Voya 2014 Annual Report Download - page 186

Pursuant to the MPA, Hannover Re has the option to put into place its own collateral (“Buyers Facility”)
therefore, effective October 1, 2013 on a 32.0% quota share basis, we recaptured a portion of the business from
HLRI and retroceded the recaptured business to Hannover US. As a result, our collateral requirement was
reduced to $2.3 billion as of December 31, 2013. Our remaining collateral requirement as of December 31, 2014
was $2.4 billion.
We also utilize LOCs to provide credit for reinsurance on portions of the CBVA segment liabilities
reinsured to our Arizona captive in order to meet statutory reserve requirements at those times when the assets
and other capital backing the reinsurance liabilities may be less than the statutory reserve requirement. As of
December 31, 2014, there was no LOC requirement and the actual amount of the LOCs outstanding was $625.0
million.
In addition to the $5.0 billion of Individual Life, Hannover Re block and CBVA credit facilities utilized,
$238.0 million of LOCs were outstanding to support miscellaneous requirements. In total, $5.2 billion of credit
facilities were utilized as of December 31, 2014. As of December 31, 2014, the capacity of our unsecured and
uncommitted credit facilities totaled $1.7 million and the capacity of our unsecured and committed credit
facilities totaled $7.8 billion. We also have approximately $10.0 million in secured facilities.
Total fees associated with credit facilities for the years ended 2014, 2013 and 2012 were $120.6 million,
$149.3 million and $223.2 million, respectively.
The following table summarizes our credit facilities, their dates of expiration, capacity and utilization as of
December 31, 2014:
($ in millions)
Obligor /
Applicant Liability Supported
Secured/
Unsecured
Committed/
Uncommitted Expiration Capacity Utilization
Unused
Commitment
Voya Financial, Inc.(1) . . . Unsecured Committed 02/14/2018 $3,000.0 $1,466.7 $1,533.3
Individual Life 447.0
Hannover Re block 309.1
CBVA 625.0
Retirement Solutions 10.0
Other 75.6
SLDI ................ Retirement Solutions Unsecured Committed 01/24/2018 150.0 150.0 —
Voya Financial, Inc. /
Langhorne I, LLC .... Retirement Solutions Unsecured Committed 01/15/2019 500.0 — 500.0
Voya Financial, Inc. /
SLDI .............. Hannover Re block Unsecured Committed 11/09/2015 750.0 750.0 —
SLDI(1) ............... Hannover Re block Unsecured Committed 10/29/2021 1,125.0 1,125.0 —
Voya Financial, Inc. /
SLDI .............. Hannover Re block Unsecured Committed 12/29/2023 250.0 250.0 —
Voya Financial, Inc. /
SLDI .............. Individual Life Unsecured Committed 12/31/2025 475.0 475.0 —
Voya Financial, Inc. .... Other Unsecured Uncommitted Various 1.7 1.7 —
Voya Financial, Inc. .... Other Secured Uncommitted Various 10.0 0.7 —
Voya Financial, Inc. /
Roaring River II,
LLC ............... Individual Life Unsecured Committed 12/31/2021 995.0 693.0 302.0
Voya Financial, Inc. /
Roaring River IV,
LLC ............... Individual Life Unsecured Committed 12/31/2028 565.0 312.0 253.0
Total ................ $7,821.7 $5,224.1 $2,588.3
(1) See the Related Party Transactions Note in our Consolidated Financial Statements in Part II, Item 8. of this
Annual Report on Form 10-K for additional information.
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