Voya 2014 Annual Report Download - page 427

Voya Financial, Inc.
Schedule II
Notes to Condensed Financial Information of Parent
(Dollar amounts in millions, unless otherwise stated)
Voya Financial, Inc. entered into a guaranty agreement on December 31, 2013 with a third-party bank in order to
guarantee certain reimbursement obligations of Security Life of Denver International Limited, a wholly owned
subsidiary of Voya Financial, Inc., under a $250.0 letter of credit facility with a third party.
NN Group issued a $500.0 loan to Voya Holdings Inc. on August 9, 2007. This loan had an interest rate of
LIBOR plus 0.05% and was scheduled to mature on April 29, 2016. Upon issuance of this loan, Voya Financial,
Inc. entered into an agreement in which it guaranteed all obligations under the loan agreement to ING V. On
July 5, 2013 all amounts outstanding under this loan were repaid.
Voya Holdings Inc. issued $50.0 of 8.424% Trust Originated Preferred Securities (“ToPR”) on April 3, 1997 due
on April 1, 2027. As of December 31, 2014, $13.0 total principal value amount is outstanding. On January 27,
2003, Voya Financial, Inc. entered into an agreement in which it guaranteed the full payment when due of all
obligations under ToPR. Under the same guarantee agreement, Voya Financial, Inc. also unconditionally
guarantees the payment of any principal or interest due in respect of Voya Holdings notes (“Aetna Notes”). As of
December 31, 2014, the remaining principal amounts of the Aetna Notes outstanding were $506.1.
Effective February 25, 2000, Voya Financial, Inc. entered into a Corporate Guarantee Agreement with a third-
party ceding insurer where Voya Financial, Inc. guarantees the reinsurance obligations of one of its wholly
owned subsidiaries assumed under a reinsurance agreement with the third-party cedent. The maximum potential
obligation is not specified or applicable. Since these obligations are not subject to limitations, it is not possible to
determine the maximum potential amount due under these guarantees.
There were no assets or liabilities recognized by Voya Financial, Inc. as of December 31, 2014 and 2013 in
relation to these intercompany indemnifications and support agreements. As of December 31, 2014 and 2013, no
circumstances existed in which Voya Financial, Inc. was required to currently perform under these
indemnifications and support agreements.
4. Returns of Capital and Dividends
Voya Financial, Inc. received returns of capital and dividends from the following subsidiaries for the periods
indicated:
Year Ended December 31,
2014 2013 2012
Voya Holdings Inc. ................................ $795.0 $ 987.0 $733.0
Security Life of Denver Insurance Company ............ 32.0 447.0 80.0
Voya Financial Products Company, Inc. ................ 75.0 — —
Total ........................................... $902.0 $1,434.0 $813.0
5. Income Taxes
As of December 31, 2014 and 2013, Voya Financial, Inc. held deferred tax assets related to loss and credit
carryforwards, some of which have not been realized by its subsidiaries but have been reimbursed to the
subsidiaries by Voya Financial, Inc. pursuant to the intercompany tax sharing agreement. The total deferred tax
assets were primarily comprised of federal net operating loss, state net operating loss and credit carryforwards.
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