Voya 2014 Annual Report Download - page 371

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
As of December 31, 2014, the Company had off-balance sheet commitments to purchase investments equal to
their fair value of $887.4, of which $297.0 relates to consolidated investment entities. As of December 31, 2013,
the Company had off-balance sheet commitments to purchase investments equal to their fair value of $1.2 billion,
of which $321.3 relates to consolidated investment entities.
Insurance Company Guaranty Fund Assessments
Insurance companies are assessed on the costs of funding the insolvencies of other insurance companies by the
various state guaranty associations, generally based on the amount of premiums companies collect in that state.
The Company accrues the cost of future guaranty fund assessments based on estimates of insurance company’s
insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the
amount of premiums written in each state. The Company has estimated this undiscounted liability, which is
included in Other liabilities on the Consolidated Balance Sheets, to be $14.5 and $19.2 as of December 31, 2014
and 2013, respectively. The Company has also recorded an asset, in Other assets on the Consolidated Balance
Sheets of $26.5 and $18.4 as of December 31, 2014 and 2013, respectively, for future credits to premium taxes.
The Company estimates its liabilities for future assessments under state insurance guaranty association laws. The
Company believes the reserves established are adequate for future assessments relating to insurance companies
that are currently subject to insolvency proceedings.
Restricted Assets
The Company is required to maintain assets on deposit with various regulatory authorities to support its
insurance operations. The Company may also post collateral in connection with certain securities lending,
repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the
fair value of the restricted assets were as follows as of December 31, 2014 and 2013:
2014 2013
Fixed maturity collateral pledged to FHLB .................... $1,614.8 $2,333.4
FHLB restricted stock(1) ................................... 76.3 99.1
Other fixed maturities-state deposits .......................... 241.7 251.0
Securities pledged(2) ...................................... 1,184.6 1,465.7
Total restricted assets ..................................... $3,117.4 $4,149.2
(1) Included in Other investments in the Consolidated Balance Sheets.
(2) Includes the fair value of loaned securities of $545.9 and $435.4 as of December 31, 2014 and
2013, respectively, which is included in Securities pledged on the Consolidated Balance Sheets. In
addition, as of December 31, 2014 and 2013, the Company delivered securities as collateral of
$638.7 and $1.0 billion, respectively, which was included in Securities pledged in the
Consolidated Balance Sheets.
Federal Home Loan Bank Funding Agreements
The Company is a member of the FHLB of Des Moines and the FHLB of Topeka and is required to pledge
collateral to back funding agreements issued to the FHLB. As of December 31, 2014 and 2013, the Company had
$1.4 billion and $1.8 billion, respectively, in non-putable funding agreements, which are included in Contract
owner account balances on the Consolidated Balance Sheets. As of December 31, 2014 and 2013, assets with a
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