Voya 2014 Annual Report Download - page 188

The peak financing requirement for the Individual Life block is expected to reach approximately $3.0 billion
during the period 2017—2025.
Hannover Re block
($ in millions)
Obligor / Applicant
Financing
Structure Product Expiration Capacity Utilization
Voya Financial, Inc. ................... Credit Facility XXX/AG38 02/14/2018 $ 309.1 $ 309.1
Voya Financial, Inc. / SLDI ............. Collateral Note XXX/AG38 11/09/2015 750.0 750.0
SLDI ............................... LOCFacility XXX/AG38 10/29/2021 1,125.0 1,125.0
Voya Financial, Inc. / SLDI ............. LOCFacility XXX/AG38 12/29/2023 250.0 250.0
Total ............................... $2,434.1 $2,434.1
The peak financing requirement for the Hannover Re block is expected to reach approximately $2.5 billion
in 2016.
Closed Block Variable Annuity
($ in millions)
Obligor / Applicant
Financing
Structure Product Expiration Utilization
Voya Financial, Inc. / SLDI .................. Credit Facility GMWBL/GMIB 02/14/2018 $625.0
Total ..................................... $625.0
Contingent Capital Letter of Credit
SLDI was the sole obligor under a $1.5 billion contingent capital LOC facility with ING Bank, under which
$1.5 billion of LOCs were issued to support SLDI’s reinsurance obligations to Voya Insurance and Annuity
Company (“VIAC”), formerly known as ING USA Annuity and Life Insurance Company, for certain minimum
guarantees included in its CBVA products. The agreement had no recourse to Voya Financial, Inc.
On May 8, 2013, Voya Financial, Inc. made a capital contribution to SLDI in the amount of $1.8 billion.
Immediately thereafter, SLDI deposited the contributed capital as cash collateral into a funds withheld trust
account to support its reinsurance obligation to VIAC related to variable annuity cessions from VIAC to SLDI.
Following the deposit by SLDI of the contributed capital into the funds withheld trust account, the $1.5 billion
contingent capital LOCs issued under the contingent capital LOC facility were cancelled and on May 14, 2013 ,
the $1.5 billion contingent capital LOC facility was terminated.
Reinsurance Subsidiaries -Voya Financial, Inc. Credit Support
Voya Financial, Inc. also maintains credit facilities with third-party banks and a third-party trust to support
the reinsurance obligations of our captive reinsurance subsidiaries. As of December 31, 2014, such facilities
provided for up to $2.1 billion of capacity, of which $1.0 billion was utilized.
In addition to providing credit facilities, we also provide credit support to our captive reinsurance
subsidiaries through surplus maintenance agreements, pursuant to which we agree to cause these subsidiaries to
maintain particular levels of capital or surplus and which we entered into, in connection with particular
reinsurance transactions. These agreements are effective for the duration of the related reinsurance transactions
and the maximum potential obligations are not specified or applicable. Since these obligations are not subject to
limitations, it is not possible to determine the maximum potential amount due under these agreements.
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