Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 09, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Voya Financial, Inc. | ||
Entity Central Index Key | 1,535,929 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 189,441,129 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $66,158.7 as of 2016 and $65,546.3 as of 2015) | $ 69,468.7 | $ 67,733.4 | ||
Fixed maturities, at fair value using the fair value option | 3,712.3 | 3,226.6 | ||
Equity securities, available-for-sale, at fair value | 274.2 | 331.7 | ||
Short-term investments | 821 | 1,496.7 | ||
Mortgage loans on real estate, net of valuation allowance of $3.1 as of 2016 and $3.2 as of 2015 | 11,725.2 | 10,447.5 | ||
Policy loans | 1,961.5 | 2,002.7 | ||
Limited partnerships/corporations | 758.6 | 510.6 | ||
Derivatives | 1,712.4 | 1,538.5 | ||
Other investments | 47.4 | 91.6 | ||
Securities pledged (amortized cost of $1,983.8 as of 2016 and $1,082.1 as of 2015) | 2,157.1 | 1,112.6 | ||
Total investments | 92,638.4 | 88,491.9 | ||
Cash and cash equivalents | 2,910.7 | 2,512.7 | $ 2,530.9 | $ 2,840.8 |
Short-term investments under securities loan agreements, including collateral delivered | 788.4 | 660 | ||
Accrued investment income | 891.2 | 899 | ||
Premium receivable and reinsurance recoverable | 7,318 | 7,686.8 | ||
Deferred policy acquisition costs, Value of business acquired | 4,887.5 | 5,370.1 | 4,570.9 | 5,351.6 |
Sales inducements to contract holders | 242.8 | 263.3 | ||
Current income taxes | 164.6 | 0 | ||
Deferred income taxes | 2,089.8 | 2,214.8 | ||
Goodwill and other intangible assets | 219.5 | 250.8 | ||
Other assets | 909.5 | 914.3 | ||
Assets related to consolidated investment entities: | ||||
Corporate loans, at fair value using the fair value option | 1,952.5 | 6,882.5 | ||
Assets held in separate accounts | 97,118.7 | 96,514.8 | ||
Total assets | 214,235.1 | 218,223.5 | ||
Liabilities and Shareholder's Equity | ||||
Future policy benefits | 21,447.2 | 19,508 | ||
Contract owner account balances | 70,606.2 | 68,664.1 | ||
Payables under securities loan agreement, including collateral held | 1,841.3 | 1,485 | ||
Long-term debt | 3,549.5 | 3,459.8 | ||
Funds held under reinsurance agreements | 729.1 | 702.4 | ||
Derivatives | 470.7 | 487.5 | ||
Pension and other post-employment provisions | 674.3 | 687.4 | ||
Current income taxes | 0 | 70 | ||
Other liabilities | 1,336 | 1,460.9 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 1,967.2 | 6,956.2 | ||
Other liabilities | 527.8 | 1,951.6 | ||
Liabilities related to separate accounts | 97,118.7 | 96,514.8 | ||
Total liabilities | 200,268 | 201,947.7 | ||
Shareholder's equity: | ||||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 268,079,931 and 265,327,196 shares issued as of 2016 and 2015, respectively; 194,639,273 and 209,095,793 shares outstanding as of 2016 and 2015, respectively) | 2.7 | 2.7 | ||
Treasury stock (at cost; 73,440,658 and 56,231,403 shares as of 2016 and 2015, respectively) | (2,796) | (2,302.3) | ||
Additional paid-in capital | 23,608.8 | 23,716.8 | ||
Accumulated other comprehensive income (loss) | 2,021.7 | 1,424.9 | 3,103.7 | |
Retained earnings (deficit): | ||||
Appropriated-consolidated investment entities | 0 | 9 | ||
Unappropriated | (9,843.3) | (9,415.3) | ||
Total Voya Financial, Inc. shareholders' equity | 12,993.9 | 13,435.8 | ||
Noncontrolling interest | 973.2 | 2,840 | ||
Total shareholder's equity | 13,967.1 | 16,275.8 | $ 18,561.5 | $ 15,557 |
Total liabilities and shareholder's equity | 214,235.1 | 218,223.5 | ||
Limited Partnerships/Corporations | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 1,936.3 | 4,973.7 | ||
Cash and cash equivalents | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 133.2 | 467.6 | ||
Other assets | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | $ 34 | $ 154.3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||||
Fixed maturities, available-for-sale, cost | $ 66,158.7 | $ 65,546.3 | ||
Equity securities, available-for-sale, cost | 241.8 | 300.4 | ||
Mortgage loans on real estate, valuation allowance | 3.1 | 3.2 | ||
Securities pledged amortized cost | $ 1,983.8 | $ 1,082.1 | ||
Common stock, shares authorized | 900,000,000 | 900,000,000 | ||
Common stock, shares issued | 268,079,931 | 265,327,196 | ||
Common stock, shares outstanding | 194,639,273 | 209,095,793 | 241,900,000 | 261,700,000 |
Common stock, par value | $ 0.01 | $ 0.01 | ||
Treasury stock, shares | 73,440,658 | 56,231,403 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Net investment income | $ 4,620.8 | $ 4,538.2 | $ 4,515.3 | ||||||||
Fee income | 3,359.8 | 3,481.1 | 3,632.5 | ||||||||
Premiums | 3,514.6 | 3,024.5 | 2,626.4 | ||||||||
Net realized gains (losses): | |||||||||||
Total other-than-temporary impairments | (39) | (110.3) | (31.9) | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 2.6 | 6.7 | (0.3) | ||||||||
Net other-than-temporary impairments recognized in earnings | (41.6) | (117) | (31.6) | ||||||||
Other net realized capital gains (losses) | (1,221.5) | (616.3) | (846.8) | ||||||||
Total net realized capital gains (losses) | (1,263.1) | (733.3) | (878.4) | ||||||||
Other revenue | 361.1 | 406.9 | 432.8 | ||||||||
Net investment income | 189 | 551.1 | 665.5 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | (26.9) | (6.7) | ||||||||
Total revenues | $ 2,548.4 | $ 2,528.5 | $ 2,696 | $ 3,009.3 | $ 1,972.7 | $ 3,696.4 | $ 2,968.1 | $ 2,604.4 | 10,782.2 | 11,241.6 | 10,987.4 |
Benefits and expenses: | |||||||||||
Policyholder benefits | 5,471 | 4,536.8 | 3,946.7 | ||||||||
Interest credited to contract owner account balances | 2,042.5 | 1,973.2 | 1,991.2 | ||||||||
Operating expenses | 2,937.3 | 3,003.4 | 3,462.2 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 551 | 663.4 | 379.3 | ||||||||
Interest expense | 288 | 196.5 | 189.7 | ||||||||
Interest expense | 101.9 | 272.2 | 209.5 | ||||||||
Other expense | 3.9 | 11.6 | 7.6 | ||||||||
Total benefits and expenses | 3,200.3 | 2,884.4 | 2,542.9 | 2,768 | 2,216 | 3,616.1 | 2,481.9 | 2,343.1 | 11,395.6 | 10,657.1 | 10,186.2 |
Income (loss) before income taxes | (651.9) | (355.9) | 153.1 | 241.3 | (243.3) | 80.3 | 486.2 | 261.3 | (613.4) | 584.5 | 801.2 |
Income tax expense (benefit) | (214.7) | 45.9 | (1,731.5) | ||||||||
Net income (loss) | (490.5) | (236.5) | 136 | 192.3 | (160.4) | 116.2 | 367.1 | 215.7 | (398.7) | 538.6 | 2,532.7 |
Less: Net income (loss) attributable to noncontrolling interest | 42.5 | 11.6 | (25.5) | 0.7 | (53.6) | 75.9 | 81.9 | 26.1 | 29.3 | 130.3 | 237.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | $ (428) | $ 408.3 | $ 2,295 |
Net income (loss) available to ING U.S., Inc.'s common shareholders per common share: | |||||||||||
Basic (usd per share) | $ (2.74) | $ (1.24) | $ 0.80 | $ 0.93 | $ (0.50) | $ 0.18 | $ 1.25 | $ 0.80 | $ (2.13) | $ 1.81 | $ 9.07 |
Diluted (usd per share) | (2.74) | (1.24) | 0.79 | 0.92 | (0.50) | 0.18 | 1.24 | 0.79 | (2.13) | 1.80 | 9 |
Cash dividends declared per share of common stock (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.04 | $ 0.04 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ (490.5) | $ (236.5) | $ 136 | $ 192.3 | $ (160.4) | $ 116.2 | $ 367.1 | $ 215.7 | $ (398.7) | $ 538.6 | $ 2,532.7 |
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 749.1 | (2,581.2) | 1,910.5 | ||||||||
Other-than-temporary impairments | 23.7 | 18.8 | 40 | ||||||||
Pension and other postretirement benefits liability | (10.2) | (13.7) | (13.8) | ||||||||
Other comprehensive income (loss), before tax | 762.6 | (2,576.1) | 1,936.7 | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 165.8 | (897.3) | 682.1 | ||||||||
Other comprehensive income (loss), after tax | 596.8 | (1,678.8) | 1,254.6 | ||||||||
Comprehensive income (loss) | 198.1 | (1,140.2) | 3,787.3 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 29.3 | 130.3 | 237.7 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ 168.8 | $ (1,270.5) | $ 3,549.6 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Common Stock | Treasury stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit), Appropriated | Parent | Retained Earnings (Deficit), Unappropriated | Noncontrolling Interest |
Balance at Dec. 31, 2013 | $ 15,557 | $ 2.6 | $ 0 | $ 23,563.7 | $ 1,849.1 | $ 18.4 | $ 13,315.2 | $ (12,118.6) | $ 2,241.8 |
Comprehensive income: | |||||||||
Net income (loss) | 2,532.7 | 2,295 | 2,295 | 237.7 | |||||
Other comprehensive income (loss), after tax | 1,254.6 | 1,254.6 | 1,254.6 | ||||||
Comprehensive income (loss) | 3,787.3 | 3,549.6 | |||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 237.7 | 237.7 | |||||||
Reclassification of noncontrolling interest | 0 | 2 | 2 | (2) | |||||
Common stock acquired - Share repurchase | (790.1) | (790.1) | (790.1) | ||||||
Dividends on common stock | (10.1) | (10.1) | (10.1) | ||||||
Share-based compensation | 79.6 | 0 | (16.9) | 96.5 | 79.6 | ||||
Contributions from (Distributions to) noncontrolling interest, net | (62.2) | (62.2) | |||||||
Balance at Dec. 31, 2014 | 18,561.5 | 2.6 | (807) | 23,650.1 | 3,103.7 | 20.4 | 16,146.2 | (9,823.6) | 2,415.3 |
Comprehensive income: | |||||||||
Net income (loss) | 538.6 | 408.3 | 408.3 | 130.3 | |||||
Other comprehensive income (loss), after tax | (1,678.8) | (1,678.8) | (1,678.8) | ||||||
Comprehensive income (loss) | (1,140.2) | (1,270.5) | |||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 130.3 | 130.3 | |||||||
Reclassification of noncontrolling interest | 0 | 0 | (11.4) | (11.4) | 11.4 | ||||
Common stock acquired - Share repurchase | (1,490.7) | (1,490.7) | (1,490.7) | ||||||
Dividends on common stock | (9) | (9) | (9) | ||||||
Share-based compensation | 71.2 | 0.1 | (4.6) | 75.7 | 71.2 | ||||
Contributions from (Distributions to) noncontrolling interest, net | 283 | 283 | |||||||
Balance at Dec. 31, 2015 | 16,275.8 | 2.7 | (2,302.3) | 23,716.8 | 1,424.9 | 9 | 13,435.8 | (9,415.3) | 2,840 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Adjustment for adoption of ASU | Accounting Standards Update 2015-02 | (1,592.2) | 8.8 | 8.8 | (1,601) | |||||
Adjustment for adoption of ASU | Accounting Standards Update 2014-13 | (17.8) | (17.8) | (17.8) | ||||||
Balance - As adjusted | 14,665.8 | 2.7 | (2,302.3) | 23,716.8 | 1,424.9 | 0 | 13,426.8 | (9,415.3) | 1,239 |
Comprehensive income: | |||||||||
Net income (loss) | (398.7) | (428) | (428) | 29.3 | |||||
Other comprehensive income (loss), after tax | 596.8 | 596.8 | 596.8 | ||||||
Comprehensive income (loss) | 198.1 | 168.8 | 29.3 | ||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 29.3 | ||||||||
Noncontrolling Interest, Decrease from Deconsolidation | (70.3) | (70.3) | |||||||
Common stock issuance | 1.3 | 1.3 | 1.3 | ||||||
Common stock acquired - Share repurchase | (687.2) | (487.2) | (200) | (687.2) | |||||
Dividends on common stock | (8) | (8) | (8) | ||||||
Share-based compensation | 92.2 | 0 | (6.5) | 98.7 | 92.2 | ||||
Contributions from (Distributions to) noncontrolling interest, net | (224.8) | (224.8) | |||||||
Balance at Dec. 31, 2016 | $ 13,967.1 | $ 2.7 | $ (2,796) | $ 23,608.8 | $ 2,021.7 | $ 0 | $ 12,993.9 | $ (9,843.3) | $ 973.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (398.7) | $ 538.6 | $ 2,532.7 |
Adjustments to reconcile net income (loss) to net cash proviced by operating activities: | |||
Capitalization of deferred policy acquisition costs, value of business acquired and sales inducements | (415.7) | (409.8) | (413.7) |
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements | 591.1 | 729.3 | 417 |
Net accretion/amortization of discount/premium | (15.7) | 9.2 | 13.6 |
Future policy benefits, claims reserves and interest credited | 2,629.1 | 2,222.6 | 1,929.4 |
Deferred income tax (benefit) expense | (40.8) | (18.4) | (1,819.9) |
Net realized capital losses | 1,263.1 | 733.3 | 878.4 |
Depreciation and amortization | 98.6 | 92.5 | 90.6 |
Employee retirement cost (benefit) | 60.2 | (67.2) | 369.1 |
Employer retirement contributions | (83.6) | (85.3) | (31.6) |
Share-based compensation | 94.1 | 74 | 92.6 |
Loss related to early extinguishment of debt | 104.6 | 10.1 | 0 |
(Gains) losses on consolidated investment entities | (57.3) | 129 | (213.3) |
(Gains) losses on limited partnerships/corporations | (28.5) | 17.6 | 22.4 |
Change in: | |||
Accrued investment income | 7.8 | (7.3) | 5.4 |
Premiums receivable and reinsurance recoverable | 368.8 | (536.8) | (414.7) |
Other receivables and assets accruals | (15.2) | 53.7 | 39.5 |
Other payables and accruals | (219.5) | (38.3) | 143.4 |
Funds held under reinsurance agreements | 26.7 | (457.2) | (21.9) |
(Increase) decrease in cash held by consolidated investment entities | (260.3) | 242.8 | 0.3 |
Other, net | (122.8) | 13.3 | 9.3 |
Net cash provided by operating activities | 3,586 | 3,245.7 | 3,628.6 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 12,427.7 | 12,070.7 | 13,594 |
Equity securities, available-for-sale | 104.2 | 75.5 | 70 |
Mortgage loans on real estate | 1,150.2 | 1,543.3 | 1,555.3 |
Limited partnerships/corporations | 349.1 | 288.7 | 204.3 |
Acquisition of: | |||
Fixed maturities | (14,990.5) | (13,573.1) | (12,985.3) |
Equity securities, available-for-sale | (46.6) | (142) | (28.4) |
Mortgage loans on real estate | (2,427.7) | (2,195.9) | (2,036.4) |
Limited partnerships/corporations | (445.3) | (470.6) | (289) |
Short-term investments, net | 675.8 | 216.3 | (662) |
Policy loans, net | 41.2 | 101.3 | 43 |
Derivatives, net | (1,304.2) | (265.7) | (1,117.4) |
Other Investments, net | (45.3) | (19.5) | (33) |
Sales from consolidated investment entities | 2,304.4 | 5,431.5 | 3,470.1 |
Purchases within consolidated investment entities | (1,726.6) | (7,521) | (5,533.9) |
Collateral received (delivered), net | 226.3 | 207.7 | 401.5 |
Purchases of fixed assets, net | (66.7) | (60.1) | (32.7) |
Net cash used in investing activities | (3,683.4) | (4,273.9) | (3,313.9) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 8,954.4 | 7,790.7 | 8,153.6 |
Maturities and withdrawals from investment contracts | (7,558.6) | (6,800.1) | (9,899.3) |
Proceeds from issuance of debt with maturities of more than three months | 798.2 | 0 | 0 |
Repayment of debt with maturities of more than three months | (708.3) | (31.2) | 0 |
Debt issuance costs | (16) | (6.8) | (16.8) |
Borrowings of consolidated investment entities | 126 | 1,372.7 | 401.3 |
Repayments of borrowings of consolidated investment entities | (455) | (478.7) | (75.8) |
Contributions from (distributions to) participants in consolidated investment entities | 50.5 | 661.8 | 1,624.9 |
Proceeds from issuance of common stock, net | 1.3 | 0 | 0 |
Excess tax benefits on share-based compensation | 4.6 | 1.7 | 3.9 |
Share-based compensation | (6.5) | (4.5) | (16.9) |
Common stock acquired - Share repurchase | (687.2) | (1,486.6) | (789.4) |
Dividends paid | (8) | (9) | (10.1) |
Net cash provided by (used in) financing activities | 495.4 | 1,010 | (624.6) |
Net increase in cash and cash equivalents | 398 | (18.2) | (309.9) |
Cash and cash equivalents, beginning of year | 2,512.7 | 2,530.9 | 2,840.8 |
Cash and cash equivalents, end of year | 2,910.7 | 2,512.7 | 2,530.9 |
Supplemental cash flow information: | |||
Income taxes paid, net | 69.1 | 78.4 | 44.5 |
Interest paid | 190.1 | 179 | 178.6 |
Assets, Decrease From Deconsolidation Of Previously Consolidated Investment Entities | 7,497.2 | 0 | 0 |
Liabilities, Decrease From Deconsolidation Of Previously Consolidated Investment Entities | 5,905 | 0 | 0 |
Equity, Decrease From Deconsolidation Of Previously Consolidated Investment Entities | 1,592.2 | 0 | 0 |
Retained Earnings, Appropriated, Decrease From Deconsolidation | $ 17.8 | $ 0 | $ 0 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Business, Basis of Presentation and Significant Accounting Policies Business Voya Financial, Inc. and its subsidiaries (collectively the "Company") is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products. The Company provides its principal products and services through five segments: Retirement, Investment Management, Annuities, Individual Life and Employee Benefits. I n the third quarter of 2016, the Company simplified the management structure of its businesses and no longer groups the five segments into Insurance Solutions and Retirement and Investment Management Solutions businesses. The Company also has one Closed Block segment. In addition, the Company includes in Corporate the financial data not directly related to its segments and effective the fourth quarter of 2016, certain activities in run-off are also included in Corporate. See the Segments Note to these Consolidated Financial Statements for further information. Prior to May 2013, the Company was an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING Group. Between October 2013 and March 2015, ING Group completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings. ING Group continues to hold certain warrants to purchase shares of Voya Financial, Inc. common stock as described further in the Shareholders' Equity Note to these Consolidated Financial Statements. Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as partnerships (voting interest entities ("VOEs")) in which the Company has control and variable interest entities ("VIEs") for which the Company is the primary beneficiary. See the Consolidated Investment Entities Note to these Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year financial information to conform to the current year classifications. During 2016, certain internal investment management costs were reclassified within the Consolidated Statements of Operations in the amount of $99.6 and $99.5 from Operating expenses to Net investment income for the years ended December 31, 2015 and 2014 , respectively. Significant Accounting Policies Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates: • Reserves for future policy benefits; • Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles"); • Valuation of investments and derivatives; • Impairments; • Income taxes; • Contingencies; and • Employee benefit plans. Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. Investments The accounting policies for the Company's principal investments are as follows: Fixed Maturities and Equity Securities : The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in DAC/VOBA and other intangibles and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations. Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. Short-term Investments : Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. Assets Held in Separate Accounts : Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash and fixed maturities. Mortgage Loans on Real Estate : The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield, or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan. Policy Loans : Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. Limited Partnerships/Corporations : The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which consists primarily of private equities, hedge funds and VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. Other Investments : Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Securities Lending : The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. Corporate Loans : Corporate loans held by consolidated collateralized loan obligations ("CLO" or "CLO entities") are reported in Corporate loans, at fair value using the FVO, on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment (which occurs in less than 1% of the loans), other relevant factors are considered including: • Information relating to the market for the asset, including price quotations for and trading in the asset or in similar investments and the market environment and investor attitudes towards the asset and interests in similar investments; • The characteristics of and fundamental analytical data relating to the investment, including the cost, current interest rate, period until next interest rate reset, maturity and base lending rate, the terms and conditions of the corporate loan and any related agreements and the position of the corporate loan in the borrower's debt structure; • The nature, adequacy and value of the corporate loan's collateral, including the CLO's rights, remedies and interests with respect to the collateral; • The creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the business, cash flows, capital structure and future prospects; • The reputation and financial condition of the agent and any intermediate participants in the corporate loan; and • General economic and market conditions affecting the fair value of the corporate loan. Impairments The Company evaluates its available-for-sale investments quarterly to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover. When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment ("OTTI"). If the Company does not intend to sell the security, and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected ("credit impairment") and the amount related to other factors ("noncredit impairment"). The credit impairment is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss). The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss: • When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. • The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into Net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows. Derivatives The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. • Fair Value Hedge : For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations. • Cash Flow Hedge : For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses). The Company also has investments in certain fixed maturities and has issued certain universal life-type and annuity products that contain embedded derivatives for which fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain universal life-type and annuity products are included in Future policy benefits on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. In addition, the Company has entered into coinsurance with funds withheld reinsurance arrangements that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within coinsurance with funds withheld reinsurance arrangements are reported with the host contract in Funds held under reinsurance arrangements on the Consolidated Balance Sheets, and changes in the fair value of embedded derivatives are recorded in Policyholder benefits in the Consolidated Statements of Operations. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company. Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, and are included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets, which generally range from 3 to 40 years, with the exception of land and artwork which are not depreciated. Depreciation expense is included in Operating expenses in the Consolidated Statements of Operations. As of December 31, 2016 and 2015 , total cost basis of property and equipment was $373.2 and $366.6 , respectively. As of December 31, 2016 and 2015 , total accumulated depreciation was $260.9 and $241.5 , respectively. For the years ended December 31, 2016 , 2015 and 2014 , depreciation expense was $25.3 , $24.1 and $26.6 , respectively. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. Collectively, the Company refers to DAC, VOBA, deferred sales inducements ("DSI") and unearned revenue ("URR") as "DAC/VOBA and other intangibles". (See respective "Sales Inducements" and "Recognition of Insurance Revenue and Related Benefits" sections below). DAC/VOBA and other intangibles are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI. Amortization Methodologies The Company amortizes DAC and VOBA related to certain traditional life insurance contracts and certain accident and health insurance contracts over the premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits. These assumptions are "locked-in" at issue and not revised unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Recoverability testing is performed for current issue year p |
Investments (excluding Consolid
Investments (excluding Consolidated Investment Entities) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments (excluding Consolidated Investment Entities) | 20% < 20% > 20% < 20% > 20% December 31, 2016 Six months or less below amortized cost $ 17,729.6 $ 86.8 $ 554.6 $ 19.3 1,541 16 More than six months and twelve months or less below amortized cost 755.0 28.3 45.1 7.8 92 9 More than twelve months below amortized cost 1,086.7 124.4 76.5 36.3 267 12 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 December 31, 2015 Six months or less below amortized cost $ 11,792.1 $ 1,863.4 $ 394.6 $ 524.5 1,051 130 More than six months and twelve months or less below amortized cost 9,465.3 48.3 518.0 23.2 737 5 More than twelve months below amortized cost 1,351.5 55.3 102.5 15.3 322 8 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2016 U.S. Treasuries $ 1,075.3 $ — $ 13.9 $ — 33 — U.S. Government agencies and authorities — — — — — — State, municipalities and political subdivisions 1,337.0 1.0 49.7 0.3 198 1 U.S. corporate public securities 6,947.1 67.7 215.5 16.1 577 4 U.S. corporate private securities 2,672.7 139.0 122.1 37.5 114 3 Foreign corporate public securities and foreign governments 2,131.4 20.3 94.1 4.8 192 4 Foreign corporate private securities 1,622.3 — * 74.1 — * 64 2 Residential mortgage-backed 2,127.8 6.6 67.5 2.2 451 19 Commercial mortgage-backed 1,088.9 3.2 32.7 2.0 140 3 Other asset-backed 568.8 1.7 6.6 0.5 131 1 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 * Less than $0.1 December 31, 2015 U.S. Treasuries $ 487.2 $ — $ 5.0 $ — 21 — U.S. Government agencies and authorities 49.6 — 0.3 — 1 — State, municipalities and political subdivisions 772.6 2.0 17.1 0.7 117 3 U.S. corporate public securities 11,712.1 1,025.4 542.7 283.0 955 73 U.S. corporate private securities 2,006.6 164.0 85.1 47.4 92 4 Foreign corporate public securities and foreign governments 3,570.1 668.1 173.9 199.5 331 48 Foreign corporate private securities 2,115.3 97.6 148.3 28.2 86 5 Residential mortgage-backed 875.1 3.8 22.7 1.9 327 7 Commercial mortgage-backed 622.7 2.8 7.3 1.5 56 1 Other asset-backed 397.6 3.3 12.7 0.8 124 2 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5.3 — 0.3 — Non-agency RMBS < 80% 218.5 3.7 11.1 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 141.0 $ — $ 6.5 $ — Non-agency RMBS > 5% - 10% 10.7 — 0.4 — Non-agency RMBS > 0% - 5% 35.8 — 2.6 — Non-agency RMBS 0% 36.3 3.7 1.9 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 2,029.0 $ 2.5 $ 55.6 $ 0.8 Floating Rate 667.6 5.8 18.5 1.9 Total $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% 4.2 — 0.2 — Non-agency RMBS 80% - 90% 50.7 — 2.3 — Non-agency RMBS < 80% 306.4 1.5 17.5 0.3 Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 270.3 $ 1.5 $ 14.3 $ 0.3 Non-agency RMBS > 5% - 10% 20.9 — 0.4 — Non-agency RMBS > 0% - 5% 36.9 — 2.4 — Non-agency RMBS 0% 33.2 — 2.9 — Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% Fixed Rate $ 802.9 $ 2.4 $ 14.0 $ 0.6 Floating Rate 469.8 4.7 21.4 2.1 Total $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the year ended December 31, 2016 and 2015 , the Company had no new troubled debt restructurings for private placement bonds or commercial mortgage loans. As of December 31, 2016 , the Company held no commercial mortgage troubled debt restructured loans. As of December 31, 2016 and 2015 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: December 31, 2016 December 31, 2015 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4.6 $ 11,723.7 $ 11,728.3 $ 20.2 $ 10,430.5 $ 10,450.7 Collective valuation allowance for losses N/A (3.1 ) (3.1 ) N/A (3.2 ) (3.2 ) Total net commercial mortgage loans $ 4.6 $ 11,720.6 $ 11,725.2 $ 20.2 $ 10,427.3 $ 10,447.5 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the years ended December 31, 2016 and 2015 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2016 December 31, 2015 Collective valuation allowance for losses, balance at January 1 $ 3.2 $ 2.8 Addition to (reduction of) allowance for losses (0.1 ) 0.4 Collective valuation allowance for losses, end of period $ 3.1 $ 3.2 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: December 31, 2016 December 31, 2015 Impaired loans without allowances for losses $ 4.6 $ 20.2 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4.6 $ 20.2 Unpaid principal balance of impaired loans $ 6.1 $ 21.7 The following table presents information on restructured loans as of the dates indicated: December 31, 2016 December 31, 2015 Troubled debt restructured loans $ — $ 15.3 The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current. There were no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2016 and 2015 . There were no loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2016 . There were two loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2015 , with a total amortized cost of $3.1 . The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Year Ended December 31, 2016 2015 2014 Impaired loans, average investment during the period (amortized cost) (1) $ 12.4 $ 46.5 $ 83.6 Interest income recognized on impaired loans, on an accrual basis (1) 0.4 2.4 4.8 Interest income recognized on impaired loans, on a cash basis (1) 0.5 2.6 4.5 Interest income recognized on troubled debt restructured loans, on an accrual basis 0.1 1.9 4.2 (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV ratios as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Loan-to-Value Ratio: 0% - 50% $ 1,366.3 $ 1,388.0 >50% - 60% 2,950.1 2,694.1 >60% - 70% 6,560.7 5,670.2 >70% - 80% 833.8 679.6 >80% and above 17.4 18.8 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 9,298.4 $ 8,112.1 >1.25x - 1.5x 1,247.3 1,489.5 >1.0x - 1.25x 899.2 550.3 Less than 1.0x 181.4 158.6 Commercial mortgage loans secured by land or construction loans 102.0 140.2 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,896.8 24.6% $ 2,605.3 24.9 % South Atlantic 2,646.0 22.6% 2,318.9 22.2 % Middle Atlantic 1,648.7 14.1% 1,499.1 14.3 % West South Central 1,236.1 10.5% 1,103.7 10.6 % Mountain 1,092.1 9.3% 924.2 8.8 % East North Central 1,274.3 10.9% 1,103.3 10.6 % New England 231.2 2.0% 222.8 2.1 % West North Central 508.9 4.3% 488.8 4.7 % East South Central 194.2 1.7% 184.6 1.8 % Total Commercial mortgage loans $ 11,728.3 100.0% $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. December 31, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 3,695.8 31.5% $ 3,672.8 35.1 % Industrial 2,663.5 22.7% 2,161.3 20.7 % Apartments 2,410.8 20.6% 1,942.9 18.6 % Office 1,917.0 16.3% 1,617.7 15.5 % Hotel/Motel 411.2 3.5% 425.0 4.1 % Other 516.5 4.4% 525.9 5.0 % Mixed Use 113.5 1.0% 105.1 1.0 % Total Commercial mortgage loans $ 11,728.3 100.0% $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Year of Origination: 2016 $ 2,349.6 $ — 2015 2,066.1 2,114.0 2014 1,860.3 1,896.0 2013 1,953.1 2,024.8 2012 1,241.4 1,423.3 2011 979.0 1,237.7 2010 and prior 1,278.8 1,754.9 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2016 2015 2014 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. Treasuries $ — — $ — — $ 0.5 1 State, municipalities and political subdivisions 0.3 2 — — — — U.S. corporate public securities 9.6 3 41.1 27 14.9 42 Foreign corporate public securities and foreign governments (1) 19.1 4 63.9 16 6.9 12 Foreign corporate private securities (1) 3.2 2 1.9 1 — — Residential mortgage-backed 9.1 90 7.1 68 7.3 93 Commercial mortgage-backed 0.3 1 0.9 2 0.2 7 Other asset-backed — 2 2.0 3 0.8 17 Equity — — 0.1 1 0.9 2 Other assets (2) — — — — 0.1 1 Total $ 41.6 104 $ 117.0 118 $ 31.6 175 (1) Primarily U.S. dollar denominated. (2) Includes loss on real estate owned that is classified as Other assets on the Consolidated Balance Sheets. The above tables include $10.1 , $15.0 and $7.8 of write-downs related to credit impairments for the years ended December 31, 2016 , 2015 and 2014 , respectively, in Other-than-temporary impairments, which are recognized in the Consolidated Statements of Operations. The remaining $31.5 , $102.0 and $23.8 for the years ended December 31, 2016 , 2015 and 2014 , respectively, are related to intent impairments. The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: Year Ended December 31, 2016 2015 2014 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. Treasuries $ — — $ — — $ 0.5 1 State, municipalities and political subdivisions — — — — — — U.S. corporate public securities 9.1 2 41.1 26 14.5 42 Foreign corporate public securities and" id="sjs-B4">Investments (excluding Consolidated Investment Entities) Fixed Maturities and Equity Securities Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2016 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,452.0 $ 452.2 $ 13.9 $ — $ 3,890.3 $ — U.S. Government agencies and authorities 253.9 44.1 — — 298.0 — State, municipalities and political subdivisions 2,153.9 31.7 50.0 — 2,135.6 — U.S. corporate public securities 31,754.8 2,168.5 231.6 — 33,691.7 8.6 U.S. corporate private securities 7,724.9 242.7 159.6 — 7,808.0 — Foreign corporate public securities and foreign governments (1) 7,796.6 381.7 98.9 — 8,079.4 — Foreign corporate private securities (1) 7,557.1 302.8 74.1 — 7,785.8 — Residential mortgage-backed securities: Agency 5,318.4 269.7 62.0 42.7 5,568.8 — Non-Agency 1,088.6 137.3 7.7 27.8 1,246.0 31.0 Total Residential mortgage-backed securities 6,407.0 407.0 69.7 70.5 6,814.8 31.0 Commercial mortgage-backed securities 3,320.7 72.9 34.7 — 3,358.9 — Other asset-backed securities 1,433.9 48.8 7.1 — 1,475.6 3.9 Total fixed maturities, including securities pledged 71,854.8 4,152.4 739.6 70.5 75,338.1 43.5 Less: Securities pledged 1,983.8 189.0 15.7 — 2,157.1 — Total fixed maturities 69,871.0 3,963.4 723.9 70.5 73,181.0 43.5 Equity securities: Common stock 151.3 0.5 0.3 — 151.5 — Preferred stock 90.5 32.2 — — 122.7 — Total equity securities 241.8 32.7 0.3 — 274.2 — Total fixed maturities and equity securities investments $ 70,112.8 $ 3,996.1 $ 724.2 $ 70.5 $ 73,455.2 $ 43.5 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $515.6 of net unrealized gains on impaired available-for-sale securities. Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2015 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,136.4 $ 517.6 $ 5.0 $ — $ 3,649.0 $ — U.S. Government agencies and authorities 309.8 43.1 0.3 — 352.6 — State, municipalities and political subdivisions 1,337.8 26.2 17.8 — 1,346.2 — U.S. corporate public securities 32,794.3 1,647.4 825.7 — 33,616.0 9.6 U.S. corporate private securities 6,527.5 246.1 132.5 — 6,641.1 — Foreign corporate public securities and foreign governments (1) 8,129.1 267.9 373.4 — 8,023.6 — Foreign corporate private securities (1) 7,252.5 272.6 176.5 — 7,348.6 — Residential mortgage-backed securities: Agency 4,522.7 350.0 15.7 58.6 4,915.6 — Non-Agency 779.3 138.2 8.9 36.3 944.9 46.5 Total Residential mortgage-backed securities 5,302.0 488.2 24.6 94.9 5,860.5 46.5 Commercial mortgage-backed securities 3,967.8 133.6 8.8 — 4,092.6 6.7 Other asset-backed securities 1,097.8 58.1 13.5 — 1,142.4 4.4 Total fixed maturities, including securities pledged 69,855.0 3,700.8 1,578.1 94.9 72,072.6 67.2 Less: Securities pledged 1,082.1 79.7 49.2 — 1,112.6 — Total fixed maturities 68,772.9 3,621.1 1,528.9 94.9 70,960.0 67.2 Equity securities: Common stock 210.1 0.5 0.2 — 210.4 — Preferred stock 90.3 31.0 — — 121.3 — Total equity securities 300.4 31.5 0.2 — 331.7 — Total fixed maturities and equity securities investments $ 69,073.3 $ 3,652.6 $ 1,529.1 $ 94.9 $ 71,291.7 $ 67.2 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $639.1 of net unrealized gains on impaired available-for-sale securities. The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2016 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date. Amortized Cost Fair Value Due to mature: One year or less $ 2,510.9 $ 2,513.7 After one year through five years 13,270.7 13,845.2 After five years through ten years 18,991.5 19,303.8 After ten years 25,920.1 28,026.1 Mortgage-backed securities 9,727.7 10,173.7 Other asset-backed securities 1,433.9 1,475.6 Fixed maturities, including securities pledged $ 71,854.8 $ 75,338.1 The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer. As of December 31, 2016 and 2015 , the Company did no t have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s consolidated Shareholders' equity. The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value December 31, 2016 Communications $ 3,778.7 $ 335.7 $ 20.8 $ 4,093.6 Financial 8,166.3 478.7 47.6 8,597.4 Industrial and other companies 25,679.5 1,259.5 256.9 26,682.1 Energy 6,250.2 380.7 93.5 6,537.4 Utilities 8,164.7 500.6 106.4 8,558.9 Transportation 1,785.6 103.6 17.5 1,871.7 Total $ 53,825.0 $ 3,058.8 $ 542.7 $ 56,341.1 December 31, 2015 Communications $ 3,956.0 $ 251.0 $ 73.0 $ 4,134.0 Financial 7,937.8 473.0 53.2 8,357.6 Industrial and other companies 24,762.3 1,020.4 542.0 25,240.7 Energy 7,871.5 127.9 668.1 7,331.3 Utilities 7,540.3 457.4 89.8 7,907.9 Transportation 1,705.3 70.5 40.2 1,735.6 Total $ 53,773.2 $ 2,400.2 $ 1,466.3 $ 54,707.1 Fixed Maturities and Equity Securities The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the FVO. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented net of related changes in DAC, VOBA and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain CMOs, primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of December 31, 2016 and 2015 , approximately 48.0% and 49.3% respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs. Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions. Repurchase Agreements As of December 31, 2016 and 2015 , the Company did no t have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements. Securities Lending As of December 31, 2016 and 2015 , the fair value of loaned securities was $1,403.8 and $466.4 , respectively, and is included in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2016 and 2015 , cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $535.9 and $484.4 , respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2016 and 2015 , liabilities to return collateral of $535.9 and $484.4 , respectively, are included in Payables under securities loan agreements, including collateral held on the Consolidated Balance Sheets. During the first quarter of 2016 under an amendment to the securities lending program, the Company began accepting non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected in the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of December 31, 2016 , the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $911.7 . As of December 31, 2015 , the Company did no t retain any securities as collateral. The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated: December 31, 2016 (1) December 31, 2015 U.S. Treasuries $ 762.9 $ — U.S. Government agencies and authorities 4.3 — U.S. corporate public securities 468.4 265.4 Equity Securities 0.5 — Short-term Investments 1.0 — Foreign corporate public securities and foreign governments 210.5 219.0 Payables under securities loan agreements $ 1,447.6 $ 484.4 (1) Borrowings under securities lending transactions include both cash and non-cash collateral of $535.9 and $911.7 , respectively. The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. Unrealized Capital Losses Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2016 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 1,061.4 $ 13.9 $ — $ — $ — $ — $ 1,061.4 $ 13.9 U.S. Government agencies and authorities — — — — — — — — State, municipalities and political subdivisions 1,264.7 46.9 — — 23.3 3.1 1,288.0 50.0 U.S. corporate public securities 6,236.0 172.1 38.4 2.5 508.8 57.0 6,783.2 231.6 U.S. corporate private securities 2,261.8 98.1 74.7 2.9 315.6 58.6 2,652.1 159.6 Foreign corporate public securities and foreign governments 1,596.8 49.0 59.8 4.9 396.2 45.0 2,052.8 98.9 Foreign corporate private securities 1,382.3 56.8 — — 165.9 17.3 1,548.2 74.1 Residential mortgage-backed 1,716.5 52.2 182.7 5.1 165.5 12.4 2,064.7 69.7 Commercial mortgage-backed 1,002.8 32.6 27.2 0.1 27.4 2.0 1,057.4 34.7 Other asset-backed 448.3 1.6 0.8 — 114.3 5.5 563.4 7.1 Total $ 16,970.6 $ 523.2 $ 383.6 $ 15.5 $ 1,717.0 $ 200.9 $ 19,071.2 $ 739.6 Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2015 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 482.2 $ 5.0 $ — $ — $ — $ — $ 482.2 $ 5.0 U.S. Government agencies and authorities 49.3 0.3 — — — — 49.3 0.3 State, municipalities and political subdivisions 415.4 4.7 340.2 12.4 1.2 0.7 756.8 17.8 U.S. corporate public securities 5,072.0 201.3 6,196.9 481.9 642.9 142.5 11,911.8 825.7 U.S. corporate private securities 989.0 27.7 945.8 82.9 103.3 21.9 2,038.1 132.5 Foreign corporate public securities and foreign governments 2,101.4 83.9 1,291.2 151.6 472.2 137.9 3,864.8 373.4 Foreign corporate private securities 1,410.4 114.2 569.2 46.0 56.8 16.3 2,036.4 176.5 Residential mortgage-backed 306.3 4.0 198.0 4.1 350.0 16.5 854.3 24.6 Commercial mortgage-backed 502.9 4.3 112.5 3.0 1.3 1.5 616.7 8.8 Other asset-backed 183.8 0.6 18.2 0.1 185.4 12.8 387.4 13.5 Total $ 11,512.7 $ 446.0 $ 9,672.0 $ 782.0 $ 1,813.1 $ 350.1 $ 22,997.8 $ 1,578.1 Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 89.5% and 83.8% of the average book value as of December 31, 2016 and 2015 , respectively. Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2016 Six months or less below amortized cost $ 17,729.6 $ 86.8 $ 554.6 $ 19.3 1,541 16 More than six months and twelve months or less below amortized cost 755.0 28.3 45.1 7.8 92 9 More than twelve months below amortized cost 1,086.7 124.4 76.5 36.3 267 12 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 December 31, 2015 Six months or less below amortized cost $ 11,792.1 $ 1,863.4 $ 394.6 $ 524.5 1,051 130 More than six months and twelve months or less below amortized cost 9,465.3 48.3 518.0 23.2 737 5 More than twelve months below amortized cost 1,351.5 55.3 102.5 15.3 322 8 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2016 U.S. Treasuries $ 1,075.3 $ — $ 13.9 $ — 33 — U.S. Government agencies and authorities — — — — — — State, municipalities and political subdivisions 1,337.0 1.0 49.7 0.3 198 1 U.S. corporate public securities 6,947.1 67.7 215.5 16.1 577 4 U.S. corporate private securities 2,672.7 139.0 122.1 37.5 114 3 Foreign corporate public securities and foreign governments 2,131.4 20.3 94.1 4.8 192 4 Foreign corporate private securities 1,622.3 — * 74.1 — * 64 2 Residential mortgage-backed 2,127.8 6.6 67.5 2.2 451 19 Commercial mortgage-backed 1,088.9 3.2 32.7 2.0 140 3 Other asset-backed 568.8 1.7 6.6 0.5 131 1 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 * Less than $0.1 December 31, 2015 U.S. Treasuries $ 487.2 $ — $ 5.0 $ — 21 — U.S. Government agencies and authorities 49.6 — 0.3 — 1 — State, municipalities and political subdivisions 772.6 2.0 17.1 0.7 117 3 U.S. corporate public securities 11,712.1 1,025.4 542.7 283.0 955 73 U.S. corporate private securities 2,006.6 164.0 85.1 47.4 92 4 Foreign corporate public securities and foreign governments 3,570.1 668.1 173.9 199.5 331 48 Foreign corporate private securities 2,115.3 97.6 148.3 28.2 86 5 Residential mortgage-backed 875.1 3.8 22.7 1.9 327 7 Commercial mortgage-backed 622.7 2.8 7.3 1.5 56 1 Other asset-backed 397.6 3.3 12.7 0.8 124 2 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5.3 — 0.3 — Non-agency RMBS < 80% 218.5 3.7 11.1 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 141.0 $ — $ 6.5 $ — Non-agency RMBS > 5% - 10% 10.7 — 0.4 — Non-agency RMBS > 0% - 5% 35.8 — 2.6 — Non-agency RMBS 0% 36.3 3.7 1.9 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 2,029.0 $ 2.5 $ 55.6 $ 0.8 Floating Rate 667.6 5.8 18.5 1.9 Total $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% 4.2 — 0.2 — Non-agency RMBS 80% - 90% 50.7 — 2.3 — Non-agency RMBS < 80% 306.4 1.5 17.5 0.3 Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 270.3 $ 1.5 $ 14.3 $ 0.3 Non-agency RMBS > 5% - 10% 20.9 — 0.4 — Non-agency RMBS > 0% - 5% 36.9 — 2.4 — Non-agency RMBS 0% 33.2 — 2.9 — Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% Fixed Rate $ 802.9 $ 2.4 $ 14.0 $ 0.6 Floating Rate 469.8 4.7 21.4 2.1 Total $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the year ended December 31, 2016 and 2015 , the Company had no new troubled debt restructurings for private placement bonds or commercial mortgage loans. As of December 31, 2016 , the Company held no commercial mortgage troubled debt restructured loans. As of December 31, 2016 and 2015 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: December 31, 2016 December 31, 2015 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4.6 $ 11,723.7 $ 11,728.3 $ 20.2 $ 10,430.5 $ 10,450.7 Collective valuation allowance for losses N/A (3.1 ) (3.1 ) N/A (3.2 ) (3.2 ) Total net commercial mortgage loans $ 4.6 $ 11,720.6 $ 11,725.2 $ 20.2 $ 10,427.3 $ 10,447.5 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the years ended December 31, 2016 and 2015 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2016 December 31, 2015 Collective valuation allowance for losses, balance at January 1 $ 3.2 $ 2.8 Addition to (reduction of) allowance for losses (0.1 ) 0.4 Collective valuation allowance for losses, end of period $ 3.1 $ 3.2 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: December 31, 2016 December 31, 2015 Impaired loans without allowances for losses $ 4.6 $ 20.2 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4.6 $ 20.2 Unpaid principal balance of impaired loans $ 6.1 $ 21.7 The following table presents information on restructured loans as of the dates indicated: December 31, 2016 December 31, 2015 Troubled debt restructured loans $ — $ 15.3 The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current. There were no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2016 and 2015 . There were no loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2016 . There were two loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2015 , with a total amortized cost of $3.1 . The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Year Ended December 31, 2016 2015 2014 Impaired loans, average investment during the period (amortized cost) (1) $ 12.4 $ 46.5 $ 83.6 Interest income recognized on impaired loans, on an accrual basis (1) 0.4 2.4 4.8 Interest income recognized on impaired loans, on a cash basis (1) 0.5 2.6 4.5 Interest income recognized on troubled debt restructured loans, on an accrual basis 0.1 1.9 4.2 (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV ratios as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Loan-to-Value Ratio: 0% - 50% $ 1,366.3 $ 1,388.0 >50% - 60% 2,950.1 2,694.1 >60% - 70% 6,560.7 5,670.2 >70% - 80% 833.8 679.6 >80% and above 17.4 18.8 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 9,298.4 $ 8,112.1 >1.25x - 1.5x 1,247.3 1,489.5 >1.0x - 1.25x 899.2 550.3 Less than 1.0x 181.4 158.6 Commercial mortgage loans secured by land or construction loans 102.0 140.2 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,896.8 24.6% $ 2,605.3 24.9 % South Atlantic 2,646.0 22.6% 2,318.9 22.2 % Middle Atlantic 1,648.7 14.1% 1,499.1 14.3 % West South Central 1,236.1 10.5% 1,103.7 10.6 % Mountain 1,092.1 9.3% 924.2 8.8 % East North Central 1,274.3 10.9% 1,103.3 10.6 % New England 231.2 2.0% 222.8 2.1 % West North Central 508.9 4.3% 488.8 4.7 % East South Central 194.2 1.7% 184.6 1.8 % Total Commercial mortgage loans $ 11,728.3 100.0% $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. December 31, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 3,695.8 31.5% $ 3,672.8 35.1 % Industrial 2,663.5 22.7% 2,161.3 20.7 % Apartments 2,410.8 20.6% 1,942.9 18.6 % Office 1,917.0 16.3% 1,617.7 15.5 % Hotel/Motel 411.2 3.5% 425.0 4.1 % Other 516.5 4.4% 525.9 5.0 % Mixed Use 113.5 1.0% 105.1 1.0 % Total Commercial mortgage loans $ 11,728.3 100.0% $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Year of Origination: 2016 $ 2,349.6 $ — 2015 2,066.1 2,114.0 2014 1,860.3 1,896.0 2013 1,953.1 2,024.8 2012 1,241.4 1,423.3 2011 979.0 1,237.7 2010 and prior 1,278.8 1,754.9 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2016 2015 2014 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. Treasuries $ — — $ — — $ 0.5 1 State, municipalities and political subdivisions 0.3 2 — — — — U.S. corporate public securities 9.6 3 41.1 27 14.9 42 Foreign corporate public securities and foreign governments (1) 19.1 4 63.9 16 6.9 12 Foreign corporate private securities (1) 3.2 2 1.9 1 — — Residential mortgage-backed 9.1 90 7.1 68 7.3 93 Commercial mortgage-backed 0.3 1 0.9 2 0.2 7 Other asset-backed — 2 2.0 3 0.8 17 Equity — — 0.1 1 0.9 2 Other assets (2) — — — — 0.1 1 Total $ 41.6 104 $ 117.0 118 $ 31.6 175 (1) Primarily U.S. dollar denominated. (2) Includes loss on real estate owned that is classified as Other assets on the Consolidated Balance Sheets. The above tables include $10.1 , $15.0 and $7.8 of write-downs related to credit impairments for the years ended December 31, 2016 , 2015 and 2014 , respectively, in Other-than-temporary impairments, which are recognized in the Consolidated Statements of Operations. The remaining $31.5 , $102.0 and $23.8 for the years ended December 31, 2016 , 2015 and 2014 , respectively, are related to intent impairments. The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: Year Ended December 31, 2016 2015 2014 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. Treasuries $ — — $ — — $ 0.5 1 State, municipalities and political subdivisions — — — — — — U.S. corporate public securities 9.1 2 41.1 26 14.5 42 Foreign corporate public securities and |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company enters into the following types of derivatives: Interest rate caps and floors : The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. The Company uses interest rate floor contracts to hedge interest rate exposure if rates decrease below a specified level. The Company pays an upfront premium to purchase these caps and floors. The Company utilizes these contracts in non-qualifying hedging relationships. Interest rate swaps : Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps : The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Credit default swaps : Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns or to assume credit exposure on certain assets that the Company does not own. Payments are made to, or received from, the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. Credit default swaps are also used to hedge credit exposure associated with certain variable annuity guarantees. The Company utilizes these contracts in non-qualifying hedging relationships. Total return swaps : The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of assets or a market index and the LIBOR rate, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships. Currency forwards: The Company uses currency forward contracts to hedge policyholder liabilities associated with the variable annuity contracts which are linked to foreign indices. The currency fluctuations may result in a decrease in account values, which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also utilizes currency forward contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships. Forwards : The Company uses forward contracts to hedge certain invested assets against movement in interest rates, particularly mortgage rates. The Company uses To Be Announced mortgage-backed securities as an economic hedge against rate movements. The Company utilizes forward contracts in non-qualifying hedging relationships. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may result in a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company also used futures contracts as a hedge against an increase in certain equity indices. Such increases may result in increased payments to the holders of fixed index annuity ("FIA") contracts. During the first quarter of 2016, the Company moved to a static hedging strategy for its FIA contracts and replaced futures contracts with equity options. Swaptions : A swaption is an option to enter into a swap with a forward starting effective date. The Company uses swaptions to hedge the interest rate exposure associated with the minimum crediting rate and book value guarantees embedded in the retirement products that the Company offers. Increases in interest rates will generate losses on assets that are backing such liabilities. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium when it purchases the swaption. The Company utilizes these contracts in non-qualifying hedging relationships. Options: The Company uses options to manage the equity, interest rate and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. The Company also uses equity options to hedge against an increase in various equity indices, and interest rate options to hedge against an increase in the interest rate benchmarked crediting strategies within FIA contracts. Such increases may result in increased payments to the holders of the FIA and IUL contracts. The Company pays an upfront premium to purchase these options. The Company utilizes these options in non-qualifying hedging relationships. Currency Options: The Company uses currency option contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships. Variance swaps : The Company uses variance swaps to manage equity volatility risk on the economic liabilities associated with certain minimum guaranteed living benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. An increase in the equity volatility results in higher valuations of such liabilities. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on the changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships. Managed custody guarantees ("MCGs") : The Company issues certain credited rate guarantees on variable fixed income portfolios that represent stand-alone derivatives. The market value is partially determined by, among other things, levels of or changes in interest rates, prepayment rates and credit ratings/spreads. Embedded derivatives : The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and equity market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset. The notional amounts and fair values of derivatives were as follows as of the dates indicated: December 31, 2016 December 31, 2015 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 124.0 $ 4.7 $ 0.3 $ 524.0 $ 73.3 $ — Foreign exchange contracts 480.8 40.1 10.7 174.7 36.4 — Fair value hedges: Interest rate contracts — — — 551.4 0.8 9.8 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 78,399.6 1,080.6 354.3 65,169.4 1,055.0 352.2 Foreign exchange contracts 1,573.0 60.7 39.2 1,281.9 60.5 37.0 Equity contracts 28,959.6 494.1 50.4 19,738.4 286.2 65.8 Credit contracts 3,255.3 32.2 15.8 4,266.3 26.3 22.7 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 70.5 — N/A 94.9 — Within products N/A — 3,791.4 N/A — 3,907.2 Within reinsurance agreements N/A — 78.7 N/A — 25.2 Managed custody guarantees N/A — — N/A — 0.3 Total $ 1,782.9 $ 4,340.8 $ 1,633.4 $ 4,420.2 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. N/A - Not Applicable The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted anticipatory hedge transactions is through the first quarter of 2017. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of December 31, 2016 and 2015 . The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815. Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated: December 31, 2016 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 3,255.3 $ 32.2 $ 15.8 Equity contracts 22,327.8 471.4 49.6 Foreign exchange contracts 2,053.8 100.8 49.9 Interest rate contracts 68,342.4 1,085.4 353.0 1,689.8 468.3 Counterparty netting (1) (411.3 ) (411.3 ) Cash collateral netting (1) (1,083.9 ) (21.3 ) Securities collateral netting (1) (71.6 ) (13.9 ) Net receivables/payables $ 123.0 $ 21.8 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2015 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 4,266.3 $ 26.3 $ 22.7 Equity contracts 12,034.9 228.6 53.9 Foreign exchange contracts 1,456.6 96.9 37.0 Interest rate contracts 57,145.6 1,129.1 360.1 1,480.9 473.7 Counterparty netting (1) (415.6 ) (415.6 ) Cash collateral netting (1) (848.1 ) (12.6 ) Securities collateral netting (1) (24.3 ) (24.4 ) Net receivables/payables $ 192.9 $ 21.1 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. Collateral Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2016 , the Company held $809.1 and $257.3 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2015 , the Company held $640.9 and $195.9 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2016 , the Company delivered $753.3 of securities and held $71.7 securities as collateral. As of December 31, 2015 , the Company delivered $646.2 securities and held $24.8 of securities as collateral. Net realized gains (losses) on derivatives were as follows for the periods indicated: Year Ended December 31, 2016 2015 2014 Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 1.3 $ 1.6 $ 0.7 Foreign exchange contracts 3.5 2.3 2.0 Fair value hedges: Interest rate contracts (2.8 ) (6.1 ) (17.2 ) Derivatives: Non-qualifying for hedge accounting (2) Interest rate contracts 29.2 80.5 821.1 Foreign exchange contracts 87.0 62.0 106.0 Equity contracts (1,156.8 ) (294.9 ) (909.7 ) Credit contracts (2.8 ) 4.0 9.8 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) (24.4 ) (20.9 ) (10.6 ) Within products (2) 332.9 (7.1 ) (804.5 ) Within reinsurance agreements (3) (25.0 ) 125.1 (77.6 ) Managed custody guarantees (2) 0.4 (0.1 ) 0.1 Total $ (757.5 ) $ (53.6 ) $ (879.9 ) (1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2016 , 2015 and 2014 , ineffective amounts were immaterial. (2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations. Credit Default Swaps The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. As of December 31, 2016 , the fair values of credit default swaps of $32.2 and $15.8 were included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2015 , the fair values of credit default swaps of $26.3 and $22.7 were included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2016 and 2015 , the maximum potential future net exposure to the Company was $1.7 billion , net of purchased protection of $500.0 on credit default swaps. These instruments are typically written for a maturity period of 5 years and contain no recourse provisions. If the Company's current debt and claims paying ratings were downgraded in the future, the terms in the Company's derivative agreements may be triggered, which could negatively impact overall liquidity. |
Fair Value Measurements (exclu
Fair Value Measurements (excluding Consolidated Investment Entities) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements (excluding Consolidated Investment Entities) | Fair Value Measurements (excluding Consolidated Investment Entities) Fair Value Measurement The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique, pursuant to ASU 2011-04, "Fair Value Measurements (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP" ("ASU 2011-04"). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Consolidated Balance Sheets are categorized as follows: • Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Company defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Inputs other than quoted market prices that are observable; and d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means. • Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. When available, the estimated fair value of financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, including discounted cash flow methodologies, matrix pricing or other similar techniques. The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 3,271.0 $ 619.3 $ — $ 3,890.3 U.S. Government agencies and authorities — 298.0 — 298.0 State, municipalities and political subdivisions — 2,135.6 — 2,135.6 U.S. corporate public securities — 33,669.6 22.1 33,691.7 U.S. corporate private securities — 6,488.6 1,319.4 7,808.0 Foreign corporate public securities and foreign governments (1) — 8,067.1 12.3 8,079.4 Foreign corporate private securities (1) — 7,344.9 440.9 7,785.8 Residential mortgage-backed securities — 6,742.9 71.9 6,814.8 Commercial mortgage-backed securities — 3,335.5 23.4 3,358.9 Other asset-backed securities — 1,391.9 83.7 1,475.6 Total fixed maturities, including securities pledged 3,271.0 70,093.4 1,973.7 75,338.1 Equity securities, available-for-sale 174.7 — 99.5 274.2 Derivatives: Interest rate contracts — 1,085.3 — 1,085.3 Foreign exchange contracts — 100.8 — 100.8 Equity contracts 22.7 360.4 111.0 494.1 Credit contracts — 21.6 10.6 32.2 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 4,325.8 189.3 5.0 4,520.1 Assets held in separate accounts 92,330.5 4,782.9 5.3 97,118.7 Total assets $ 100,124.7 $ 76,633.7 $ 2,205.1 $ 178,963.5 Percentage of Level to total 56.0 % 42.8 % 1.2 % 100.0 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 2,029.6 $ 2,029.6 IUL — — 81.0 81.0 GMAB/GMWB/GMWBL — — 1,530.4 1,530.4 Stabilizer and MCGs — — 150.4 150.4 Other derivatives: Interest rate contracts 1.7 352.9 — 354.6 Foreign exchange contracts — 49.9 — 49.9 Equity contracts 0.8 49.6 — 50.4 Credit contracts — 0.5 15.3 15.8 Embedded derivative on reinsurance — 78.7 — 78.7 Total liabilities $ 2.5 $ 531.6 $ 3,806.7 $ 4,340.8 (1) Primarily U.S. dollar denominated. The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 3,030.6 $ 618.4 $ — $ 3,649.0 U.S. Government agencies and authorities — 352.6 — 352.6 State, municipalities and political subdivisions — 1,346.2 — 1,346.2 U.S. corporate public securities — 33,609.1 6.9 33,616.0 U.S. corporate private securities — 5,600.8 1,040.3 6,641.1 Foreign corporate public securities and foreign governments (1) — 8,009.8 13.8 8,023.6 Foreign corporate private securities (1) — 6,918.2 430.4 7,348.6 Residential mortgage-backed securities — 5,764.4 96.1 5,860.5 Commercial mortgage-backed securities — 4,061.2 31.4 4,092.6 Other asset-backed securities — 1,097.9 44.5 1,142.4 Total fixed maturities, including securities pledged 3,030.6 67,378.6 1,663.4 72,072.6 Equity securities, available-for-sale 234.3 — 97.4 331.7 Derivatives: Interest rate contracts — 1,129.1 — 1,129.1 Foreign exchange contracts — 96.9 — 96.9 Equity contracts 57.6 168.1 60.5 286.2 Credit contracts — 18.0 8.3 26.3 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 4,617.7 51.7 — 4,669.4 Assets held in separate accounts 91,887.2 4,623.7 3.9 96,514.8 Total assets $ 99,827.4 $ 73,466.1 $ 1,833.5 $ 175,127.0 Percentage of Level to total 57.0 % 42.0 % 1.0 % 100.0 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 1,820.1 $ 1,820.1 IUL — — 52.6 52.6 GMAB/GMWB/GMWBL — — 1,873.5 1,873.5 Stabilizer and MCGs — — 161.3 161.3 Other derivatives: Interest rate contracts 1.9 360.1 — 362.0 Foreign exchange contracts — 37.0 — 37.0 Equity contracts 11.9 53.9 — 65.8 Credit contracts — 6.3 16.4 22.7 Embedded derivative on reinsurance — 25.2 — 25.2 Total liabilities $ 13.8 $ 482.5 $ 3,923.9 $ 4,420.2 (1) Primarily U.S. dollar denominated. Valuation of Financial Assets and Liabilities at Fair Value Certain assets and liabilities are measured at estimated fair value on the Company’s Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. Fixed maturities: The fair values for actively traded marketable bonds are determined based upon the quoted market prices and are classified as Level 1 assets. Assets in this category primarily include certain U.S. Treasury securities. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. As of December 31, 2016 , $1.7 billion and $59.3 billion of a total fair value of $75.3 billion in fixed maturities, including securities pledged, were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balance in fixed maturities consisted primarily of privately placed bonds valued using matrix-based pricing. As of December 31, 2015 , $1.6 billion and $57.6 billion of a total fair value of $72.1 billion in fixed maturities, including securities pledged, were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balance in fixed maturities consisted primarily of privately placed bonds valued using matrix-based pricing. All prices and broker quotes obtained go through the review process described above including valuations for which only one broker quote is obtained. After review, for those instruments where the price is determined to be appropriate, the unadjusted price provided is used for financial statement valuation. If it is determined that the price is questionable, another price may be requested from a different vendor. The internal valuation committee then reviews all prices for the instrument again, along with information from the review, to determine which price best represents exit price for the instrument. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond. Equity securities, available-for-sale : Fair values of publicly traded equity securities are based upon quoted market price and are classified as Level 1 assets. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers and are classified as Level 2 or Level 3 assets. Derivatives : Derivatives are carried at fair value, which is determined using the Company’s derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR") and Overnight Index Swap ("OIS") rates.The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company’s nonperformance risk is also considered and incorporated in the Company’s valuation process. Valuations for the Company’s futures and interest rate forward contracts are based on unadjusted quoted prices from an active exchange and, therefore, are classified as Level 1. The Company also has certain credit default swaps and options that are priced using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments, including those priced by third party vendors, are valued based on market observable inputs and are classified as Level 2. Cash and cash equivalents, Short-term investments and Short-term investments under securities loan agreement : The carrying amounts for cash reflect the assets’ fair values. The fair values for cash equivalents and most short-term investments are determined based on quoted market prices. These assets are classified as Level 1. Other short-term investments are valued and classified in the fair value hierarchy consistent with the policies described herein, depending on investment type. Assets held in separate accounts : Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments and cash, the valuations of which are based upon a quoted market price and are included in Level 1. Fixed maturity valuations are obtained from third-party commercial pricing services and brokers and are classified in the fair value hierarchy consistent with the policy described above for fixed maturities. Guaranteed benefit derivatives : The Company records reserves for annuity contracts containing GMAB, GMWB and GMWBL riders. The guarantee is an embedded derivative and is required to be accounted for separately from the host variable annuity contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of market return scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The index-crediting feature in the Company's FIA and IUL contracts is an embedded derivative that is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts for FIAs and over the current indexed term for IULs. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the Company's GMAB, GMWB, GMWBL, FIA, IUL and Stabilizer embedded derivative liabilities and the stand-alone derivative for MCG includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the priority of policyholder claims. The Company's valuation actuaries are responsible for the policies and procedures for valuing the embedded derivatives, reflecting the capital markets and actuarial valuation inputs and nonperformance risk in the estimate of the fair value of the embedded derivatives. The actuarial and capital market assumptions for each liability are approved by each product's Chief Risk Officer ("CRO"), including an independent annual review by the CRO. Models used to value the embedded derivatives must comply with the Company's governance policies. Quarterly, an attribution analysis is performed to quantify changes in fair value measurements and a sensitivity analysis is used to analyze the changes. The changes in fair value measurements are also compared to corresponding movements in the hedge target to assess the validity of the attributions. The results of the attribution analysis are reviewed by the valuation actuaries, responsible CFOs, Controllers, CROs and/or others as nominated by management. Embedded derivatives on reinsurance : The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2. Transfers in and out of Level 1 and 2 There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2016 and 2015 . The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. Level 3 Financial Instruments The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below. The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2016 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 6.9 $ (0.3 ) $ 0.4 $ — $ — $ (2.1 ) $ (2.0 ) $ 19.2 $ — $ 22.1 $ — U.S. corporate private securities 1,040.3 — 7.2 428.7 — (37.0 ) (177.0 ) 81.9 (24.7 ) 1,319.4 0.1 Foreign corporate public securities and foreign governments (1) 13.8 (1.2 ) — — — — (0.3 ) — — 12.3 (1.3 ) Foreign corporate private securities (1) 430.4 (3.3 ) 20.5 — — (0.5 ) (74.6 ) 80.0 (11.6 ) 440.9 (3.3 ) Residential mortgage-backed securities 96.1 (7.7 ) (0.6 ) — — (14.9 ) (1.0 ) — — 71.9 (15.3 ) Commercial mortgage-backed securities 31.4 (0.9 ) 0.7 3.6 — — (11.8 ) 1.4 (1.0 ) 23.4 (0.9 ) Other asset-backed securities 44.5 — 0.4 45.2 — — (6.1 ) 9.7 (10.0 ) 83.7 — Total fixed maturities including securities pledged 1,663.4 (13.4 ) 28.6 477.5 — (54.5 ) (272.8 ) 192.2 (47.3 ) 1,973.7 (20.7 ) Year Ended December 31, 2016 (continued) Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Equity securities, available-for-sale $ 97.4 $ — $ 2.1 $ — $ — $ — $ — $ — $ — $ 99.5 $ — Derivatives: Guaranteed benefit derivatives: FIA (2) (1,820.1 ) (162.8 ) — — (238.1 ) — 191.4 — — (2,029.6 ) — IUL (2) (52.6 ) (12.6 ) — — (28.6 ) — 12.8 — — (81.0 ) — GMAB/GMWB/GMWBL (2) (1,873.5 ) 493.1 — — (150.5 ) — 0.5 — — (1,530.4 ) — Stabilizer and MCGs (2) (161.3 ) 15.6 — — (4.7 ) — — — — (150.4 ) — Other derivatives, net 52.4 13.1 — 53.3 — — (12.5 ) — — 106.3 53.9 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements — — — 5.0 — — — — — 5.0 — Assets held in separate accounts (5) 3.9 — — 3.0 — (0.4 ) — 2.7 (3.9 ) 5.3 — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2015 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 103.8 $ — $ (0.6 ) $ — $ — $ — $ (2.0 ) $ — $ (94.3 ) $ 6.9 $ — U.S. corporate private securities 978.8 0.5 (41.0 ) 308.9 — (10.2 ) (263.6 ) 66.9 — 1,040.3 0.2 Foreign corporate public securities and foreign governments (1) 13.5 (5.9 ) (1.4 ) — — — (7.6 ) 15.2 — 13.8 (5.9 ) Foreign corporate private securities (1) 435.2 (1.2 ) (8.9 ) 15.1 — — (103.7 ) 93.9 — 430.4 (1.8 ) Residential mortgage-backed securities 94.2 (7.1 ) (4.7 ) 9.9 — (5.6 ) (0.6 ) 12.6 (2.6 ) 96.1 (10.8 ) Commercial mortgage-backed securities 22.0 — (0.2 ) 37.6 — — (6.0 ) — (22.0 ) 31.4 — Other asset-backed securities 10.1 — 0.1 39.0 — — (2.5 ) 34.9 (37.1 ) 44.5 — Total fixed maturities including securities pledged 1,657.6 (13.7 ) (56.7 ) 410.5 — (15.8 ) (386.0 ) 223.5 (156.0 ) 1,663.4 (18.3 ) Year Ended December 31, 2015 (continued) Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Equity securities, available-for-sale $ 56.3 $ 2.6 $ 1.6 $ 39.9 $ — $ (3.0 ) $ — $ — $ — $ 97.4 $ (0.1 ) Derivatives: Guaranteed benefit derivatives: FIA (2) (1,970.0 ) 229.2 — — (253.6 ) — 174.3 — — (1,820.1 ) — IUL (2) — 8.7 — — (64.6 ) — 3.3 — — (52.6 ) — GMAB/GMWB/GMWBL (2) (1,527.7 ) (191.4 ) — — (155.0 ) — 0.6 — — (1,873.5 ) — Stabilizer and MCGs (2) (102.9 ) (53.7 ) — — (4.7 ) — — — — (161.3 ) — Other derivatives, net 72.1 (37.8 ) — 39.7 — — (21.6 ) — — 52.4 (19.6 ) Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 6.0 — — — — — (6.0 ) — — — — Assets held in separate accounts (5) 2.3 (0.1 ) — 4.1 — (0.1 ) — — (2.3 ) 3.9 — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. For the years ended December 31, 2016 and 2015 , the transfers in and out of Level 3 for fixed maturities and equity securities, as well as separate accounts, were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. Significant Unobservable Inputs The Company's Level 3 fair value measurements of its fixed maturities, equity securities available-for-sale and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. Quantitative information about the significant unobservable inputs used in the Company's Level 3 fair value measurements of its guaranteed benefit derivatives is presented in the following sections and table. Significant unobservable inputs used in the fair value measurements of GMABs, GMWBs and GMWBLs include long-term equity and interest rate implied volatility, correlations between the rate of return on policyholder funds and between interest rates and equity returns, nonperformance risk, mortality and policyholder behavior assumptions, such as benefit utilization, lapses and partial withdrawals. Such inputs are monitored quarterly. Significant unobservable inputs used in the fair value measurements of FIAs include nonperformance risk and policyholder behavior assumptions, such as lapses and partial withdrawals. Such inputs are monitored quarterly. Significant unobservable inputs used in the fair value measurements of IULs include nonperformance risk and policyholder behavior assumptions, such as lapses. Such inputs are monitored quarterly. The significant unobservable inputs used in the fair value measurement of the Stabilizer embedded derivatives and MCG derivative are interest rate implied volatility, nonperformance risk, lapses and policyholder deposits. Such inputs are monitored quarterly. Following is a description of selected inputs: Equity/Interest Rate Volatility : A term-structure model is used to approximate implied volatility for the equity indices and swap rates for GMAB, GMWB and GMWBL fair value measurements and swap rates for the Stabilizer and MCG fair value measurements. Where no implied volatility is readily available in the market, an alternative approach is applied based on historical volatility. Correlations : Integrated interest rate and equity scenarios are used in GMAB, GMWB and GMWBL fair value measurements to better reflect market interest rates and interest rate volatility correlations between equity and fixed income fund groups and betwe |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Total Balance at January 1, 2014 $ 4,316.1 $ 1,035.5 $ 5,351.6 Deferrals of commissions and expenses 371.6 12.7 384.3 Amortization: Amortization (535.2 ) (166.1 ) (701.3 ) (1) Interest accrued 233.8 88.2 (2) 322.0 Net amortization included in Consolidated Statements of Operations (301.4 ) (77.9 ) (379.3 ) Change in unrealized capital gains/losses on available-for-sale securities (495.4 ) (290.3 ) (785.7 ) Balance at December 31, 2014 3,890.9 680.0 4,570.9 Deferrals of commissions and expenses 375.9 10.8 386.7 Amortization: Amortization (798.7 ) (177.1 ) (975.8 ) (1) Interest accrued 228.1 84.3 (2) 312.4 Net amortization included in Consolidated Statements of Operations (570.6 ) (92.8 ) (663.4 ) Change in unrealized capital gains/losses on available-for-sale securities 661.3 414.6 1,075.9 Balance as of December 31, 2015 4,357.5 1,012.6 5,370.1 Deferrals of commissions and expenses 376.7 9.4 386.1 Amortization: Amortization (627.6 ) (227.1 ) (854.7 ) (1) Interest accrued 226.9 76.8 (2) 303.7 Net amortization included in Consolidated Statements of Operations (400.7 ) (150.3 ) (551.0 ) Change in unrealized capital gains/losses on available-for-sale securities (268.9 ) (48.8 ) (317.7 ) Balance as of December 31, 2016 $ 4,064.6 $ 822.9 $ 4,887.5 (1) Includes DAC/VOBA unlocking of $(65.8) , $(97.8) , and $255.1 for the years ended December 31, 2016 , 2015 , and 2014 , respectively, and loss recognition for DAC and VOBA of $80.7 and $4.4 , respectively, during 2016 . There was no loss recognition for DAC and VOBA during 2015 and 2014 . (2) Interest accrued at the following rates for VOBA: 4.1% to 7.5% during 2016 , 3.5% to 7.5% during 2015 and 3.1% to 7.5% during 2014 . The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. Year Amount 2017 $ 86.3 2018 70.2 2019 60.8 2020 57.1 2021 54.7 |
Reserves for Future Policy Bene
Reserves for Future Policy Benefits and Contract Owner Account Balances | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Reserves for Future Policy Benefits and Contract Owner Account Balances | Reserves for Future Policy Benefits and Contract Owner Account Balances Future policy benefits and contract owner account balances were as follows as of December 31, 2016 and 2015 : 2016 2015 Future policy benefits: Individual and group life insurance contracts $ 8,294.7 $ 8,356.5 Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies 12,314.7 10,262.9 Accident and health 837.8 888.6 Total $ 21,447.2 $ 19,508.0 Contract owner account balances: GICs $ 461.9 $ 1,430.0 Universal life-type contracts 14,626.3 14,892.2 Fixed annuities and payout contracts without life contingencies 40,945.1 38,531.7 Fixed-indexed annuities 14,572.9 13,810.2 Total $ 70,606.2 $ 68,664.1 |
Guaranteed Benefit Features
Guaranteed Benefit Features | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Guaranteed Benefit Features | Guaranteed Benefit Features While the Company ceased new sales of certain retail variable annuity products in 2010, its currently-sold retail variable annuity contracts with separate account options guarantee the contract owner a return of no less than (i) total deposits made to the contract less any partial withdrawals, (ii) total deposits made to the contract less any partial withdrawals plus a minimum return, or (iii) the highest contract value on a specified date minus any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates. The Company also issues UL and VUL contracts where the Company contractually guarantees to the contract owner a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse ("no lapse guarantee"), and other provisions that would produce expected gains from the insurance benefit function followed by losses from that function in later years. In addition, the Company’s Stabilizer and MCG products have guaranteed credited rates. Credited rates are set either quarterly or annually. Most contracts have a zero percent minimum credited rate guarantee, although some contracts have minimum credited rate guarantees up to 3% and allow the contract holder to select either the market value of the account or the book value of the account at termination. The book value of the account is equal to deposits plus interest, less any withdrawals. The fair value is estimated using the income approach. The Company also has certain indexed annuity products which contain guaranteed withdrawal benefit provisions. This provision guarantees an annual withdrawal amount for life that is calculated as a percentage of the benefit base, which equals premium paid at the time of product issue, and can increase by a rollup percentage (mainly 7% , 6% or a percentage linked to indexed credits earned, depending on versions of the benefit) or annual ratchet. The percentage used to determine the guaranteed annual withdrawal amount may vary by age at first withdrawal and depends on whether the benefit is for a single life or joint lives. The Company’s major source of income from guaranteed benefit features is the base contract mortality, expense and guaranteed death and living benefit rider fees charged to the contract owner, less the costs of administering the product and providing for the guaranteed death and living benefits. The Company's CBVA contracts offer one or more of the following guaranteed death and living benefits: Guaranteed Minimum Death Benefits (GMDB) • Standard: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the premiums paid by the customer, adjusted for withdrawals. • Ratchet: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Standard or (2) the maximum policy anniversary (or quarterly) value of the variable annuity, adjusted for withdrawals. • Rollup: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the aggregate premiums paid by the contract owner, with interest at the contractual rate per annum, adjusted for withdrawals. The Rollup may be subject to a maximum cap on the total benefit. • Combo: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Ratchet or (2) Rollup. Guaranteed Minimum Living Benefits Guaranteed Minimum Income Benefit (GMIB): Guarantees a minimum income payout, exercisable only on a contract anniversary on or after a specified date, in most cases 10 years after purchase of the GMIB rider. The income payout is determined based on contractually established annuity factors multiplied by the benefit base. The benefit base equals the premium paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7% or 6% depending on the version of the benefit) and ratchet frequency subject to maximum caps which vary by product version ( 200% , 250% or 300% of initial premium). Guaranteed Minimum Withdrawal Benefit and Guaranteed Minimum Withdrawal Benefit for Life (GMWB/GMWBL): Guarantees an annual withdrawal amount for a specified period of time (GMWB) or life (GMWBL) that is calculated as a percentage of the benefit base that equals premium paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7% , 6% or 0% , depending on versions of the benefit) and ratchet frequency (primarily annually or quarterly, depending on versions). The rollup ceases 10 years after purchase of the rider, or in the year when withdrawals occur. The percentage used to determine the guaranteed annual withdrawal amount may vary by age at first withdrawal and depends on versions of the benefit. A joint life-time withdrawal benefit option was available to include coverage for spouses. Most versions of the withdrawal benefit included reset and/or step-up features that may increase the guaranteed withdrawal amount in certain conditions. Earlier versions of the withdrawal benefit guarantee that annual withdrawals of up to 7.0% of eligible premiums may be made until eligible premiums previously paid by the contract owner are returned, regardless of account value performance. Asset allocation requirements apply at all times where withdrawals are guaranteed for life. Guaranteed Minimum Accumulation Benefit (GMAB): Guarantees that the account value will be at least 100% of the eligible premiums paid by the customer after 10 years , adjusted for withdrawals. The Company offered an alternative design that guaranteed the account value to be at least 200% of the eligible premiums paid by contract owners after 20 years . The following assumptions and methodologies were used to determine the guaranteed reserves for CBVA contracts as of December 31, 2016 and 2015 : Area Assumptions/Basis for Assumptions Data used Based on 1,000 investment performance scenarios. Mean investment performance GMDB and GMIB: The overall blended mean is 7.8% based on a single fund group. GMAB/GMWB/GMWBL: Zero rate curve. Volatility GMDB: 14.2% for 2016 and 15.1% for 2015. GMIB: 14.2% for 2016 and 15.1% for 2015. GMAB/GMWB/GMWBL: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. Mortality Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement through December 31, 2016, further adjusted for company experience. Lapse rates Vary by contract type, share class, time remaining in the surrender charge period and in-the-moneyness. Discount rates GMDB/GMIB: 5.5% for 2016 and 2015. GMAB/GMWB/GMWBL: Zero rate curve plus adjustment for nonperformance risk. Variable annuity contracts containing guaranteed minimum death and living benefits expose the Company to market risk. For example, with a decline in the equity markets, the Company has exposure to increasing claims due to the guaranteed minimum benefits. On the other hand, with an increase in the equity markets, the Company's exposure to risks associated with the guaranteed minimum benefits generally decreases. In order to mitigate the risk associated with guaranteed death and living benefits, the Company enters into reinsurance agreements and derivative positions on various public market indices chosen to closely replicate contract owner variable fund returns. The calculation of the GMDB, GMIB, GMAB, GMWB and GMWBL liabilities assumes dynamic surrenders and dynamic utilization of the guaranteed living benefit feature. The liabilities for UL contracts are recorded in the general account. The liabilities for VUL contracts, as well as variable annuity contracts containing guaranteed minimum death and living benefits, are recorded in separate account liabilities as follows as of December 31, 2016 and 2015 . The separate account liabilities may include more than one type of guarantee. These liabilities are subject to the requirements for additional reserve liabilities under ASC Topic 944, which are recorded on the Consolidated Balance Sheets in Future policy benefits and Contract owner account balances. The paid and incurred amounts were as follows for the years ended December 31, 2016 , 2015 and 2014 : UL and VUL (1) GMDB (2) GMAB/ GMWB GMIB GMWBL Stabilizer and MCGs (3) Separate account liability at December 31, 2016 $ 488.1 $ 32,513.3 $ 564.4 $ 10,110.4 $ 13,594.4 $ 37,577.1 Separate account liability at December 31, 2015 $ 503.3 $ 35,117.4 $ 629.7 $ 11,669.3 $ 14,114.2 $ 36,014.5 Additional liability balance: Balance at January 1, 2014 $ 967.8 $ 350.7 $ 31.7 $ 1,069.4 $ 834.2 $ — Incurred guaranteed benefits 529.3 112.0 4.9 262.6 657.6 102.9 Paid guaranteed benefits (402.1 ) (74.5 ) (0.7 ) (175.8 ) — — Balance at December 31, 2014 1,095.0 388.2 35.9 1,156.2 1,491.8 102.9 Incurred guaranteed benefits 554.2 238.1 (3.2 ) 447.8 349.6 58.4 Paid guaranteed benefits (451.7 ) (91.9 ) (0.6 ) (162.0 ) — — Balance at December 31, 2015 1,197.5 534.4 32.1 1,442.0 1,841.4 161.3 Incurred guaranteed benefits 614.4 134.9 (7.9 ) 453.5 (334.7 ) (10.9 ) Paid guaranteed benefits (496.1 ) (137.7 ) (0.5 ) (517.9 ) — — Balance at December 31, 2016 $ 1,315.8 $ 531.6 $ 23.7 $ 1,377.6 $ 1,506.7 $ 150.4 (1) The additional liability balances as of December 31, 2016 , 2015 , 2014 and as of January 1, 2014 are presented net of reinsurance of $1,005.6 , $935.3 , $874.2 and $776.7 , respectively. (2) The additional liability balances as of December 31, 2016 , 2015 , 2014 and as of January 1, 2014 are presented net of reinsurance of $44.3 , $56.6 , $50.1 and $52.5 , respectively. (3) The Separate account liability at December 31, 2016 and 2015 includes $30.4 billion and $29.1 billion , respectively, of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets. The Company also calculates additional liabilities for FIA contracts with guaranteed withdrawal benefits. The additional liability represents the expected value of these benefits in excess of the projected account balance, and is accreted based on assessments over the accumulation period of the contract. The additional liability for FIA guaranteed withdrawal benefits was $146.6 and $91.0 , as of December 31, 2016 and 2015 , respectively. The additional liability is recorded in Future policy benefits on the Consolidated Balance Sheets. The net amount at risk for the GMDB, GMAB and GMWB benefits is equal to the guaranteed value of these benefits in excess of the account values. The net amount at risk for the GMIB and GMWBL benefits is equal to the excess of the present value of the minimum guaranteed annuity payments available to the contract owner over the current account value. The separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts were as follows as of December 31, 2016 and 2015 : December 31, 2016 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Separate account value $ 32,513.3 $ 564.4 $ 10,110.4 $ 13,594.4 Net amount at risk, net of reinsurance $ 5,562.8 $ 14.6 $ 2,945.8 $ 2,209.8 Weighted average attained age 71 73 63 68 December 31, 2015 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Separate account value $ 35,117.4 $ 629.7 $ 11,669.3 $ 14,114.2 Net amount at risk, net of reinsurance $ 6,152.3 $ 18.8 $ 3,044.3 $ 2,106.3 Weighted average attained age 70 72 63 67 The net amount at risk for the secondary guarantees is equal to the current death benefit in excess of the account values. The general and separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts were as follows as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Secondary Guarantees Paid-up Guarantees Secondary Guarantees Paid-up Guarantees UL and VUL Contracts: Account value (general and separate account) $ 3,262.3 $ — $ 3,309.2 $ — Net amount at risk, net of reinsurance $ 16,371.8 $ — $ 16,955.1 $ — Weighted average attained age 63 — 62 — Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Equity securities (including mutual funds): Equity funds $ 24,494.9 $ 26,612.5 Bond funds 3,799.0 4,106.8 Balanced funds 4,784.5 4,918.1 Money market funds 533.9 602.8 Other 97.9 113.7 Total $ 33,710.2 $ 36,353.9 In addition, the aggregate fair value of fixed income securities supporting separate accounts with Stabilizer benefits as of December 31, 2016 and 2015 was $7.2 billion and $6.9 billion , respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance The Company has reinsurance treaties covering a portion of the mortality risks and guaranteed death and living benefits under its life insurance and annuity contracts. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company reinsures its business through a diversified group of reinsurers. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC"). Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated: December 31, 2016 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 105.4 $ 357.9 $ (403.9 ) $ 59.4 Reinsurance recoverable — — 7,258.6 7,258.6 Total $ 105.4 $ 357.9 $ 6,854.7 $ 7,318.0 Liabilities Future policy benefits and contract owner account balances $ 88,759.5 $ 3,293.9 $ (7,258.6 ) $ 84,794.8 Liability for funds withheld under reinsurance agreements 729.1 — — 729.1 Total $ 89,488.6 $ 3,293.9 $ (7,258.6 ) $ 85,523.9 December 31, 2015 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 98.5 $ 387.6 $ (453.0 ) $ 33.1 Reinsurance recoverable — — 7,653.7 7,653.7 Total $ 98.5 $ 387.6 $ 7,200.7 $ 7,686.8 Liabilities Future policy benefits and contract owner account balances $ 84,653.9 $ 3,518.2 $ (7,653.7 ) $ 80,518.4 Liability for funds withheld under reinsurance agreements 702.4 — — 702.4 Total $ 85,356.3 $ 3,518.2 $ (7,653.7 ) $ 81,220.8 Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the periods indicated: Year ended December 31, 2016 2015 2014 Premiums: Direct premiums $ 4,004.7 $ 3,445.5 $ 2,891.0 Reinsurance assumed 1,221.8 1,190.9 1,238.3 Reinsurance ceded (1,711.9 ) (1,611.9 ) (1,502.9 ) Net premiums $ 3,514.6 $ 3,024.5 $ 2,626.4 Fee income: Gross fee income $ 3,363.6 $ 3,485.3 $ 3,637.3 Reinsurance ceded (3.8 ) (4.2 ) (4.8 ) Net fee income $ 3,359.8 $ 3,481.1 $ 3,632.5 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 8,070.8 $ 7,226.9 $ 6,159.4 Reinsurance assumed 1,212.5 1,067.6 1,267.3 Reinsurance ceded (1) (1,769.8 ) (1,784.5 ) (1,488.8 ) Net interest credited and other benefits to contract owners / policyholders $ 7,513.5 $ 6,510.0 $ 5,937.9 (1) Includes $482.1 , $452.7 and $435.4 for amounts paid to reinsurers in connection with the Company's UL contracts for the years ended December 31, 2016 , 2015 and 2014 , respectively. Effective October 1, 1998, the Company disposed of a block of its individual life insurance business under an indemnity reinsurance arrangement with a subsidiary of Lincoln National Corporation ("Lincoln") for $1.0 billion . Under the agreement, Lincoln contractually assumed from the Company certain policyholder liabilities and obligations, although the Company remains obligated to contract owners. The Lincoln subsidiary established a trust to secure its obligations to the Company under the reinsurance transaction. Of the Reinsurance recoverable on the Consolidated Balance Sheets, $1.6 billion and $1.8 billion as of December 31, 2016 and 2015 , respectively, is related to the reinsurance recoverable from the subsidiary of Lincoln under this reinsurance agreement. Effective January 1, 2009, the Company executed a Master Asset Purchase Agreement (the "MPA") with respect to its individual reinsurance business whereby the Company recaptured business then-reinsured to Scottish Re (U.S.), Inc., Scottish Re Life (Bermuda) Limited and Scottish Re (Dublin) Limited and immediately ceded 100% of such business to Hannover Re on a modified coinsurance, funds withheld, and coinsurance basis. Prior to September 24, 2015 the Company was obligated to maintain collateral for the statutory reserve requirements on the business transferred from the Company to Hannover Re or until Hannover Re elected the option to implement its own facility providing collateral for reinsurance between Security Life of Denver Insurance Company ("SLD") and Security Life of Denver International Limited ("SLDI") ("Hannover Re Buyer Facility Agreement"). Hannover Re exercised this election and consequently, on September 24, 2015, the Company entered into a Hannover Re Buyer Facility Agreement with Hannover Life Reassurance Company of America, Hannover Re (Ireland) Limited, Hannover Ruck SE and SLDI ("Buyer Facility Agreement"). Under the Buyer Facility Agreement, the existing collateral, provided by SLDI through LOCs and a collateral note supporting the reserves on the Hannover Re block, was replaced by a $2.9 billion senior unsecured floating rate note issued by Hannover Ruck SE and deposited into a reserve credit trust established by SLDI for the benefit of SLD. Consequently, the Company has no remaining collateral requirement as of December 31, 2016 and December 31, 2015 with respect to collateral provided by SLDI for the benefit of SLD. Of the Reinsurance recoverable on the Consolidated Balance Sheets, $1.9 billion and $2.4 billion as of December 31, 2016 and 2015 , respectively, is related to the reinsurance recoverable from Hannover Re under the MPA. Effective October 1, 2014, the Company disposed of an in-force block of term life insurance policies to RGA Reinsurance Company, a subsidiary of Reinsurance Group of America, Inc., ("RGA") under an indemnity reinsurance arrangement for $448.1 . Under the agreement, RGA contractually assumed from the Company the policyholder liabilities and obligations related to the policies, although the Company remains obligated to policyholders. The Company recognized a loss of $89.4 , composed of $32.8 in Other net realized capital gains on assets included in the transaction, $11.4 in Other-than-temporary impairments related to intent and $110.8 of transaction and ongoing expenses, recorded in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2014 . As of December 31, 2016 and 2015 , the Reinsurance recoverable on the Consolidated Balance Sheets related to the Term Life Coinsurance Agreement was $499.0 and $517.8 , respectively. Effective April 1, 2015, the Company disposed of, via reinsurance, retained group reinsurance policies to Enstar Group Ltd. for $304.5 . In connection with this transaction, the Company recognized a loss of $39.2 , primarily related to intent impairments of assets included in the transaction and other transactions costs. As of December 31, 2016 and 2015 , the Reinsurance recoverable on the Consolidated Balance Sheets related to this transaction was $198.0 and $263.4 , respectively. Effective October 1, 2015, the Company disposed of, via reinsurance, an in-force block of term life insurance policies to RGA Reinsurance Company for $419.2 . Under the terms of the agreement, RGA Reinsurance Company contractually assumed from the Company the policyholder liabilities and obligations related to the policies, although the Company remains obligated to policyholders. The Company recognized a loss of $109.8 , composed of $13.7 in Other net realized capital gains on assets included in the transaction, $3.6 in Other-than-temporary impairments related to intent and $119.9 of transaction and ongoing expenses recorded in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2015 . As of December 31, 2016 and 2015 , the Reinsurance recoverable on the Consolidated Balance Sheets related to this agreement was $452.3 and $462.3 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of cost over the estimated fair value of net assets acquired. As of December 31, 2016 and 2015 , the Company had $31.1 in goodwill, which was related to the Investment Management segment. There is no accumulated impairment balance associated with this goodwill. The Company performs a goodwill impairment analysis annually as of October 1 and more frequently if facts and circumstances indicate that goodwill may be impaired. Other Intangible Assets The Company has the following assets included in Other intangible assets, which have been capitalized and are amortized over their expected economic lives. The Company recorded Value of Management Contracts ("VMCR") from the acquisition of ReliaStar Life Insurance Company in 2000 that represent the right by the mutual fund advisor company to manage the assets that are held in the mutual funds business. Customer relationship lists from the acquisition of CitiStreet, LLC in 2008 represent Value of Customer Relationship Acquired ("VOCRA") for contracts with customers that were in place at the time of the acquisition. In addition, computer software that has been purchased or developed internally for own use is stated at cost, less amortization and any impairment losses. Amortization is calculated on a straight-line basis over its useful life. When assessing potential impairment, the unamortized capitalized costs are compared with the net realizable value of the computer software. The amount by which the unamortized capitalized costs exceed the net realizable value is written off. The following table presents other intangible assets as of the dates indicated: Weighted Average Amortization Lives December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management contract rights 20 years $ 550.0 $ 449.2 $ 100.8 $ 550.0 $ 421.7 $ 128.3 Customer relationship lists 20 years 115.8 67.5 48.3 115.8 59.0 56.8 Computer software 3 years 355.9 316.6 39.3 324.7 290.1 34.6 Total intangible assets $ 1,021.7 $ 833.3 $ 188.4 $ 990.5 $ 770.8 $ 219.7 Amortization expense related to intangible assets was $63.3 , $58.6 and $54.6 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The estimated amortization of intangible assets are as follows: Year Amount 2017 $ 56.2 2018 49.9 2019 37.6 2020 25.0 2021 5.8 Thereafter 13.9 Amortization of intangible assets is included in the Consolidated Statements of Operations in Operating expenses. The Company does not have any indefinite-lived intangibles other than goodwill. |
Share-Based Incentive Compensat
Share-Based Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Incentive Compensation Plans | Share-based Incentive Compensation Plans The Company has provided equity-based compensation awards to its employees under the ING U.S., Inc. 2013 Omnibus Employee Incentive Plan (the "2013 Omnibus Plan") and the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the "2014 Omnibus Plan"). At inception of the 2013 Omnibus Plan, a total of 7,650,000 shares of Company common stock were reserved and available for issuance under the plan. As of December 31, 2016 , common stock reserved and available for issuance under the 2013 Omnibus Plan was 343,770 shares. The 2013 Omnibus Plan is no longer actively used for new grants of equity-based compensation awards. The 2014 Omnibus Plan was adopted by the Company's Board of Directors and approved by shareholders in 2014, and has substantially the same terms as the 2013 Omnibus Plan, except for certain changes intended to allow certain performance-based compensation awards to comply with the criteria for tax deductibility set forth in Section 162(m) of the Internal Revenue Code. The 2014 Omnibus Plan provides for 17,800,000 shares of common stock to be available for issuance as equity-based compensation awards. As of December 31, 2016 , common stock reserved and available for issuance under the 2014 Omnibus Plan was 9,716,834 shares. The 2013 Omnibus Plan and the 2014 Omnibus Plan (together, the "Omnibus Plans") each permit the granting of a wide range of equity-based awards, including restricted stock units ("RSUs"), which represent the right to receive a number of shares of Company common stock upon vesting; restricted stock, which are shares of Company stock that are issued subject to sale and transfer restrictions until the vesting conditions are met; performance share units ("PSUs"), which are RSUs subject to certain performance-based vesting conditions, and under which the number of shares of common stock delivered upon vesting varies with the level of achievement of performance criteria; and stock options. Grants of equity-based awards under the Omnibus Plans are approved in advance by the Compensation and Benefits Committee (the "Committee") of the Board of Directors of the Company, and are subject to such terms and conditions as the Committee may determine, including in respect of vesting and forfeiture, subject to certain limitations provided in the Omnibus Plans. Equity-based awards under the Omnibus Plans may carry dividend equivalent rights, pursuant to which notional dividends accumulate on unvested equity awards and are paid, in cash, upon vesting. Except for stock option awards made during 2015, awards made under the Omnibus Plans, to date, have included dividend equivalent rights. Dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria and service conditions are met. During each of the year s ended December 31, 2016 , 2015 and 2014 the Company awarded RSUs and PSUs to its employees under the Omnibus Plans. The PSU awards entitle recipients to receive, upon vesting, a number of shares of common stock that ranges from 0% to 150% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions. The establishment and the achievement of performance objectives are determined and approved by the Committee. Except under certain termination conditions, RSUs and PSUs generally vest no earlier than one year from the date of the award and no later than three years from the date of the award. In the case of retirement (eligibility for which is based on the employee's age and years of service as provided in the relevant award agreement), awards vest in full, but subject to the satisfaction of any applicable performance criteria. In December 2015, the Company also awarded contingent stock options under the 2014 Omnibus Plan. These options are subject to vesting conditions based on the achievement of specified performance measures, and generally become exercisable one year following satisfaction of the relevant vesting condition. The options have a term of ten years from the grant date, but to the extent that the relevant vesting condition has not been met by December 31, 2018, any unvested options will expire without value. If vested, the options have an exercise price of $37.60 per share. If an award under the Omnibus Plans is forfeited, expired, terminated or otherwise lapses, the shares of Company common stock underlying that award will again become available for issuance. Shares withheld by the Company to pay employee taxes, or which are withheld by or tendered to the Company to pay the exercise price of stock options (or are repurchased from an option holder by the Company with proceeds from the exercise of stock options) are not available for reissuance. Deal Incentive Awards: Upon closing of the IPO, RSUs were granted to employees of the Company under the 2013 Omnibus Plan in connection with Deal Incentive Awards. Deal Incentive Awards are conditional agreements to grant equity awards to certain employees of the Company, upon the closing of the IPO or upon the satisfaction of certain other conditions. RSUs granted in connection with Deal Incentive Awards were subject to certain vesting conditions, lockup period and other holding requirements. During the year ended December 31, 2015 , all remaining RSUs were granted in connection with Deal Incentive Awards vested and the underlying stock was issued. Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan The Company offers equity-based awards to Voya Financial, Inc. non-employee directors under the Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan ("2013 Director Plan”), which the Company adopted in connection with the IPO. A total of 288,000 shares of Company common stock may be issued under the 2013 Director Plan. The material terms of the 2013 Director Plan are substantially consistent with the material terms of the 2013 Omnibus Plan described above. Non-Employee Director Service Grants: During the year s ended December 31, 2016 , 2015 , and 2014 , the Company granted 34,758 , 19,913 and 13,404 RSUs, respectively, to certain of its non-employee directors. These awards vest one-third on each of the first, second and third anniversary of the grant date, in each case provided that the grantee remains a director of the Company on the relevant vesting date, however no shares are delivered in connection with the RSUs until such time as the director's service on the Board is terminated. Voya Financial, Inc. 2014 Employee Phantom Stock Plan During 2014, the Company provided certain of its non-executive employees with cash-settled awards under the Voya Financial, Inc. 2014 Employee Phantom Stock Plan (the "Phantom Plan"). Awards made under the Phantom Plan were designed to provide grantees with an economic benefit that is equivalent to an analogous grant under the Omnibus Plans; however the Company must deliver cash, and may not deliver equity, upon vesting of such awards. Awards were granted in the form of phantom RSUs and phantom PSUs, each of which was designed to mirror the value of an equity-settled RSU or PSU awarded under the Omnibus Plans, with the cash settlement value determined based on the closing price of a share of Company common stock on the New York Stock Exchange on the trading day immediately preceding the date such award vests. As of December 31, 2016 , the Company had 49,181 phantom RSUs and 26,605 phantom PSUs, respectively, outstanding to its employees. Legacy Equity-Based Plans Prior to the IPO, employees of the Company received equity-based compensation in the form of ING Group equity awards, pursuant to equity compensation plans adopted by ING Group. ING Group-based equity awards provided to the Company’s employees in 2013 were, upon the closing of the IPO, converted into Company-based equity awards under the 2013 Omnibus Plan. ING Group-based equity awards provided to the Company’s employees in 2012 were not converted and vested according to the terms of their original grant, with substantially all such awards having vested during or prior to the first quarter of 2015. Equity Compensation Plan: In 2012 and 2013, certain employees of the Company (principally those employed within the Investment Management segment) received equity-based awards under ING America Insurance Holdings, Inc. Equity Compensation Plan (the "Equity Compensation Plan”). Substantially all Equity Compensation Plan awards granted in 2012 were settled in the form of ING Group ADRs on or before January 1, 2015. Equity Compensation Plan awards to employees of the Company provided in 2013 were, upon the closing of the IPO, converted into Company-based equity awards under the 2013 Omnibus Plan. These awards vested on January 1, 2016. Compensation Cost The fair value of stock options is estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during 2015 : Expected volatility 28.6 % Expected term (in years) 6.02 Strike price $ 37.60 Risk-free interest rate 2.1 % Expected dividend yield 0.11 % Weighted average estimated fair value $ 11.89 Although the vesting of the stock options is contingent on the satisfaction of performance conditions on or before December 31, 2018, the Company assumed for purposes of the award's fair value that such conditions would be met in full prior to such date. The Company utilized the Simplified Method for the Expected term calculations. The Company does not have historical exercises on which to base its own estimate. Additionally, exercise data relating to employees of comparable companies is not easily obtainable. Furthermore, because the Company did not have historical stock prices for a period at least equal to the expected term, the Company estimated volatility using a weighted-average consisting 70% of historical peer group volatility and 30% of the historical volatility of the Company common stock. The contractual term for exercising the options is ten years. The liability related to Phantom Plan awards is recorded within Other liabilities on the Consolidated Balance Sheets. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of the unvested cash-settled awards issued under the Phantom Plan is remeasured at the end of each reporting period until the awards vest. The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated: Year Ended December 31, 2016 2015 2014 RSUs (1) $ 61.9 $ 54.8 $ 45.4 RSUs - Deal incentive awards — 2.1 8.5 PSU awards (2) 31.8 45.2 60.1 Stock options 13.8 0.6 — Phantom Plan 1.9 4.0 4.2 Total 109.4 106.7 118.2 Income tax benefit 38.3 37.3 41.4 Share-based compensation $ 71.1 $ 69.4 $ 76.8 (1) This table includes immaterial compensation cost for ING Group RSUs awarded under the Long-Term Sustainable Performance Plan ("LSPP") for the year ended December 31, 2016 and compensation costs of $0.8 and $6.9 for ING Group RSUs awarded under the LSPP for the years ended December 31, 2015 and 2014 , respectively. (2) This table includes immaterial compensation cost for ING Group RSUs awarded under the LSPP for the year ended December 31, 2016 and compensation costs of $7.9 and $30.6 for ING Group PSUs awarded under the LSPP for the years ended December 31, 2015 and 2014 , respectively. Awards Outstanding The following tables summarize the number of awards under the Omnibus Plans for the periods indicated: RSUs PSU Awards Stock Options (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards (1) Weighted Average Grant Date Fair Value Number of Awards (2) Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 3.5 $ 34.81 0.8 $ 44.21 3.8 $ 11.89 Adjusted for PSU performance factor N/A N/A 0.1 44.15 — — Granted 1.9 31.68 1.7 28.83 — — Vested (1.8 ) 31.36 (0.9 ) 44.07 — — Forfeited (0.3 ) 34.12 (0.2 ) 28.89 (0.5 ) 11.89 Outstanding at December 31, 2016 3.3 $ 35.02 1.5 $ 28.88 3.3 $ 11.89 Awards expected to vest as of December 31, 2016 3.3 $ 35.02 1.5 $ 28.88 3.3 $ 11.89 (1) Based upon performance through December 31, 2016 , recipients of performance awards would be entitled to 106.0% of shares at the vesting date. The performance awards are included in the preceding table as if the participants earn shares equal to 100% of the units granted. (2) Vesting of stock options is contingent on satisfaction of specified performance conditions on or before December 31, 2018. As of December 31, 2016 , none of the performance conditions have been satisfied. RSUs PSU Awards Stock Options Unrecognized compensation cost $ 34.7 $ 19.7 $ 24.5 Expected remaining weighted-average period of expense recognition (in years) 1.6 2.0 2.0 The total grant date fair value of shares vested for the year ended December 31, 2016 was $57.6 and $38.8 for RSUs and PSU awards, respectively. During the year ended December 31, 2016 , no stock options vested. |
Shareholder's Equity
Shareholder's Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholder's Equity | Shareholders' Equity Common Shares The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2014 261.8 0.1 261.7 Common Shares issued — — — Common Shares acquired - share repurchase — 21.2 (21.2 ) Share-based compensation programs 1.9 0.5 1.4 Balance, December 31, 2014 263.7 21.8 241.9 Common Shares issued — — — Common Shares acquired - share repurchase — 34.3 (34.3 ) Share-based compensation programs 1.6 0.1 1.5 Balance, December 31, 2015 265.3 56.2 209.1 Common Shares issued — * — — * Common Shares acquired - share repurchase — 17.0 (17.0 ) Share-based compensation programs 2.7 0.2 2.5 Balance, December 31, 2016 268.0 73.4 194.6 * Less than 0.1. Share Repurchase Program From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase transactions or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date. On October 27, 2016, the Board of Directors provided its most recent share repurchase authorization, increasing the aggregate amount of the Company’s common stock authorized for repurchase by $600.0 . The current share repurchase authorization expires on December 31, 2017 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time. On November 3, 2016, the Company entered into a share repurchase arrangement with a third-party financial institution, pursuant to which the Company made an up-front payment of $200.0 during the fourth quarter of 2016 and received delivery of 5,216,025 shares during the first quarter of 2017. Warrants On May 7, 2013 , the Company issued to ING Group warrants to purchase up to 26,050,846 shares of the Company's common stock equal in the aggregate to 9.99% of the issued and outstanding shares of common stock at that date. The current exercise price of the warrants is $48.75 per share of common stock, subject to adjustments, including for stock dividends, cash dividends in excess of $0.01 per share a quarter, subdivisions, combinations, reclassifications and non-cash distributions. The warrants also provide for, upon the occurrence of certain change of control events affecting the Company, an increase in the number of shares to which a warrant holder will be entitled upon payment of the aggregate exercise price of the warrant. The warrants became exercisable (subject to the limitation stated below with respect to ING Group and its affiliates) starting on the first anniversary of the completion of the IPO ( May 7, 2014 ) and expire on the tenth anniversary of the completion of the IPO ( May 7, 2023 ). The warrants are net share settled, which means that no cash will be payable by a warrant holder in respect of the exercise price of a warrant upon exercise, and are classified as permanent equity. They have been recorded at their fair value determined on the issuance date of May 7, 2013 in the amount of $94.0 as an addition and reduction to Additional-paid-in-capital. Warrant holders are not entitled to receive dividends. The warrants are not exercisable by ING Group or any of its affiliates before January 1, 2017 , but are exercisable in accordance with their terms before January 1, 2017 by holders other than ING Group or its affiliates, if any. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: (in millions, except for per share data) Year Ended December 31, Earnings 2016 2015 2014 Net income (loss) available to common shareholders Net income (loss) $ (398.7 ) $ 538.6 $ 2,532.7 Less: Net income (loss) attributable to noncontrolling interest 29.3 130.3 237.7 Net income (loss) available to common shareholders $ (428.0 ) $ 408.3 $ 2,295.0 Weighted-average common shares outstanding Basic 200.8 225.4 253.1 Dilutive Effects: (1)(2) RSUs — 1.8 1.3 RSUs - Deal incentive awards — — 0.3 PSU awards — 0.2 0.4 Diluted 200.8 227.4 255.1 Net income (loss) per common share Basic $ (2.13 ) $ 1.81 $ 9.07 Diluted (2.13 ) 1.80 9.00 (1) For the year s ended December 31, 2016 , 2015 and 2014 , weighted average shares used for calculating earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For more information on warrants, see the Shareholders' Equity Note to these Consolidated Financial Statements. (2) For year ending December 31, 2016 , weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.7 and 0.2 shares for stock compensation plans of RSU awards and PSU awards, respectively, would be antidilutive to the earnings per share calculation due to the net loss in the period. |
Insurance Subsidiaries
Insurance Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Insurance Subsidiaries | 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, 2016 , 2015 and 2014 , the Principal Insurance Subsidiaries have no prescribed or permitted practices that materially impact total capital and surplus. Statutory Net income (loss) for the years ended December 31, 2016 , 2015 and 2014 and statutory capital and surplus as of December 31, 2016 and 2015 of the Company's Principal Insurance Subsidiaries are as follows: Statutory Net Income (Loss) Statutory Capital and Surplus 2016 2015 2014 2016 2015 Subsidiary Name (State of Domicile): Voya Insurance and Annuity Company ("VIAC") (IA) $ 232.4 $ 553.3 $ 335.6 $ 1,906.2 $ 2,074.8 Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) 266.2 317.5 321.7 1,959.3 2,030.2 Security Life of Denver Insurance Company (CO) 93.2 (244.5 ) 141.6 897.1 858.3 ReliaStar Life Insurance Company ("RLI") (MN) (506.6 ) 74.2 103.9 1,662.0 1,609.2 All of the Company's Principal Insurance Subsidiaries have capital and surplus levels that exceed their respective regulatory minimum requirements. Insurance Subsidiaries Dividend Restrictions The states in which the insurance subsidiaries of Voya Financial, Inc. are domiciled impose certain restrictions on the subsidiaries' ability to pay dividends to their parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or "extraordinary" dividends, are subject to approval by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend. Under the insurance laws applicable to Voya Financial, Inc.'s insurance subsidiaries domiciled in Connecticut, Iowa and Minnesota, an "extraordinary" dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer's policyholder surplus as of the preceding December 31 , or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31 , in each case determined in accordance with statutory accounting principles. Under Colorado insurance law, an "extraordinary dividend" or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the lesser of (i) 10% of the insurer's policyholder surplus as of the preceding December 31 , or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31 , in each case determined in accordance with statutory accounting principles. In addition, under the insurance laws of Connecticut, Iowa and Minnesota, no dividend or other distribution exceeding an amount equal to a domestic insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval. The Company's Principal Insurance Subsidiaries domiciled in Colorado, Connecticut and Iowa each have ordinary dividend capacity for 2017 . However, as a result of the extraordinary dividends it paid in 2015 and 2016 , together with statutory losses incurred in connection with the recapture and cession to one of the Company's Arizona captives of certain term life insurance business in the fourth quarter of 2016, the Company's Principal Insurance Subsidiary domiciled in Minnesota currently has negative earned surplus and therefore does not have capacity at this time to make ordinary dividend payments to Voya Holdings Inc. and cannot make an extraordinary dividend payment without domiciliary insurance regulatory approval, which can be granted or withheld at the discretion of the regulator. Principal Insurance Subsidiaries - Dividends and Return of Capital The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings Inc. without the need for insurance regulatory approval for the periods presented: Dividends Permitted without Approval 2017 2016 2015 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) $ 278.9 $ 447.5 $ 394.1 Voya Retirement Insurance and Annuity Company (CT) 265.9 364.1 321.8 Security Life of Denver Insurance Company (CO) 73.6 54.9 111.6 ReliaStar Life Insurance Company (MN) — — 194.2 The following table summarizes dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated: Dividends Paid Extraordinary Distributions Paid Year Ended December 31, Year Ended December 31, 2016 2015 2016 2015 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) $ 373.0 $ 394.0 $ — $ 98.0 Voya Retirement Insurance and Annuity Company (CT) 278.0 321.0 — — Security Life of Denver Insurance Company (CO) 54.0 111.0 — 130.0 ReliaStar Life Insurance Company (MN) — 194.0 100.0 280.0 Captive Reinsurance Subsidiaries Voya Financial, Inc.'s special purpose life reinsurance captive insurance company subsidiaries domiciled in Missouri (collectively referred to as the "captive reinsurance subsidiaries") provide reinsurance to the Company’s insurance subsidiaries in order to facilitate the financing of statutory reserves including those associated with Regulation XXX or AG38 and to fund certain statutory annuity reserve requirements. Each of the Company's captive reinsurance subsidiaries, that is domiciled in Missouri, is subject to specific minimum capital requirements set forth in the insurance statutes of Missouri, and is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed in the Missouri insurance statutes or permitted by the Missouri insurance department. There are no prescribed practices material to the Missouri captive reinsurance subsidiaries, except that certain of these subsidiaries have included the value of LOCs and trust notes as admitted assets supporting the statutory reserves ceded to such subsidiaries. The effect of these prescribed practices was to increase statutory capital and surplus by $577.1 and $590.6 as of December 31, 2016 and 2015 , respectively. The aggregate statutory capital and surplus, including the aforementioned prescribed practices, was $352.2 and $351.5 as of December 31, 2016 and 2015 , respectively. The Company's Arizona captives, SLDI and its wholly owned subsidiary RRII, provide reinsurance to the Company's insurance subsidiaries in order to facilitate the financing of statutory reserves including those associated with Regulation XXX or AG38 and to fund certain statutory annuity reserve requirements including the living benefit guarantees under the Company's CBVA segment. Arizona state insurance statutes and regulations require the Company's Arizona captives to file financial statements with the Arizona Department of Insurance ("ADOI") and allow the filing of such financial statements on a U.S. GAAP basis modified for certain prescribed practices outlined in the Arizona insurance statutes that are applicable to U.S. GAAP filers. These prescribed practices had no impact on Company's Arizona captives Shareholder's equity as of December 31, 2016 and 2015 . In addition, the Arizona captives obtained approval from the ADOI for certain permitted practices, including, for SLDI, taking reinsurance credit for certain ceded reserves where the assets backing the liabilities are held by a wholly owned Principal Insurance Subsidiary of Voya Financial, Inc. SLDI has recorded a receivable for these assets. The effect of the permitted practice was to increase SLDI's Shareholder's equity by $441.1 and $456.6 as of December 31, 2016 and 2015 , respectively, but has no effect on the Company's consolidated Total shareholders' equity. In the unlikely event that the permitted practice is suspended in the future, the Company has various alternatives which could be executed to allow the reinsurance credit for these ceded reserves. Additionally, RRII has obtained approval from the ADOI to present the U.S. GAAP deferred liability resulting from its assumption of business from a wholly owned Principal Insurance Subsidiary of Voya Financial, Inc. net of related federal income taxes, as a separate component of Shareholder's equity. The effect of the permitted practice was to increase RRII's Shareholder's equity by $2,466.9 as of December 31, 2016 , but has no effect on SLDI or the Company's Consolidated total shareholders' equity. The captive reinsurance subsidiaries may not declare or pay any dividends other than in accordance with their respective insurance reserve financing transaction agreements and their respective governing licensing orders. Likewise, the Company's Arizona captives may not declare or pay dividends other than in accordance with their annual capital and dividend plans as approved by the ADOI, which include minimum capital requirements. The Company's Arizona captives do not expect to make any dividend payments during calendar year 2017 and did not make any in 2016 . |
Employee Benefit Arrangements
