Voya 2013 Annual Report Download - page 209

The following tables summarize our exposure to Alt-A RMBS by credit quality using NAIC designations,
ARO ratings and vintage year as of the dates indicated:
% of Total Alt-A Mortgage-backed Securities
NAIC Designation ARO Ratings Vintage
December 31, 2013
1 77.4% AAA 0.1% 2007 21.9%
2 10.8% AA — % 2006 26.5%
3 6.7% A 1.5% 2005 and prior 51.6%
4 4.3% BBB 3.9% 100.0%
5 — % BB and below 94.5%
6 0.8% 100.0%
100.0%
December 31, 2012
1 34.1% AAA 0.2% 2007 20.4%
2 11.9% AA 1.2% 2006 25.9%
3 18.8% A 1.5% 2005 and prior 53.7%
4 26.9% BBB 4.1% 100.0%
5 7.5% BB and below 93.0%
6 0.8% 100.0%
100.0%
Commercial Mortgage-Backed and Other Asset-backed Securities
CMBS investments represent pools of commercial mortgages that are broadly diversified across property
types and geographical areas. Delinquency rates on commercial mortgages increased over the course of 2009
through mid-2012. Since then, the steep pace of increases observed in the early years following the credit crisis
has ceased, and, for most of 2013, the percentage of delinquent loans has declined. Other performance metrics
like vacancies, property values and rent levels have also shown improvements, although these metrics differ by
dimensions such as geographic location and property type. These improvements have been helped by some of the
same macro-economic factors that are discussed in regards to our subprime and alt-a mortgage exposure. In
addition, a robust environment for property refinancing has been supportive of improving credit performance
metrics. The new issue market for CMBS has been a primary contributor to the refinance environment. It has
continued its recovery from the credit crisis with higher total new issuances in 2013, the fifth straight year of
higher new issuances. Total new issuance volume in 2013 was at its highest level since 2007.
For consumer Other ABS, delinquency and loss rates have been maintained at levels considered low by
historical standards and indicative of high credit quality. Relative strength in various credit metrics across
multiple types of asset-backed loans have been observed on a sustained basis.
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