Voya 2014 Annual Report Download - page 140

decline in certain lines of business. WAP is not equal to premium revenue under U.S. GAAP. Renewal premiums
on existing policies are included in U.S. GAAP premium revenue in addition to first year premiums and thus
changes in persistency of existing in-force business can potentially offset growth from current year sales.
Total gross premiums and deposits are defined as premium revenue and deposits for policies written and
assumed. This measure provides information as to growth and persistency trends related to premium and
deposits.
Other Measures
Total annualized in-force premiums are defined as a full year of premium at the rate in effect at the end of
the period. This measure provides information as to the growth and persistency trends in premium revenue.
Interest adjusted loss ratios are defined as the ratio of benefits expense to premium revenue exclusive of the
discount component in the change in benefit reserve. This measure reports the loss ratio related to mortality on
life products and morbidity on health products.
In-force face amount is defined as the total life insurance coverage in effect as of the end of the period
presented for business written and assumed. This measure provides information as to changes in policy growth
and persistency with respect to death benefit coverage.
In-force policy count is defined as the number of policies written and assumed with coverage in effect as of
the end of the period. This measure provides information as to policy growth and persistency.
New business policy count (paid) is defined as the number of policies issued during the period for which
initial premiums have been paid by the policyholder. This measure provides information as to policy growth
from sales during the period.
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