Voya 2014 Annual Report Download - page 322

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Other Financial Instruments
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
December 31, 2014 December 31, 2013
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets:
Fixed maturities, including securities pledged ...... $ 74,659.4 $ 74,659.4 $ 72,718.8 $ 72,718.8
Equity securities, available-for-sale .............. 271.8 271.8 314.4 314.4
Mortgage loans on real estate ................... 9,794.1 10,286.6 9,312.2 9,404.7
Policy loans ................................. 2,104.0 2,104.0 2,147.0 2,147.0
Limited partnerships/corporations ............... 363.2 363.2 236.4 236.4
Cash, cash equivalents, short-term investments and
short-term investments under securities loan
agreements ................................ 5,069.3 5,069.3 4,441.8 4,441.8
Derivatives ................................. 1,819.6 1,819.6 1,149.3 1,149.3
Other investments ............................ 110.3 120.4 124.6 131.1
Assets held in separate accounts ................. 106,007.8 106,007.8 106,827.1 106,827.1
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities
and deferred annuities(1) ................. 49,850.9 55,171.4 49,418.4 53,713.8
Funding agreements with fixed maturities and
guaranteed investment contracts ........... 1,593.0 1,564.8 2,692.3 2,663.9
Supplementary contracts, immediate annuities
and other ............................. 2,535.3 2,706.2 2,003.8 2,042.5
Derivatives:
Annuity product guarantees:
FIA ............................... 1,970.0 1,970.0 1,736.7 1,736.7
GMAB / GMWB / GMWBL ........... 1,586.7 1,586.7 908.9 908.9
Stabilizer and MCGs .................. 102.9 102.9 — —
Other derivatives ......................... 849.3 849.3 1,351.8 1,351.8
Long-term debt .............................. 3,515.7 3,875.4 3,514.7 3,717.8
Embedded derivatives on reinsurance ............. 139.6 139.6 79.0 79.0
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also
reflected within the Annuity product guarantees section of the table above.
The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires
disclosure of fair value information about financial instruments, whether or not recognized at fair value on the
Consolidated Balance Sheets, for which it is practicable to estimate that value. In cases where quoted market
prices are not available, fair values are based on estimates using present value or other valuation techniques.
Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of
future cash flows. In that regard, the derived fair value estimates, in many cases, could not be realized in
immediate settlement of the instrument.
ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial
instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not
represent the underlying value of the Company.
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