Employee Benefit Arrangements | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Arrangements | Employee Benefit Arrangements Pension, Other Postretirement Benefit Plans and Other Benefit Plans Voya Financial, Inc.'s subsidiaries maintain both qualified and non-qualified defined benefit pension plans (the "Plans"). These plans generally cover all employees and certain sales representatives who meet specified eligibility requirements. Pension benefits are based on a formula using compensation and length of service. Annual contributions are paid to the Plans at a rate necessary to adequately fund the accrued liabilities of the Plans calculated in accordance with legal requirements. The Plans comply with applicable regulations concerning investments and funding levels. The Voya Retirement Plan (the "Retirement Plan") is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation ("PBGC"). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay ("FAP") formula, allowing all eligible employees to participate in the Retirement Plan. Participants will earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30 -year U.S. Treasury securities bond rate published by the Internal Revenue Service in the preceding August of each year. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company. During the fourth quarter of 2015, terminated, vested participants of the Retirement Plan were offered an opportunity to receive their retirement plan benefit as a lump sum payment or an annuity. The lump sum payments and related settlement were recorded in the fourth quarter of 2015 and are reflected in the Demographic Data and other line in the net actuarial (gains) losses related to pension and other postretirement benefit obligations table below. In addition to providing qualified retirement benefit plans, the Company provides certain supplemental retirement benefits to eligible employees, non-qualified pension plans for insurance sales representatives who have entered into a career agent agreement and certain other individuals. These plans are non-qualified defined benefit plans, which means all benefits are payable from the general assets of the sponsoring company. The Company also offers deferred compensation plans for eligible employees, including eligible career agents and certain other individuals who meet the eligibility criteria. The Company’s deferred compensation commitment for employees is recorded on the Consolidated Balance Sheets in Other liabilities and totaled $283.5 and $270.2 as of December 31, 2016 and 2015 , respectively. Voya Financial, Inc.'s subsidiaries also provide other postretirement and post-employment benefits to certain employees. These are primarily postretirement healthcare and life insurance benefits to retired employees and other eligible dependents and post-employment/pre-retirement plans provided to employees and former employees. Obligations, Funded Status and Net Periodic Benefit Costs The Company's qualified pension plans were fully funded in compliance with Employee Retirement Income Security Act (“ERISA”) guidelines as of December 31, 2015, which is tested annually subsequent to this filing. The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2016 and 2015 : Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Change in benefit obligation: Benefit obligations, January 1 $ 2,054.0 $ 2,452.8 $ 28.0 $ 31.1 Service cost 25.4 26.4 — — Interest cost 96.1 104.0 1.1 1.0 Plan participants' contribution — — 0.1 0.1 Net actuarial (gains) losses 32.5 (184.5 ) (1.6 ) (1.1 ) Benefits paid (91.9 ) (90.9 ) (3.3 ) (3.1 ) Lump sum benefits settled for terminated vested participants for the Retirement Plan — (253.8 ) — — Plan amendments — — (3.4 ) — Benefit obligations, December 31 2,116.1 2,054.0 20.9 28.0 Change in plan assets: Fair value of plan net assets, January 1 1,394.6 1,657.7 — — Actual return on plan assets 79.6 (0.7 ) — — Employer contributions 80.4 82.3 3.2 3.0 Plan participants' contributions — — 0.1 0.1 Benefits paid (91.9 ) (90.9 ) (3.3 ) (3.1 ) Lump sum benefits settled for terminated vested participants for the Retirement Plan — (253.8 ) — — Fair value of plan net assets, December 31 1,462.7 1,394.6 — — Unfunded status at end of year (1) $ (653.4 ) $ (659.4 ) $ (20.9 ) $ (28.0 ) (1) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations. The following table summarizes amounts recognized on the Consolidated Balance Sheets and in AOCI were as follows as of December 31, 2016 and 2015 : Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued benefit cost $ (653.4 ) $ (659.4 ) $ (20.9 ) $ (28.0 ) Net amount recognized $ (653.4 ) $ (659.4 ) $ (20.9 ) $ (28.0 ) Accumulated other comprehensive (income) loss: Prior service cost (credit) $ (21.4 ) $ (31.8 ) $ (18.4 ) $ (18.2 ) Tax effect 7.5 11.1 6.4 6.4 Accumulated other comprehensive (income) loss, net of tax $ (13.9 ) $ (20.7 ) $ (12.0 ) $ (11.8 ) The following table summarizes information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2016 and 2015 : Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Projected benefit obligation $ 2,116.1 $ 2,054.0 $ 20.9 $ 28.0 Accumulated benefit obligation 2,110.7 2,049.8 N/A N/A Fair value of plan assets 1,462.7 1,394.6 — — Components of Periodic Net Benefit Cost Net periodic pension cost and net periodic other postretirement benefit plan cost consist of the following: ▪ Service Cost : Service cost represents the increase in the projected benefit obligation as a result of benefits payable to employees on service rendered during the current year. ▪ Interest Cost (on the Liability) : Interest cost represents the increase in the amount of projected benefit obligation at the end of each year due to the time value adjustment. ▪ Expected Return on Plan Assets : Expected return on plan assets represents the anticipated return earned by the pension fund assets in a given year. ▪ Net Loss (Gain) Recognition : Actuarial gains and losses occur as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial losses (gains) on the qualified and nonqualified retirement plans as well as the other postretirement benefit plans. ▪ Amortization of Prior Service Cost : This cost represents the recognition of increases or decreases in Pension and other postretirement provisions on the Consolidated Balance Sheets as a result of changes in plans or initiation of new plans. The increases or decreases in obligation are recognized in AOCI at the time of the particular amendment. The costs are then amortized to Operating expenses in the Consolidated Statements of Operations over the expected service years of the covered employees. The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2016 , 2015 and 2014 : Pension Plans Other Postretirement Benefits 2016 2015 2014 2016 2015 2014 Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: Service cost $ 25.4 $ 26.4 $ 26.8 $ — $ — $ — Interest cost 96.1 104.0 96.2 1.1 1.0 1.5 Expected return on plan assets (104.0 ) (122.2 ) (114.3 ) — — — Amortization of prior service cost (credit) (10.4 ) (10.4 ) (10.4 ) (3.3 ) (3.3 ) (3.4 ) Net (gain) loss recognition 56.8 (61.6 ) 376.4 (1.6 ) (1.1 ) (3.7 ) Net periodic (benefit) costs 63.9 (63.8 ) 374.7 (3.8 ) (3.4 ) (5.6 ) Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: Amortization of prior service (credit) cost 10.4 10.4 10.4 (0.2 ) 3.3 3.4 Total recognized in AOCI 10.4 10.4 10.4 (0.2 ) 3.3 3.4 Total recognized in net periodic (benefit) costs and AOCI $ 74.3 $ (53.4 ) $ 385.1 $ (4.0 ) $ (0.1 ) $ (2.2 ) The table below illustrates the breakdown of the net actuarial (gains) losses related to Pension and Other postretirement benefit obligations reported within Operating expenses in the Consolidated Statements of Operations as of the periods presented: (Gain)/Loss Recognized 2016 2015 2014 Discount Rate $ 69.5 $ (132.4 ) $ 200.2 Asset Returns 24.4 122.9 (42.4 ) Mortality Table Assumptions (22.4 ) (32.3 ) 202.1 Demographic Data and other (16.3 ) (20.9 ) 12.8 Total Net Actuarial (Gain)/Loss Recognized $ 55.2 $ (62.7 ) $ 372.7 The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2017 are as follows: Pension Plans Other Postretirement Benefits Amortization of prior service cost (credit) $ (10.4 ) $ (3.6 ) Assumptions The weighted-average assumptions used in determining benefit obligations were as follows: Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Discount rate 4.55 % 4.81 % 4.55 % 4.81 % Rate of compensation increase 4.00 % 4.00 % N/A N/A In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including a discounted cash flow analysis of the Company’s pension obligation and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the Retirement Plan. The weighted-average assumptions used in determining net benefit cost were as follows: Pension Plans Other Postretirement Benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.81 % 4.36 % 4.95 % 4.81 % 4.36 % 4.95 % Rate of compensation increase 4.00 % 4.00 % 4.00 % N/A N/A N/A Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % N/A N/A N/A The expected return on plan assets is updated at least annually using the calculated value approach, taking into consideration the Retirement Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan's portfolio of assets ("the Fund") and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-Voya investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions. The annual assumed rate of increase in the per capita cost of covered benefits (i.e. health care cost trend rate) for the medical rate, within the other postretirement benefit plans, is 7.1% , decreasing gradually to 5.2% over the next five years with an ultimate trend rate of 4.5% . Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects: One Percentage Point Increase One Percentage Point Decrease Effect on the aggregate of service and interest cost components $ — * $ — * Effect on accumulated postretirement benefit obligation 0.9 (0.7 ) * Less than $0.1 . Plan Assets The Retirement Plan is the only defined benefit plan with plan assets in a trust. The primary financial objective of the Retirement Plan is to secure participant retirement benefits. As such, the key objective in the Retirement Plan’s financial management is to promote stability and, to the extent appropriate, growth in funded status (i.e. the ratio of market value of assets to liabilities). The investment strategy for the Fund balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the Fund in an effort to accomplish the Retirement Plan’s funding objectives. Desirable target allocations amongst identified asset classes are set and, within each asset class, careful consideration is given to balancing the portfolio among industry sectors, geographies, interest rate sensitivity, economic growth, currency and other factors affecting investment returns. The assets are managed by professional investment firms. They are bound by mandates and are measured against benchmarks. Consideration is given to balancing security concentration, investment style and reliance on particular active investment strategies, among other factors. The Company reviews its asset mix of the Fund on a regular basis. Generally, the pension committee of the Company will rebalance the Fund's asset mix to the target mix as individual portfolios approach their minimum or maximum levels. However, the Company has the discretion to deviate from these ranges or to manage investment performance using different criteria. Derivative contracts may be used for hedging purposes to reduce the Retirement Plan’s exposure to interest rate risk. Treasury futures are used to manage the interest rate risk in the Retirement Plan’s fixed maturity portfolio. The derivatives do not qualify for hedge accounting. The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2016 and 2015 : Actual Asset Allocation 2016 2015 Equity securities: Target allocation range 37%-65% 37%-65% Large-cap domestic 23.7 % 24.2 % Small/Mid-cap domestic 6.4 % 5.6 % International commingled funds 11.6 % 11.4 % Limited Partnerships 3.4 % 4.1 % Total equity securities 45.1 % 45.3 % Fixed maturities: Target allocation range 30%-50% 30%-50% U.S. Treasuries, short term investments, cash and futures 6.3 % 7.2 % U.S. Government agencies and authorities 4.2 % 4.8 % U.S. corporate, state and municipalities 29.7 % 28.5 % Foreign securities 4.3 % 3.6 % Commercial mortgage-backed securities 0.1 % 0.1 % Total fixed maturities 44.6 % 44.2 % Other investments: Target allocation range 6%-14% 6%-14% Hedge funds 4.8 % 5.1 % Real estate 5.5 % 5.4 % Total other investments 10.3 % 10.5 % Total 100.0 % 100.0 % The following table summarizes the fair values of the pension plan assets as of December 31, 2016 by asset class were as follows: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short-term investments and cash: Cash and cash equivalents $ 2.2 $ — $ — $ — $ 2.2 Short-term investment fund (1) — — — 89.5 89.5 U.S. Government securities 61.1 — — — 61.1 U.S. corporate, state and municipalities — 434.5 — — 434.5 Foreign securities — 63.4 — — 63.4 Commercial mortgage-backed securities — 1.2 — — 1.2 Other asset-backed securities — 0.2 — — 0.2 Total fixed maturities 63.3 499.3 — 89.5 652.1 Equity securities: Large-cap domestic 347.1 — — — 347.1 Small/Mid-cap domestic 94.3 — — — 94.3 International commingled funds (2) — — — 169.6 169.6 Limited partnerships (3) — — — 49.4 49.4 Total equity securities 441.4 — — 219.0 660.4 Other investments: Real estate (4) — — — 80.9 80.9 Limited partnerships (5) — — — 69.6 69.6 Futures (0.3 ) — — — (0.3 ) Total other investments (0.3 ) — — 150.5 150.2 Net, total pension assets $ 504.4 $ 499.3 $ — $ 459.0 $ 1,462.7 (1) This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $83.8 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $85.8 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $7.4 and Pantheon USA has a balance of $42.0 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2016 , Pantheon Europe and Pantheon USA have unfunded commitments of $1.3 and $4.6 , respectively, and there were no significant redemption restrictions. (4) UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $80.9 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter. (5) Magnitude Institutional, Ltd. ("MIL") has a balance of $69.6 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. The following table summarizes the fair values of the pension plan assets as of December 31, 2015 by asset class were as follows: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short term investments and cash: Cash and cash equivalents $ 1.4 $ — $ — $ — $ 1.4 Short-term investment fund (1) — — — 98.3 98.3 U.S. Government securities 66.2 — — — 66.2 U.S. corporate, state and municipalities 1.0 396.3 — — 397.3 Foreign securities — 50.3 — — 50.3 Commercial mortgage-backed securities — 1.4 — — 1.4 Other asset-backed securities — 0.3 — — 0.3 Total fixed maturities 68.6 448.3 — 98.3 615.2 Equity securities: Large-cap domestic 337.5 — — — 337.5 Small/Mid-cap domestic 77.8 — — — 77.8 International commingled funds (2) — — — 159.4 159.4 Limited partnerships (3) — — — 57.9 57.9 Total equity securities 415.3 — — 217.3 632.6 Other investments: Real estate (4) — — — 75.5 75.5 Limited partnerships (5) — — — 71.0 71.0 Futures 0.3 — — — 0.3 Total other investments 0.3 — — 146.5 146.8 Net, total pension assets $ 484.2 $ 448.3 $ — $ 462.1 $ 1,394.6 (1) This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participants redemptions in the Short-term Investment Fund were the result of the normal course of business, the Trustee permitted redemptions in cash. In order to control liquidity and realized losses on the sale of securities in the Short-term Investment Fund, requests for cash redemptions were not permitted where participants desired to exit the Short-term investment fund. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $79.6 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $79.8 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $9.8 and Pantheon USA has a balance of $48.1 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2015 , Pantheon Europe and Pantheon USA have unfunded commitments of $1.5 and $5.6 , respectively, and there were no significant redemption restrictions. (4) UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $75.5 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. (5) MIL has a balance of $71.0 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. As described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements, pension plan assets are categorized into a three-level fair value hierarchy based upon the inputs available in evaluating each of the assets. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). Certain investments are measured at fair value using the NAV per share as a practical expedient and have not been classified in the fair value hierarchy. The leveling hierarchy is applied to the pension plans assets as follows: Cash and cash equivalents : The carrying amounts for cash and cash equivalents reflect the assets' fair value. The fair values for cash and cash equivalents are determined based on quoted market prices. These assets are classified as Level 1. Short-term Investment Funds : Short term investment funds are valued by investment managers and are reported as a NAV per share and are classified accordingly. See subscript (1) in Fair Value Hierarchy table footnotes for a description of the fund's redemption policies. U.S. Government securities, corporate bonds and notes and foreign securities : Fair values for actively traded marketable bonds are determined based upon quoted market prices and are classified as Level 1 assets. Corporate bonds, ABS, U.S. agency bonds, and foreign securities use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2. International Commingled Funds : Commingled funds are valued at NAV. These investments are alternative assets with an ability to redeem investments with the investee at the NAV per share at the measurement date. See subscript (2) in Fair Value Hierarchy table footnotes for description of the fund's redemption policies. Equity securities : Fair values are based upon a quoted market price determined in an active market and are included in Level 1. Real estate : Real estate is based on unobservable inputs. The fair value used relies on the investment manager's own assumptions and the use of appraisals. The fair value of the investment in this category has been estimated using the NAV per share. See subscript (4) in Fair Value Hierarchy table footnotes for more information on real estate. Limited partnerships : Limited partnerships are based on unobservable inputs. The fair value of the investments in this category has been estimated using the NAV per share. See subscripts (3) and (5) in Fair Value Hierarchy table footnotes for more information on limited partnerships. Derivatives: Futures contracts are based on unadjusted quoted prices from an active exchange and therefore, are classified as Level 1. Transfers in and out of Level 1 and 2 There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2016 and 2015 . The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. Expected Future Contributions and Benefit Payments The following table summarizes the expected benefit payments for the Company's pension and postretirement plans to be paid for the years indicated: Pension Benefits Other Postretirement Benefits Gross 2017 $ 116.4 $ 2.0 2018 120.1 1.7 2019 121.8 1.7 2020 125.1 1.6 2021 128.1 1.6 2022-2026 661.4 6.7 The Company expects that it will make a cash contribution of approximately $83.6 to the qualified and non-qualified pension plans and approximately $2.0 to other postretirement plans in 2017 . Defined Contribution Plans Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan is the Voya Financial Savings Plan and ESOP (the "Savings Plan"). The assets of the Savings Plan are held in independently administered funds. Substantially all employees of the Company are eligible to participate, other than the Company’s agents. The Savings Plan is a tax qualified defined contribution and stock bonus plan, which includes an employee stock ownership plan component. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax basis. The Company matches such pretax contributions, up to a maximum of 6% of eligible compensation, subject to IRS limits. Matching contributions are subject to a 4 -year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in Other liabilities. The amount of cost recognized for the defined contribution pension plans for the years ended December 31, 2016 , 2015 and 2014 was $38.2 , $36.3 and $35.5 , respectively, and is recorded in Operating expenses in the Consolidated Statements of Operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated: December 31, 2016 2015 2014 Fixed maturities, net of OTTI $ 3,412.8 $ 2,122.7 $ 5,844.8 Equity securities, available-for-sale 32.4 31.3 29.8 Derivatives 257.8 259.1 229.4 DAC/VOBA adjustment on available-for-sale securities (1,082.5 ) (764.8 ) (1,840.7 ) Premium deficiency reserve (53.7 ) — — Sales inducements adjustment on available-for-sale securities (168.8 ) (22.6 ) (75.1 ) Other (30.8 ) (31.3 ) (31.4 ) Unrealized capital gains (losses), before tax 2,367.2 1,594.4 4,156.8 Deferred income tax asset (liability) (371.4 ) (202.0 ) (1,094.5 ) Net unrealized capital gains (losses) 1,995.8 1,392.4 3,062.3 Pension and other postretirement benefits liability, net of tax 25.9 32.5 41.4 AOCI $ 2,021.7 $ 1,424.9 $ 3,103.7 Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: December 31, 2016 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 1,167.6 $ (307.5 ) (4) $ 860.1 Equity securities 2.5 (0.9 ) 1.6 Other 0.5 (0.2 ) 0.3 OTTI 23.7 (8.3 ) 15.4 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 97.4 (34.1 ) 63.3 DAC/VOBA (317.7 ) (1) 111.2 (206.5 ) Premium deficiency reserve (53.7 ) 18.8 (34.9 ) Sales inducements (146.2 ) 51.2 (95.0 ) Change in unrealized gains/losses on available-for-sale securities 774.1 (169.8 ) 604.3 Derivatives: Derivatives 19.4 (2) (6.8 ) 12.6 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (20.7 ) 7.2 (13.5 ) Change in unrealized gains/losses on derivatives (1.3 ) 0.4 (0.9 ) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (10.2 ) (3) 3.6 (6.6 ) Change in pension and other postretirement benefits liability (10.2 ) 3.6 (6.6 ) Change in Other comprehensive income (loss) $ 762.6 $ (165.8 ) $ 596.8 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. (4) Amount includes $100.8 decrease in valuation allowance. See the Income Taxes Note to these Consolidated Financial Statements for additional information. December 31, 2015 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,863.0 ) $ 1,347.7 $ (2,515.3 ) Equity securities 1.5 (0.5 ) 1.0 Other 0.1 — 0.1 OTTI 18.8 (6.6 ) 12.2 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 122.1 (42.7 ) 79.4 DAC/VOBA 1,075.9 (1) (376.6 ) 699.3 Premium deficiency reserve — — — Sales inducements 52.5 (18.4 ) 34.1 Change in unrealized gains/losses on available-for-sale securities (2,592.1 ) 902.9 (1,689.2 ) Derivatives: Derivatives 44.3 (2) (15.5 ) 28.8 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (14.6 ) 5.1 (9.5 ) Change in unrealized gains/losses on derivatives 29.7 (10.4 ) 19.3 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (13.7 ) (3) 4.8 (8.9 ) Change in pension and other postretirement benefits liability (13.7 ) 4.8 (8.9 ) Change in Other comprehensive income (loss) $ (2,576.1 ) $ 897.3 $ (1,678.8 ) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. December 31, 2014 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 2,693.0 $ (946.8 ) $ 1,746.2 Equity securities (17.2 ) 6.0 (11.2 ) Other (3.7 ) 1.3 (2.4 ) OTTI 40.0 (14.0 ) 26.0 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations (53.5 ) 18.7 (34.8 ) DAC/VOBA (785.7 ) (1) 275.0 (510.7 ) Premium deficiency reserve — — — Sales inducements (17.0 ) 6.0 (11.0 ) Change in unrealized gains/losses on available-for-sale securities 1,855.9 (653.8 ) 1,202.1 Derivatives: Derivatives 102.0 (2) (35.7 ) 66.3 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (7.4 ) 2.6 (4.8 ) Change in unrealized gains/losses on derivatives 94.6 (33.1 ) 61.5 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (13.8 ) (3) 4.8 (9.0 ) Change in pension and other postretirement benefits liability (13.8 ) 4.8 (9.0 ) Change in Other comprehensive income (loss) $ 1,936.7 $ (682.1 ) $ 1,254.6 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2016 2015 2014 Current tax expense (benefit): Federal $ (173.8 ) $ 75.5 $ 87.0 State (0.1 ) (11.2 ) 1.4 Total current tax expense (benefit) (173.9 ) 64.3 88.4 Deferred tax expense (benefit): Federal (41.7 ) (15.2 ) (1,808.9 ) State 0.9 (3.2 ) (11.0 ) Total deferred tax expense (benefit) (40.8 ) (18.4 ) (1,819.9 ) Total income tax expense (benefit) $ (214.7 ) $ 45.9 $ (1,731.5 ) Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2016 2015 2014 Income (loss) before income taxes $ (613.4 ) $ 584.5 $ 801.2 Tax Rate 35.0 % 35.0 % 35.0 % Income tax expense (benefit) at federal statutory rate (214.7 ) 204.5 280.4 Tax effect of: Valuation allowance 101.6 (13.7 ) (1,834.9 ) Dividend received deduction (105.3 ) (109.3 ) (99.0 ) Audit settlement (0.1 ) (0.1 ) (1.7 ) State tax expense (benefit) (15.9 ) 2.3 2.0 Noncontrolling interest (10.2 ) (45.6 ) (83.2 ) Tax credits 9.8 6.7 1.8 Nondeductible expenses 2.3 3.1 1.2 Expirations of federal tax capital loss carryforward 17.1 — — Other 0.7 (2.0 ) 1.9 Income tax expense (benefit) $ (214.7 ) $ 45.9 $ (1,731.5 ) Effective tax rate 35.0 % 7.9 % (216.1 )% The income tax benefit and effective tax rate for the year ended December 31, 2016 were the result of the application of the exception to the general rule of intra period tax allocation described in ASC 740-20-45-7. The intra period tax allocation rule requires that the Company considers all sources of income to determine the allocation of income tax benefit between continuing operations and other sources of income, such as Other comprehensive income. As a result, for periods where the Company’s results reflect a loss before income taxes from continuing operations and income before income taxes in Other comprehensive income, the Company is required to allocate the income tax benefit to Other comprehensive income and then record the related tax benefit in continuing operations. Temporary Differences The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated: December 31, 2016 2015 Deferred tax assets Federal and state loss carryforwards $ 1,524.4 $ 1,118.8 Investments 2,613.0 2,684.3 Compensation and benefits 548.0 490.2 Insurance reserves 673.9 942.6 Other assets 402.4 450.8 Total gross assets before valuation allowance 5,761.7 5,686.7 Less: Valuation allowance 963.9 963.1 Assets, net of valuation allowance 4,797.8 4,723.6 Deferred tax liabilities Net unrealized investment gains (1,218.9 ) (833.6 ) Deferred policy acquisition costs (1,454.6 ) (1,633.7 ) Other liabilities (34.5 ) (41.5 ) Total gross liabilities (2,708.0 ) (2,508.8 ) Net deferred income tax asset (liability) $ 2,089.8 $ 2,214.8 The following table sets forth the federal, state and capital loss carryforwards for tax purposes as of the dates indicated: December 31, 2016 2015 Federal net operating loss carryforward $ 4,111.5 (1) $ 3,022.2 State net operating loss carryforward 2,208.6 (2) 2,229.3 Federal tax capital loss carryforward 58.4 (3) — Credit carryforward 267.7 (4) 265.8 (1) Expire between 2017 and 2036. (2) Expire between 2017 and 2036. (3) Expire between 2017 and 2020. (4) Expire between 2017 and 2035 except for $219.4 of Alternative Minimum Tax ("AMT"), which has an unlimited expiration period. Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2016 and 2015 , the Company had a total valuation allowance of $963.9 and $963.1 , respectively. As of December 31, 2016 and 2015 , $1,413.9 and $1,312.3 , respectively, of this valuation allowance was allocated to continuing operations, $(454.9) and $(354.1) , respectively, was allocated to Other comprehensive income (loss) related to realized and unrealized capital losses, and $4.9 as of the end of each period was related to Additional paid-in capital. For the year ended December 31, 2016 , the increase in the valuation allowance was $0.8 , of which an increase of $101.6 and a decrease of $100.8 were allocated to continuing operations and Other comprehensive income, respectively. The net increase in the valuation allowance was a result of the generation and expiration of certain capital losses and expiration of foreign tax credits subject to a valuation allowance as well as state apportionment changes for certain state deferred tax assets subject to a valuation allowance. The amount of valuation allowance allocated between continuing operations and Other comprehensive income is related to the exception to the general rule of intraperiod tax allocation (ASC 740-20-45-7). For the year ended December 31, 2015 , the decrease in valuation allowance was $8.8 , of which a decrease of $13.7 and an increase of $4.9 were allocated to continuing operations and Additional paid-in capital, respectively. With respect to the 2015 amount allocated to continuing operations, the decrease was mostly due to the impact of state law changes on certain state deferred tax assets subject to valuation allowance. For the year ended December 31, 2014 , the decrease in the valuation allowance was $1.83 billion , all of which was allocated to continuing operations, due to favorable developments as discussed below. During the three months ended December 31, 2014, the Company experienced significant favorable developments, including continued strong results from operation of the Company's segments excluding CBVA, reduction in the ING Group ownership to below 20% , the sale of certain under-performing businesses via indemnity reinsurance, entry into an Issue Resolution Agreement ("IA") with the Internal Revenue Service ("IRS") regarding the Internal Revenue Code ("IRC") Section 382 calculation and emergence from a cumulative loss to cumulative income in recent years. The IA with the IRS significantly reduced uncertainty in the Company's ability to use certain losses. During the fourth quarter of 2014, results were positive after excluding losses from items not indicative of future profitability, such as the $107.0 loss from the sale of certain businesses and a $372.7 loss from immediate recognition of net actuarial losses related to pension and other postretirement benefit obligations. These facts, coupled with strong full year results and projections of sufficient taxable income, represents significant positive evidence. As of December 31, 2014, the cumulative positive evidence outweighed the negative evidence regarding the likelihood that certain of the Company's deferred tax assets for the Company's U.S. consolidated income tax group will be realized. This assessment was evidenced by the Company's consideration of the facts and circumstances (mentioned above) and resulted in the Company's conclusion that $1.62 billion of the deferred tax asset valuation allowance for the Company's U.S. consolidated income tax group should be released in the fourth quarter of 2014. On a year-to-date basis, the total decrease in the valuation allowance was $1.83 billion . The Company determined that deferred tax assets related to certain federal and state loss carryforwards, state temporary differences and tax credits were not realizable on a more-likely-than not basis prior to the expiration of their respective carryforward periods. Thus, a corresponding valuation allowance remains against these deferred tax assets. Unrecognized Tax Benefits Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated: Year Ended December 31, 2016 2015 2014 Balance at beginning of period $ 45.2 $ 62.4 $ 60.9 Additions for tax positions related to current year 3.2 3.4 4.7 Additions for tax positions related to prior years — — 4.9 Reductions for tax positions related to prior years (6.5 ) (18.1 ) (6.1 ) Reductions for settlements with taxing authorities (1.3 ) (2.2 ) (0.2 ) Reductions for expiring statutes (4.2 ) (0.3 ) (1.8 ) Balance at end of period $ 36.4 $ 45.2 $ 62.4 The Company had $7.6 , $9.1 and $14.1 of unrecognized tax benefits as of December 31, 2016 , 2015 and 2014 , respectively, which would affect the Company's effective rate if recognized. Interest and Penalties The Company recognizes interest expense and penalties, if applicable, related to unrecognized tax benefits in tax expense net of federal income tax. The total amounts of gross accrued interest and penalties on the Company's Consolidated Balance Sheets as of December 31, 2016 and 2015 were $1.0 and $1.2 , respectively. The Company recognized gross interest (benefit) related to unrecognized tax in its Consolidated Statements of Operations of $(0.2) , $(5.8) and $0.8 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The timing of the payment of the remaining allowance of $36.4 cannot be reasonably estimated. Tax Regulatory Matters During 2016, the IRS completed its examination of the Company's returns through tax year 2015. The audit settlements did not have a material impact on the Company. The Company is currently under audit by the IRS, and it is expected that the examination of tax year 2016 may be finalized within the next twelve months. The Company and the IRS have agreed to participate in the Compliance Assurance Process for the tax years 2016 and 2017. |
Financing Agreements
Financing Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Short-term Debt The Company did no t have any short-term debt borrowings outstanding as of December 31, 2016 and 2015 . Long-term Debt The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2016 and 2015 : Maturity 2016 2015 7.25% Voya Holdings Inc. debentures, due 2023 (1) 08/15/2023 $ 142.9 $ 159.4 7.63% Voya Holdings Inc. debentures, due 2026 (1) 08/15/2026 185.8 201.8 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 04/01/2027 13.6 13.7 6.97% Voya Holdings Inc. debentures, due 2036 (1) 08/15/2036 93.7 108.6 1.00% Windsor Property Loan 06/14/2027 4.9 4.9 5.5% Senior Notes, due 2022 07/15/2022 360.7 843.8 2.9% Senior Notes, due 2018 02/15/2018 825.0 995.7 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 05/15/2053 738.2 737.8 5.7% Senior Notes, due 2043 07/15/2043 394.3 394.1 3.65% Senior Notes, due 2026 06/15/2026 494.2 — 4.8% Senior Notes, due 2046 06/15/2046 296.2 — Subtotal 3,549.5 3,459.8 Less: Current portion of long-term debt — — Total $ 3,549.5 $ 3,459.8 (1) Guaranteed by ING Group. Unsecured senior debt, which consists of senior fixed rate notes and guarantees of fixed rate notes, ranks highest in priority, followed by subordinated debt, which consists of junior subordinated debt securities. As of December 31, 2016 , aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: 2017 $ — 2018 827.0 2019 — 2020 — 2021 — Thereafter 2,757.5 Total $ 3,584.5 Senior Notes On July 13, 2012, Voya Financial, Inc. issued $850.0 of unsecured 5.5% Senior Notes due 2022 (the "2022 Notes") in a private placement with registration rights. The 2022 Notes are guaranteed by Voya Holdings Inc. ("Voya Holdings"). Interest is paid semi-annually, in arrears, on each January 15 and July 15. On February 11, 2013, Voya Financial, Inc. issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 (the "2018 Notes"), a private placement with registration rights. The 2018 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each February 15 and August 15. On July 26, 2013, Voya Financial, Inc. issued $400.0 of unsecured 5.7% Senior Notes due 2043 (the "2043 Notes") in a private placement with registration rights. The 2043 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually on each January 15 and July 15. The 2022 Notes, 2018 Notes and 2043 Notes were the subject of SEC-registered exchange offers during 2013, pursuant to which the Company's registration obligations with respect to each of these series were satisfied. On June 13, 2016, Voya Financial, Inc. issued $500.0 of unsecured 3.65% Senior Notes due 2026 (the "2026 Notes") and $300.0 of unsecured 4.8% Senior Notes due 2046 (the "2046 Notes") in a registered public offering. The 2026 Notes and 2046 Notes are fully, irrevocably and unconditionally guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each June 15 and December 15, commencing on December 15, 2016. The Company used the proceeds of the Notes to repurchase $43.7 aggregate face amount of the Aetna Notes (as defined below) and $659.8 aggregate face amount of the 2018 Notes and 2022 Notes on June 20, 2016 through a tender offer. During the year ended December 31, 2016 , Voya Financial, Inc. repurchased $486.8 and $173.0 of the outstanding principal amounts of the 2022 Notes and the 2018 Notes, respectively, all of which was repurchased in the tender offer described above. In connection with these transactions, the Company incurred a loss on debt extinguishment of $87.6 for the year ended December 31, 2016 , which was recorded in Interest expense in the Consolidated Statements of Operations. Put Option Agreement for Senior Debt Issuance On March 17, 2015, the Company entered into an off-balance sheet ten -year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of $500.0 aggregate amount of pre-capitalized trust securities redeemable February 15, 2025 ("P-Caps") in a Rule 144A private placement. The trust invested the proceeds from the sale of the P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities. The put option agreement provides Voya Financial, Inc. the right to sell to the trust at any time up to $500.0 of its 3.976% Senior Notes due 2025 (" 3.976% Senior Notes") and receive in exchange a corresponding amount of the principal and interest strips of U.S. Treasury securities held by the trust. The 3.976% Senior Notes will not be issued unless and until the put option is exercised. In return, the Company agreed to pay a semi-annual put premium to the trust at a rate of 1.875% per annum applied to the unexercised portion of the put option, and to reimburse the trust for its expenses. The put premium is recorded in Operating expenses in the Consolidated Statements of Operations. The 3.976% Senior Notes will be fully, irrevocably and unconditionally guaranteed by Voya Holdings. The Company’s obligations under the put option agreement and the expense reimbursement agreement with the trust are also guaranteed by Voya Holdings. The put option described above will be exercised automatically in full upon the Company’s failure to make certain payments to the trust, including any failure to pay the put option premium or expense reimbursements when due, if the failure to pay is not cured within 30 days, and upon certain bankruptcy events involving the Company or Voya Holdings. The Company is also required to exercise the put option in full: (i) if the Company reasonably believes that its consolidated shareholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI and Noncontrolling interest, has fallen below $3.0 billion , subject to adjustment in certain cases; (ii) upon the occurrence of an event of default under the 3.976% Senior Notes; and (iii) if certain events occur relating to the trust’s status as an "investment company" under the Investment Company Act of 1940. The Company has a one-time right to unwind a prior voluntary exercise of the put option by repurchasing all of the 3.976% Senior Notes then held by the trust in exchange for a corresponding amount of U.S. Treasury securities. If the put option has been fully exercised, the 3.976% Senior Notes issued may be redeemed by the Company prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The P-Caps are to be redeemed by the trust on February 15, 2025 or upon any early redemption of the 3.976% Senior Notes. Junior Subordinated Notes On May 16, 2013, Voya Financial, Inc. issued $750.0 of 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 (the "2053 Notes") in a private placement with registration rights. The 2053 Notes are guaranteed on junior subordinated basis by Voya Holdings. Interest is paid semi-annually, in arrears, on each May 15 and November 15, at a fixed rate of 5.65% until May 15, 2023. From May 15, 2023, the 2053 Notes will bear interest at an annual rate equal to three -month LIBOR plus 3.58% payable quarterly, in arrears, on February 15, May 15, August 15 and November 15. So long as no event of default with respect to the 2053 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2053 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate. At any time following notice of the Company’s plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company’s common stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the 2053 Notes. The Company may elect to redeem the 2053 Notes (i) in whole at any time or in part on or after May 15, 2023 at a redemption price equal to the principal amount plus accrued and unpaid interest. If the notes are not redeemed in whole, $25.0 of aggregate principal (excluding the principal amount of 2053 Notes held by the Company, or its affiliates) must remain outstanding after giving effect to the redemption; or (ii) in whole, but not in part, at any time prior to May 15, 2023 within 90 days after the occurrence of a "tax event" or "rating agency event", as defined in the 2053 Notes Offering Memorandum, at a redemption price equal to the principal amount, or, if greater, a "make-whole redemption price," as defined in the 2053 Notes Offering Memorandum, plus, in each case accrued and unpaid interest. The 2053 Notes were the subject of an SEC-registered exchange offer during 2013, pursuant to which the Company's registration obligations with respect to the 2053 Notes were satisfied. Aetna Notes ING Group guarantees various debentures of Voya Holdings that were assumed by Voya Holdings in connection with the Company’s acquisition of Aetna’s life insurance and related businesses in 2000 (the "Aetna Notes"). Concurrent with the completion of the Company’s IPO, the Company entered into a shareholder agreement with ING Group that governs certain aspects of the Company’s continuing relationship. The Company agreed in the shareholder agreement to reduce the aggregate outstanding principal amount of Aetna Notes to: • no more than $300.0 as of December 31, 2016; • no more than $200.0 as of December 31, 2017; • no more than $100.0 as of December 31, 2018; • and zero as of December 31, 2019. The reduction in principal amount of Aetna Notes can be accomplished, at the Company’s option, through redemptions, repurchases or other means, but will also be deemed to have been reduced to the extent the Company posts collateral with a third-party collateral agent, for the benefit of ING Group, which may consist of cash collateral; certain investment-grade debt instruments; a LOC meeting certain requirements; or senior debt obligations