Voya 2014 Annual Report Download - page 393

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
20. Segments
The Company provides its principal products and services in three ongoing businesses and reports its results for
the Ongoing Business through five segments as follows:
Business Segment
Retirement Solutions Retirement
Annuities
Investment Management Investment Management
Insurance Solutions Individual Life
Employee Benefits
The Company also has a Corporate segment, which includes the financial data not directly related to the
businesses and Closed Block segments, which include non-strategic products that are in run-off and no longer
being actively marketed and sold.
These segments reflect the manner by which the Company’s chief operating decision maker views and manages the
business. The following is a brief description of these segments, as well as Corporate and Closed Block segments.
Retirement Solutions
The Retirement Solutions business provides its products and services through two segments: Retirement and
Annuities. The Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and
administrative services in corporate, education, healthcare and government markets, as well as rollover individual
retirement accounts (“IRAs”) and other retail financial products. The Annuities segment primarily provides fixed
and indexed annuities, tax-qualified mutual fund custodial products and payout annuities for pre-retirement
wealth accumulation and postretirement income management sold through multiple channels.
Investment Management
The Investment Management business provides investment products and retirement solutions through a broad
range of traditional and alternative asset classes, geographies and styles, in separate accounts, pooled accounts,
annuity portfolios and mutual funds. Products and services are offered to institutional clients, including public,
corporate and union retirement plans, endowments and foundations and insurance companies, as well as
individual investors and affiliated U.S. businesses and are distributed through the Company’s direct sales force,
consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers).
Insurance Solutions
The Insurance Solutions business provides its products and services through two segments: Individual Life and
Employee Benefits. The Individual Life segment provides wealth protection and transfer opportunities through
universal, variable and term life products, distributed through independent channels to meet the needs of a broad
range of customers from the middle market through affluent market segments. The Employee Benefits segment
provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses.
Corporate
Corporate includes corporate operations and corporate level assets and financial obligations. The Corporate
segment includes investment income on assets backing surplus in excess of amounts held at the segment level,
financing and interest expenses, other items not allocated to segments, such as certain expenses and liabilities of
employee benefit plans and intercompany eliminations.
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