Voya 2014 Annual Report Download - page 48

The following chart presents data on our in-force face amount and total gross premiums and deposits
received for the key life insurance products that we offer:
($ in millions)
In-Force Face
Amount
Total gross premiums
and deposits
Individual Life Product
As of
December 31, 2014
Year Ended
December 31, 2014
Term Life ......................... $371,586 $859.2
Universal Life ..................... $ 77,798 $971.9
Variable Universal Life .............. $ 26,432 $183.6
Markets and Distribution
Our Individual Life segment has a broad, multi-channel independent distribution reach that is designed to
allow us to penetrate markets that range from the middle-market through affluent market. Our distribution
organization boasts a comprehensive sales support, sales technology, marketing support and illustration system.
We also offer an Internet-based sales solution that is based on educational selling at VoyaForLife.com . We offer
service solutions to meet the diverse and changing requirements of our customers and distribution partners.
We primarily use three different channels to market and sell our Individual Life products. Our largest
channel works through over 2,200 independent general agents and has the breadth to engage with the vast
majority of licensed independent life insurance agents in the United States.
Through this channel, we have access to over 98,000 independent producers as of December 31, 2014. We
also use a strategic distribution channel, with approximately 33 independent managing directors supporting
approximately 7,500 producers (as of December 31, 2014) who engage with our broker-dealer. These producers,
while independent, use our brand and sell a wide range of our products, including life, annuity and mutual funds.
Finally, we employ a specialty markets channel to focus on alternative distribution. This includes life insurance
quote agencies, internet direct marketers, and other forms of non-traditional distribution.
The following table presents a breakdown of Individual Life sales by distribution channel:
($ in millions) Sales % of Sales
Channel
Year Ended
December 31, 2014
Year Ended
December 31, 2014
Independent Life Sales ................ $68.1 71.7%
Strategic Distribution .................. $18.1 19.1%
Specialty/Alternative Markets ........... $ 8.8 9.2%
The goal of our Individual Life distribution model is to be a full-service provider of life insurance products
with a broad footprint, offering customers multiple ways to purchase products from our diverse portfolio.
Achieving this goal has allowed us to penetrate affluent markets with our non-term portfolio, while building
scale through policy count with sales of term and lower face non-term products in the middle market.
Competition
The Individual Life segment competes with large, well-established life insurance companies in a mature
market, where price and service are key drivers. Primary competitors include Lincoln, MetLife, Prudential,
American General, Principal Financial Group, John Hancock, Transamerica and Pacific Life. Individual Life
primarily competes based on service and distribution channel relationships, price, brand recognition, financial
strength ratings of our insurance subsidiaries and financial stability. We have strong capabilities to monitor
competition and we utilize advanced models to benchmark our product offerings against others in the industry.
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