of ING Group or a wholly owned subsidiary of ING Group (other than the Company or its subsidiaries). If the Company fails to reduce the outstanding principal amount of the Aetna Notes by the means noted above, the Company agreed to pay a quarterly fee (ranging from 0.5% per quarter for 2016 to 1.25% per quarter for 2019) to ING Group based on the outstanding principal amount of Aetna Notes which exceed the limits set forth above. During the year ended December 31, 2016 , Voya Holdings repurchased $14.8 , $16.4 , and $17.3 of the outstanding principal amount of 6.97% Debentures due August 15, 2036, 7.63% Debentures due August 15, 2026, and 7.25% Debentures due August 15, 2023, respectively. During the year ended December 31, 2015 , Voya Holdings repurchased $31.1 of the outstanding principal amount of 7.63% Debentures due August15, 2026 and $0.1 of the outstanding principal amount of 7.25% Debentures due August 15, 2023. In connection with these transactions, the Company incurred a loss on debt extinguishment of $17.0 and $10.1 for the years ended December 31, 2016 and 2015 , respectively, which was recorded in Interest expense in the Consolidated Statements of Operations. As of December 31, 2016 and 2015 , the outstanding principal amounts of the Aetna Notes were $426.5 and $474.9 , respectively. For the years ended December 31, 2016 and 2015 , the amounts of collateral required to avoid the payment of a fee to ING Group were $126.5 and $74.9 , respectively. On December 30, 2015 , the Company exercised its option to establish a control account benefiting ING Group with a third-party collateral agent. On December 31, 2015 , the Company deposited $77.0 of cash collateral into the control account. During the year ended December 31, 2016 , the Company deposited $50.4 of collateral, increasing the remaining collateral balance to $127.4 . The cash collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account. Windsor Property Loan On June 16, 2007, the State of Connecticut acting on behalf of the Department of Economic and Community Development ("DECD") loaned VRIAC $9.9 (the "DECD Loan") in connection with the development of a corporate office facility located at One Orange Way, Windsor, Connecticut (the "Windsor Property"). The loan has a term of twenty years and bears an annual interest rate of 1.00% . As long as no defaults have occurred under the loan, no payments of principal or interest are due for the initial ten years of the loan. For the second ten years of the DECD Loan term, VRIAC is obligated to make monthly payments of principal and interest. The DECD Loan provided for loan forgiveness during the first five years of the term at varying amounts up to $5.0 if VRIAC and its affiliates met certain employment thresholds at the Windsor Property during that period. On December 1, 2008, the DECD determined that the Company had met the employment thresholds for loan forgiveness and, accordingly, forgave $5.0 of the DECD Loan to VRIAC in accordance with the terms of the DECD Loan. The DECD Loan provides additional loan forgiveness at varying amounts up to $4.9 if VRIAC and its Voya affiliates meet certain employment thresholds at the Windsor Property during years five through ten of the loan. VRIAC’s obligations under the DECD Loan are secured by an unlimited recourse guaranty from Voya Services Company. In November 2012, VRIAC provided a LOC to the DECD in the amount of $10.6 as security for its repayment obligations with respect to the loan. As of December 31, 2016 and 2015 , the amount of the loan outstanding was $4.9 , which is reflected in Long-term debt on the Consolidated Balance Sheets. Credit Facilities The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of December 31, 2016 , unsecured and uncommitted credit facilities totaled $300.5 , unsecured and committed credit facilities totaled $5.5 billion and secured facilities totaled $205.0 . Of the aggregate $6.0 billion capacity available, the Company utilized $3.0 billion in credit facilities as of December 31, 2016 . Total fees associated with credit facilities for the years ended 2016 , 2015 and 2014 were $46.0 , $89.3 and $120.6 , respectively. The following table outlines the Company's credit facilities as of December 31, 2016 : Secured/ Unsecured Committed/ Uncommitted Expiration Capacity Utilization Unused Commitment Obligor / Applicant Voya Financial, Inc. Unsecured Committed 05/06/2021 $ 2,250.0 $ 297.2 $ 1,952.8 Security Life of Denver International Limited Unsecured Committed 01/24/2018 175.0 164.0 11.0 Voya Financial, Inc./ Langhorne I, LLC Unsecured Committed 01/15/2019 500.0 — 500.0 Security Life of Denver International Limited Unsecured Committed 10/29/2023 300.0 233.6 66.4 Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 12/31/2025 475.0 475.0 — Voya Financial, Inc. Secured Committed 02/11/2018 195.0 195.0 — Voya Financial, Inc. Unsecured Uncommitted Various 0.5 0.5 — Voya Financial, Inc. Secured Uncommitted Various 10.0 0.7 — Voya Financial, Inc. / Roaring River LLC Unsecured Committed 10/01/2025 425.0 281.4 143.6 Voya Financial, Inc. / Roaring River IV, LLC Unsecured Committed 12/31/2028 565.0 295.7 269.3 Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Uncommitted 12/12/2017 300.0 300.0 — Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 12/15/2017 600.0 600.0 — Voya Financial, Inc. Unsecured Committed 12/09/2021 195.0 195.0 — Total $ 5,990.5 $ 3,038.1 $ 2,943.1 Secured facilities $ 205.0 $ 195.7 $ — Unsecured and uncommitted 300.5 300.5 — Unsecured and committed 5,485.0 2,541.9 2,943.1 Total $ 5,990.5 $ 3,038.1 $ 2,943.1 Senior Unsecured Credit Facility Effective May 6, 2016, the Company revised the terms of its Amended and Restated Revolving Credit Agreement ("Amended Credit Agreement"), dated February 14, 2014, by entering into a Second Amended and Restated Revolving Credit Agreement ("Second Amended and Restated Credit Agreement") with a syndicate of banks, a large majority of which participated in the Amended Credit Agreement. The Second Amended and Restated Credit Agreement modifies the Amended Credit Agreement by extending the term of the agreement to May 6, 2021 and reducing the total amount of LOCs that may be issued from $3.0 billion to $2.25 billion . The revolving credit sublimit of $750.0 present in the Amended Credit Agreement remains unchanged. As of December 31, 2016 , there were no amounts outstanding as revolving credit borrowings and $297.2 of LOCs outstanding under the senior unsecured credit facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company leases its office space and certain equipment under operating leases, the longest term of which expires in 2027. For the years ended December 31, 2016 , 2015 and 2014 , rent expense for leases was $34.3 , $39.9 and $37.9 , respectively. The future net minimum payments under non-cancelable leases are as follows as of December 31, 2016 : 2017 $ 33.7 2018 23.6 2019 20.0 2020 17.5 2021 16.9 Thereafter 46.2 Total minimum lease payments $ 157.9 Commitments Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. As of December 31, 2016 , the Company had off-balance sheet commitments to acquire mortgage loans of $1,070.3 and purchase limited partnerships and private placement investments of $1,391.0 , of which $310.7 related to consolidated investment entities. As of December 31, 2015 , the Company had off-balance sheet commitments to acquire mortgage loans of $771.9 and purchase limited partnerships and private placement investments of $970.9 , of which $225.9 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 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 $11.7 and $12.6 as of December 31, 2016 and 2015 , respectively. The Company has also recorded an asset, in Other assets on the Consolidated Balance Sheets of $21.3 and $22.9 as of December 31, 2016 and 2015 , 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, 2016 and 2015 : 2016 2015 Fixed maturity collateral pledged to FHLB (1) $ 405.5 $ 1,528.5 FHLB restricted stock (2) 32.7 73.3 Other fixed maturities-state deposits 207.9 210.3 Securities pledged (3) 2,157.1 1,112.6 Total restricted assets $ 2,803.2 $ 2,924.7 (1) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (2) Included in Other investments on the Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $1,403.8 and $466.4 as of December 31, 2016 and 2015 , respectively. In addition, as of December 31, 2016 and 2015 , the Company delivered securities as collateral of $753.3 and $646.2 , respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on 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, 2016 and 2015 , the Company had $0.3 billion and $1.3 billion , respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Consolidated Balance Sheets. As of December 31, 2016 and 2015 , assets with a market value of approximately $0.4 billion and $1.5 billion , respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. Litigation, Regulatory Matters and Loss Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses, As of December 31, 2016 , the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $75.0 . For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. Litigation includes Beeson, et al. v SMMS, Lion Connecticut Holdings, Inc. and ING NAIC (Marin County CA Superior Court, CIV-092545). Thirty-four Plaintiff households (husband/wife/trust) assert that SMMS, which was purchased in 2000 and sold in 2003, breached a duty to monitor the performance of investments that Plaintiffs made with independent financial advisors they met in conjunction with retirement planning seminars presented at Fireman’s Fund Insurance Company. SMMS recommended the advisors to Fireman’s Fund as seminar presenters. Some of the seminars were arranged by SMMS. As a result of the performance of their investments, Plaintiffs claim they incurred damages. Fireman’s Fund has asserted breach of contract and concealment claims against SMMS alleging that SMMS failed to fulfill its ongoing obligation to monitor the financial advisors and the investments they recommended to Plaintiffs and by failing to disclose that a primary purpose of the seminars was to develop business for the financial advisors. The Company denied all claims and vigorously defended this case at trial. During trial, the Court ruled that SMMS had duties to Plaintiffs and Fireman’s Fund that it has breached. On December 12, 2014, the Court issued a Statement of Decision in which it awarded damages in the aggregate of $36.8 to Plaintiffs. On January 7, 2015, the Court made final the award in favor of the Plaintiffs. The Company appealed that judgment. On February 9, 2016, final judgment in favor of Fireman's Fund was entered in the amount of $12.5 . The company has appealed that judgment. Litigation also includes Dezelan v. Voya Retirement Insurance and Annuity Company (USDC District of Connecticut, No. 3:16-cv-1251) (filed July 26, 2016), a putative class action in which plaintiff, a participant in a 403(b) Plan, seeks to represent a class of plans whose assets are invested in Voya Retirement Insurance and Annuity Company ("VRIAC") “Group Annuity Contract Stable Value Funds.” Plaintiff alleges that VRIAC has violated the Employee Retirement Income Security Act of 1974 ("ERISA") by charging unreasonable fees and setting its own compensation in connection with stable value products. Plaintiff seeks declaratory and injunctive relief, disgorgement of profits, damages and attorney’s fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Litigation also includes Patrico v. Voya Financial, Inc., et al (USDC SDNY, No. 1:16-cv-07070) (filed September 9, 2016), a putative class action in which plaintiff, a participant in a 401(k) Plan, seeks to represent a class of plans “for which Voya or its subsidiaries provide recordkeeping, investment management or investment advisory services and for which Financial Engines provides investment advice to plan participants.” Plaintiff alleges that the Company and its affiliates have violated ERISA by charging unreasonable fees in connection with in-plan investment advice provided in conjunction with Financial Engines, a third-party investment adviser. Plaintiff seeks declaratory and injunctive relief, disgorgement of profits, damages and attorney’s fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Contingencies related to Performance-based Incentive Fees on Private Equity Funds Certain performance fees related to sponsored private equity funds (“carried interest”) are not final until the conclusion of an investment term specified in the relevant asset management contract. As a result, such fees, if accrued or paid to the Company during such term, are subject to later adjustment based on subsequent fund performance. As of December 31, 2016 , approximately $30.9 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds. For the year ended December 31, 2016 , approximately $30.2 in previously accrued carried interest, associated with one private equity fund, was reversed as a result of a decline in fund performance. |
Consolidated Investment Entitie
Consolidated Investment Entities | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Investment Entities [Abstract] | |
Consolidated Investment Entities | Consolidated Investment Entities In the normal course of business, the Company provides investment management services to, invests in and has transactions with, various types of investment entities which may be considered VIEs or VOEs. The Company evaluates its involvement with each entity to determine whether consolidation is required. The Company may own debt or equity investments, each of which is considered variable interests in the investment entities. The Company consolidates certain entities under the VIE guidance when it is determined that the Company is the primary beneficiary and consolidates certain entities under the VOE guidance when it has control through voting rights. See the Business, Basis of Presentation and Significant Accounting Policies Note for further information on the Company’s accounting policy on consolidation. As a result of the adoption of ASU 2015-02, the Company deconsolidated 10 previously consolidated CLOs and 19 previously consolidated limited partnerships effective January 1, 2016. It was determined that the fees earned by the Company are no longer included in the Company’s assessment of whether or not it has a controlling financial interest in an investment entity. Accordingly, the Company’s ownership interests in these entities are the only variable interests that remain relevant to this assessment. See the Business, Basis of Presentation and Significant Accounting Policies Note for further information on ASU 2015-02. The Company has no right to the benefits from, nor does it bear the risks associated with consolidated investment entities beyond the Company’s direct equity and debt investments in and management fees generated from these entities. Such direct investments amounted to approximately $587.4 and $722.8 as of December 31, 2016 and 2015 , respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation. Consolidated VIEs and VOEs Collateral Loan Obligations Entities ("CLOs") The Company is involved in the design, creation, and the ongoing management of CLOs. These entities are created for the purpose of acquiring diversified portfolios of senior secured floating rate leveraged loans, and securitizing these assets by issuing multiple tranches of collateralized debt; thereby providing investors with a broad array of risk and return profiles. Also known as collateralized financing entities under Topic 810, CLOs are variable interest entities by definition. In return for providing collateral management services, the Company earns investment management fees and contingent performance fees. Subsequent to the adoption of ASU 2015-02 on January 1, 2016, it was determined that these fees are excluded from the Company’s assessment to determine if it is the primary beneficiary of the CLOs it manages. In addition to earning fee income, the Company often holds an investment in certain of the CLOs it manages, generally within the unrated and most subordinated tranche of each CLO. These investments have been and continue to be relevant to the Company’s ongoing primary beneficiary assessment for each CLO. Prior to the adoption of ASU 2015-02, the Company’s ownership interests, management fees, and contingent performance fees were assessed as variable interests and determined to be relevant to the Company's primary beneficiary assessment. As of December 31, 2016 and 2015 , the Company consolidated 6 CLOs and 17 CLOs, respectively. Limited Partnerships The Company invests in and manages various limited partnerships, including private equity funds and single strategy hedge funds. The Company’s consolidated limited partnerships were VOEs under previous consolidation guidance as of December 31, 2015. Subsequent to adoption of ASU 2015-02 on January 1, 2016, the limited partnerships are VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest. Additionally, it was determined that the only variable interest relevant to the Company’s status as primary beneficiary is its direct ownership interests in each entity. As of December 31, 2016 and 2015 , the Company consolidated 13 and 33 funds respectively, which were structured as partnerships. Registered Investment Companies The Company consolidates two sponsored investment funds accounted for as VOEs because it is the majority investor in the funds, and as such, has a controlling financial interest in the funds. The following table summarizes the components of the consolidated investment entities as of the dates indicated: December 31, 2016 December 31, 2015 Assets of Consolidated Investment Entities VIEs (1) Cash and cash equivalents $ 133.0 $ 246.4 Corporate loans, at fair value using the fair value option 1,920.3 6,882.5 Limited partnerships/corporations, at fair value 1,770.3 — Other assets 31.9 115.3 Total VIE assets 3,855.5 7,244.2 VOEs (1) Cash and cash equivalents 0.2 221.2 Corporate loans, at fair value using the fair value option 32.2 — Limited partnerships/corporations, at fair value 166.0 4,973.7 Other assets 2.1 39.0 Total VOE assets 200.5 5,233.9 Total assets of consolidated investment entities $ 4,056.0 $ 12,478.1 Liabilities of Consolidated Investment Entities VIEs (1) CLO notes, at fair value using the fair value option $ 1,967.2 $ 6,956.2 Other liabilities 521.1 240.8 Total VIE liabilities 2,488.3 7,197.0 VOEs (1) Other liabilities 6.7 1,710.8 Total VOE liabilities 6.7 1,710.8 Total liabilities of consolidated investment entities $ 2,495.0 $ 8,907.8 (1) The December 31, 2016 balances reflect the adoption of ASU 2015-02. Under this guidance, it was determined that all limited partnerships in which the company invests and/or manages are VIEs. As of December 31, 2015, these entities were considered VOEs under previous guidance. The balances above reflect this change and are classified accordingly. The following tables summarize the impact of consolidation of investment entities into the Consolidated Balance Sheets as of the dates indicated: Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2016 Total investments and cash $ 96,136.5 $ — $ — $ (17.3 ) $ (570.1 ) $ 95,549.1 Other assets 17,511.9 — — — (0.6 ) 17,511.3 Assets held in consolidated investment entities — 2,054.1 2,002.1 — (0.2 ) 4,056.0 Assets held in separate accounts 97,118.7 — — — — 97,118.7 Total assets $ 210,767.1 $ 2,054.1 $ 2,002.1 $ (17.3 ) $ (570.9 ) $ 214,235.1 Future policy benefits and contract owner account balances $ 92,053.4 $ — $ — $ — $ — $ 92,053.4 Other liabilities 8,601.1 — — — (0.2 ) 8,600.9 Liabilities held in consolidated investment entities — 2,054.1 458.8 (17.3 ) (0.6 ) 2,495.0 Liabilities related to separate accounts 97,118.7 — — — — 97,118.7 Total liabilities 197,773.2 2,054.1 458.8 (17.3 ) (0.8 ) 200,268.0 Equity attributable to common shareholders 12,993.9 — 1,543.3 — (1,543.3 ) 12,993.9 Retained earnings appropriated for investors in consolidated investment entities — — — — — — Equity attributable to noncontrolling interest in consolidated investment entities — — — — 973.2 973.2 Total liabilities and equity $ 210,767.1 $ 2,054.1 $ 2,002.1 $ (17.3 ) $ (570.9 ) $ 214,235.1 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation,which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2015 Total investments and cash $ 91,727.4 $ — $ — $ (38.2 ) $ (684.6 ) $ 91,004.6 Other assets 18,226.0 — — — — 18,226.0 Assets held in consolidated investment entities — 7,244.2 5,235.4 — (1.5 ) 12,478.1 Assets held in separate accounts 96,514.8 — — — — 96,514.8 Total assets $ 206,468.2 $ 7,244.2 $ 5,235.4 $ (38.2 ) $ (686.1 ) $ 218,223.5 Future policy benefits and contract owner account balances $ 88,172.1 $ — $ — $ — $ — $ 88,172.1 Other liabilities 8,354.5 — — — (1.5 ) 8,353.0 Liabilities held in consolidated investment entities — 7,235.2 1,710.8 (38.2 ) — 8,907.8 Liabilities related to separate accounts 96,514.8 — — — — 96,514.8 Total liabilities 193,041.4 7,235.2 1,710.8 (38.2 ) (1.5 ) 201,947.7 Equity attributable to common shareholders 13,426.8 — 3,524.6 — (3,524.6 ) 13,426.8 Retained earnings appropriated for investors in consolidated investment entities — 9.0 — — — 9.0 Equity attributable to noncontrolling interest in consolidated investment entities — — — — 2,840.0 2,840.0 Total liabilities and equity $ 206,468.2 $ 7,244.2 $ 5,235.4 $ (38.2 ) $ (686.1 ) $ 218,223.5 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. The following tables summarize the impact of consolidation of investment entities into the Consolidated Statements of Operations for the periods indicated: Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2016 Revenues: Net investment income $ 4,625.7 $ — $ — $ (6.6 ) $ 1.7 $ 4,620.8 Fee income 3,408.9 — — (17.6 ) (31.5 ) 3,359.8 Premiums 3,514.6 — — — — 3,514.6 Net realized capital losses (1,263.1 ) — — — — (1,263.1 ) Other income 361.1 — — — — 361.1 Income related to consolidated investment entities (0.1 ) 117.6 71.5 — — 189.0 Total revenues 10,647.1 117.6 71.5 (24.2 ) (29.8 ) 10,782.2 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 7,513.5 — — — — 7,513.5 Other expense 3,776.3 — — — — 3,776.3 Operating expenses related to consolidated investment entities — 117.6 43.9 (24.2 ) (31.5 ) 105.8 Total benefits and expenses 11,289.8 117.6 43.9 (24.2 ) (31.5 ) 11,395.6 Income (loss) before income taxes (642.7 ) — 27.6 — 1.7 (613.4 ) Income tax expense (benefit) (214.7 ) — — — — (214.7 ) Net income (loss) (428.0 ) — 27.6 — 1.7 (398.7 ) Less: Net income (loss) attributable to noncontrolling interest — — — — 29.3 29.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ — $ 27.6 $ — $ (27.6 ) $ (428.0 ) (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2015 Revenues: Net investment income $ 4,567.9 $ — $ — $ 2.4 $ (32.1 ) $ 4,538.2 Fee income 3,555.3 — — (36.0 ) (38.2 ) 3,481.1 Premiums 3,024.5 — — — — 3,024.5 Net realized capital losses (733.3 ) — — — — (733.3 ) Other income 413.1 — — (5.5 ) (0.7 ) 406.9 Income related to consolidated investment entities — 311.9 227.8 (15.5 ) — 524.2 Total revenues 10,827.5 311.9 227.8 (54.6 ) (71.0 ) 11,241.6 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 6,510.0 — — — — 6,510.0 Other expense 3,863.3 — — — — 3,863.3 Operating expenses related to consolidated investment entities — 323.3 54.1 (54.6 ) (39.0 ) 283.8 Total benefits and expenses 10,373.3 323.3 54.1 (54.6 ) (39.0 ) 10,657.1 Income (loss) before income taxes 454.2 (11.4 ) 173.7 — (32.0 ) 584.5 Income tax expense (benefit) 45.9 — — — — 45.9 Net income (loss) 408.3 (11.4 ) 173.7 — (32.0 ) 538.6 Less: Net income (loss) attributable to noncontrolling interest — (11.4 ) — — 141.7 130.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408.3 $ — $ 173.7 $ — $ (173.7 ) $ 408.3 (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2014 Revenues: Net investment income $ 4,631.9 $ — $ — $ (3.0 ) $ (113.6 ) $ 4,515.3 Fee income 3,711.0 — — (30.2 ) (48.3 ) 3,632.5 Premiums 2,626.4 — — — — 2,626.4 Net realized capital losses (878.4 ) — — — — (878.4 ) Other income 441.7 — — (7.5 ) (1.4 ) 432.8 Income related to consolidated investment entities — 257.3 410.3 (8.8 ) — 658.8 Total revenues 10,532.6 257.3 410.3 (49.5 ) (163.3 ) 10,987.4 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 5,937.9 — — — — 5,937.9 Other expense 4,031.2 — — — — 4,031.2 Operating expenses related to consolidated investment entities — 255.3 61.0 (49.5 ) (49.7 ) 217.1 Total benefits and expenses 9,969.1 255.3 61.0 (49.5 ) (49.7 ) 10,186.2 Income (loss) before income taxes 563.5 2.0 349.3 — (113.6 ) 801.2 Income tax expense (benefit) (1,731.5 ) — — — — (1,731.5 ) Net income (loss) 2,295.0 2.0 349.3 — (113.6 ) 2,532.7 Less: Net income (loss) attributable to noncontrolling interest — 2.0 — — 235.7 237.7 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 2,295.0 $ — $ 349.3 $ — $ (349.3 ) $ 2,295.0 (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Fair Value Measurement Upon consolidation of CLO entities, the Company elected to apply the FVO for financial assets and financial liabilities held by these entities and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLO entities) at fair value in subsequent periods. The Company has elected the FVO to more closely align its accounting with the economics of its transactions and allows the Company to more effectively align changes in the fair value of CLO assets with a commensurate change in the fair value of CLO liabilities. Investments held by consolidated private equity funds and single strategy hedge funds are measured and reported at fair value in the Company's Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income (loss) related to consolidated investment entities in the Company's Consolidated Statements of Operations. The methodology for measuring the fair value of financial assets and liabilities of consolidated investment entities, and the classification of these measurements in the fair value hierarchy is consistent with the methodology and classification applied by the Company to its investment portfolio. As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis (dependent on the type of fund or product). Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events that may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. Cash and Cash Equivalents The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1. CLO Entities Corporate loans : Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2017 and 2025, paying interest at LIBOR or PRIME plus a spread of up to 10.0% . As of December 31, 2016 and 2015 , the unpaid principal balance exceeded the fair value of the corporate loans by approximately $43.1 and $325.5 , respectively. Less than 1.0% of the collateral assets were in default as of December 31, 2016 and 2015 . The fair values for corporate loans are determined using independent commercial pricing services. Fair value measurement based on pricing services may be classified in Level 2 or Level 3 depending on the type, complexity, observability and liquidity of the asset being measured. The inputs used by independent commercial pricing services, such as benchmark yields and credit risk adjustments, are those that are derived principally from, or corroborated by, observable market data. Hence, the fair value measurement of corporate loans priced by independent pricing service providers is classified within Level 2 of the fair value hierarchy. In addition, there are assets held with CLO portfolios that represent senior level debt of other third party CLOs. These CLO investments are classified within Level 3 of the fair value hierarchy. See description of fair value process for CLO notes below. CLO notes : The CLO notes are backed by a diversified loan portfolio consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any. The interest rates are generally variable rates based on LIBOR plus a pre-defined spread, which varies from 0.22% for the more senior tranches to 6.55% for the more subordinated tranches. CLO notes mature at various dates between 2020 and 2027 and have a weighted average maturity of 8.7 years as of December 31, 2016 . The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt. Subsequent to adoption of ASU 2014-13, the fair values of the CLO notes are measured based on the fair value of the CLO's corporate loans, as the Company uses the measurement alternative available under the ASU and determined that the inputs for measuring financial assets are more observable. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets. As of December 31, 2015 , the CLO notes were classified within Level 3 of the fair value hierarchy. The Company reviews the detailed prices, including comparisons to prior periods, for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted. As of December 31, 2016 , the Level 3 assets and liabilities were immaterial. The following table summarizes significant unobservable inputs for Level 3 fair value measurements as of the dates indicated: Fair Value Valuation Technique Unobservable Inputs December 31, 2015 Assets: CLO Investments $ 18.3 Discounted Cash Flow Default Rate Recovery Rate Prepayment Rate Discount Margin Liabilities: CLO Notes $ 6,956.2 Discounted Cash Flow Default Rate Recovery Rate Prepayment Rate Discount Margin The following narrative indicates the sensitivity of inputs: • Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes. • Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes. • Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase. • Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes and would decrease (increase) the value of the CLO investments and CLO notes. Private Equity Funds As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund. The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds. Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources. The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities. • Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date; • Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and • Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value. In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate. Investments in these funds typically may not be fully redeemed at NAV within 90 days because of inherent restriction on near term redemptions. As of December 31, 2016 and 2015 , certain private equity funds maintained revolving lines of credit of $596.6 and $597.0 , respectively, which renew annually and bear interest at LIBOR or EURIBOR plus 150 bps. The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases. The private equity funds generally may borrow an amount that does not exceed the lesser of a certain percentage of the funds' undrawn commitments or a certain percentage of the funds' undrawn commitments plus 250% asset coverage from the invested assets of the funds as of December 31, 2016 and 2015 . As of December 31, 2016 and 2015 , outstanding borrowings amount to $430.6 and $553.7 ,respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - other liabilities on the Company's Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance. Single Strategy Hedge Funds Prior to the adoption of ASU 2015-02 and as of December 31, 2015 , the Company consolidated a certain single strategy hedge fund (the "Fund") for which it was the investment manager. The Company deconsolidated the Fund upon the adoption of ASU 2015-02, as its fees are no longer deemed to be variable interests and the Company no longer had a controlling financial interest. As of December 31, 2015 the Fund’s investments in securities that rely upon a vendor supplied price were classified as Level 2 and securities priced using independent broker quotes were classified as Level 3. Voya Strategic Income Opportunities Fund Voya Strategic Income Opportunities Fund seeks to achieve its investment strategy by investing primarily in fixed-income corporate, government, and agency securities. Investments in this fund are priced in accordance with the procedures adopted by the Fund’s Board, and such procedures provide that the fair value of debt securities are valued using an evaluated price provided by an independent pricing service. Evaluated prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect factors such as institution-size trading in similar groups of securities, developments related to specific securities, benchmark yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Securities that rely upon a vendor supplied price are classified as Level 2. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2016 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 133.0 $ — $ — $ — $ 133.0 Corporate loans, at fair value using the fair value option — 1,905.7 14.6 — 1,920.3 Limited partnerships/corporations, at fair value — — — 1,770.3 1,770.3 VOEs Cash and cash equivalents 0.2 — — — 0.2 Corporate loans, at fair value using the fair value option — 32.2 — — 32.2 Limited partnerships/corporations, at fair value — 107.0 — 59.0 166.0 Total assets, at fair value $ 133.2 $ 2,044.9 $ 14.6 $ 1,829.3 $ 4,022.0 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ 1,967.2 $ — $ — $ 1,967.2 Total liabilities, at fair value $ — $ 1,967.2 $ — $ — $ 1,967.2 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2015 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 246.4 $ — $ — $ — $ 246.4 Corporate loans, at fair value using the fair value option — 6,864.2 18.3 — 6,882.5 Limited partnerships/corporations, at fair value — — — — — VOEs Cash and cash equivalents 221.2 — — — 221.2 Corporate loans, at fair value using the fair value option — — — — — Limited partnerships/corporations, at fair value — 2,092.6 39.7 2,841.4 4,973.7 Total assets, at fair value $ 467.6 $ 8,956.8 $ 58.0 $ 2,841.4 $ 12,323.8 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ — $ 6,956.2 $ — $ 6,956.2 Total liabilities, at fair value $ — $ — $ 6,956.2 $ — $ 6,956.2 As a result of the adoption of ASU 2015-02 effective January 1, 2016, the Company deconsolidated 10 CLOs comprised of $4.6 billion of Corporate loans, none of which were Level 3 assets, and $4.6 billion of Collateralized loan obligation notes, all of which were Level 3 liabilities, as of December 31, 2015 . Due to the adoption of ASU 2014-13 the CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the majority of the CLO financial assets. As of December 31, 2016 , the Level 3 assets were immaterial. Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. For the years ended December 31, 2016 and 2015 , there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2. The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the year ended December 31, 2015 is presented in the table below: Fair Value as of January 1 Gains (Losses) Purchases Sales Transfer into Level 3 Transfer out of Level 3 Fair Value as of December 31 Assets VIEs: Corporate loans, at fair value using the fair value option $ 19.2 $ (0.2 ) $ — $ (0.7 ) $ — $ — $ 18.3 VOEs: Limited partnerships/corporations, at fair value 17.1 (2.8 ) 28.5 (3.1 ) — — 39.7 Total assets, at fair value $ 36.3 $ (3.0 ) $ 28.5 $ (3.8 ) $ — $ — $ 58.0 Liabilities VIEs: CLO notes, at fair value using the fair value option $ 6,838.1 $ (255.9 ) $ 1,173.0 $ (799.0 ) $ — $ — $ 6,956.2 Total liabilities, at fair value $ 6,838.1 $ (255.9 ) $ 1,173.0 $ (799.0 ) $ — $ — $ 6,956.2 Deconsolidation of Certain Investment Entities Other than deconsolidations due to the adoption of ASU 2015-02 on January 1, 2016, the Company deconsolidated two investment entities during the year ended December 31, 2016 . During 2016, the Company determined that it no longer had the obligation to absorb losses or the right to receive benefits that could potentially be significant to one consolidated limited partnership and one consolidated CLO. This was due to a reduction in the Company’s investment in each VIE. As a result, the Company is no longer the primary beneficiary of these VIEs. During the year ended December 31, 2015 , the Company deconsolidated one investment entity. Nonconsolidated VIEs CLO Entities In addition to the consolidated CLO entities, the Company also holds variable interest in certain CLO entities that are not consolidated as it has been determined that the Company is not the primary beneficiary. With these CLO entities, the Company serves as the investment manager and receives investment management fees and contingent performance fees. Generally, the Company does not hold any interest in the nonconsolidated CLO entities, but if it does, such ownership has been deemed to be insignificant. The Company has not provided, and is not obligated to provide, any financial or other support to these entities. The Company reviews its assumptions on a periodic basis to determine if conditions have changed such that the projection of these contingent fees becomes significant enough to reconsider the Company's consolidation status as variable interest holder. As of December 31, 2016 and 2015 , the Company held $110.4 and $1.4 ownership interests, respectively, in unconsolidated CLOs. Limited Partnerships The Company manages or holds investments in certain private equity funds and hedge funds. With these entities, the Company serves as the investment manager and is entitled to receive at-market investment management fees and at-market contingent performance fees. The Company does not consolidate any of these investment funds for which it is not considered to be the primary beneficiary. In addition, the Company does not consolidate the funds in which its involvement takes a form of a limited partner interest and is restricted to a role of a passive investor, as a limited partner's interest does not provide the Company with |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In 2016 , the Company began implementing a series of initiatives designed to make it a simpler, more agile company able to deliver an enhanced customer experience ("2016 Restructuring"). These initiatives include an increasing emphasis on less capital-intensive products and the achievement of operational synergies from the combination of its Annuities and Individual Life businesses. The expected completion date for these initiatives is the end of 2018. The associated costs through completion, which include severance and other costs, cannot currently be estimated, but could be material. The summary below presents restructuring expense, pre-tax, by type of costs incurred during 2016 : Year Ended December 31, 2016 Severance benefits $ 25.5 Other costs 8.3 Total restructuring expense $ 33.8 For the year ended December 31, 2016 , cumulative amounts incurred are the same as restructuring expense incurred to date. Total restructuring expense is reflected in Operating expenses in the Consolidated Statements of Operations, but excluded from Operating earnings before income taxes. These expenses are classified as a component of Other adjustments to operating earnings and consequently are not included in the operating results of the Company's segments. The following table presents the accrued liability associated with restructuring expenses as of December 31, 2016 : 2016 Severance Benefits Other Costs Total Accrued liability as of January 1, 2016 $ — $ — $ — Charged to expense 25.5 8.3 33.8 Payments (4.0 ) (6.4 ) (10.4 ) Accrued liability as of December 31, 2016 $ 21.5 $ 1.9 (1) $ 23.4 (1) Represents services performed but not yet paid. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company provides its principal products and services through five segments: Retirement, Investment Management, Annuities, Individual Life and Employee Benefits. In addition, the Company has a Closed Block Variable Annuity ("CBVA") segment. These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. A brief description of these segments follows. The Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers. The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. 