | $ | 148.6 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 23.7 | $ | 0.1 | $ | 3,389.4 | $ | (11.0 | ) | $ | 3,402.2 | ||||||||
Fee income | — | — | 2,569.0 | — | 2,569.0 | ||||||||||||||
Premiums | — | — | 1,750.3 | — | 1,750.3 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (4.3 | ) | — | (4.3 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 0.9 | — | 0.9 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (5.2 | ) | — | (5.2 | ) | ||||||||||||
Other net realized capital gains (losses) | — | 0.1 | (939.4 | ) | — | (939.3 | ) | ||||||||||||
Total net realized capital gains (losses) | — | 0.1 | (944.6 | ) | — | (944.5 | ) | ||||||||||||
Other revenue | — | 0.6 | 279.2 | — | 279.8 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 295.6 | — | 295.6 | ||||||||||||||
Total revenues | 23.7 | 0.8 | 7,338.9 | (11.0 | ) | 7,352.4 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 2,575.8 | — | 2,575.8 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 1,535.2 | — | 1,535.2 | ||||||||||||||
Operating expenses | 6.9 | 0.1 | 2,154.7 | — | 2,161.7 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 563.4 | — | 563.4 | ||||||||||||||
Interest expense | 118.2 | 28.0 | 4.5 | (11.0 | ) | 139.7 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 62.0 | — | 62.0 | ||||||||||||||
Other expense | — | — | 4.8 | — | 4.8 | ||||||||||||||
Total benefits and expenses | 125.1 | 28.1 | 6,900.4 | (11.0 | ) | 7,042.6 | |||||||||||||
Income (loss) before income taxes | (101.4 | ) | (27.3 | ) | 438.5 | — | 309.8 | ||||||||||||
Income tax expense (benefit) | (39.8 | ) | (8.4 | ) | 67.2 | — | 19.0 | ||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (61.6 | ) | (18.9 | ) | 371.3 | — | 290.8 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 233.9 | 466.4 | — | (700.3 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 172.3 | 447.5 | 371.3 | (700.3 | ) | 290.8 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 118.5 | — | 118.5 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 172.3 | $ | 447.5 | $ | 252.8 | $ | (700.3 | ) | $ | 172.3 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 7.1 | $ | — | $ | 1,159.3 | $ | (3.0 | ) | $ | 1,163.4 | ||||||||
Fee income | — | — | 857.9 | — | 857.9 | ||||||||||||||
Premiums | — | — | 726.7 | — | 726.7 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (12.8 | ) | — | (12.8 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (12.7 | ) | — | (12.7 | ) | ||||||||||||
Other net realized capital gains (losses) | — | 0.1 | (355.1 | ) | — | (355.0 | ) | ||||||||||||
Total net realized capital gains (losses) | — | 0.1 | (367.8 | ) | — | (367.7 | ) | ||||||||||||
Other revenue | — | — | 90.5 | — | 90.5 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 57.7 | — | 57.7 | ||||||||||||||
Total revenues | 7.1 | 0.1 | 2,524.3 | (3.0 | ) | 2,528.5 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 1,385.5 | — | 1,385.5 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 521.4 | — | 521.4 | ||||||||||||||
Operating expenses | 1.8 | — | 721.8 | — | 723.6 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 180.7 | — | 180.7 | ||||||||||||||
Interest expense | 37.1 | 9.9 | 1.4 | (3.0 | ) | 45.4 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 26.7 | — | 26.7 | ||||||||||||||
Other expense | — | — | 1.1 | — | 1.1 | ||||||||||||||
Total benefits and expenses | 38.9 | 9.9 | 2,838.6 | (3.0 | ) | 2,884.4 | |||||||||||||
Income (loss) before income taxes | (31.8 | ) | (9.8 | ) | (314.3 | ) | — | (355.9 | ) | ||||||||||
Income tax expense (benefit) | 55.3 | (2.9 | ) | (105.1 | ) | (66.7 | ) | (119.4 | ) | ||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (87.1 | ) | (6.9 | ) | (209.2 | ) | 66.7 | (236.5 | ) | ||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (161.0 | ) | 2.4 | — | 158.6 | — | |||||||||||||
