Voya 2014 Annual Report Download - page 132

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
For the purposes of the discussion in this Annual Report on Form 10-K, the term Voya Financial, Inc. refers to
Voya Financial, Inc. and the terms “Company,” “we,” “our,” and “us” refer to Voya Financial, Inc. and its
subsidiaries.
The following discussion and analysis presents a review of our results of operations for the years ended
December 31, 2014, 2013 and 2012 and financial condition as of December 31, 2014 and 2013. This item should
be read in its entirety and in conjunction with the Consolidated Financial Statements and related notes contained
in Part II, Item 8. of this Annual Report on Form 10-K.
In addition to historical data, this discussion contains forward-looking statements about our business, operations
and financial performance based on current expectations that involve risks, uncertainties and assumptions.
Actual results may differ materially from those discussed in the forward-looking statements as a result of various
factors. See the “Note Concerning Forward-Looking Statements.”
Overview
We provide our principal products and services in three ongoing businesses (“Ongoing Business”)—
Retirement Solutions, Investment Management and Insurance Solutions—and report our results for the Ongoing
Business through five segments.
The Retirement Solutions business provides its products and services through two segments: Retirement and
Annuities:
• Our Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and
administrative services in corporate, education, healthcare and government markets. Our Retirement
segment also provides rollover individual retirement accounts (“IRAs”) and other retail financial
products as well as comprehensive financial advisory services to individual customers. Our retirement
products and services are distributed through multiple intermediary channels, including third-party
administrators (“TPAs”), independent and national wirehouse affiliated brokers and registered
investment advisors, in addition to independent sales agents and consulting firms. We also have a
direct sales team for large defined contribution plans and stable value business, as well as a team of
affiliated brokers who sell our products both in person and via telephone.
• Our Annuities segment provides fixed and indexed annuities, tax-qualified mutual fund custodial
products and payout annuities for pre-retirement wealth accumulation and postretirement income
management. Annuity products are primarily distributed by independent marketing organizations,
independent broker-dealers, banks, independent insurance agents, pension professionals and affiliated
broker-dealers.
The Investment Management business provides its products and services through a single segment, also
called Investment Management:
• Our Investment Management business provides investment products and retirement solutions to both
individual and institutional customers by offering domestic and international fixed income, equity,
multi-asset and alternative products and solutions across a range of asset classes, geographies, market
sectors, investment styles and capitalization spectrums. Investment Management products and services
are primarily marketed to institutional clients, including public, corporate and union retirement plans,
endowments and foundations and insurance companies, as well as individual investors and the general
accounts of our insurance company subsidiaries. Investment Management products and services are
distributed through a combination of our direct sales force, consultant channel and intermediary
partners (such as banks, broker-dealers and independent financial advisers).
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