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 general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers). The Annuities segment primarily provides fixed and indexed annuities, tax-qualified mutual fund custodial products and other investment-only products and payout annuities for pre-retirement wealth accumulation and postretirement income management sold through multiple channels. The Individual Life segment provides wealth protection and transfer opportunities through universal and variable life products, distributed through a network of independent general agents and managing directors, 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. The CBVA segment consists of run-off and legacy business lines that are no longer being actively marketed or sold such as variable annuity contracts that were designed to offer long-term savings products in which individual contract owners made deposits that are maintained in separate accounts. These products included options for policyholders to purchase living benefit riders. In 2009, the Company separated its CBVA segment from other operations, placing it in run-off and made a strategic decision to stop actively writing new retail variable annuity products with substantial guarantee features (the last policies were issued in early 2010 and the block shifted to run-off). The Company includes in Corporate the activities not directly related to its segments such as corporate operations, corporate level assets and financial obligations and, effective the fourth quarter of 2016, certain activities in run-off related to a block of GICs and funding agreements, described below, as well as residual activity on closed or divested businesses, including the group reinsurance and individual reinsurance businesses, which will not have a meaningful ongoing impact on Operating earnings before income taxes. In addition, Corporate activities includes investment income on assets backing surplus in excess of amounts held at the segment level, financing and interest expenses, and other items not allocated to segments, including items such as expenses of the Company's strategic investment program, certain expenses and liabilities of employee benefit plans and intercompany eliminations. During the fourth quarter of 2016, the Company accelerated the run-off of a block of GICs and funding agreements through early termination of certain FHLB funding agreements. The remaining GIC and funding agreements supporting this block will mature or be terminated by the end of 2017 and any new funding agreements will support corporate liquidity. Measurement Operating earnings before income taxes is a measure used by management to evaluate segment performance. The Company believes that Operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. The Company uses the same accounting policies and procedures to measure segment operating earnings before income taxes as it does for consolidated Net income (loss). Operating earnings before income taxes does not replace Net income (loss) as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both Net income (loss) and Operating earnings before income taxes when reviewing the Company’s financial and operating performance. Each segment’s Operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items: • Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; • Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in the Company's nonperformance spread; • Income (loss) related to businesses exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Operating earnings before income taxes with how the Company manages its segments; • Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than the Company, in consolidated entities. Income (loss) attributable to noncontrolling interest represents such shareholders' interests in the gains and (losses) of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; • Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where the Company repurchases outstanding principal amounts of debt; these losses are excluded from Operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations; • Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; • Immediate recognition of net actuarial gains (losses) related to the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and • Other items not indicative of normal operations or performance of the Company's segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with the 2016 Restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which we are compared. Accordingly, the Company adjusts for these items as management believes that these items distort the ability to make a meaningful evaluation of the current and future performance of the Company's segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of the Company's operating businesses. Operating earnings before income taxes, when presented on a consolidated basis, also does not reflect the results of operations of the Company's CBVA segment because this segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics or generating net income. As a result of this focus on regulatory and rating agency capital, the financial results of the CBVA segment presented in accordance with GAAP tend to exhibit a high degree of volatility based on factors, such as the asymmetry between the accounting for certain liabilities and the corresponding hedging assets, and gains and losses due to changes in nonperformance risk, that are not necessarily reflective of the economic costs and benefits of the CBVA business. When the Company presents the adjustments to Income (loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to the Company's CBVA segment and the relative portions attributable to businesses exited through reinsurance or divestment. The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated: Year Ended December 31, 2016 2015 2014 Retirement $ 449.8 $ 470.6 $ 517.8 Investment Management 170.8 181.9 210.3 Annuities 321.2 243.0 262.0 Individual Life 58.6 172.7 237.3 Employee Benefits 126.3 146.1 148.9 Corporate (349.4 ) (236.8 ) (145.7 ) Total operating earnings before income taxes 777.3 977.5 1,230.6 Adjustments: Closed Block Variable Annuity (955.0 ) (173.3 ) (239.2 ) Net investment gains (losses) and related charges and adjustments (140.9 ) (83.3 ) 215.1 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (81.7 ) (93.9 ) (12.8 ) Income (loss) related to businesses exited through reinsurance or divestment (13.5 ) (169.3 ) (157.3 ) Income (loss) attributable to noncontrolling interest 29.3 130.3 237.7 Loss related to early extinguishment of debt (104.2 ) (10.1 ) — Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments (55.2 ) 62.7 (372.7 ) Other adjustments to operating earnings (69.5 ) (56.1 ) (100.2 ) Income (loss) before income taxes $ (613.4 ) $ 584.5 $ 801.2 Operating revenues is a measure of the Company's segment revenues. Each segment's Operating revenues are calculated by adjusting Total revenues to exclude the following items: • Net investment gains (losses) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue; • Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in the Company's nonperformance spread; • Revenues related to businesses exited through reinsurance or divestment, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Operating revenues with how the Company manages its segments; • Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than the Company, in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; and • Other adjustments to Operating revenues primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues. Operating revenues also do not reflect the revenues of the Company's CBVA segment, since this segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics or generating revenue. When the Company presents the adjustments to total revenues on a consolidated basis, each adjustment excludes the relative portions attributable to the Company's CBVA segment and the relative portions attributable to businesses exited through reinsurance or divestment. The summary below reconciles Operating revenues for the segments to Total revenues for the periods indicated: Year Ended December 31, 2016 2015 2014 Retirement $ 3,257.0 $ 2,994.1 $ 2,427.4 Investment Management 626.7 622.2 655.4 Annuities 1,253.7 1,262.6 1,353.4 Individual Life 2,527.5 2,616.7 2,717.8 Employee Benefits 1,616.4 1,507.2 1,373.0 Corporate 108.1 136.4 194.0 Total operating revenues 9,389.4 9,139.2 8,721.0 Adjustments: Closed Block Variable Annuity 1,296.2 1,584.5 1,262.0 Net realized investment gains (losses) and related charges and adjustments (165.1 ) (149.8 ) 216.7 Gain (loss) on change in fair value of derivatives related to guaranteed benefits (81.8 ) 72.0 (30.5 ) Revenues related to businesses exited through reinsurance or divestment 95.9 25.6 149.3 Revenues attributable to noncontrolling interest 133.1 414.1 455.0 Other adjustments to operating revenues 114.5 156.0 213.9 Total revenues $ 10,782.2 $ 11,241.6 $ 10,987.4 Other Segment Information The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Year Ended December 31, 2016 2015 2014 Investment management intersegment revenues $ 166.1 $ 158.2 $ 157.3 The summary below presents Total assets for the Company’s segments as of the dates indicated: December 31, 2016 December 31, 2015 Retirement $ 101,047.9 $ 93,771.5 Investment Management 512.9 556.8 Annuities 25,793.4 25,055.7 Individual Life 26,850.7 26,068.9 Employee Benefits 2,548.8 2,554.8 Closed Block Variable Annuity 43,141.0 44,322.9 Corporate 10,872.5 14,137.6 Total assets, before consolidation (1) 210,767.2 206,468.2 Consolidation of investment entities 3,467.9 11,755.3 Total assets $ 214,235.1 $ 218,223.5 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered" ("Rule 3-10"). The condensed consolidating financial information presents the financial position of Voya Financial, Inc. ("Parent Issuer"), Voya Holdings ("Subsidiary Guarantor") and all other subsidiaries ("Non-Guarantor Subsidiaries") of the Company as of December 31, 2016 and 2015 , and their results of operations, comprehensive income and cash flows for the years ended December 31, 2016 , 2015 and 2014 . The 5.5% senior notes due 2022, the 2.9% senior notes due 2018, the 5.7% senior notes due 2043, the 3.65% senior notes due 2026, the 4.8% senior notes due 2046 (collectively, the "Senior Notes") and the 5.65% fixed-to-floating rate junior subordinated notes due 2053 (the "Junior Subordinated Notes"), each issued by Parent Issuer, are fully and unconditionally guaranteed by Subsidiary Guarantor, a 100% owned subsidiary of Parent Issuer. No other subsidiary of Parent Issuer guarantees the Senior Notes or the Junior Subordinated Notes. Rule 3-10(h) provides that a guarantee is full and unconditional if, when the issuer of a guaranteed security has failed to make a scheduled payment, the guarantor is obligated to make the scheduled payment immediately and, if it does not, any holder of the guaranteed security may immediately bring suit directly against the guarantor for payment of amounts due and payable. In the event that Parent Issuer does not fulfill the guaranteed obligations, any holder of the Senior Notes or the Junior Subordinated Notes may immediately bring a claim against Subsidiary Guarantor for amounts due and payable. The following condensed consolidating financial information is presented in conformance with the components of the Condensed Consolidated Financial Statements. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Equity in the subsidiaries is therefore reflected in the Parent Issuer's and Subsidiary Guarantor's Investment in subsidiaries and Equity in earnings of subsidiaries. Non-Guarantor Subsidiaries represent all other subsidiaries on a combined basis. The consolidating adjustments presented herein eliminate investments in subsidiaries and intercompany balances and transactions. Condensed Consolidating Balance Sheet December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 69,483.9 $ (15.2 ) $ 69,468.7 Fixed maturities, at fair value using the fair value option — — 3,712.3 — 3,712.3 Equity securities, available-for-sale, at fair value 93.1 — 181.1 — 274.2 Short-term investments 212.0 — 609.0 — 821.0 Mortgage loans on real estate, net of valuation allowance — — 11,725.2 — 11,725.2 Policy loans — — 1,961.5 — 1,961.5 Limited partnerships/corporations — — 758.6 — 758.6 Derivatives 56.1 — 1,768.5 (112.2 ) 1,712.4 Investments in subsidiaries 14,742.6 10,798.2 — (25,540.8 ) — Other investments — 0.5 46.9 — 47.4 Securities pledged — — 2,157.1 — 2,157.1 Total investments 15,103.8 10,798.7 92,404.1 (25,668.2 ) 92,638.4 Cash and cash equivalents 257.2 2.3 2,651.2 — 2,910.7 Short-term investments under securities loan agreements, including collateral delivered 10.7 — 777.7 — 788.4 Accrued investment income — — 891.2 — 891.2 Premium receivable and reinsurance recoverable — — 7,318.0 — 7,318.0 Deferred policy acquisition costs and Value of business acquired — — 4,887.5 — 4,887.5 Sales inducements to contract holders — — 242.8 — 242.8 Current income taxes 31.4 8.5 124.7 — 164.6 Deferred income taxes 526.7 37.3 1,525.8 — 2,089.8 Goodwill and other intangible assets — — 219.5 — 219.5 Loans to subsidiaries and affiliates 278.0 — 10.5 (288.5 ) — Due from subsidiaries and affiliates 2.8 0.5 2.0 (5.3 ) — Other assets 21.0 — 888.5 — 909.5 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,936.3 — 1,936.3 Cash and cash equivalents — — 133.2 — 133.2 Corporate loans, at fair value using the fair value option — — 1,952.5 — 1,952.5 Other assets — — 34.0 — 34.0 Assets held in separate accounts — — 97,118.7 — 97,118.7 Total assets $ 16,231.6 $ 10,847.3 $ 213,118.2 $ (25,962.0 ) $ 214,235.1 Condensed Consolidating Balance Sheet (Continued) December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 21,447.2 $ — $ 21,447.2 Contract owner account balances — — 70,606.2 — 70,606.2 Payables under securities loan agreement, including collateral held — — 1,841.3 — 1,841.3 Short-term debt with affiliates 10.5 211.2 66.8 (288.5 ) — Long-term debt 3,108.6 437.5 18.6 (15.2 ) 3,549.5 Funds held under reinsurance agreements — — 729.1 — 729.1 Derivatives 56.1 — 526.8 (112.2 ) 470.7 Pension and other postretirement provisions — — 674.3 — 674.3 Due to subsidiaries and affiliates 0.1 — 3.1 (3.2 ) — Other liabilities 62.4 12.8 1,262.9 (2.1 ) 1,336.0 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,967.2 — 1,967.2 Other liabilities — — 527.8 — 527.8 Liabilities related to separate accounts — — 97,118.7 — 97,118.7 Total liabilities 3,237.7 661.5 196,790.0 (421.2 ) 200,268.0 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 12,993.9 10,185.8 15,355.0 (25,540.8 ) 12,993.9 Noncontrolling interest — — 973.2 — 973.2 Total shareholders' equity 12,993.9 10,185.8 16,328.2 (25,540.8 ) 13,967.1 Total liabilities and shareholders' equity $ 16,231.6 $ 10,847.3 $ 213,118.2 $ (25,962.0 ) $ 214,235.1 Condensed Consolidating Balance Sheet December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 67,748.7 $ (15.3 ) $ 67,733.4 Fixed maturities, at fair value using the fair value option — — 3,226.6 — 3,226.6 Equity securities, available-for-sale, at fair value 83.7 — 248.0 — 331.7 Short-term investments 212.0 — 1,284.7 — 1,496.7 Mortgage loans on real estate, net of valuation allowance — — 10,447.5 — 10,447.5 Policy loans — — 2,002.7 — 2,002.7 Limited partnerships/corporations — — 510.6 — 510.6 Derivatives 67.2 — 1,605.7 (134.4 ) 1,538.5 Investments in subsidiaries 15,110.5 11,092.2 — (26,202.7 ) — Other investments — 0.5 91.1 — 91.6 Securities pledged — — 1,112.6 — 1,112.6 Total investments 15,473.4 11,092.7 88,278.2 (26,352.4 ) 88,491.9 Cash and cash equivalents 378.1 18.4 2,116.2 — 2,512.7 Short-term investments under securities loan agreements, including collateral delivered 10.6 — 649.4 — 660.0 Accrued investment income — — 899.0 — 899.0 Premium receivable and reinsurance recoverable — — 7,653.7 — 7,653.7 Deferred policy acquisition costs and Value of business acquired — — 5,370.1 — 5,370.1 Sales inducements to contract holders — — 263.3 — 263.3 Deferred income taxes 404.4 32.7 1,777.7 — 2,214.8 Goodwill and other intangible assets — — 250.8 — 250.8 Loans to subsidiaries and affiliates 330.2 — — (330.2 ) — Due from subsidiaries and affiliates 6.1 0.1 1.9 (8.1 ) — Other assets 19.8 — 894.5 — 914.3 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 4,973.7 — 4,973.7 Cash and cash equivalents — — 467.6 — 467.6 Corporate loans, at fair value using the fair value option — — 6,882.5 — 6,882.5 Other assets — — 154.3 — 154.3 Assets held in separate accounts — — 96,514.8 — 96,514.8 Total assets $ 16,622.6 $ 11,143.9 $ 217,147.7 $ (26,690.7 ) $ 218,223.5 Condensed Consolidating Balance Sheet (Continued) December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 19,508.0 $ — $ 19,508.0 Contract owner account balances — — 68,664.1 — 68,664.1 Payables under securities loan agreement, including collateral held — — 1,485.0 — 1,485.0 Short-term debt with affiliates — 206.5 123.7 (330.2 ) — Long-term debt 2,971.4 485.0 18.7 (15.3 ) 3,459.8 Funds held under reinsurance agreements — — 702.4 — 702.4 Derivatives 67.2 — 554.7 (134.4 ) 487.5 Pension and other postretirement provisions — — 687.4 — 687.4 Current income taxes 70.1 (2.5 ) 2.4 — 70.0 Due to subsidiaries and affiliates 0.2 — 5.9 (6.1 ) — Other liabilities 77.9 13.3 1,371.7 (2.0 ) 1,460.9 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 6,956.2 — 6,956.2 Other liabilities — — 1,951.6 — 1,951.6 Liabilities related to separate accounts — — 96,514.8 — 96,514.8 Total liabilities 3,186.8 702.3 198,546.6 (488.0 ) 201,947.7 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 13,435.8 10,441.6 15,761.1 (26,202.7 ) 13,435.8 Noncontrolling interest — — 2,840.0 — 2,840.0 Total shareholders' equity 13,435.8 10,441.6 18,601.1 (26,202.7 ) 16,275.8 Total liabilities and shareholders' equity $ 16,622.6 $ 11,143.9 $ 217,147.7 $ (26,690.7 ) $ 218,223.5 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 18.7 $ 0.2 $ 4,613.8 $ (11.9 ) $ 4,620.8 Fee income — — 3,359.8 — 3,359.8 Premiums — — 3,514.6 — 3,514.6 Net realized gains (losses): Total other-than-temporary impairments — — (39.0 ) — (39.0 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 2.6 — 2.6 Net other-than-temporary impairments recognized in earnings — — (41.6 ) — (41.6 ) Other net realized capital gains (losses) 1.3 — (1,222.8 ) — (1,221.5 ) Total net realized capital gains (losses) 1.3 — (1,264.4 ) — (1,263.1 ) Other revenue 1.0 — 360.1 — 361.1 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 189.0 — 189.0 Total revenues 21.0 0.2 10,772.9 (11.9 ) 10,782.2 Benefits and expenses: Policyholder benefits — — 5,471.0 — 5,471.0 Interest credited to contract owner account balance — — 2,042.5 — 2,042.5 Operating expenses 8.8 — 2,928.5 — 2,937.3 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 551.0 — 551.0 Interest expense 238.1 56.9 4.9 (11.9 ) 288.0 Operating expenses related to consolidated investment entities: Interest expense — — 101.9 — 101.9 Other expense — — 3.9 — 3.9 Total benefits and expenses 246.9 56.9 11,103.7 (11.9 ) 11,395.6 Income (loss) before income taxes (225.9 ) (56.7 ) (330.8 ) — (613.4 ) Income tax expense (benefit) (90.4 ) (26.4 ) (115.5 ) 17.6 (214.7 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (135.5 ) (30.3 ) (215.3 ) (17.6 ) (398.7 ) Equity in earnings (losses) of subsidiaries, net of tax (292.5 ) 317.2 — (24.7 ) — Net income (loss) including noncontrolling interest (428.0 ) 286.9 (215.3 ) (42.3 ) (398.7 ) Less: Net income (loss) attributable to noncontrolling interest — — 29.3 — 29.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ 286.9 $ (244.6 ) $ (42.3 ) $ (428.0 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 3.9 $ 0.2 $ 4,543.1 $ (9.0 ) $ 4,538.2 Fee income — — 3,481.1 — 3,481.1 Premiums — — 3,024.5 — 3,024.5 Net realized gains (losses): Total other-than-temporary impairments — — (110.3 ) — (110.3 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 6.7 — 6.7 Net other-than-temporary impairments recognized in earnings — — (117.0 ) — (117.0 ) Other net realized capital gains (losses) (1.7 ) 0.3 (614.9 ) — (616.3 ) Total net realized capital gains (losses) (1.7 ) 0.3 (731.9 ) — (733.3 ) Other revenue 3.2 — 406.4 (2.7 ) 406.9 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 551.1 — 551.1 Changes in fair value related to collateralized loan obligations — — (26.9 ) — (26.9 ) Total revenues 5.4 0.5 11,247.4 (11.7 ) 11,241.6 Benefits and expenses: Policyholder benefits — — 4,536.8 — 4,536.8 Interest credited to contract owner account balance — — 1,973.2 — 1,973.2 Operating expenses 10.4 (0.6 ) 2,996.3 (2.7 ) 3,003.4 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 663.4 — 663.4 Interest expense 150.3 51.2 4.0 (9.0 ) 196.5 Operating expenses related to consolidated investment entities: Interest expense — — 272.2 — 272.2 Other expense — — 11.6 — 11.6 Total benefits and expenses 160.7 50.6 10,457.5 (11.7 ) 10,657.1 Income (loss) before income taxes (155.3 ) (50.1 ) 789.9 — 584.5 Income tax expense (benefit) (52.4 ) (0.4 ) 119.3 (20.6 ) 45.9 Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (102.9 ) (49.7 ) 670.6 20.6 538.6 Equity in earnings (losses) of subsidiaries, net of tax 511.2 257.1 — (768.3 ) — Net income (loss) including noncontrolling interest 408.3 207.4 670.6 (747.7 ) 538.6 Less: Net income (loss) attributable to noncontrolling interest — — 130.3 — 130.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408.3 $ 207.4 $ 540.3 $ (747.7 ) $ 408.3 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 11.5 $ 0.1 $ 4,511.0 $ (7.3 ) $ 4,515.3 Fee income — — 3,632.5 — 3,632.5 Premiums — — 2,626.4 — 2,626.4 Net realized gains (losses): Total other-than-temporary impairments — — (31.9 ) — (31.9 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — (0.3 ) — (0.3 ) Net other-than-temporary impairments recognized in earnings — — (31.6 ) — (31.6 ) Other net realized capital gains (losses) (3.4 ) (0.4 ) (843.0 ) — (846.8 ) Total net realized capital gains (losses) (3.4 ) (0.4 ) (874.6 ) — (878.4 ) Other revenue 3.2 0.2 432.6 (3.2 ) 432.8 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 665.5 — 665.5 Changes in fair value related to collateralized loan obligations — — (6.7 ) — (6.7 ) Total revenues 11.3 (0.1 ) 10,986.7 (10.5 ) 10,987.4 Benefits and expenses: Policyholder benefits — — 3,946.7 — 3,946.7 Interest credited to contract owner account balance — — 1,991.2 — 1,991.2 Operating expenses 4.1 — 3,461.3 (3.2 ) 3,462.2 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 379.3 — 379.3 Interest expense 149.1 43.2 4.7 (7.3 ) 189.7 Operating expenses related to consolidated investment entities: Interest expense — — 209.5 — 209.5 Other expense — — 7.6 — 7.6 Total benefits and expenses 153.2 43.2 10,000.3 (10.5 ) 10,186.2 Income (loss) before income taxes (141.9 ) (43.3 ) 986.4 — 801.2 Income tax expense (benefit) (214.8 ) (82.6 ) (1,381.2 ) (52.9 ) (1,731.5 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates 72.9 39.3 2,367.6 52.9 2,532.7 Equity in earnings (losses) of subsidiaries, net of tax 2,242.8 733.2 — (2,976.0 ) — Net income (loss) including noncontrolling interest 2,315.7 772.5 2,367.6 (2,923.1 ) 2,532.7 Less: Net income (loss) attributable to noncontrolling interest — — 237.7 — 237.7 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 2,315.7 $ 772.5 $ 2,129.9 $ (2,923.1 ) $ 2,295.0 Condensed Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ (428.0 ) $ 286.9 $ (215.3 ) $ (42.3 ) $ (398.7 ) Other comprehensive income (loss), before tax: Unrealized gains/losses on securities 749.1 592.9 749.3 (1,342.2 ) 749.1 Other-than-temporary impairments 23.7 20.1 23.7 (43.8 ) 23.7 Pension and other postretirement benefit liability (10.2 ) (1.9 ) (10.2 ) 12.1 (10.2 ) Other comprehensive income (loss), before tax 762.6 611.1 762.8 (1,373.9 ) 762.6 Income tax expense (benefit) related to items of other comprehensive income (loss) 165.8 213.5 183.4 (396.9 ) 165.8 Other comprehensive income (loss), after tax 596.8 397.6 579.4 (977.0 ) 596.8 Comprehensive income (loss) 168.8 684.5 364.1 (1,019.3 ) 198.1 Less: Comprehensive income (loss) attributable to noncontrolling interest — — 29.3 — 29.3 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ 168.8 $ 684.5 $ 334.8 $ (1,019.3 ) $ 168.8 Condensed Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ 408.3 $ 207.4 $ 670.6 $ (747.7 ) $ 538.6 Other comprehensive income (loss), before tax: Unrealized gains/losses on securities (2,581.2 ) (1,874.5 ) (2,581.3 ) 4,455.8 (2,581.2 ) Other-than-temporary impairments 18.8 12.9 18.8 (31.7 ) 18.8 Pension and other postretirement benefit liability (13.7 ) (3.2 ) (13.7 ) 16.9 (13.7 ) Other comprehensive income (loss), before tax (2,576.1 ) (1,864.8 ) (2,576.2 ) 4,441.0 (2,576.1 ) Income tax expense (benefit) related to items of other comprehensive income (loss) (897.3 ) (648.3 ) (897.4 ) 1,545.7 (897.3 ) Other comprehensive income (loss), after tax (1,678.8 ) (1,216.5 ) (1,678.8 ) 2,895.3 (1,678.8 ) Comprehensive income (loss) (1,270.5 ) (1,009.1 ) (1,008.2 ) 2,147.6 (1,140.2 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — 130.3 — 130.3 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ (1,270.5 ) $ (1,009.1 ) $ (1,138.5 ) $ 2,147.6 $ (1,270.5 ) Condensed Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ 2,315.7 $ 772.5 $ 2,367.6 $ (2,923.1 ) $ 2,532.7 Other comprehensive income (loss), before tax: Unrealized gains/losses on securities 1,910.5 1,194.3 1,914.5 (3,108.8 ) 1,910.5 Other-than-temporary impairments 40.0 34.2 40.0 (74.2 ) 40.0 Pension and other postretirement benefit liability (13.8 ) (3.2 ) (13.8 ) 17.0 (13.8 ) Other comprehensive income (loss), before tax 1,936.7 1,225.3 1,940.7 (3,166.0 ) 1,936.7 Income tax expense (benefit) related to items of other comprehensive income (loss) 682.1 433.1 682.1 (1,115.2 ) 682.1 Other comprehensive income (loss), after tax 1,254.6 792.2 1,258.6 (2,050.8 ) 1,254.6 Comprehensive income (loss) 3,570.3 1,564.7 3,626.2 (4,973.9 ) 3,787.3 Less: Comprehensive income (loss) attributable to noncontrolling interest — — 237.7 — 237.7 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ 3,570.3 $ 1,564.7 $ 3,388.5 $ (4,973.9 ) $ 3,549.6 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ (309.4 ) $ 173.7 $ 3,991.2 $ (269.5 ) $ 3,586.0 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 12,427.7 — 12,427.7 Equity securities, available-for-sale 18.4 — 85.8 — 104.2 Mortgage loans on real estate — — 1,150.2 — 1,150.2 Limited partnerships/corporations — — 349.1 — 349.1 Acquisition of: Fixed maturities — — (14,990.5 ) — (14,990.5 ) Equity securities, available-for-sale (22.8 ) — (23.8 ) — (46.6 ) Mortgage loans on real estate — — (2,427.7 ) — (2,427.7 ) Limited partnerships/corporations — — (445.3 ) — (445.3 ) Short-term investments, net — — 675.8 — 675.8 Policy loans, net — — 41.2 — 41.2 Derivatives, net 1.3 — (1,305.5 ) — (1,304.2 ) Other investments, net — — 45.3 — 45.3 Sales from consolidated investments entities — — 2,304.4 — 2,304.4 Purchases within consolidated investment entities — — (1,726.6 ) — (1,726.6 ) Net maturity of intercompany loans with maturities more than three months 0.3 — — (0.3 ) — Net maturity of short-term intercompany loans to subsidiaries 51.9 — (10.5 ) (41.4 ) — Return of capital contributions and dividends from subsidiaries 922.0 760.0 — (1,682.0 ) — Capital contributions to subsidiaries (215.0 ) (64.0 ) — 279.0 — Collateral received (delivered), net (0.1 ) — 226.4 — 226.3 Purchases of fixed assets, net — — (66.7 ) — (66.7 ) Net cash provided by (used in) investing activities $ 756.0 $ 696.0 $ (3,690.7 ) $ (1,444.7 ) $ (3,683.4 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts $ — $ — $ 8,954.4 $ — $ 8,954.4 Maturities and withdrawals from investment contracts — — (7,558.6 ) — (7,558.6 ) Proceeds from issuance of debt with maturities of more than three months 798.2 — — — 798.2 Repayment of debt with maturities of more than three months (659.8 ) (48.5 ) — — (708.3 ) Debt issuance costs (16.0 ) — — — (16.0 ) Repayments of intercompany loans with maturities of more than three months — — (0.3 ) 0.3 — Net (repayments of) proceeds from short-term intercompany loans 10.5 4.7 (56.6 ) 41.4 — Return of capital contributions and dividends to parent — (892.0 ) (1,059.5 ) 1,951.5 — Contributions of capital from parent — 50.0 229.0 (279.0 ) — Borrowings of consolidated investment entities — — 126.0 — 126.0 Repayments of borrowings of consolidated investment entities — — (455.0 ) — (455.0 ) Contributions from (distributions to) participants in consolidated investment entities — — 50.5 — 50.5 Proceeds from issuance of common stock, net 1.3 — — — 1.3 Excess tax benefits on share-based compensation — — 4.6 — 4.6 Share-based compensation (6.5 ) — — — (6.5 ) Common stock acquired - Share repurchase (687.2 ) — — — (687.2 ) Dividends paid (8.0 ) — — — (8.0 ) Net cash provided by (used in) financing activities (567.5 ) (885.8 ) 234.5 1,714.2 495.4 Net increase (decrease) in cash and cash equivalents (120.9 ) (16.1 ) 535.0 — 398.0 Cash and cash equivalents, beginning of year 378.1 18.4 2,116.2 — 2,512.7 Cash and cash equivalents, end of year $ 257.2 $ 2.3 $ 2,651.2 $ — $ 2,910.7 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ 127.8 $ 261.7 $ 3,373.0 $ (516.8 ) $ 3,245.7 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 12,070.7 — 12,070.7 Equity securities, available-for-sale 24.1 — 51.4 — 75.5 Mortgage loans on real estate — — 1,543.3 — 1,543.3 Limited partnerships/corporations — — 288.7 — 288.7 Acquisition of: Fixed maturities — — (13,573.1 ) — (13,573.1 ) Equity securities, available-for-sale (30.5 ) — (111.5 ) — (142.0 ) Mortgage loans on real estate — — (2,195.9 ) — (2,195.9 ) Limited partnerships/corporations — — (470.6 ) — (470.6 ) Short-term investments, net (212.0 ) — 428.3 — 216.3 Policy loans, net — — 101.3 — 101.3 Derivatives, net (32.9 ) — (232.8 ) — (265.7 ) Other investments, net — 14.2 5.3 — 19.5 Sales from consolidated investments entities — — 5,431.5 — 5,431.5 Purchases within consolidated investment entities — — (7,521.0 ) — (7,521.0 ) Maturity of Intercompany loans with maturities more than three months 0.7 — — (0.7 ) — Net maturity of short-term intercompany loans (161.9 ) — — 161.9 — Return of capital contributions and dividends from subsidiaries 1,467.5 1,197.7 — (2,665.2 ) — Capital contributions to subsidiaries — (15.0 ) — 15.0 — Collateral received (delivered), net 20.1 — 187.6 — 207.7 Purchases of fixed assets, net — — (60.1 ) — (60.1 ) Net cash provided by (used in) investing activities $ 1,075.1 $ 1,196.9 $ (4,056.9 ) $ (2,489.0 ) $ (4,273.9 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts $ — $ — $ 7,790.7 $ — $ 7,790.7 Maturities and withdrawals from investment contracts — — (6,800.1 ) — (6,800.1 ) Repayment of debt with maturities of more than three months — (31.2 ) — — (31.2 ) Debt issuance costs (6.8 ) — — — (6.8 ) Intercompany loans with maturities more than three months — — (0.7 ) 0.7 — Net (repayments of) proceeds from short-term intercompany loans — 56.9 105.0 (161.9 ) — Return of capital contributions and dividends to parent — (1,467.5 ) (1,714.5 ) 3,182.0 — Contributions of capital from parent — — 15.0 (15.0 ) — Borrowings of consolidated investment entities — — 1,372.7 — 1,372.7 Repayments of borrowings of consolidated investment entities — — (478.7 ) — (478.7 ) Contributions from (distributions to) participants in consolidated investment entities — — 661.8 — 661.8 Excess tax benefits on share-based compensation — — 1.7 — 1.7 Common stock acquired - Share repurchase (1,486.6 ) — — — (1,486.6 ) Share-based compensation (4.5 ) — — — (4.5 ) Dividends paid (9.0 ) — — — (9.0 ) Net cash provided by (used in) financing activities (1,506.9 ) (1,441.8 ) 952.9 3,005.8 1,010.0 Net increase (decrease) in cash and cash equivalents (304.0 ) 16.8 269.0 — (18.2 ) Cash and cash equivalents, beginning of year 682.1 1.6 1,847.2 — 2,530.9 Cash and cash equivalents, end of year $ 378.1 $ 18.4 $ 2,116.2 $ — $ 2,512.7 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ 85.7 $ 160.1 $ 3,565.8 $ (183.0 ) $ 3,628.6 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 13,594.0 — 13,594.0 Equity securities, available-for-sale 18.7 13.1 38.2 — 70.0 Mortgage loans on real estate — — 1,555.3 — 1,555.3 Limited partnerships/corporations — — 204.3 — 204.3 Acquisition of: Fixed maturities — — (12,985.3 ) — (12,985.3 ) Equity securities, available-for-sale (25.0 ) — (3.4 ) — (28.4 ) Mortgage loans on real estate — — (2,036.4 ) — (2,036.4 ) Limited partnerships/corporations — — (289.0 ) — (289.0 ) Short-term investments, net — — (662.0 ) — (662.0 ) Policy loans, net — — 43.0 — 43.0 Derivatives, net 1.3 — (1,118.7 ) — (1,117.4 ) Other investments, net — (11.0 ) 44.0 — 33.0 Sales from consolidated investments entities — — 3,470.1 — 3,470.1 Purchases within consolidated investment entities — — (5,533.9 ) — (5,533.9 ) Maturity of intercompany loans with maturities more than three months 0.9 — — (0.9 ) — Net maturity of short-term intercompany loans 41.5 — — (41.5 ) — Return of capital contributions and dividends from subsidiaries 902.0 780.0 — (1,682.0 ) — Capital contributions to subsidiaries (150.0 ) (171.0 ) — 321.0 — Collateral received (delivered), net — — 401.5 — 401.5 Purchases of fixed assets, net — — (32.7 ) — (32.7 ) Net cash provided by (used in) investing activities $ 789.4 $ 611.1 $ (3,311.0 ) $ (1,403.4 ) $ (3,313.9 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts $ — $ — $ 8,153.6 $ — $ 8,153.6 Maturities and withdrawals from investment contracts — — (9,899.3 ) — (9,899.3 ) Debt issuance costs (16.8 ) — — — (16.8 ) Intercompany loans with maturities of more than three months — — (0.9 ) 0.9 — Net (repayments of) proceeds from short-term intercompany loans — 24.3 (65.8 ) 41.5 — Return of capital contributions and dividends to parent — (795.0 ) (1,070.0 ) 1,865.0 — Contributions of capital from parent — — 321.0 (321.0 ) — Borrowings of consolidated investment entities — — 401.3 — 401.3 Repayments of borrowings of consolidated investment entities — — (75.8 ) — (75.8 ) Contributions from (distributions to) participants in consolidated investment entities — — 1,624.9 — 1,624.9 Excess tax benefits on share-based compensation — — 3.9 — 3.9 Common stock acquired - Share repurchase (789.4 ) — — — (789.4 ) Share-based compensation (16.9 ) — — — (16.9 ) Dividends paid (10.1 ) — — — (10.1 ) Net cash provided by (used in) financing activities (833.2 ) (770.7 ) (607.1 ) 1,586.4 (624.6 ) Net increase (decrease) in cash and cash equivalents 41.9 0.5 (352.3 ) — (309.9 ) Cash and cash equivalents, beginning of year 640.2 1.1 2,199.5 — 2,840.8 Cash and cash equivalents, end of year $ 682.1 $ 1.6 $ 1,847.2 $ — $ 2,530.9 |
Selected Consolidated Unaudited
Selected Consolidated Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Consolidated Unaudited Quarterly Financial Data | Selected Consolidated Unaudited Quarterly Financial Data The unaudited quarterly results of operations for 2016 and 2015 are summarized in the table below: Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2016 Total revenues $ 3,009.3 $ 2,696.0 $ 2,528.5 $ 2,548.4 Total benefits and expenses 2,768.0 2,542.9 2,884.4 3,200.3 Income (loss) before income taxes 241.3 153.1 (355.9 ) (651.9 ) Net income (loss) 192.3 136.0 (236.5 ) (490.5 ) Less: Net income (loss) attributable to noncontrolling interest 0.7 (25.5 ) 11.6 42.5 Net income (loss) available to Voya Financial, Inc.'s common shareholders 191.6 161.5 (248.1 ) (533.0 ) Earnings Per Share Basic $ 0.93 $ 0.80 $ (1.24 ) $ (2.74 ) Diluted (1)(2) $ 0.92 $ 0.79 $ (1.24 ) $ (2.74 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2015 Total revenues $ 2,604.4 $ 2,968.1 $ 3,696.4 $ 1,972.7 Total benefits and expenses 2,343.1 2,481.9 3,616.1 2,216.0 Income (loss) before income taxes 261.3 486.2 80.3 (243.3 ) Net income (loss) 215.7 367.1 116.2 (160.4 ) Less: Net income (loss) attributable to noncontrolling interest 26.1 81.9 75.9 (53.6 ) Net income (loss) available to Voya Financial, Inc.'s common shareholders 189.6 285.2 40.3 (106.8 ) Earnings Per Share Basic $ 0.80 $ 1.25 $ 0.18 $ (0.50 ) Diluted (2) $ 0.79 $ 1.24 $ 0.18 $ (0.50 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 (1) For the three months ended September 30, 2016, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.9 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss in the period. (2) For the three months ended December 31, 2016 and 2015 , weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 2.5 shares and 2.6 shares for stock compensation plans, respectively, would be antidilutive to the earnings per share calculation due to the net loss in the period. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments Other than Investments in Affiliates | Voya Financial, Inc. Schedule I Summary of Investments Other than Investments in Affiliates As of December 31, 2016 (In millions) Type of Investments Cost Fair Value Amount Shown on Consolidated Balance Sheet Fixed maturities: U.S. Treasuries $ 3,452.0 $ 3,890.3 $ 3,890.3 U.S. Government agencies and authorities 253.9 298.0 298.0 State, municipalities, and political subdivisions 2,153.9 2,135.6 2,135.6 U.S. corporate public securities 31,754.8 33,691.7 33,691.7 U.S. corporate private securities 7,724.9 7,808.0 7,808.0 Foreign corporate public securities and foreign governments (1) 7,796.6 8,079.4 8,079.4 Foreign corporate private securities (1) 7,557.1 7,785.8 7,785.8 Residential mortgage-backed securities 6,407.0 6,814.8 6,814.8 Commercial mortgage-backed securities 3,320.7 3,358.9 3,358.9 Other asset-backed securities 1,433.9 1,475.6 1,475.6 Total fixed maturities, including securities pledged 71,854.8 75,338.1 75,338.1 Equity securities, available-for-sale 241.8 274.2 274.2 Short-term investments 821.0 821.0 821.0 Mortgage loans on real estate 11,725.2 11,960.7 11,725.2 Policy loans 1,961.5 1,961.5 1,961.5 Limited partnerships/corporations 758.6 758.6 758.6 Derivatives 610.0 1,712.4 1,712.4 Other investments 47.4 57.2 47.4 Total investments $ 88,020.3 $ 92,883.7 $ 92,638.4 (1) Primarily U.S. dollar denominated. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Parent | Schedule II Condensed Financial Information of Parent Balance Sheets December 31, 2016 and 2015 (In millions, except share and per share data) As of December 31, 2016 2015 Assets Investments: Equity securities, available-for-sale, at fair value $ 93.1 $ 83.7 Short-term investments 212.0 212.0 Derivatives 56.1 67.2 Investments in subsidiaries 14,742.6 15,110.5 Total investments 15,103.8 15,473.4 Cash and cash equivalents 257.2 378.1 Short-term investments under securities loan agreements, including collateral delivered 10.7 10.6 Loans to subsidiaries 278.0 330.2 Due from subsidiaries 2.8 6.1 Current income taxes 31.4 — Deferred income taxes 526.7 404.4 Other assets 21.0 19.8 Total assets $ 16,231.6 $ 16,622.6 Liabilities and Shareholders' Equity Short-term debt $ 10.5 $ — Long-term debt 3,108.6 2,971.4 Derivatives 56.1 67.2 Due to subsidiaries 0.1 0.2 Current income taxes — 70.1 Other liabilities 62.4 77.9 Total liabilities 3,237.7 3,186.8 Shareholders' equity: Common stock ($0.01 par value per share; 900,000,000 shares authorized; 268,079,931 and 265,327,196 shares issued as of 2016 and 2015, respectively; 194,639,273 and 209,095,793 shares outstanding as of 2016 and 2015, respectively) 2.7 2.7 Treasury stock (at cost; 73,440,658 and 56,231,403 shares as of 2016 and 2015, respectively) (2,796.0 ) (2,302.3 ) Additional paid-in capital 23,608.8 23,716.8 Accumulated other comprehensive income (loss) 2,021.7 1,424.9 Retained earnings (deficit): Appropriated-consolidated investment entities — 9.0 Unappropriated (9,843.3 ) (9,415.3 ) Total Voya Financial, Inc. shareholders' equity 12,993.9 13,435.8 Total liabilities and shareholders' equity $ 16,231.6 $ 16,622.6 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Operations For the Years Ended December 31, 2016 , 2015 and 2014 (In millions) Year Ended December 31, 2016 2015 2014 Revenues: Net investment income $ 18.7 $ 3.9 $ 11.5 Net realized capital gains (losses) 1.3 (1.7 ) (3.4 ) Other revenue 1.0 3.2 3.2 Total revenues 21.0 5.4 11.3 Expenses: Interest expense 238.1 150.3 149.1 Other expenses 8.8 10.4 4.1 Total expenses 246.9 160.7 153.2 Loss before income taxes and equity in earnings of subsidiaries (225.9 ) (155.3 ) (141.9 ) Income tax (benefit) expense (90.4 ) (52.4 ) (214.8 ) Net income (loss) before equity in earnings of subsidiaries (135.5 ) (102.9 ) 72.9 Equity in earnings (losses) of subsidiaries (292.5 ) 511.2 2,242.8 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ 408.3 $ 2,315.7 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Comprehensive Income For the Years Ended December 31, 2016 , 2015 and 2014 (In millions) Year Ended December 31, 2016 2015 2014 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ 408.3 $ 2,315.7 Other comprehensive income (loss), after tax 596.8 (1,678.8 ) 1,254.6 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ 168.8 $ (1,270.5 ) $ 3,570.3 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows For the Years Ended December 31, 2016 , 2015 and 2014 (In millions) Year Ended December 31, 2016 2015 2014 Cash Flows from Operating Activities: Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ 408.3 $ 2,315.7 Adjustments to reconcile Net income (loss) available to Voya Financial, Inc.'s common shareholders to Net cash provided by operating activities: Equity in (earnings) losses of subsidiaries 292.5 (511.2 ) (2,242.8 ) Dividends from subsidiaries 55.0 241.0 — Net accretion/amortization of discount/premium 10.4 10.2 0.4 Deferred income tax (benefit) expense (122.1 ) (4.1 ) (141.0 ) Loss related to early extinguishment of debt 87.6 — — Net realized capital (gains) losses (1.3 ) 1.7 (3.4 ) Share-based compensation — (4.2 ) — Change in: Other receivables and asset accruals (101.5 ) (16.9 ) 145.9 Due from subsidiaries 3.3 5.7 3.8 Due to subsidiaries (0.1 ) (6.5 ) 6.5 Other payables and accruals (16.2 ) (2.3 ) 5.1 Other, net (89.0 ) 6.1 (4.5 ) Net cash (used in) provided by operating activities (309.4 ) 127.8 85.7 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale 18.4 24.1 18.7 Acquisition of equity securities, available-for-sale (22.8 ) (30.5 ) (25.0 ) Short-term investments, net — (212.0 ) — Derivatives, net 1.3 (32.9 ) 1.3 Maturity of intercompany loans issued to subsidiaries with maturities more than three months 0.3 0.7 0.9 Net maturity of short-term intercompany loans to subsidiaries 51.9 (161.9 ) 41.5 Return of capital contributions and dividends from subsidiaries 922.0 1,467.5 902.0 Capital contributions to subsidiaries (215.0 ) — (150.0 ) Collateral received (delivered), net (0.1 ) 20.1 — Net cash provided by investing activities 756.0 1,075.1 789.4 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows (Continued) For the Years Ended December 31, 2016, 2015 and 2014 (In millions) Year Ended December 31, 2016 2015 2014 Cash Flows from Financing Activities: Proceeds from issuance of debt with maturities of more than three months 798.2 — — Repayment of debt with maturities of more than three months (659.8 ) — — Debt issuance costs (16.0 ) (6.8 ) (16.8 ) Net proceeds from loans to subsidiaries 10.5 — — Proceeds from issuance of common stock, net 1.3 — — Share-based compensation (6.5 ) (4.5 ) (16.9 ) Common stock acquired - Share repurchase (687.2 ) (1,486.6 ) (789.4 ) Dividends paid (8.0 ) (9.0 ) (10.1 ) Net cash used in financing activities (567.5 ) (1,506.9 ) (833.2 ) Net (decrease) increase in cash and cash equivalents (120.9 ) (304.0 ) 41.9 Cash and cash equivalents, beginning of period 378.1 682.1 640.2 Cash and cash equivalents, end of period $ 257.2 $ 378.1 $ 682.1 Supplemental cash flow information: Income taxes paid (received), net $ 64.1 $ 77.1 $ 42.8 Interest paid 156.2 143.5 141.1 The accompanying notes are an integral part of this Condensed Financial Information. 