Net income (loss) including noncontrolling interest | (248.1 | ) | (4.5 | ) | (209.2 | ) | 225.3 | (236.5 | ) | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 11.6 | — | 11.6 | ||||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (248.1 | ) | $ | (4.5 | ) | $ | (220.8 | ) | $ | 225.3 | $ | (248.1 | ) | |||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Net investment income | $ | 14.8 | $ | 0.1 | $ | 3,426.9 | $ | (9.1 | ) | $ | 3,432.7 | ||||||||
Fee income | — | — | 2,510.4 | — | 2,510.4 | ||||||||||||||
Premiums | — | — | 2,405.1 | — | 2,405.1 | ||||||||||||||
Net realized capital gains (losses): | |||||||||||||||||||
Total other-than-temporary impairments | — | — | (26.0 | ) | — | (26.0 | ) | ||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | 1.7 | — | 1.7 | ||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (27.7 | ) | — | (27.7 | ) | ||||||||||||
Other net realized capital gains (losses) | 1.3 | — | (431.9 | ) | — | (430.6 | ) | ||||||||||||
Total net realized capital gains (losses) | 1.3 | — | (459.6 | ) | — | (458.3 | ) | ||||||||||||
Other revenue | 1.0 | — | 256.9 | — | 257.9 | ||||||||||||||
Income (loss) related to consolidated investment entities: | |||||||||||||||||||
Net investment income | — | — | 86.0 | — | 86.0 | ||||||||||||||
Total revenues | 17.1 | 0.1 | 8,225.7 | (9.1 | ) | 8,233.8 | |||||||||||||
Benefits and expenses: | |||||||||||||||||||
Policyholder benefits | — | — | 3,818.3 | — | 3,818.3 | ||||||||||||||
Interest credited to contract owner account balances | — | — | 1,514.0 | — | 1,514.0 | ||||||||||||||
Operating expenses | 6.6 | — | 2,153.6 | — | 2,160.2 | ||||||||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | — | — | 381.2 | — | 381.2 | ||||||||||||||
Interest expense | 201.0 | 47.2 | 3.7 | (9.1 | ) | 242.8 | |||||||||||||
Operating expenses related to consolidated investment entities: | |||||||||||||||||||
Interest expense | — | — | 75.4 | — | 75.4 | ||||||||||||||
Other expense | — | — | 3.4 | — | 3.4 | ||||||||||||||
Total benefits and expenses | 207.6 | 47.2 | 7,949.6 | (9.1 | ) | 8,195.3 | |||||||||||||
Income (loss) before income taxes | (190.5 | ) | (47.1 | ) | 276.1 | — | 38.5 | ||||||||||||
Income tax expense (benefit) | (0.2 | ) | (16.3 | ) | 29.9 | (66.7 | ) | (53.3 | ) | ||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (190.3 | ) | (30.8 | ) | 246.2 | 66.7 | 91.8 | ||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 295.3 | 137.2 | — | (432.5 | ) | — | |||||||||||||
Net income (loss) including noncontrolling interest | 105.0 | 106.4 | 246.2 | (365.8 | ) | 91.8 | |||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | (13.2 | ) | — | (13.2 | ) | ||||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ | 105.0 | $ | 106.4 | $ | 259.4 | $ | (365.8 | ) | $ | 105.0 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 148.6 | $ | 116.2 | $ | 243.0 | $ | (293.8 | ) | $ | 214.0 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 195.4 | 178.4 | 195.4 | (373.8 | ) | 195.4 | |||||||||||||
Other-than-temporary impairments | 2.1 | 1.0 | 2.1 | (3.1 | ) | 2.1 | |||||||||||||
Pension and other postretirement benefits liability | (5.3 | ) | (0.8 | ) | (5.2 | ) | 6.0 | (5.3 | ) | ||||||||||
Other comprehensive income (loss), before tax | 192.2 | 178.6 | 192.3 | (370.9 | ) | 192.2 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 67.1 | 62.3 | 67.1 | (129.4 | ) | 67.1 | |||||||||||||
Other comprehensive income (loss), after tax | 125.1 | 116.3 | 125.2 | (241.5 | ) | 125.1 | |||||||||||||
