Voya 2014 Annual Report Download - page 328

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Consolidated Balance Sheets in Future policy benefits and Contract owner account balances. The paid and
incurred amounts were as follows for the years ended December 31, 2014, 2013 and 2012:
Variable Life
and Universal
Life GMDB
GMAB/
GMWB GMIB GMWBL
Stabilizer
and
MCGs(1)
Separate account liability at
December 31, 2014 .............. $ 557.6 $40,629.8 $775.2 $14,014.9 $15,788.3 $38,012.3
Separate account liability at
December 31, 2013 .............. $ 563.1 $44,239.7 $940.6 $15,894.1 $16,516.8 $36,858.1
Additional liability balance:
Balance at January 1, 2012 ...... $1,507.2 $ 530.3 $128.2 $ 1,290.2 $ 2,144.0 $ 221.0
Incurred guaranteed
benefits ............... 512.6 89.2 (42.7) (5.4) (193.5) (119.0)
Paid guaranteed benefits .... (348.6) (118.8) (0.6) (38.7) — —
Balance at December 31, 2012 . . . 1,671.2 500.7 84.9 1,246.1 1,950.5 102.0
Incurred guaranteed
benefits ............... 442.5 (59.5) (52.7) (144.6) (1,073.3) (102.0)
Paid guaranteed benefits .... (369.2) (90.5) (0.5) (32.1) — —
Balance at December 31, 2013 . . . 1,744.5 350.7 31.7 1,069.4 877.2 —
Incurred guaranteed
benefits ............... 626.8 112.0 4.9 262.6 673.6 102.9
Paid guaranteed benefits .... (402.1) (74.5) (0.7) (175.8) — —
Balance at December 31, 2014 . . . $1,969.2 $ 388.2 $ 35.9 $ 1,156.2 $ 1,550.8 $ 102.9
(1) The Separate account liability at December 31, 2014 and 2013 includes $29.7 billion and $28.7 billion,
respectively, of externally managed assets, which are not reported on the Company’s Consolidated Balance
Sheets.
The Company also calculates additional liabilities for FIA contracts with guaranteed withdrawal benefits. The
additional liability represents the expected value of these benefits in excess of the projected account balance, and
is accreted based on assessments over the accumulation period of the contract. The additional liability for FIA
guaranteed withdrawal benefits was $19.7 and $35.1, as of December 31, 2014 and 2013, respectively. The
additional liability is recorded in Future policy benefits on the Consolidated Balance Sheets.
The net amount at risk for the GMDB, GMAB and GMWB benefits is equal to the guaranteed value of these
benefits in excess of the account values.
The net amount at risk for the GMIB and GMWBL benefits is equal to the excess of the present value of the
minimum guaranteed annuity payments available to the contract owner over the current account value.
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