1. Business and Basis of Presentation The condensed financial information of Voya Financial, Inc. should be read in conjunction with the consolidated financial statements of Voya Financial, Inc. and its subsidiaries (collectively the "Company") and the notes thereto (the "Consolidated Financial Statements"). The Company is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products. The Company provides its principal products and services through five segments: Retirement, Investment Management, Annuities, Individual Life and Employee Benefits. I n the third quarter of 2016, the Company simplified the management structure of its businesses and no longer groups the five segments into Insurance Solutions and Retirement and Investment Management Solutions businesses. The Company also has one Closed Block segment. In addition, the Company includes in Corporate the financial data not directly related to its segments. See the Segments Note to the Consolidated Financial Statements. Prior to May 2013, the Company was an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING Group. Between October 2013 and March 2015, ING Group completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings. ING Group continues to hold certain warrants to purchase shares of Voya Financial, Inc. common stock as described further in the Shareholders' Equity Note to the Consolidated Financial Statements. The accompanying financial information reflects the results of operations, financial position and cash flows for Voya Financial, Inc. The financial information is in conformity with accounting principles generally accepted in the United States, which require management to adopt accounting policies and make certain estimates and assumptions. Investments in subsidiaries are accounted for using the equity method of accounting. 2. Loans to Subsidiaries Voya Financial, Inc. maintains reciprocal loan agreements with subsidiaries to facilitate unanticipated short-term cash requirements that arise in the ordinary course of business. Under these loan agreements, the limitations on borrowing are based on the nature of the subsidiary's operations. For reciprocal loan agreements with insurance companies, the amounts that either party may borrow from the other under the agreement vary and are equal to 2%-5% of the insurance subsidiary’s statutory net admitted assets (excluding separate accounts) as of the previous year end depending on the state of domicile. For reciprocal loan agreements with non-insurance subsidiaries, the limits vary and are set by management based on an assessment of the financial position of the subsidiary. During the years ended 2016 and 2015 , interest on any borrowing by a subsidiary under a reciprocal loan agreement is charged at a rate based on the prevailing market rate for similar third-party borrowings for securities. Borrowings by Voya Alternative Asset Management LLC ("VAAM") occur to enable VAAM to make capital contributions to the Voya Multi-Strategy Opportunity Fund LLC ("the fund"), the fund that it manages. The applicable variable interest rate is equal to the rate of return on capital invested in the fund, which may be negative over any given period. Interest income earned on loans to subsidiaries was $8.9 , $5.0 and $5.0 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Interest income is included in Net investment income in the Condensed Statements of Operations. The following table summarizes the carrying value of Voya Financial, Inc.'s loans to subsidiaries for the periods indicated: As of December 31, Subsidiaries Rate Maturity Date 2016 2015 Voya Alternative Asset Management LLC (2.56 )% 06/30/2017 $ 2.3 $ 2.6 Voya Institutional Plan Services, LLC 2.35 % 01/03/2017 1.0 1.0 Voya Institutional Plan Services, LLC 2.35 % 01/04/2017 14.0 2.0 Voya Institutional Plan Services, LLC 2.36 % 01/11/2017 17.0 3.0 Voya Institutional Plan Services, LLC 2.37 % 01/12/2017 10.0 — Voya Institutional Plan Services, LLC 2.37 % 01/13/2017 1.0 — Voya Custom Investments 1.92 % 01/04/2016 — 4.0 Voya Custom Investments 1.92 % 01/04/2016 — 1.0 Voya Custom Investments 1.95 % 01/05/2016 — 21.0 Voya Custom Investments 2.01 % 01/08/2016 — 1.0 Voya Custom Investments 2.02 % 01/11/2016 — 2.0 Voya Custom Investments 2.03 % 01/12/2016 — 25.1 Voya Custom Investments 2.03 % 01/14/2016 — 1.0 Voya Custom Investments 2.03 % 01/21/2016 — 4.0 Voya Capital 2.34 % 01/05/2017 2.5 — Voya Investment Management, LLC 2.40 % 01/27/2017 15.0 50.0 Voya Investment Management, LLC 2.01 % 01/07/2015 — — Voya Payroll Management, Inc. 2.31 % 01/03/2017 4.0 6.0 Voya Holdings Inc. 2.36 % 01/18/2017 203.2 11.5 Voya Holdings Inc. 2.39 % 01/26/2017 2.0 10.0 Voya Holdings Inc. 2.40 % 01/27/2017 6.0 139.6 Voya Holdings Inc. 2.04 % 01/21/2016 — 5.0 Voya Holdings Inc. 2.04 % 01/22/2016 — 6.5 Voya Holdings Inc. 2.50 % 01/29/2016 — 33.9 Total $ 278.0 $ 330.2 3. Financing Agreements Short-term Debt Voya Financial, Inc. had $10.5 of short-term inter-company debt borrowings outstanding as of December 31, 2016 . Voya Financial, Inc. did no t have any short-term debt borrowings outstanding as of December 31, 2015 . Under the reciprocal loan agreements with subsidiaries, interest is charged at the prevailing market interest rate for similar third-party borrowings for securities. Long-term Debt The following table summarizes Voya Financial, Inc.'s long-term debt securities for the periods indicated: As of December 31, Interest Rate Maturity 2016 2015 5.5% Senior Notes, due 2022 5.5 % 07/15/2022 $ 360.7 $ 843.8 2.9% Senior Notes, due 2018 2.9 % 02/15/2018 825.0 995.7 5.7% Senior Notes, due 2043 5.7 % 07/15/2043 394.3 394.1 3.65% Senior Notes, due 2026 3.65 % 06/15/2026 494.2 — 4.8% Senior Notes, due 2046 4.8 % 06/15/2046 296.2 — 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 5.65 % 05/15/2053 738.2 737.8 Subtotal 3,108.6 2,971.4 Less: Current portion of long-term debt — — Total $ 3,108.6 $ 2,971.4 As of December 31, 2016 and 2015 , Voya Financial, Inc. was in compliance with its debt covenants. As of December 31, 2016 , aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: 2017 $ — 2018 827.0 2019 — 2020 — 2021 — Thereafter 2,313.1 Total $ 3,140.1 Credit Facilities Voya Financial, Inc. maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. Unsecured and uncommitted credit facilities totaled $300.5 and unsecured and committed facilities totaled $5.0 billion . Voya Financial, Inc. additionally has approximately $205.0 of secured facilities. Of the aggregate $5.5 billion capacity available, Voya Financial, Inc. utilized $2.6 billion in credit facilities outstanding as of December 31, 2016 . Total fees associated with credit facilities in 2016 , 2015 and 2014 totaled $38.2 , $61.0 and $58.5 , respectively. Guarantees In the normal course of business, Voya Financial, Inc. enters into indemnification agreements with financial institutions that issue surety bonds on behalf of Voya Financial, Inc. or its subsidiaries in connection with litigation matters. Voya Financial, Inc. entered into the following surplus maintenance agreements in connection with particular credit facility agreements associated with Voya Financial, Inc.'s captive reinsurance subsidiaries which are effective for the duration of the related credit facility agreement: • On January 1, 2014, Voya Financial, Inc. entered into a reimbursement agreement with a third-party bank for its wholly owned subsidiary, Roaring River IV, LLC ("Roaring River IV"). At inception, the reimbursement agreement requires Voya Financial, Inc. to cause no less than $78.6 of capital to be maintained in Roaring River IV Holding LLC, the intermediate holding company of Roaring River IV, and $45.0 of capital to be maintained in Roaring River IV for a total of $123.6 . This amount will vary over time based on a percentage of Roaring River IV in force life insurance. • Effective January 15, 2014, Voya Financial, Inc. entered into a surplus maintenance agreement with Langhorne I, LLC ("Langhorne I"), a wholly owned captive reinsurance subsidiary, whereby Voya Financial, Inc. agrees to cause Langhorne I to maintain capital of at least $85.0 . The maximum potential obligations associated with the above surplus maintenance agreements are not specified in the agreements and, therefore, it is not possible to determine the maximum potential amounts due under these guarantees. Roaring River, LLC ("Roaring River") is party to a LOC facility agreement with a third-party bank that provides up to $425.0 of LOC capacity. Roaring River has reimbursement obligations to the bank under this agreement, in an aggregate amount of up to $425.0 , which obligations are guaranteed by Voya Financial, Inc. This agreement and the related guarantee were entered into to facilitate collateral requirements supporting reinsurance and are effective for the duration. Voya Financial, Inc. guarantees the obligations of one of its subsidiaries, Voya Financial Products Inc. ("VFP"), under a credit default swap arrangement under which VFP has written credit protection in the notional amount of $1.0 billion with respect to a portfolio of investment grade corporate debt instruments. Under the Hannover Re Buyer Facility Agreement put into place by Hannover Re, Voya Financial, Inc. and Security Life of Denver International Limited ("SLDI") have contingent reimbursement obligations and Voya Financial, Inc. has guarantee obligations, up to the full principal amount of the note, if Security Life of Denver Company ("SLD") or SLDI were to direct the sale or liquidation of the note other than as permitted by the Buyer Facility Agreement, or fails to return reinsurance collateral (including the note) upon termination of the Buyer Facility Agreement or as otherwise required by the Buyer Facility Agreement. In addition, Voya Financial, Inc. has agreed to indemnify Hannover Re for any losses it incurs in the event that SLD or SLDI were to exercise offset rights unrelated to the Hannover Re block. Voya Holdings Inc. ("Voya Holdings") issued $50.0 of 8.424% Trust Originated Preferred Securities ("ToPR") on April 3, 1997 due on April 1, 2027. As of December 31, 2016 , $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, 2016 , the remaining principal amounts of the Aetna Notes outstanding were $426.5 . Voya Financial, Inc. has also entered into a Corporate Guarantee Agreement with a third-party ceding insurer where Voya Financial, Inc. guarantees the reinsurance obligations of one of its subsidiary, SLD, 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. Effective April 15, 2016, Voya Financial, Inc. and Voya Holdings entered into a $300.0 letter of credit facility agreement with a third party bank in order to guarantee the reimbursement obligations of SLDI as borrower. Effective December 15, 2016, Voya Financial, Inc. entered into a $600.0 guaranty agreement with a third party bank in order to guarantee the reimbursement obligations of SLDI as borrower. There were no assets or liabilities recognized by Voya Financial, Inc. as of December 31, 2016 and 2015 in relation to these intercompany indemnifications and support agreements. As of December 31, 2016 and 2015 , 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: Years Ended December 31, 2016 2015 2014 Voya Holdings Inc. (1) $ 916.4 $ 1,467.5 $ 795.0 Security Life of Denver International Ltd 30.0 — — Security Life of Denver Insurance Company 54.0 241.0 32.0 Voya Insurance Management (Bermuda), Ltd 1.0 — — Voya Financial Products Company, Inc. — — 75.0 Total $ 1,001.4 $ 1,708.5 $ 902.0 (1) The year ended December 31, 2016 includes $24.4 of non-cash activity. 5. Income Taxes As of December 31, 2016 and 2015 , 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. Valuation allowances have been applied to these deferred tax assets as of December 31, 2016 and 2015 . Character, amount and estimated expiration date of the carryforwards and the related allowances are disclosed in the Income Taxes Note to the Consolidated Financial Statements. As of December 31, 2016 and 2015 , Voya Financial, Inc. has recognized deferred tax assets of $526.7 and $404.4 , respectively, primarily related to federal net operating loss carryforwards and AMT credit carryforwards. Tax Sharing Agreement Voya Financial, Inc. has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. Voya Financial, Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which Voya Financial, Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Voya Financial, Inc. Schedule III Supplementary Insurance Information As of December 31, 2016 and 2015 (In millions) Segment DAC and VOBA Future Policy Benefits and Contract Owner Account Balances Unearned Premiums (1) 2016 Retirement $ 1,165.1 $ 33,910.5 $ — Investment Management 1.5 — — Annuities 647.5 22,191.8 — Individual Life 2,702.2 19,373.1 — Employee Benefits 74.5 2,098.9 (0.5 ) Closed Block Variable Annuity 296.4 8,969.4 — Corporate 0.3 5,509.7 — Total $ 4,887.5 $ 92,053.4 $ (0.5 ) 2015 Retirement $ 1,402.5 $ 31,266.1 $ — Investment Management 1.8 — — Annuities 604.6 21,742.3 — Individual Life 2,856.8 18,867.5 — Employee Benefits 82.0 2,090.2 (0.2 ) Closed Block Variable Annuity 422.1 7,325.4 — Corporate 0.3 6,880.6 — Total $ 5,370.1 $ 88,172.1 $ (0.2 ) (1) Represents unearned premiums associated with short-duration products of the Company's accident and health business. Voya Financial, Inc. Schedule III Supplementary Insurance Information Years Ended December 31, 2016 , 2015 and 2014 (In millions) Segment Net Investment Income (1)(2) Premiums and Fee Income (1)(2) Interest Credited and Other Benefits to Contract Owners Amortization of DAC and VOBA Other Operating Expenses (1)(2) Premiums Written (Excluding Life) 2016 Retirement $ 1,907.2 $ 1,511.5 $ 1,797.0 $ 197.4 $ 1,122.0 $ — Investment Management (4.4 ) 627.3 — 3.3 529.1 — Annuities 1,189.5 168.8 723.3 23.4 160.6 — Individual Life 874.9 1,662.6 2,001.2 181.3 324.1 — Employee Benefits 109.8 1,509.5 1,169.0 15.5 305.6 973.6 Closed Block Variable Annuity 285.5 1,678.9 1,728.5 130.1 392.6 — Corporate 258.3 (284.2 ) 94.5 — 103.3 — Total $ 4,620.8 $ 6,874.4 $ 7,513.5 $ 551.0 $ 2,937.3 $ 973.6 2015 Retirement $ 1,819.3 $ 1,349.5 $ 1,425.4 $ 182.5 $ 1,155.8 $ — Investment Management (26.2 ) 601.1 — 4.1 517.5 — Annuities 1,189.0 180.0 778.9 247.8 152.6 — Individual Life 908.2 1,722.1 1,940.0 157.1 470.3 — Employee Benefits 109.1 1,404.9 1,050.5 21.5 289.0 879.5 Closed Block Variable Annuity 231.1 1,534.5 1,275.9 50.4 431.5 — Corporate 307.7 (286.5 ) 39.3 — (13.3 ) — Total $ 4,538.2 $ 6,505.6 $ 6,510.0 $ 663.4 $ 3,003.4 $ 879.5 2014 Retirement $ 1,818.5 $ 798.9 $ 935.0 $ 162.0 $ 1,155.3 $ — Investment Management (92.5 ) 599.3 — 4.8 520.3 — Annuties 1,235.3 226.0 791.9 132.5 139.8 — Individual Life 903.1 1,823.9 2,165.5 18.1 468.5 — Employee Benefits 111.6 1,265.8 940.7 28.7 254.7 734.9 Closed Block Variable Annuity 163.2 1,773.9 994.8 32.8 473.6 — Corporate 376.1 (228.9 ) 110.0 0.4 450.0 — Total $ 4,515.3 $ 6,258.9 $ 5,937.9 $ 379.3 $ 3,462.2 $ 734.9 (1) Includes the elimination of certain intersegment revenues and expenses, primarily consisting of asset-based management and administration fees, which have been charged by Investment Management and eliminated in Corporate. (2) Includes the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's management fees expensed by the funds, recorded as operating revenues before the Company's consolidation of its consolidated investment entities and eliminated in the Investment Management segment. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Schedule IV - Reinsurance | Voya Financial, Inc. Schedule IV Reinsurance Years Ended December 31, 2016 , 2015 and 2014 (In millions) Gross Ceded Assumed Net Percentage of Assumed to Net 2016 Life insurance in force $ 790,570.1 $ 612,356.2 $ 318,442.7 $ 496,656.6 64.1 % Premiums: Life insurance $ 1,335.1 $ 1,583.5 $ 1,220.9 $ 972.5 125.5 % Accident and health insurance 1,056.3 128.4 0.9 928.8 0.1 % Annuities 1,613.3 — — * 1,613.3 — % Total premiums $ 4,004.7 $ 1,711.9 $ 1,221.8 $ 3,514.6 34.8 % 2015 Life insurance in force $ 799,341.4 $ 642,889.8 $ 340,241.3 $ 496,692.9 68.5 % Premiums: Life insurance $ 1,351.7 $ 1,475.6 $ 1,189.2 $ 1,065.3 111.6 % Accident and health insurance 947.9 136.3 1.6 813.2 0.2 % Annuities 1,145.9 — 0.1 1,146.0 — % Total premiums $ 3,445.5 $ 1,611.9 $ 1,190.9 $ 3,024.5 39.4 % 2014 Life insurance in force $ 801,371.3 $ 599,504.5 $ 363,894.1 $ 565,760.9 64.3 % Premiums: Life insurance $ 1,358.9 $ 1,394.2 $ 1,234.4 $ 1,199.1 102.9 % Accident and health insurance 814.2 108.7 3.8 709.3 0.5 % Annuities 717.9 — 0.1 718.0 — % Total premiums $ 2,891.0 $ 1,502.9 $ 1,238.3 $ 2,626.4 47.1 % *Less than $0.1. |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | Voya Financial, Inc. Schedule V Valuation and Qualifying Accounts Years Ended December 31, 2016 , 2015 and 2014 (In millions) Balance at January 1, Charged to Write-offs/ Payments/ Other Balance at December 31, 2016 Valuation allowance on deferred tax assets $ 963.1 $ 101.6 $ (100.8 ) (1) $ 963.9 Allowance for losses on commercial mortgage loans 3.2 (0.1 ) 3.1 2015 Valuation allowance on deferred tax assets $ 971.9 $ (13.7 ) $ 4.9 (2) $ 963.1 Allowance for losses on commercial mortgage loans 2.8 0.4 3.2 2014 Valuation allowance on deferred tax assets $ 2,806.8 $ (1,834.9 ) $ — $ 971.9 Allowance for losses on commercial mortgage loans 3.8 (1.0 ) 2.8 (1) This amount represents valuation allowances allocated to Other comprehensive income in accordance with the exception described in ASC 740-20-45-7. (2) This amount represents valuation allowances allocated to Additional paid-in capital. |
Business, Basis of Presentati36
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as partnerships (voting interest entities ("VOEs")) in which the Company has control and variable interest entities ("VIEs") for which the Company is the primary beneficiary. See the Consolidated Investment Entities Note to these Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year financial information to conform to the current year classifications. During 2016, certain internal investment management costs were reclassified within the Consolidated Statements of Operations in the amount of $99.6 and $99.5 from Operating expenses to Net investment income for the years ended December 31, 2015 and 2014 , respectively. |
Estimates and Assumptions | Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates: • Reserves for future policy benefits; • Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles"); • Valuation of investments and derivatives; • Impairments; • Income taxes; • Contingencies; and • Employee benefit plans |
Fair Value Measurement | Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. |
Investments | Investments The accounting policies for the Company's principal investments are as follows: Fixed Maturities and Equity Securities : The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in DAC/VOBA and other intangibles and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations. Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. Short-term Investments : Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. Assets Held in Separate Accounts : Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash and fixed maturities. Mortgage Loans on Real Estate : The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield, or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan. Policy Loans : Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. Limited Partnerships/Corporations : The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which consists primarily of private equities, hedge funds and VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. Other Investments : Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Securities Lending : The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. Corporate Loans : Corporate loans held by consolidated collateralized loan obligations ("CLO" or "CLO entities") are reported in Corporate loans, at fair value using the FVO, on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment (which occurs in less than 1% of the loans), other relevant factors are considered including: • Information relating to the market for the asset, including price quotations for and trading in the asset or in similar investments and the market environment and investor attitudes towards the asset and interests in similar investments; • The characteristics of and fundamental analytical data relating to the investment, including the cost, current interest rate, period until next interest rate reset, maturity and base lending rate, the terms and conditions of the corporate loan and any related agreements and the position of the corporate loan in the borrower's debt structure; • The nature, adequacy and value of the corporate loan's collateral, including the CLO's rights, remedies and interests with respect to the collateral; • The creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the business, cash flows, capital structure and future prospects; • The reputation and financial condition of the agent and any intermediate participants in the corporate loan; and • General economic and market conditions affecting the fair value of the corporate loan. Impairments The Company evaluates its available-for-sale investments quarterly to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover. When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment ("OTTI"). If the Company does not intend to sell the security, and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected ("credit impairment") and the amount related to other factors ("noncredit impairment"). The credit impairment is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss). The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss: • When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. • The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into Net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows. |
Derivatives | Derivatives The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. • Fair Value Hedge : For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations. • Cash Flow Hedge : For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses). The Company also has investments in certain fixed maturities and has issued certain universal life-type and annuity products that contain embedded derivatives for which fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain universal life-type and annuity products are included in Future policy benefits on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. In addition, the Company has entered into coinsurance with funds withheld reinsurance arrangements that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within coinsurance with funds withheld reinsurance arrangements are reported with the host contract in Funds held under reinsurance arrangements on the Consolidated Balance Sheets, and changes in the fair value of embedded derivatives are recorded in Policyholder benefits in the Consolidated Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, and are included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets, which generally range from 3 to 40 years, with the exception of land and artwork which are not depreciated. Depreciation expense is included in Operating expenses in the Consolidated Statements of Operations. |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. Collectively, the Company refers to DAC, VOBA, deferred sales inducements ("DSI") and unearned revenue ("URR") as "DAC/VOBA and other intangibles". (See respective "Sales Inducements" and "Recognition of Insurance Revenue and Related Benefits" sections below). DAC/VOBA and other intangibles are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI. Amortization Methodologies The Company amortizes DAC and VOBA related to certain traditional life insurance contracts and certain accident and health insurance contracts over the premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits. These assumptions are "locked-in" at issue and not revised unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Recoverability testing is performed for current issue year products to determine if gross premiums are sufficient to cover DAC or VOBA, estimated benefits and related expenses. In subsequent periods, the recoverability of DAC or VOBA is determined by assessing whether future gross premiums are sufficient to amortize DAC or VOBA, as well as provide for expected future benefits and related expenses. If a premium deficiency is deemed to be present, charges will be applied against the DAC and VOBA balances before an additional reserve is established. Absent such a premium deficiency, variability in amortization after policy issuance or acquisition relates only to variability in premium volumes. The Company amortizes DAC and VOBA related to universal life-type contracts and fixed and variable deferred annuity contracts, except for deferred annuity contracts within the CBVA segment, over the estimated lives of the contracts in relation to the emergence of estimated gross profits. Assumptions as to mortality, persistency, interest crediting rates, fee income, returns associated with separate account performance, impact of hedge performance, expenses to administer the business and certain economic variables, such as inflation, are based on the Company's experience and overall capital markets. At each valuation date, estimated gross profits are updated with actual gross profits, and the assumptions underlying future estimated gross profits are evaluated for continued reasonableness. Adjustments to estimated gross profits require that amortization rates be revised retroactively to the date of the contract issuance ("unlocking"). For deferred annuity contracts within the CBVA segment, the Company amortizes DAC/VOBA and DSI in relation to the emergence of estimated gross revenue. For universal life-type contracts and fixed and variable deferred annuity contracts, recoverability testing is performed for current issue year products to determine if gross profits are sufficient to cover DAC/VOBA and other intangibles, estimated benefits and related expenses. In subsequent years, the Company performs testing to assess the recoverability of DAC/VOBA and other intangibles on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If DAC/VOBA or other intangibles are not deemed recoverable from future gross profits, charges will be applied against the DAC/VOBA or other intangible balances before an additional reserve is established. During the year ended December 31, 2016, the Company's reviews resulted in loss recognition in the CBVA segment of $321.0 before income taxes, of which $85.1 and $18.7 was recorded to Net amortization of DAC/VOBA and Interest credited to contract owner account balances, respectively, in the Consolidated Statements of Operations, with a corresponding decrease on the Consolidated Balance Sheets to Deferred policy acquisition costs and Value of business acquired and Sales inducements to contract owners. The loss recognition also included the establishment of $217.2 of premium deficiency reserves related to the continued decline in earned rates in the current interest rate environment, which was recorded as an increase in Policyholder benefits in the Consolidated Statements of Operations, with a corresponding increase on the Consolidated Balance Sheets to Future policy benefits. The Company did not have any loss recognition for the years ended December 31, 2015 and 2014. Internal Replacements Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC/VOBA and other intangibles related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC/VOBA and other intangibles related to the replaced contracts are written off to the same account in which amortization is reported in the Consolidated Statements of Operations. Assumptions Changes in assumptions can have a significant impact on DAC/VOBA and other intangible balances, amortization rates, reserve levels, and results of operations. Assumptions are management’s best estimate of future outcome. Several assumptions are considered significant in the estimation of gross profits associated with the Company's variable products. One significant assumption is the assumed return associated with the variable account performance. To reflect the volatility in the equity markets, this assumption involves a combination of near-term expectations and long-term assumptions regarding market performance. The overall return on the variable account is dependent on multiple factors, including the relative mix of the underlying sub-accounts among bond funds and equity funds, as well as equity sector weightings. The Company uses a reversion to the mean approach, which assumes that the market returns over the entire mean reversion period are consistent with a long-term level of equity market appreciation. The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates a 9% long-term equity return assumption, a 14% cap and a five -year look-forward period. Other significant assumptions used in the estimation of gross profits include mortality, and for products with credited rates include interest rate spreads and credit losses. Estimated gross revenues and gross profits of variable annuity contracts are sensitive to mortality and estimated policyholder behavior assumptions, such as surrender, lapse and annuitization rates. |
Sales Inducements | Sales Inducements DSI represents benefits paid to contract owners for a specified period that are incremental to the amounts the Company credits on similar contracts without sales inducements and are higher than the contract's expected ongoing crediting rates for periods after the inducement. The Company defers sales inducements and amortizes DSI over the estimated lives of the related contracts using the same methodology and assumptions used to amortize DAC. The amortization of DSI is included in Interest credited to contract owner account balances in the Consolidated Statements of Operations. Each year, or more frequently if circumstances indicate a potentially significant recoverability issue exists, the Company reviews DSI to determine the recoverability of these balances. |
Future Policy Benefits and Contract Owner Accounts | Future Policy Benefits and Contract Owner Account Balances Future Policy Benefits The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based on Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. • Reserves for traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses and persistency are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.3% to 7.7% . • Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 1.0% to 8.3% . Although assumptions are "locked-in" upon the issuance of traditional life insurance contracts, certain accident and health insurance contracts and payout contracts with life contingencies, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation. See Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles above for premium deficiency reserves established during 2016. Contract Owner Account Balances Contract owner account balances relate to universal life-type and investment-type contracts, as follows: • Account balances for guaranteed investment contracts and funding agreements with fixed maturities (collectively referred to as "GICs") are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. • Account balances for universal life-type contracts, including variable universal life ("VUL") contracts, are equal to cumulative deposits, less charges, withdrawals and account values released upon death, plus credited interest thereon. • Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 7.5% for the years 2016 , 2015 and 2014 . Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. • For fixed-indexed annuity contracts ("FIAs") and indexed universal life ("IUL") contracts, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value. Product Guarantees and Additional Reserves The Company calculates additional reserve liabilities for certain universal life-type products, certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Universal and Variable Life : Reserves for universal life ("UL") and VUL secondary guarantees and paid-up guarantees are calculated by estimating the expected value of death benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments. The reserve for such products recognizes the portion of contract assessments received in early years used to compensate the Company for benefits provided in later years. Assumptions used, such as the interest rate, lapse rate and mortality, are consistent with assumptions used in estimating gross profits for purposes of amortizing DAC. Reserves for UL and VUL secondary guarantees and paid-up guarantees are recorded in Future policy benefits on the Consolidated Balance Sheets. The Company also calculates a benefit ratio for each block of business that meets the requirements for additional reserves and calculates an additional reserve by accumulating amounts equal to the benefit ratio multiplied by the assessments for each period, reduced by excess benefits during the period. The additional reserve is accumulated at interest rates consistent with the DAC model for the period. The calculated reserve includes provisions for UL contracts that produce expected gains from the insurance benefit function followed by losses from that function in later years. Additional reserves are recorded in Future policy benefits on the Consolidated Balance Sheets. URR relates to UL and VUL products and represents policy charges for benefits or services to be provided in future periods (see the "Recognition of Insurance Revenue and Related Benefits" section below). The URR balance is recorded in Contract owner account balances on the Consolidated Balance Sheets. GMDB and GMIB : Reserves for annuity guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") are determined by estimating the value of expected benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. Expected experience is based on a range of scenarios. Assumptions used, such as the long-term equity market return, lapse rate and mortality, are consistent with assumptions used in estimating gross revenues for the purpose of amortizing DAC. The assumptions of investment performance and volatility are consistent with the historical experience of the appropriate underlying equity index, such as the Standard & Poor's ("S&P") 500 Index. In addition, the reserve for the GMIB incorporates assumptions for the likelihood and timing of the potential annuitizations that may be elected by the contract owner. In general, the Company assumes that GMIB annuitization rates will be higher for policies with more valuable ("in the money") guarantees, where the notional benefit amount is in excess of the account value. Reserves for GMDB and GMIB are recorded in Future policy benefits on the Consolidated Balance Sheets. Changes in reserves for GMDB and GMIB are reported in Policyholder benefits in the Consolidated Statements of Operations. GMAB, GMWB, GMWBL, FIA and IUL : The Company issues certain products that contain embedded derivatives that are measured at estimated fair value separately from the host contracts. These products include annuity guaranteed minimum accumulation benefits ("GMAB"), guaranteed minimum withdrawal benefits without life contingencies ("GMWB"), guaranteed minimum withdrawal benefits with life payouts ("GMWBL"), FIAs and IUL contracts. Embedded derivatives associated with GMABs, GMWBs and GMWBLs are recorded in Future policy benefits on the Consolidated Balance Sheets. Embedded derivatives associated with FIAs and IUL contracts are recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, that are not related to attributed fees or premiums collected or payments made, are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. At inception of the GMAB, GMWB and GMWBL contracts, the Company projects a fee to be attributed to the embedded derivative portion of the guarantee equal to the present value of projected future guaranteed benefits. After inception, the estimated fair value of the GMAB, GMWB and GMWBL contracts is determined based on the present value of projected future guaranteed benefits, minus the present value of projected attributed fees. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk free rates. The projection of future guaranteed benefits and future attributed fees requires the use of assumptions for capital markets (e.g., implied volatilities, correlation among indices, risk-free swap curve, etc.) and policyholder behavior (e.g., lapse, benefit utilization, mortality, etc.). The estimated fair value of the embedded derivative in the FIA contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed contract value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the anticipated life of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths, annuitizations and maturities. The estimated fair value of the embedded derivative in the IUL contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed account value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the current index term of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths and maturities. Stabilizer and MCG : Guaranteed credited rates give rise to an embedded derivative in the Stabilizer products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. The estimated fair value of the Stabilizer embedded derivatives and MCG contracts is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. The liabilities for the GMAB, GMWB, GMWBL, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative (collectively, "guaranteed benefit derivatives") include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. The discount rate used to determine the fair value of the liabilities for the GMAB, GMWB, GMWBL, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). Separate Accounts Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company or in other selected mutual funds not managed by the Company. The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if: • Such separate accounts are legally recognized; • Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities; • Investments are directed by the contract owner or participant; and • All investment performance, net of contract fees and assessments, is passed through to the contract owner. The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts. |
Debt | Short-term and Long-term Debt Short-term and long-term debt are carried on the Consolidated Balance Sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and direct and any incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt using the effective interest method of amortization. Collateralized Loan Obligations Notes CLO notes issued by consolidated CLO entities are recorded as Collateralized loan obligations notes, at fair value using the fair value option, on the Consolidated Balance Sheets. Changes in the fair value of the notes are recorded in Changes in fair value related to collateralized loan obligations in the Company's Consolidated Statements of Operations. |
Repurchase Agreements | Repurchase Agreements The Company engages in dollar repurchase agreements with MBS ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest. The Company's policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is invested in Short-term investments, with the offsetting obligation to repay the loan included within Other liabilities on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions and the related repurchase obligation are included in Securities pledged and Short-term debt, respectively, on the Consolidated Balance Sheets. The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract. The Company's exposure is limited to the excess of the net replacement cost of the securities over the value of the short-term investments. The Company believes the counterparties to the dollar rolls and repurchase agreements are financially responsible and that the counterparty risk is minimal. |