Comprehensive income (loss) | 273.7 | 232.5 | 368.2 | (535.3 | ) | 339.1 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 65.4 | — | 65.4 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 273.7 | $ | 232.5 | $ | 302.8 | $ | (535.3 | ) | $ | 273.7 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 172.3 | $ | 447.5 | $ | 371.3 | $ | (700.3 | ) | $ | 290.8 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 1,242.8 | 907.6 | 1,242.8 | (2,150.4 | ) | 1,242.8 | |||||||||||||
Other-than-temporary impairments | 14.0 | 11.1 | 14.0 | (25.1 | ) | 14.0 | |||||||||||||
Pension and other postretirement benefits liability | (12.3 | ) | (2.4 | ) | (12.2 | ) | 14.6 | (12.3 | ) | ||||||||||
Other comprehensive income (loss), before tax | 1,244.5 | 916.3 | 1,244.6 | (2,160.9 | ) | 1,244.5 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 434.2 | 319.3 | 434.2 | (753.5 | ) | 434.2 | |||||||||||||
Other comprehensive income (loss), after tax | 810.3 | 597.0 | 810.4 | (1,407.4 | ) | 810.3 | |||||||||||||
Comprehensive income (loss) | 982.6 | 1,044.5 | 1,181.7 | (2,107.7 | ) | 1,101.1 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 118.5 | — | 118.5 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 982.6 | $ | 1,044.5 | $ | 1,063.2 | $ | (2,107.7 | ) | $ | 982.6 | ||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | (248.1 | ) | $ | (4.5 | ) | $ | (209.2 | ) | $ | 225.3 | $ | (236.5 | ) | |||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 124.8 | 53.7 | 124.9 | (178.6 | ) | 124.8 | |||||||||||||
Other-than-temporary impairments | 2.2 | 1.2 | 2.2 | (3.4 | ) | 2.2 | |||||||||||||
Pension and other postretirement benefits liability | (3.4 | ) | (0.8 | ) | (3.4 | ) | 4.2 | (3.4 | ) | ||||||||||
Other comprehensive income (loss), before tax | 123.6 | 54.1 | 123.7 | (177.8 | ) | 123.6 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 46.2 | 21.9 | 46.3 | (68.2 | ) | 46.2 | |||||||||||||
Other comprehensive income (loss), after tax | 77.4 | 32.2 | 77.4 | (109.6 | ) | 77.4 | |||||||||||||
Comprehensive income (loss) | (170.7 | ) | 27.7 | (131.8 | ) | 115.7 | (159.1 | ) | |||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | 11.6 | — | 11.6 | ||||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | (170.7 | ) | $ | 27.7 | $ | (143.4 | ) | $ | 115.7 | $ | (170.7 | ) | ||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net income (loss) including noncontrolling interest | $ | 105.0 | $ | 106.4 | $ | 246.2 | $ | (365.8 | ) | $ | 91.8 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||||||
Unrealized gains (losses) on securities | 3,217.1 | 2,163.0 | 3,217.3 | (5,380.3 | ) | 3,217.1 | |||||||||||||
Other-than-temporary impairments | 8.5 | 5.7 | 8.5 | (14.2 | ) | 8.5 | |||||||||||||
Pension and other postretirement benefits liability | (10.3 | ) | (2.4 | ) | (10.3 | ) | 12.7 | (10.3 | ) | ||||||||||
Other comprehensive income (loss), before tax | 3,215.3 | 2,166.3 | 3,215.5 | (5,381.8 | ) | 3,215.3 | |||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 1,123.1 | 756.0 | 1,123.2 | (1,879.2 | ) | 1,123.1 | |||||||||||||
Other comprehensive income (loss), after tax | 2,092.2 | 1,410.3 | 2,092.3 | (3,502.6 | ) | 2,092.2 | |||||||||||||
Comprehensive income (loss) | 2,197.2 | 1,516.7 | 2,338.5 | (3,868.4 | ) | 2,184.0 | |||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | — | — | (13.2 | ) | — | (13.2 | ) | ||||||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ | 2,197.2 | $ | 1,516.7 | $ | 2,351.7 | $ | (3,868.4 | ) | $ | 2,197.2 | ||||||||
Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 3.8 | $ | 100.5 | $ | 1,208.4 | $ | (190.0 | ) | $ | 1,122.7 | ||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 9,902.4 | — | 9,902.4 | ||||||||||||||
Equity securities, available-for-sale | 22.0 | — | 3.5 | — | 25.5 | ||||||||||||||
Mortgage loans on real estate | — | — | 932.7 | — | 932.7 | ||||||||||||||
Limited partnerships/corporations | — | — | 221.1 | — | 221.1 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (10,346.3 | ) | — | (10,346.3 | ) | ||||||||||||
