Voya 2014 Annual Report Download - page 341

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The table below summarizes dividend declarations, record and payment dates, as well as per share dividend
amounts, for the common shares for the year ended December 31, 2014:
Declaration Date Record Date Payment Date Dividend Per Share
February 6, 2014 ............... February 28, 2014 March 31, 2014 $0.01
May 28, 2014 ................. June 9, 2014 June 30, 2014 $0.01
July 31, 2014 ................. August 29, 2014 September 30, 2014 $0.01
October 30, 2014 .............. November 28, 2014 December 30, 2014 $0.01
12. Insurance Subsidiaries
Principal Insurance Subsidiaries Statutory Equity and Income
Each of Voya Financial, Inc.’s four principal insurance subsidiaries (the “Principal Insurance Subsidiaries”) is
subject to minimum risk-based capital (“RBC”) requirements established by the insurance departments of their
respective states of domicile. The formulas for determining the amount of RBC specify various weighting factors
that are applied to financial balances or various levels of activity based on the perceived degree of risk.
Regulatory compliance is determined by a ratio of total adjusted capital (“TAC”), as defined by the National
Association of Insurance Commissioners (“NAIC”), to authorized control level RBC, as defined by the NAIC.
Each of the Company’s Principal Insurance Subsidiaries exceeded the minimum RBC requirements that would
require any regulatory or corrective action for all periods presented herein.
The Company’s Principal Insurance Subsidiaries are each required to prepare statutory financial statements in
accordance with statutory accounting practices prescribed or permitted by the insurance department of its
respective state of domicile. Such statutory accounting practices primarily differ from U.S. GAAP by charging
policy acquisition costs to expense as incurred, establishing future policy benefit liabilities and contract owner
account balances using different actuarial assumptions as well as valuing investments and certain assets and
accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting
principles are charged directly to surplus. Depending on the regulations of the insurance department of an
insurance company’s state of domicile, the entire amount or a portion of an insurance company’s asset balance
can be non-admitted based on the specific rules regarding admissibility. For the years ended December 31, 2014,
2013 and 2012, the Principal Insurance Subsidiaries have no material prescribed or permitted practices that
impact total capital and surplus.
Statutory Net income (loss) for the years ended December 31, 2014, 2013 and 2012, statutory capital and surplus
as of December 31, 2014 and 2013 and minimum capital requirements as of December 31, 2014 of the
Company’s Principal Insurance Subsidiaries are as follows:
Statutory Net Income (Loss)
Statutory Capital and
Surplus
Minimum
Capital
Requirements(1)
2014 2013 2012 2014 2013 2014
Subsidiary Name (State of Domicile):
Voya Insurance and Annuity Company
(IA) ............................... $335.6 $ (55.8) $ (9.1) $2,119.4 $1,941.6 $5.0
Voya Retirement Insurance and Annuity
Company (CT) ....................... 321.7 175.2 261.6 2,007.9 2,010.8 3.0
Security Life of Denver Insurance Company
(“SLD”) (CO) ....................... 141.6 (0.1) (129.8) 1,128.8 1,034.0 1.5
ReliaStar Life Insurance Company (“RLI”)
(MN) .............................. 103.9 215.9 (155.3) 1,944.7 1,942.5 4.5
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