Voya 2013 Annual Report Download - page 215

The following table summarizes our European exposures at fair value and amortized cost as of
December 31, 2013:
Fixed Maturities and Equity Securities Derivative Assets
($ in millions) Sovereign
Financial
Institutions
Non-Financial
Institutions
Total
(Fair
Value)
Total
(Amortized
Cost)
Loan and
Receivables
Sovereign
(Amortized
Cost) Sovereign
Financial
Institutions
Non-Financial
Institutions
Less:
Margin
&
Collateral
Total
(Fair
Value)
Net Non-
US
Funded(1)
Ireland ............. $ — $ — $ 308.3 $ 308.3 $ 294.5 $— $— $ — $ 1.2 $ — $ 1.2 $ 309.5
Italy ............... — — 268.1 268.1 253.5 — — — — — — 268.1
Portugal ............ — — 10.1 10.1 7.7 — — — — — — 10.1
Spain ............... — — 242.8 242.8 230.3 — — — — — — 242.8
Total Peripheral
Europe ........... $ — $ — $ 829.3 $ 829.3 $ 786.0 $— $— $ — $ 1.2 $ — $ 1.2 $ 830.5
Austria ............. $ — $ — $ 15.8 $ 15.8 $ 15.0 $— $— $ — $— $ — $ — $ 15.8
Belgium ............ 36.1 — 340.5 376.6 331.6 — — — — — — 376.6
Bulgaria ............ 5.8 — — 5.8 5.6 — — — — — — 5.8
Croatia ............. 27.4 — — 27.4 25.6 — — — — — — 27.4
Czech Republic ...... — — 9.9 9.9 10.1 — — — — — — 9.9
Denmark ............ — 10.6 121.5 132.1 124.0 — — — — — — 132.1
Finland ............. — — 41.9 41.9 40.0 — — — — — — 41.9
France .............. — 124.0 448.6 572.6 542.0 — — 26.2 — 12.8 13.4 586.0
Germany ............ — 52.7 586.2 638.9 603.0 — — — — — — 638.9
Hungary ............ 6.2 — — 6.2 5.9 — — — — — — 6.2
Kazakhstan .......... 57.6 — 6.7 64.3 60.7 — — — — — — 64.3
Latvia .............. 4.9 — — 4.9 4.6 — — — — — — 4.9
Lithuania ........... 33.1 — — 33.1 30.5 — — — — — — 33.1
Luxembourg ......... — — 24.7 24.7 23.4 — — — — — — 24.7
Netherlands ......... — 179.2 1,079.0 1,258.2 1,185.0 — — — — — — 1,258.2
Norway ............. — 3.4 275.8 279.2 281.5 — — — — — — 279.2
Russian Federation .... 82.6 — 95.6 178.2 167.7 — — — — — — 178.2
Slovakia ............ 5.2 — — 5.2 5.0 — — — — — — 5.2
Sweden ............. — 42.4 124.5 166.9 153.6 — — — — — — 166.9
Switzerland .......... — 148.8 531.6 680.4 637.1 — — 14.7 1.2 0.3 15.6 696.0
Turkey ............. 21.1 — 41.0 62.1 65.5 — — — — — — 62.1
United Kingdom ...... — 332.3 2,806.4 3,138.7 3,004.8 — — — — — — 3,138.7
Total Non-Peripheral
Europe ........... 280.0 893.4 6,549.7 7,723.1 7,322.2 — — 40.9 1.2 13.1 29.0 7,752.1
Total ............... $280.0 $893.4 $7,379.0 $8,552.4 $8,108.2 $— $— $40.9 $ 2.4 $13.1 $30.2 $8,582.6
(1) Represents: (i) fixed maturities and equity securities at fair value, including securities pledged; (ii) loan and
receivables sovereign at amortized cost; and (iii) derivative assets at fair value including securities pledged.
Consolidated Investment Entities
We provide investment management services to, and have transactions with, various collateralized debt
structures and securitizations (primarily consolidated investment entities (“CLO entities”)), private equity funds
and single strategy hedge funds, insurance entities and other investment entities in the normal course of business.
In certain instances, we serve as the investment manager, making day-to-day investment decisions concerning the
assets of these entities. These entities are considered to be either variable interest entities (“VIEs”) or voting
interest entities (“VOEs”) and we evaluate our involvement with each entity to determine whether consolidation
is required.
Certain investment entities are consolidated under consolidation guidance. We consolidate certain entities
under the VIE guidance when it is determined that we are the primary beneficiary. We consolidate certain entities
under the VOE guidance when we act as the controlling general partner and the limited partners have no
substantive rights to impact ongoing governance and operating activities.
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