Equity securities, available-for-sale | (22.9 | ) | — | (16.1 | ) | — | (39.0 | ) | |||||||||||
Mortgage loans on real estate | — | — | (1,951.3 | ) | — | (1,951.3 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (295.7 | ) | — | (295.7 | ) | ||||||||||||
Short-term investments, net | 0.1 | — | 107.7 | — | 107.8 | ||||||||||||||
Policy loans, net | — | — | 45.6 | — | 45.6 | ||||||||||||||
Derivatives, net | — | — | (614.8 | ) | — | (614.8 | ) | ||||||||||||
Other investments, net | — | — | (30.1 | ) | — | (30.1 | ) | ||||||||||||
Sales from consolidated investments entities | — | — | 1,620.6 | — | 1,620.6 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (1,719.8 | ) | — | (1,719.8 | ) | ||||||||||||
Issuance of intercompany loans with maturities more than three months | (33.9 | ) | — | — | 33.9 | — | |||||||||||||
Maturity (issuance) of short-term intercompany loans, net | 42.0 | — | 10.5 | (52.5 | ) | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 1,020.0 | 1,020.0 | — | (2,040.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (360.0 | ) | — | — | 360.0 | — | |||||||||||||
Collateral received (delivered), net | — | — | (106.8 | ) | — | (106.8 | ) | ||||||||||||
Purchases of fixed assets, net | — | — | (35.8 | ) | — | (35.8 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 667.3 | 1,020.0 | (2,272.6 | ) | (1,698.6 | ) | (2,283.9 | ) | |||||||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Nine Months Ended September 30, 2017 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | — | — | 5,743.3 | — | 5,743.3 | ||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (5,577.8 | ) | — | (5,577.8 | ) | ||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 398.8 | — | — | — | 398.8 | ||||||||||||||
Repayment of debt with maturities of more than three months | (490.0 | ) | — | — | — | (490.0 | ) | ||||||||||||
Debt issuance costs | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||||||
Proceeds of intercompany loans with maturities of more than three months | — | — | 33.9 | (33.9 | ) | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (10.5 | ) | (101.3 | ) | 59.3 | 52.5 | — | ||||||||||||
Return of capital contributions and dividends to parent | — | (1,020.0 | ) | (1,210.0 | ) | 2,230.0 | — | ||||||||||||
Contributions of capital from parent | — | — | 360.0 | (360.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 807.0 | — | 807.0 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (779.4 | ) | — | (779.4 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities, net | — | — | 551.8 | — | 551.8 | ||||||||||||||
Proceeds from issuance of common stock, net | 2.7 | — | — | — | 2.7 | ||||||||||||||
Share-based compensation | (7.2 | ) | — | — | — | (7.2 | ) | ||||||||||||
Common stock acquired - Share repurchase | (422.8 | ) | — | — | — | (422.8 | ) | ||||||||||||
Dividends paid | (5.5 | ) | — | — | — | (5.5 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (538.0 | ) | (1,121.3 | ) | (11.9 | ) | 1,888.6 | 217.4 | |||||||||||
Net (decrease) increase in cash and cash equivalents | 133.1 | (0.8 | ) | (1,076.1 | ) | — | (943.8 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 257.2 | 2.3 | 2,651.2 | — | 2,910.7 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 390.3 | $ | 1.5 | $ | 1,575.1 | $ | — | $ | 1,966.9 | |||||||||
Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Net cash provided by (used in) operating activities | $ | (218.3 | ) | $ | 130.5 | $ | 2,803.6 | $ | (233.0 | ) | $ | 2,482.8 | |||||||
Cash Flows from Investing Activities: | |||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||
Fixed maturities | — | — | 8,786.2 | — | 8,786.2 | ||||||||||||||
