Voya 2013 Annual Report Download - page 233
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During 2013, net cash settlements under OTC contracts were $296.4 million received and net cash
settlements for exchange traded derivatives were $2.4 billion paid. Net realized losses on derivatives for the year
ended December 31, 2013, were $971.4 million and $2.2 billion for OTC contracts and exchange traded
contracts, respectively.
We use credit derivatives to reduce our exposure to credit-related events as well as taking credit risks. For
every subsidiary or internal portfolio, the net notional amount of credit risk taken using credit derivatives is
limited to the amount of U.S. Treasury security investments in the same portfolio. We also place a limit on the
amount of earnings volatility that these instruments can cause.
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