Voya 2014 Annual Report Download - page 261

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
1. Business, Basis of Presentation and Significant Accounting Policies
Business
Voya Financial, Inc. (which changed its name from ING U.S., Inc. on April 7, 2014) and its subsidiaries
(collectively, “the Company”) is a financial services organization in the United States that offers a broad range of
retirement services, annuities, investment management services, mutual funds, life insurance, group insurance
and supplemental health products, guaranteed investment contracts and funding agreements. The Company
provides its principal products and services in three ongoing businesses (“Ongoing Business”)—Retirement
Solutions, Investment Management and Insurance Solutions—and reports its results for the Ongoing Business
through five segments, including Retirement, Annuities, Investment Management, Individual Life and Employee
Benefits. The Company also has a Corporate segment, which includes the financial data not directly related to the
businesses, and Closed Block segments. See the Segments Note to these Consolidated Financial Statements.
Prior to May 2013, the Company was an indirect, wholly owned subsidiary of ING Groep N.V. (“ING Group” or
“ING”), a global financial services holding company based in The Netherlands, with American Depository
Shares listed on the New York Stock Exchange. In 2009, ING Group announced the anticipated separation of its
global banking and insurance businesses, including the divestiture of the Company. On April 11, 2013, the
Company announced plans to rebrand in the future as Voya Financial, Inc. On May 2, 2013, the common stock of
Voya Financial, Inc. began trading on the New York Stock Exchange under the symbol “VOYA.” On May 7,
2013 and May 31, 2013, Voya Financial, Inc. completed its initial public offering of common stock, including
the issuance and sale by Voya Financial, Inc. of 30,769,230 shares of common stock and the sale by ING
Insurance International B.V. (“ING International”), an indirect, wholly owned subsidiary of ING Group and
previously the sole stockholder of Voya Financial, Inc., of 44,201,773 shares of outstanding common stock of
Voya Financial, Inc. (collectively, “the IPO”). On September 30, 2013, ING International transferred all of its
shares of Voya Financial, Inc. common stock to ING Group.
On October 29, 2013, ING Group completed a sale of 37,950,000 shares of common stock of the Company in a
registered public offering (“Secondary Offering”), reducing ING Group’s ownership in the Company to 57%.
On March 25, 2014, ING Group completed a sale of 30,475,000 shares of common stock of Voya Financial, Inc.
in a registered public offering (the “March 2014 Offering”). Also on March 25, 2014, pursuant to the terms of a
share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired
7,255,853 shares of its common stock from ING Group (the “March 2014 Direct Share Repurchase”) (the March
2014 Offering and the March 2014 Direct Share Repurchase collectively, the “March 2014 Transactions”). Upon
completion of the March 2014 Transactions, ING Group’s ownership of Voya Financial, Inc. was reduced to
approximately 43%.
On September 8, 2014, ING Group completed a sale of 22,277,993 shares of common stock of Voya Financial,
Inc. in a registered public offering (the “September 2014 Offering”). Also on September 8, 2014, pursuant to the
terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc.
acquired 7,722,007 shares of its common stock from ING Group (the “September 2014 Direct Share
Repurchase”) (the September 2014 Offering and the September 2014 Direct Share Repurchase collectively, the
“September 2014 Transactions”). Upon completion of the September 2014 Transactions, ING Group’s ownership
of Voya Financial, Inc. was reduced to 32.5%.
On November 18, 2014, ING Group completed a sale of 30,030,013 shares of common stock of Voya Financial,
Inc. in a registered public offering (the “November 2014 Offering”). Also on November 18, 2014, pursuant to the
terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc.
acquired 4,469,987 shares of its common stock from ING Group (the “November 2014 Direct Share
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