Voya 2014 Annual Report Download - page 223

The following tables present credit quality of fixed maturities, including securities pledged, using ARO
ratings as of the dates indicated:
($ in millions) December 31, 2014
ARO Quality Ratings AAA AA A BBB
BB and
Below
Total Fair
Value
U.S. Treasuries .................... $ 3,904.0 $ — $ — $ —$—$3,904.0
U.S. Government agencies and
authorities ...................... 432.5 — 3.4 — — 435.9
State, municipalities and political
subdivisions ..................... 88.2 451.8 142.1 10.7 1.6 694.4
U.S. corporate securities ............. 824.2 2,219.4 17,502.5 18,212.6 1,982.1 40,740.8
Foreign securities(1) ................. 125.8 1,436.7 3,742.4 10,380.5 758.8 16,444.2
Residential mortgage-backed
securities ....................... 5,434.1 30.0 31.0 94.6 1,067.1 6,656.8
Commercial mortgage-backed
securities ....................... 2,235.3 515.0 474.1 350.6 613.2 4,188.2
Other asset-backed securities ......... 930.2 36.1 99.2 43.5 486.1 1,595.1
Total fixed maturities ........... $13,974.3 $4,689.0 $21,994.7 $29,092.5 $4,908.9 $74,659.4
% of Fair Value ................ 18.7% 6.3% 29.5% 38.9% 6.6% 100.0%
(1) Primarily U.S. dollar denominated.
($ in millions) December 31, 2013
ARO Quality Ratings AAA AA A BBB
BB and
Below
Total Fair
Value
U.S. Treasuries .................... $ 5,181.2 $ — $ — $ —$—$5,181.2
U.S. Government agencies and
authorities ...................... 613.2 2.9 2.8 — — 618.9
State, municipalities and political
subdivisions ..................... 59.2 182.8 34.3 3.9 0.9 281.1
U.S. corporate securities ............. 796.9 2,031.7 15,424.1 17,435.3 1,790.6 37,478.6
Foreign securities(1) ................. 93.1 1,331.6 3,781.7 10,446.0 704.1 16,356.5
Residential mortgage-backed
securities ....................... 5,801.9 35.5 45.9 144.7 1,095.7 7,123.7
Commercial mortgage-backed
securities ....................... 1,552.3 727.5 426.9 476.0 569.4 3,752.1
Other asset-backed securities ......... 1,232.9 30.1 77.9 55.6 530.2 1,926.7
Total fixed maturities ........... $15,330.7 $4,342.1 $19,793.6 $28,561.5 $4,690.9 $72,718.8
% of Fair Value ................ 21.0% 6.0% 27.2% 39.3% 6.5% 100.0%
(1) Primarily U.S. dollar denominated.
Fixed maturities rated BB and below may have speculative characteristics and changes in economic
conditions or other circumstances that are more likely to lead to a weakened capacity of the issuer to make
principal and interest payments than is the case with higher rated fixed maturities.
Unrealized Capital Losses
Gross unrealized losses on fixed maturities, including securities pledged, decreased $812.9 million from
$1,136.5 million to $323.6 million for the year ended December 31, 2014. The decrease in gross unrealized
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