Voya 2014 Annual Report Download - page 179

(1) Unlocking related to the Net gain from Lehman Recovery/LIHTC is excluded from DAC/VOBA and other
intangibles unlocking for the year ended December 31, 2013 (and included in Net gain from Lehman
Recovery/LIHTC).
(2) Includes the impacts of the annual review of assumptions.
In addition, we have DAC/VOBA and other intangibles unlocking that corresponds to items excluded from
Operating earnings before income taxes, such as the results of our CBVA segment, investment gains (losses) and
net guaranteed benefits hedging gains (losses) in our Ongoing Business.
The following table presents the amount of DAC/VOBA and other intangibles unlocking that is included in
Income before income taxes but excluded from Operating earnings before income taxes for the periods
presented:
Years Ended December 31,
($ in millions) 2014 2013 2012
CBVA ............................................................ $ 34.4 $ (4.7) $ 1.8
Ongoing Business ................................................... 80.4 73.3 127.0
Total ................................................................. $114.8 $68.6 $128.8
Liquidity and Capital Resources
Liquidity is our ability to generate sufficient cash flows to meet the cash requirements of operating,
investing and financing activities. Capital refers to our long-term financial resources available to support the
business operations and contribute to future growth. Our ability to generate and maintain sufficient liquidity and
capital depends on the profitability of the businesses, timing of cash flows on investments and products, general
economic conditions and access to the capital markets and the alternate sources of liquidity and capital described
herein.
Consolidated Sources and Uses of Liquidity and Capital
Our principal available sources of liquidity are product charges, investment income, proceeds from the
maturity and sale of investments, proceeds from debt issuance and borrowing facilities, repurchase agreements,
contract deposits and securities lending. Primary uses of these funds are payments of policyholder benefits
commissions and operating expenses, interest credits, share repurchases, investment purchases and contract
maturities, withdrawals and surrenders.
Parent Company Sources and Uses of Liquidity
In evaluating liquidity, it is important to distinguish the cash flow needs of Voya Financial, Inc. from the
cash flow needs of the Company as a whole. Voya Financial, Inc. is largely dependent on cash flows from its
operating subsidiaries to meet its obligations. The principal sources of funds available to Voya Financial, Inc.
include dividends and returns of capital from its operating subsidiaries, as well as cash and short-term
investments. These sources of funds are currently supplemented by Voya Financial, Inc.’s access to the $750.0
million revolving credit sublimit of its Amended and Restated Revolving Credit Agreement and reciprocal
borrowing facilities maintained with its subsidiaries as well as other alternate sources of liquidity described
below either directly or indirectly through its insurance subsidiaries.
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