Voya 2014 Annual Report Download - page 231

upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s
Net income (loss) to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations
do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process
described above.
As of December 31, 2014 and 2013, our mortgage loans on real estate portfolio had a weighted average
DSC of 2.0 times, and a weighted average LTV ratio of 59.9% and 59.0%, respectively. See the Investments
(excluding Consolidated Investment Entities) Note in our Consolidated Financial Statements in Part II, Item 8. of
this Annual Report on Form 10-K for further information on mortgage loans on real estate.
Recorded Investment
Debt Service Coverage Ratios
($ in millions) > 1.5x >1.25x - 1.5x >1.0x - 1.25x < 1.0x
Commercial
mortgage loans
secured by land
or construction
loans Total % of Total
December 31, 2014
Loan-to-Value Ratios:
0%-50% ............. $1,226.9 $ 150.5 $ 31.3 $ 51.9 $ — $1,460.6 14.9%
>50% - 60% ........... 1,738.9 145.7 196.3 180.7 — 2,261.6 23.1%
>60% - 70% ........... 4,058.3 783.4 532.8 124.3 16.0 5,514.8 56.3%
>70% - 80% ........... 72.1 304.8 144.4 20.0 — 541.3 5.5%
>80% and above ....... — 7.7 1.9 9.0 — 18.6 0.2%
Total ................. $7,096.2 $1,392.1 $906.7 $385.9 $16.0 $9,796.9 100.0%
Recorded Investment
Debt Service Coverage Ratios
($ in millions) > 1.5x >1.25x - 1.5x >1.0x - 1.25x < 1.0x
Commercial
mortgage loans
secured by land
or construction
loans Total % of Total
December 31, 2013
Loan-to-Value Ratios:
0%-50% ............. $1,371.2 $ 136.0 $187.3 $ 88.1 $ — $1,782.6 19.1%
>50% - 60% ........... 1,617.7 343.0 265.5 163.8 — 2,390.0 25.7%
>60% - 70% ........... 3,267.5 845.6 401.3 153.7 0.2 4,668.3 50.1%
>70% - 80% ........... 90.1 196.3 118.4 51.0 — 455.8 4.9%
>80% and above ....... — — 8.1 11.2 — 19.3 0.2%
Total ................. $6,346.5 $1,520.9 $980.6 $467.8 $ 0.2 $9,316.0 100.0%
Other-Than-Temporary Impairments
We evaluate available-for-sale fixed maturities and equity securities for impairment on a regular basis. The
assessment of whether impairments have occurred is based on a case-by-case evaluation of the underlying
reasons for the decline in estimated fair value. See the Business, Basis of Presentation and Significant
Accounting Policies Note in our Consolidated Financial Statements in Part II, Item 8. of this Annual Report on
Form 10-K for the policy used to evaluate whether the investments are other-than-temporarily impaired.
For the year ended December 31, 2014, we recorded $7.8 million of credit related OTTI of which the primary
contributor was $4.8 million of write-downs recorded in the RMBS sector on securities collateralized by Alt-A
residential mortgages. See the Investments (excluding Consolidated Investment Entities) Note in our Consolidated
Financial Statements of Part II, Item 8. in this Annual Report on Form 10-K for further information on OTTI.
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