Equity securities, available-for-sale | 12.7 | — | 77.6 | — | 90.3 | ||||||||||||||
Mortgage loans on real estate | — | — | 917.6 | — | 917.6 | ||||||||||||||
Limited partnerships/corporations | — | — | 206.0 | — | 206.0 | ||||||||||||||
Acquisition of: | |||||||||||||||||||
Fixed maturities | — | — | (10,731.8 | ) | — | (10,731.8 | ) | ||||||||||||
Equity securities, available-for-sale | (16.4 | ) | — | (22.6 | ) | — | (39.0 | ) | |||||||||||
Mortgage loans on real estate | — | — | (1,945.5 | ) | — | (1,945.5 | ) | ||||||||||||
Limited partnerships/corporations | — | — | (304.6 | ) | — | (304.6 | ) | ||||||||||||
Short-term investments, net | — | — | 150.0 | — | 150.0 | ||||||||||||||
Policy loans, net | — | — | 7.1 | — | 7.1 | ||||||||||||||
Derivatives, net | 1.3 | — | (1,077.7 | ) | — | (1,076.4 | ) | ||||||||||||
Other investments, net | — | 0.1 | 14.2 | — | 14.3 | ||||||||||||||
Sales from consolidated investments entities | — | — | 1,539.8 | — | 1,539.8 | ||||||||||||||
Purchases within consolidated investment entities | — | — | (1,006.4 | ) | — | (1,006.4 | ) | ||||||||||||
Maturity of intercompany loans with maturities more than three months | 0.3 | — | — | (0.3 | ) | — | |||||||||||||
Maturity (issuance) of short-term intercompany loans, net | (115.4 | ) | — | — | 115.4 | — | |||||||||||||
Return of capital contributions and dividends from subsidiaries | 922.0 | 756.0 | — | (1,678.0 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (65.0 | ) | (44.0 | ) | — | 109.0 | — | ||||||||||||
Collateral received (delivered), net | (0.1 | ) | — | 927.5 | — | 927.4 | |||||||||||||
Purchases of fixed assets, net | — | — | (49.2 | ) | — | (49.2 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 739.4 | 712.1 | (2,511.8 | ) | (1,453.9 | ) | (2,514.2 | ) | |||||||||||
Condensed Consolidating Statement of Cash Flows (Continued) For the Nine Months Ended September 30, 2016 | |||||||||||||||||||
Parent Issuer | Subsidiary Guarantor | Non-Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||
Deposits received for investment contracts | — | — | 6,328.5 | — | 6,328.5 | ||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (5,183.1 | ) | — | (5,183.1 | ) | ||||||||||||
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 | ) | ||||||||||||
Intercompany loans with maturities of more than three months | — | — | (0.3 | ) | 0.3 | — | |||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | — | 52.9 | 62.5 | (115.4 | ) | — | |||||||||||||
Return of capital contributions and dividends to parent | — | (892.0 | ) | (1,019.0 | ) | 1,911.0 | — | ||||||||||||
Contributions of capital from parent | — | 30.0 | 79.0 | (109.0 | ) | — | |||||||||||||
Borrowings of consolidated investment entities | — | — | 124.6 | — | 124.6 | ||||||||||||||
Repayments of borrowings of consolidated investment entities | — | — | (410.1 | ) | — | (410.1 | ) | ||||||||||||
Contributions from (distributions to) participants in consolidated investment entities, net | — | — | (150.1 | ) | — | (150.1 | ) | ||||||||||||
Proceeds from issuance of common stock, net | 1.3 | — | — | — | 1.3 | ||||||||||||||
Share-based compensation | (6.3 | ) | — | — | — | (6.3 | ) | ||||||||||||
Common stock acquired - Share repurchase | (487.2 | ) | — | — | — | (487.2 | ) | ||||||||||||
Dividends paid | (6.1 | ) | — | — | — | (6.1 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (375.9 | ) | (857.6 | ) | (168.0 | ) | 1,686.9 | 285.4 | |||||||||||
Net (decrease) increase in cash and cash equivalents | 145.2 | (15.0 | ) | 123.8 | — | 254.0 | |||||||||||||
Cash and cash equivalents, beginning of period | 378.1 | 18.4 | 2,116.2 | — | 2,512.7 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 523.3 | $ | 3.4 | $ | 2,240.0 | $ | — | $ | 2,766.7 | |||||||||
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