Voya 2013 Annual Report Download - page 214

As of December 31, 2013, we had $830.5 million of exposure to peripheral Europe, which consisted of a
broadly diversified portfolio of credit-related investments primarily in the industrial and utility sectors. We had
no fixed maturities or equity securities exposure to European sovereigns based in peripheral Europe. Peripheral
European exposure included non-sovereign exposure in Ireland of $309.5 million, Italy of $268.1 million,
Portugal of $10.1 million, and Spain of $242.8 million. We had no exposure to Greece. As of December 31,
2013, we had no exposure to derivative assets within the financial institutions based in peripheral Europe. For
purposes of calculating the derivative assets exposure, we have aggregated exposure to single name and portfolio
product CDS, as well as all non-CDS derivative exposure for which it either has counterparty or direct credit
exposure to a company whose country of risk is in scope.
Among the remaining $7,752.1 million of total non-peripheral European exposure, we had a portfolio of
credit-related assets similarly diversified by country and sector across developed and developing Europe. As of
December 31, 2013 our sovereign exposure was $280.0 million, which consisted of fixed maturities. We also had
$921.2 million in net exposure to non-peripheral financial institutions with a concentration in Switzerland of
$163.2 million, and the United Kingdom of $332.3 million. The balance of $6,550.9 million was invested across
non-peripheral, non-financial institutions.
In addition to aggregate concentration to the Netherlands of $1,258.2 million and the United Kingdom of
$3,138.7 million, we had significant non-peripheral European total country exposures in Belgium of $376.6
million, France of $586.0 million, Germany of $638.9 million, and Switzerland of $696.0 million. We place
additional scrutiny on our financial exposure in the United Kingdom, France and Switzerland given our concern
for the potential for volatility to spread through the European banking system. We believe the primary risk results
from market value fluctuations resulting from spread volatility and the secondary risk is default risk, should the
European crisis worsen or fail to be resolved.
204