Recognition of Insurance Revenue and Related Benefits | Recognition of Insurance Revenue and Related Benefits Premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Policyholder benefits in the Consolidated Statements of Operations when incurred. Amounts received as payment for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and FIA contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income. Surrender charges are reported in Other revenue. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are established as a URR liability and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. URR is reported in Contract owner account balances and amortized into Fee income. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances. Performance-based Incentive Fees on Private Equity Funds Under asset management fee arrangements for certain of its sponsored private equity funds, the Company is entitled to receive performance-based incentive fees (“carried interest”) when the return on assets under management for such funds exceeds prescribed investment return hurdles or other performance targets. Carried interest is accrued quarterly based on measuring cumulative fund performance against the performance hurdle stated in the relevant investment management agreement, as if the fund was liquidated at its estimated fair value as of the applicable balance sheet date. Carried interest is subject to adjustment to the extent that subsequent fund performance causes the fund’s cumulative investment return to fall below specified investment return hurdles. In such a circumstance, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to such fee and, if such fees have been received by the Company but are subject to recoupment by the fund, a liability is established for the potential repayment obligation. |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return, which includes many of its subsidiaries, in accordance with the Internal Revenue Code of 1986, as amended. Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent, such as the dividends received deduction which is estimated using information from the prior period and current year results. Other differences are temporary, reversing over time, such as the valuation of insurance reserves, and create deferred tax assets and liabilities. The Company's deferred tax assets and liabilities resulting from temporary differences between financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: • The nature, frequency and severity of book income or losses in recent years; • The nature and character of the deferred tax assets and liabilities; • The nature and character of income by life and non-life subgroups; • The recent cumulative book income (loss) position after adjustment for permanent differences; • Taxable income in prior carryback years; • Projected future taxable income, exclusive of reversing temporary differences and carryforwards; • Projected future reversals of existing temporary differences; • The length of time carryforwards can be utilized; • Prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused; and • Tax rules that would impact the utilization of the deferred tax assets. In establishing unrecognized tax benefits, the Company determines whether a tax position is more likely than not to be sustained under examination by the appropriate taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the appropriate taxing authority. Tax positions that do not meet the more likely than not standard are not recognized in the Consolidated Financial Statements. Tax positions that meet this standard are recognized in the Consolidated Financial Statements. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with the tax authority that has full knowledge of all relevant information. |
Reinsurance | Reinsurance The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded Future policy benefits and Contract owner account balances are reported gross on the Consolidated Balance Sheets. Long-duration : For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded as a component of the reinsurance asset or liability. Any difference between actual and expected net cost of reinsurance is recognized in the current period and included as a component of profits used to amortize DAC. Short-duration : For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Consolidated Statements of Operations and Other assets on the Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred in Other liabilities and amortized over the remaining life of the underlying contracts. Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. The S&P ratings for the Company's reinsurers with the largest reinsurance recoverable balances are A-rated or better, including Lincoln National Corporation ("Lincoln"), Hannover Life Reassurance Company of America ("Hannover US") and Hannover Re (Ireland) Limited ("HLRI") (collectively, "Hannover Re") and various subsidiaries of Reinsurance Group of America Incorporated (collectively, "RGA"). Only those reinsurance recoverable balances deemed probable of recovery are recognized as assets on the Company's Consolidated Balance Sheets and are stated net of allowances for uncollectible reinsurance. Amounts currently recoverable and payable under reinsurance agreements are included in Reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Policyholder benefits are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in Other revenue. The Company has entered into coinsurance funds withheld reinsurance arrangements that contain embedded derivatives for which carrying value is estimated based on the change in the fair value of the assets supporting the funds withheld payable under the agreements. |
Employee Benefit Plans | Employee Benefits Plans The Company sponsors and/or administers various plans that provide defined benefit pension and other postretirement benefit plans covering eligible employees, sales representatives and other individuals. The plans are generally funded through payments, determined by periodic actuarial calculations, to trustee-administered funds. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in respect of defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognized past service costs. This liability is included in Pension and other postretirement provisions on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans and the accumulated postretirement benefit obligation ("APBO") for other postretirement plans on the Consolidated Balance Sheets. Net periodic benefit cost is determined using management estimates and actuarial assumptions to derive service cost, interest cost and expected return on plan assets for a particular year. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, expected rate of return on plan assets, rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics such as age of retirements, withdrawal rates and mortality. Management determines these assumptions based on a variety of factors, such as historical performance of the plan and its assets, currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans and amendments to benefits provided under the plans. These differences may have a significant effect on the Company's Consolidated Financial Statements and liquidity. Differences between the expected return and the actual return on plan assets and actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations. For postretirement healthcare and other benefits to retirees, the entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued in Other liabilities over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations. |
Share-based Compensation | Share-based Compensation The Company grants certain employees and directors share-based compensation awards under various plans. Share-based compensation plans are subject to certain vesting conditions. The Company measures the cost of its share-based awards at their grant date fair value, which in the case of RSUs and PSUs is based upon the market value of the Company's common stock on the date of grant. In 2016, the Company granted certain PSU awards, which are subject to attainment of specified total shareholder return ("TSR") targets relative to a specified peer group. The number of TSR-based PSU awards expected to be earned, based on achievement of the market condition, is factored into the grant date Monte Carlo valuation for the award. Fair value of stock options is determined using a Black-Scholes options valuation methodology. Compensation expense is principally related to the granting of performance share units, restricted stock units and stock options and is recognized in Operating expenses in the Consolidated Statements of Operations over the requisite service period. The majority of awards granted are provided in the first quarter of each year. The liability related to the cash-settled awards is recorded within Other liabilities on the Consolidated Balance Sheets. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of unvested cash-settled awards is remeasured at the end of each reporting period until the awards vest. Excess tax benefits recorded in Additional paid-in capital are accounted for in a single pool available to all share-based compensation awards. Excess tax benefits in Additional paid-in capital are not recognized until the benefits result in a reduction in taxes payable. The Company uses tax law ordering when determining when excess tax benefits have been realized. |
Earnings Per Share | Earnings per Common Share Basic earnings per common share ("EPS") is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed assuming the issuance of nonvested shares, restricted stock units, stock options, performance share units and warrants using the treasury stock method. Basic and diluted earnings per share are calculated using unrounded, actual amounts. Under the treasury stock method, the Company utilizes the average market price to determine the amount of cash that would be available to repurchase shares if the common shares vested. The net incremental share count issued represents the potential dilutive or anti-dilutive securities. For any period where a loss from earnings available to common shareholders is experienced, shares used in the diluted EPS calculation represent basic shares, as using diluted shares would be anti-dilutive to the calculation. |
Consolidation and Noncontrolling Interests | Consolidation and Noncontrolling Interests As of January 1, 2016, the Company changed its method for determining whether consolidation is required for VIEs and VOEs upon the adoption of Accounting Standards Update ("ASU") 2015-02, "Consolidation (Accounting Standards Codification ("ASC") Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02") (See the "Adoption of New Pronouncements" section below.) In the normal course of business, the Company invests in, provides investment management services to, and has transactions with, various CLO entities, private equity funds, real estate funds, funds-of-hedge funds, single strategy hedge funds, insurance entities, securitizations and other investment entities. In certain instances, the Company serves as the investment manager, making day-to-day investment decisions concerning the assets of these entities. These entities are considered to be either VIEs or VOEs, and the consolidation guidance of ASC Topic 810 requires an assessment involving judgments and analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred. VIEs : The Company consolidates VIEs for which it is the primary beneficiary at the time it becomes involved with a VIE. An entity is a VIE if it has equity investors who, as a group, lack the characteristics of a controlling financial interest or it does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties. The primary beneficiary (a) has the power to direct the activities of the entity that most significantly impact the entity's economic performance and (b) has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. VOEs : For entities determined not to be VIEs, the Company consolidates entities in which it holds greater than 50% of the voting interest, or, for limited partnerships, when the Company owns a majority of the limited partnership's kick-out rights through voting interests. Noncontrolling interest represents the interests of shareholders, other than the Company, in consolidated entities. In the Consolidated Statements of Operations, Net income (loss) attributable to noncontrolling interest represents such shareholders' interests in the earnings and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled. |
Contingencies | Contingencies A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome. |
Adoption of New Pronouncements | Adoption of New Pronouncements Short-Duration Contracts In May 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-09, "Financial Services - Insurance (ASC Topic 944): Disclosures about Short-Duration Contracts" ("ASU 2015-09"), which requires insurance entities to disclose, for annual reporting periods, information about the liability for unpaid claims and claim adjustment expenses and about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claims adjustment expenses. The standard also requires entities to disclose, for annual and interim reporting periods, a rollforward of the liability for unpaid claims and claim adjustment expenses. The provisions of ASU 2015-09 were adopted, retrospectively, by the Company on December 31, 2016. The adoption had no effect on the Company's disclosures, as the Company's liabilities to which this guidance relates are not significant. Derivative Contract Novations In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (ASC Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships” (“ASU 2016-05”), which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under ASC Topic 815 does not, in and of itself, require dedesignation of that hedging relationship. The provisions of ASU 2016-05 are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016 with early adoption permitted, using either a prospective or modified retrospective approach. The Company elected to early adopt ASU 2016-05 as of January 1, 2016 on a prospective basis. The adoption had no effect on the Company's financial condition, results of operations or cash flows. Investments That Calculate Net Asset Value In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement (ASC Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)" ("ASC 2015-07"), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. In addition, the standard limits certain disclosures to investments for which the entity has elected to measure the fair value using the practical expedient, rather than for all investments that are eligible to be measured at fair value using the net asset value per share. The provisions of ASU 2015-07 were adopted retrospectively by the Company on January 1, 2016, and the disclosures in the Consolidated Investment Entities Note and the Employee Benefit Arrangements Note to these Consolidated Financial Statements have been updated. The adoption had no effect on the Company's financial condition, results of operations or cash flows. Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (ASC Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), to confirm that ASU 2015-03 does not address debt issuance costs related to line-of-credit arrangements. As such, an entity may defer and present such costs as an asset and subsequently amortize the costs ratably over the term of the line-of-credit arrangement. The provisions of ASU 2015-03 and ASU 2015-15 were adopted by the Company, retrospectively, on January 1, 2016. The adoption resulted in the reclassification of approximately $26.1 of debt issuance costs from Other assets to a reduction of Long-term debt in the Consolidated Balance Sheets as of December 31, 2015. Consolidation In February 2015, the FASB issued ASU 2015-02, "Consolidation (ASC Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which: • Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities. • Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights. • Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. • Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance. The Company adopted the provisions of ASU 2015-02 on January 1, 2016 using the modified retrospective approach. The impact to the Company’s January 1, 2016 Consolidated Balance Sheet was the deconsolidation of $7.5 billion of assets (comprised of $2.5 billion of Limited partnerships/corporations, at fair value, $0.3 billion of Cash and cash equivalents, $4.6 billion of Corporate loans, at fair value using the fair value option, and $0.1 billion of Other assets related to consolidated investment entities) and $5.9 billion of liabilities (comprised of $4.6 billion of Collateralized loan obligations notes, at fair value using the fair value option, and $1.3 billion of Other liabilities related to consolidated investment entities), with a related adjustment to Noncontrolling interest of $1.6 billion and elimination of $8.8 appropriated retained earnings related to consolidated investment entities. The adoption of ASU 2015-02 did not result in consolidation of any entities that were not previously consolidated. Limited partnerships previously accounted for as VOEs became VIEs under the new guidance as the limited partners do not hold substantive kick-out rights or participating rights. The adoption of ASU 2015-02 had no impact to net income available to Voya Financial, Inc.’s common shareholders. Hybrid Financial Instruments In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging (ASC Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity” (“ASU 2014-16”), which requires an entity to determine the nature of the host contract by considering the economic characteristics and risks of the entire hybrid financial instrument, including all embedded derivative features. The provisions of ASU 2014-16 were adopted by the Company on January 1, 2016. The adoption had no effect on the Company’s financial condition, results of operations, or cash flows. Collateralized Financing Entities In August 2014, the FASB issued ASU 2014-13, "Consolidation (ASC Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" ("ASU 2014-13"), which allows an entity to elect to measure the financial assets and financial liabilities of a consolidated collateralized financing entity using either: • ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations. • The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The Company adopted the provisions of ASU 2014-13 on January 1, 2016, using the measurement alternative under the modified retrospective method. Subsequent to the adoption of ASU 2014-13, the impact to the Company’s January 1, 2016 Consolidated Balance Sheet was an increase of $17.8 in Collateralized loan obligations notes, at fair value using the fair value option, related to consolidated investment entities, with an offsetting decrease to appropriated retained earnings of $17.8 , resulting in the elimination of appropriated retained earnings related to consolidated investment entities. As a result of adoption of ASU 2014-13, CLO liabilities are measured based on the fair value of the assets of the CLOs; therefore, the changes in fair value related to consolidated CLOs is zero. The changes in fair value of the Company’s interest in the CLOs are presented in Net investment income on the Consolidated Statements of Operations. |
Future Adoption of Accounting Pronouncements | Future Adoption of Accounting Pronouncements Interests Held through Related Parties In October 2016, the FASB issued ASU 2016-17, “Consolidation (ASC Topic 810): Interests Held through Related Parties That Are under Common Control” (“ASU 2016-17”), which changes how a single decision maker of a VIE should treat indirect interests in the entity that are held through related parties under common control when determining whether it is the primary beneficiary of the VIE. The provisions of ASU 2016-17 are effective retrospectively for fiscal years beginning after December 15, 2016, including interim periods, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-17. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (ASC Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”), which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on eight specific cash flow issues. The provisions of ASU 2016-15 are effective retrospectively for fiscal years beginning after December 15, 2017, including interim periods, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-15. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which: • Introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, • Modifies the impairment model for available-for-sale debt securities, and • Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The provisions of ASU 2016-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. Initial adoption of ASU 2016-13 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-13. Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (ASC Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”), which simplifies the accounting for share-based payment award transactions with respect to: • The income tax consequences of awards, • The impact of forfeitures on the recognition of expense for awards, • Classification of awards as either equity or liabilities, and • Classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for annual periods beginning after December 15, 2016, including interim periods, with early adoption permitted. The transition method varies by provision. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-09. Debt Instruments In March 2016, the FASB issued ASU 2016-06, “Derivatives and Hedging (ASC Topic 815): Contingent Put and Call Options in Debt Instruments” (“ASU 2016-06”), which clarifies that an entity is only required to follow the four-step decision sequence when assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts for purposes of bifurcating an embedded derivative. The entity does not need to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. The provisions of ASU 2016-06 are effective on a modified retrospective basis for fiscal years beginning after December 15, 2016, including interim periods, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-06. Leases In February 2016, the FASB issued ASU 2016-02, “Leases (ASC Topic 842)” (“ASU 2016-02”), which requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms of more than 12 months. The lease liability will be measured as the present value of the lease payments, and the asset will be based on the liability. For income statement purposes, expense recognition will depend on the lessee's classification of the lease as either finance, with a front-loaded amortization expense pattern similar to current capital leases, or operating, with a straight-line expense pattern similar to current operating leases. Lessor accounting will be similar to the current model, and lessors will be required to classify leases as operating, direct financing, or sales-type. ASU 2016-02 also replaces the sale-leaseback guidance to align with the new revenue recognition standard, addresses statement of operation and statement of cash flow classification, and requires additional disclosures for all leases. The provisions of ASU 2016-02 are effective on a modified retrospective basis for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-02. Financial Instruments - Recognition and Measurement In January 2016, the FASB issued ASU 2016-01, “Financial Instruments-Overall (ASC Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which requires: • Equity investments (except those consolidated or accounted for under the equity method) to be measured at fair value with changes in fair value recognized in net income. • Elimination of the disclosure of methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. • The use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Separate presentation in other comprehensive income of the portion of the total change in fair value of a liability resulting from a change in own credit risk if the liability is measured at fair value under the fair value option. • Separate presentation on the balance sheet or financial statement notes of financial assets and financial liabilities by measurement category and form of financial asset. The provisions of ASU 2016-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption only permitted for certain provisions. Initial adoption of ASU 2016-01 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-01. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" ("ASU 2014-09"), which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. ASU 2014-09 also updated the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In addition, the FASB issued various amendments during 2016 to clarify the provisions and implementation guidance of ASU 2014-09. Revenue recognition for insurance contracts and financial instruments is explicitly scoped out of the guidance. The provisions of ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted as of January 1, 2017. Initial adoption of ASU 2014-09 is required to be reported using either a retrospective or modified retrospective approach. The Company plans to adopt ASU 2014-09 on January 1, 2018. As the scope of ASU 2014-09 excludes insurance contracts and financial instruments, the guidance does not apply to a significant portion of the Company’s business. Consequently, the Company does not currently expect the adoption of this guidance to have a material impact; however, implementation efforts, including assessment of transition approach, are ongoing. Based on review to date, the Company anticipates that the adoption of ASU 2014-09 may impact the timing of recognition of carried interest (less than 0.5% of the Company’s Total revenues for 2016, 2015, and 2014) in the Investment Management segment and may result in the deferral of costs to obtain certain investment-only product contracts in the Retirement and Annuities segments. |
Investments (excluding Consol37
Investments (excluding Consolidated Investment Entities) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |
Marketable Securities | Fixed Maturities and Equity Securities Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2016 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,452.0 $ 452.2 $ 13.9 $ — $ 3,890.3 $ — U.S. Government agencies and authorities 253.9 44.1 — — 298.0 — State, municipalities and political subdivisions 2,153.9 31.7 50.0 — 2,135.6 — U.S. corporate public securities 31,754.8 2,168.5 231.6 — 33,691.7 8.6 U.S. corporate private securities 7,724.9 242.7 159.6 — 7,808.0 — Foreign corporate public securities and foreign governments (1) 7,796.6 381.7 98.9 — 8,079.4 — Foreign corporate private securities (1) 7,557.1 302.8 74.1 — 7,785.8 — Residential mortgage-backed securities: Agency 5,318.4 269.7 62.0 42.7 5,568.8 — Non-Agency 1,088.6 137.3 7.7 27.8 1,246.0 31.0 Total Residential mortgage-backed securities 6,407.0 407.0 69.7 70.5 6,814.8 31.0 Commercial mortgage-backed securities 3,320.7 72.9 34.7 — 3,358.9 — Other asset-backed securities 1,433.9 48.8 7.1 — 1,475.6 3.9 Total fixed maturities, including securities pledged 71,854.8 4,152.4 739.6 70.5 75,338.1 43.5 Less: Securities pledged 1,983.8 189.0 15.7 — 2,157.1 — Total fixed maturities 69,871.0 3,963.4 723.9 70.5 73,181.0 43.5 Equity securities: Common stock 151.3 0.5 0.3 — 151.5 — Preferred stock 90.5 32.2 — — 122.7 — Total equity securities 241.8 32.7 0.3 — 274.2 — Total fixed maturities and equity securities investments $ 70,112.8 $ 3,996.1 $ 724.2 $ 70.5 $ 73,455.2 $ 43.5 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $515.6 of net unrealized gains on impaired available-for-sale securities. Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2015 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 3,136.4 $ 517.6 $ 5.0 $ — $ 3,649.0 $ — U.S. Government agencies and authorities 309.8 43.1 0.3 — 352.6 — State, municipalities and political subdivisions 1,337.8 26.2 17.8 — 1,346.2 — U.S. corporate public securities 32,794.3 1,647.4 825.7 — 33,616.0 9.6 U.S. corporate private securities 6,527.5 246.1 132.5 — 6,641.1 — Foreign corporate public securities and foreign governments (1) 8,129.1 267.9 373.4 — 8,023.6 — Foreign corporate private securities (1) 7,252.5 272.6 176.5 — 7,348.6 — Residential mortgage-backed securities: Agency 4,522.7 350.0 15.7 58.6 4,915.6 — Non-Agency 779.3 138.2 8.9 36.3 944.9 46.5 Total Residential mortgage-backed securities 5,302.0 488.2 24.6 94.9 5,860.5 46.5 Commercial mortgage-backed securities 3,967.8 133.6 8.8 — 4,092.6 6.7 Other asset-backed securities 1,097.8 58.1 13.5 — 1,142.4 4.4 Total fixed maturities, including securities pledged 69,855.0 3,700.8 1,578.1 94.9 72,072.6 67.2 Less: Securities pledged 1,082.1 79.7 49.2 — 1,112.6 — Total fixed maturities 68,772.9 3,621.1 1,528.9 94.9 70,960.0 67.2 Equity securities: Common stock 210.1 0.5 0.2 — 210.4 — Preferred stock 90.3 31.0 — — 121.3 — Total equity securities 300.4 31.5 0.2 — 331.7 — Total fixed maturities and equity securities investments $ 69,073.3 $ 3,652.6 $ 1,529.1 $ 94.9 $ 71,291.7 $ 67.2 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $639.1 of net unrealized gains on impaired available-for-sale securities. |
Investments Classifed by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2016 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date. Amortized Cost Fair Value Due to mature: One year or less $ 2,510.9 $ 2,513.7 After one year through five years 13,270.7 13,845.2 After five years through ten years 18,991.5 19,303.8 After ten years 25,920.1 28,026.1 Mortgage-backed securities 9,727.7 10,173.7 Other asset-backed securities 1,433.9 1,475.6 Fixed maturities, including securities pledged $ 71,854.8 $ 75,338.1 |
U.S. and Foreign Corporate Securities by Industry | The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value December 31, 2016 Communications $ 3,778.7 $ 335.7 $ 20.8 $ 4,093.6 Financial 8,166.3 478.7 47.6 8,597.4 Industrial and other companies 25,679.5 1,259.5 256.9 26,682.1 Energy 6,250.2 380.7 93.5 6,537.4 Utilities 8,164.7 500.6 106.4 8,558.9 Transportation 1,785.6 103.6 17.5 1,871.7 Total $ 53,825.0 $ 3,058.8 $ 542.7 $ 56,341.1 December 31, 2015 Communications $ 3,956.0 $ 251.0 $ 73.0 $ 4,134.0 Financial 7,937.8 473.0 53.2 8,357.6 Industrial and other companies 24,762.3 1,020.4 542.0 25,240.7 Energy 7,871.5 127.9 668.1 7,331.3 Utilities 7,540.3 457.4 89.8 7,907.9 Transportation 1,705.3 70.5 40.2 1,735.6 Total $ 53,773.2 $ 2,400.2 $ 1,466.3 $ 54,707.1 |
Schedule of Securities Borrowed Under Securities Lending Transactions [Table Text Block] | The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated: December 31, 2016 (1) December 31, 2015 U.S. Treasuries $ 762.9 $ — U.S. Government agencies and authorities 4.3 — U.S. corporate public securities 468.4 265.4 Equity Securities 0.5 — Short-term Investments 1.0 — Foreign corporate public securities and foreign governments 210.5 219.0 Payables under securities loan agreements $ 1,447.6 $ 484.4 (1) Borrowings under securities lending transactions include both cash and non-cash collateral of $535.9 and $911.7 , respectively. |
Schedule of Unrealized Loss on Investments | Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2016 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 1,061.4 $ 13.9 $ — $ — $ — $ — $ 1,061.4 $ 13.9 U.S. Government agencies and authorities — — — — — — — — State, municipalities and political subdivisions 1,264.7 46.9 — — 23.3 3.1 1,288.0 50.0 U.S. corporate public securities 6,236.0 172.1 38.4 2.5 508.8 57.0 6,783.2 231.6 U.S. corporate private securities 2,261.8 98.1 74.7 2.9 315.6 58.6 2,652.1 159.6 Foreign corporate public securities and foreign governments 1,596.8 49.0 59.8 4.9 396.2 45.0 2,052.8 98.9 Foreign corporate private securities 1,382.3 56.8 — — 165.9 17.3 1,548.2 74.1 Residential mortgage-backed 1,716.5 52.2 182.7 5.1 165.5 12.4 2,064.7 69.7 Commercial mortgage-backed 1,002.8 32.6 27.2 0.1 27.4 2.0 1,057.4 34.7 Other asset-backed 448.3 1.6 0.8 — 114.3 5.5 563.4 7.1 Total $ 16,970.6 $ 523.2 $ 383.6 $ 15.5 $ 1,717.0 $ 200.9 $ 19,071.2 $ 739.6 Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2015 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 482.2 $ 5.0 $ — $ — $ — $ — $ 482.2 $ 5.0 U.S. Government agencies and authorities 49.3 0.3 — — — — 49.3 0.3 State, municipalities and political subdivisions 415.4 4.7 340.2 12.4 1.2 0.7 756.8 17.8 U.S. corporate public securities 5,072.0 201.3 6,196.9 481.9 642.9 142.5 11,911.8 825.7 U.S. corporate private securities 989.0 27.7 945.8 82.9 103.3 21.9 2,038.1 132.5 Foreign corporate public securities and foreign governments 2,101.4 83.9 1,291.2 151.6 472.2 137.9 3,864.8 373.4 Foreign corporate private securities 1,410.4 114.2 569.2 46.0 56.8 16.3 2,036.4 176.5 Residential mortgage-backed 306.3 4.0 198.0 4.1 350.0 16.5 854.3 24.6 Commercial mortgage-backed 502.9 4.3 112.5 3.0 1.3 1.5 616.7 8.8 Other asset-backed 183.8 0.6 18.2 0.1 185.4 12.8 387.4 13.5 Total $ 11,512.7 $ 446.0 $ 9,672.0 $ 782.0 $ 1,813.1 $ 350.1 $ 22,997.8 $ 1,578.1 |
Schedule of Loan-to-Value, Credit Enhancement and Fixed Floating Rates for RMBS and Other ABS in a Gross Unrealized Loss Position | The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5.3 — 0.3 — Non-agency RMBS < 80% 218.5 3.7 11.1 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 141.0 $ — $ 6.5 $ — Non-agency RMBS > 5% - 10% 10.7 — 0.4 — Non-agency RMBS > 0% - 5% 35.8 — 2.6 — Non-agency RMBS 0% 36.3 3.7 1.9 0.8 Agency RMBS 1,985.5 2.9 60.6 1.4 Other ABS (Non-RMBS) 487.3 1.7 2.1 0.5 Total RMBS and Other ABS $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 2,029.0 $ 2.5 $ 55.6 $ 0.8 Floating Rate 667.6 5.8 18.5 1.9 Total $ 2,696.6 $ 8.3 $ 74.1 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% 4.2 — 0.2 — Non-agency RMBS 80% - 90% 50.7 — 2.3 — Non-agency RMBS < 80% 306.4 1.5 17.5 0.3 Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 270.3 $ 1.5 $ 14.3 $ 0.3 Non-agency RMBS > 5% - 10% 20.9 — 0.4 — Non-agency RMBS > 0% - 5% 36.9 — 2.4 — Non-agency RMBS 0% 33.2 — 2.9 — Agency RMBS 704.2 3.8 13.8 1.9 Other ABS (Non-RMBS) 207.2 1.8 1.6 0.5 Total RMBS and Other ABS $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2015 < 20% > 20% < 20% > 20% Fixed Rate $ 802.9 $ 2.4 $ 14.0 $ 0.6 Floating Rate 469.8 4.7 21.4 2.1 Total $ 1,272.7 $ 7.1 $ 35.4 $ 2.7 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. |
Schedule of Mortgage Loans Real Estate and Valuation Allowance | The following table summarizes the Company's investment in mortgage loans as of the dates indicated: December 31, 2016 December 31, 2015 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4.6 $ 11,723.7 $ 11,728.3 $ 20.2 $ 10,430.5 $ 10,450.7 Collective valuation allowance for losses N/A (3.1 ) (3.1 ) N/A (3.2 ) (3.2 ) Total net commercial mortgage loans $ 4.6 $ 11,720.6 $ 11,725.2 $ 20.2 $ 10,427.3 $ 10,447.5 N/A - Not Applicable The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2016 December 31, 2015 Collective valuation allowance for losses, balance at January 1 $ 3.2 $ 2.8 Addition to (reduction of) allowance for losses (0.1 ) 0.4 Collective valuation allowance for losses, end of period $ 3.1 $ 3.2 |
Impaired Financing Receivables | The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: December 31, 2016 December 31, 2015 Impaired loans without allowances for losses $ 4.6 $ 20.2 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4.6 $ 20.2 Unpaid principal balance of impaired loans $ 6.1 $ 21.7 |
Past Due Financing Receivables, Impaired Financing Receivables, Troubled Debt Restructurings on Financing Receivables, and Loans in Foreclosure | The following table presents information on restructured loans as of the dates indicated: December 31, 2016 December 31, 2015 Troubled debt restructured loans $ — $ 15.3 |
Interest Income Recognized on Impaired and Restructured Loans | The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Year Ended December 31, 2016 2015 2014 Impaired loans, average investment during the period (amortized cost) (1) $ 12.4 $ 46.5 $ 83.6 Interest income recognized on impaired loans, on an accrual basis (1) 0.4 2.4 4.8 Interest income recognized on impaired loans, on a cash basis (1) 0.5 2.6 4.5 Interest income recognized on troubled debt restructured loans, on an accrual basis 0.1 1.9 4.2 (1) Includes amounts for Troubled debt restructured loans. |
Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio | The following table presents the LTV ratios as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Loan-to-Value Ratio: 0% - 50% $ 1,366.3 $ 1,388.0 >50% - 60% 2,950.1 2,694.1 >60% - 70% 6,560.7 5,670.2 >70% - 80% 833.8 679.6 >80% and above 17.4 18.8 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 9,298.4 $ 8,112.1 >1.25x - 1.5x 1,247.3 1,489.5 >1.0x - 1.25x 899.2 550.3 Less than 1.0x 181.4 158.6 Commercial mortgage loans secured by land or construction loans 102.0 140.2 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. |
Mortgage Loans by Geographic Location of Collateral | Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,896.8 24.6% $ 2,605.3 24.9 % South Atlantic 2,646.0 22.6% 2,318.9 22.2 % Middle Atlantic 1,648.7 14.1% 1,499.1 14.3 % West South Central 1,236.1 10.5% 1,103.7 10.6 % Mountain 1,092.1 9.3% 924.2 8.8 % East North Central 1,274.3 10.9% 1,103.3 10.6 % New England 231.2 2.0% 222.8 2.1 % West North Central 508.9 4.3% 488.8 4.7 % East South Central 194.2 1.7% 184.6 1.8 % Total Commercial mortgage loans $ 11,728.3 100.0% $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. |
Mortgage Loans by Property Type of Collateral | December 31, 2016 (1) December 31, 2015 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 3,695.8 31.5% $ 3,672.8 35.1 % Industrial 2,663.5 22.7% 2,161.3 20.7 % Apartments 2,410.8 20.6% 1,942.9 18.6 % Office 1,917.0 16.3% 1,617.7 15.5 % Hotel/Motel 411.2 3.5% 425.0 4.1 % Other 516.5 4.4% 525.9 5.0 % Mixed Use 113.5 1.0% 105.1 1.0 % Total Commercial mortgage loans $ 11,728.3 100.0% $ 10,450.7 100.0 % (1) Balances do not include collective valuation allowance for losses. |
Mortgage Loans by Year of Origination | The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated: December 31, 2016 (1) December 31, 2015 (1) Year of Origination: 2016 $ 2,349.6 $ — 2015 2,066.1 2,114.0 2014 1,860.3 1,896.0 2013 1,953.1 2,024.8 2012 1,241.4 1,423.3 2011 979.0 1,237.7 2010 and prior 1,278.8 1,754.9 Total Commercial mortgage loans $ 11,728.3 $ 10,450.7 (1) Balances do not include collective valuation allowance for losses. |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2016 2015 2014 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. Treasuries $ — — $ — — $ 0.5 1 State, municipalities and political subdivisions 0.3 2 — — — — U.S. corporate public securities 9.6 3 41.1 27 14.9 42 Foreign corporate public securities and foreign governments (1) 19.1 4 63.9 16 6.9 12 Foreign corporate private securities (1) 3.2 2 1.9 1 — — Residential mortgage-backed 9.1 90 7.1 68 7.3 93 Commercial mortgage-backed 0.3 1 0.9 2 0.2 7 Other asset-backed — 2 2.0 3 0.8 17 Equity — — 0.1 1 0.9 2 Other assets (2) — — — — 0.1 1 Total $ 41.6 104 $ 117.0 118 $ 31.6 175 (1) Primarily U.S. dollar denominated. (2) Includes loss on real estate owned that is classified as Other assets on the Consolidated Balance Sheets. The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated: Year Ended December 31, 2016 2015 2014 Balance at January 1 $ 75.3 $ 86.8 $ 114.2 Additional credit impairments: On securities not previously impaired — — 1.8 On securities previously impaired 4.4 6.9 4.8 Reductions: Increase in cash flows 2.2 1.1 2.0 Securities sold, matured, prepaid or paid down 22.9 17.3 32.0 Balance at December 31 $ 54.6 $ 75.3 $ 86.8 The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: Year Ended December 31, 2016 2015 2014 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. Treasuries $ — — $ — — $ 0.5 1 State, municipalities and political subdivisions — — — — — — U.S. corporate public securities 9.1 2 41.1 26 14.5 42 Foreign corporate public securities and foreign governments (1) 17.9 3 58.0 15 6.9 12 Foreign corporate private securities (1) — — — — — — Residential mortgage-backed 4.2 21 1.9 14 1.5 26 Commercial mortgage-backed 0.3 1 0.9 2 0.2 7 Other asset-backed — — 0.1 1 0.2 14 Equity — — — — — — Other assets — — — — — — Total $ 31.5 27 $ 102.0 58 $ 23.8 102 (1) Primarily U.S. dollar denominated. |
Net Investment Income | The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2016 2015 2014 Fixed maturities $ 4,011.6 $ 3,970.1 $ 4,001.0 Equity securities, available-for-sale 12.1 10.1 12.8 Mortgage loans on real estate 540.4 553.9 495.8 Policy loans 107.9 110.0 113.0 Short-term investments and cash equivalents 5.1 3.0 3.0 Other 61.5 (0.3 ) (4.9 ) Gross investment income 4,738.6 4,646.8 4,620.7 Less: investment expenses 117.8 108.6 (1) 105.4 (1) Net investment income $ 4,620.8 $ 4,538.2 $ 4,515.3 (1) Includes reclassification of $99.6 and $99.5 of certain internal investment management costs from Operating expenses to Net investment income for the years ended December 31, 2015 and 2014 , respectively. |
Realized Gain (Loss) on Investments | Net realized capital gains (losses) were as follows for the periods indicated: Year Ended December 31, 2016 2015 2014 Fixed maturities, available-for-sale, including securities pledged $ (98.8 ) $ (122.2 ) $ 63.6 Fixed maturities, at fair value option (434.2 ) (434.4 ) (177.3 ) Equity securities, available-for-sale 1.4 0.1 17.9 Derivatives (1,041.4 ) (150.6 ) 12.7 Embedded derivatives - fixed maturities (24.4 ) (20.9 ) (10.6 ) Guaranteed benefit derivatives 333.3 (7.2 ) (804.4 ) Other investments 1.0 1.9 19.7 Net realized capital gains (losses) $ (1,263.1 ) $ (733.3 ) $ (878.4 ) After-tax net realized capital gains (losses) $ (853.2 ) $ (482.4 ) $ (517.5 ) |
Gain (Loss) on Investments | Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2016 2015 2014 Proceeds on sales $ 7,511.6 $ 6,778.2 $ 8,580.8 Gross gains 157.5 101.5 188.6 Gross losses 211.4 122.9 96.6 |
Duration | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |
Schedule of Unrealized Loss on Investments | Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2016 Six months or less below amortized cost $ 17,729.6 $ 86.8 $ 554.6 $ 19.3 1,541 16 More than six months and twelve months or less below amortized cost 755.0 28.3 45.1 7.8 92 9 More than twelve months below amortized cost 1,086.7 124.4 76.5 36.3 267 12 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 December 31, 2015 Six months or less below amortized cost $ 11,792.1 $ 1,863.4 $ 394.6 $ 524.5 1,051 130 More than six months and twelve months or less below amortized cost 9,465.3 48.3 518.0 23.2 737 5 More than twelve months below amortized cost 1,351.5 55.3 102.5 15.3 322 8 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 |
Market Sector (Type of Security) | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |
Schedule of Unrealized Loss on Investments | Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2016 U.S. Treasuries $ 1,075.3 $ — $ 13.9 $ — 33 — U.S. Government agencies and authorities — — — — — — State, municipalities and political subdivisions 1,337.0 1.0 49.7 0.3 198 1 U.S. corporate public securities 6,947.1 67.7 215.5 16.1 577 4 U.S. corporate private securities 2,672.7 139.0 122.1 37.5 114 3 Foreign corporate public securities and foreign governments 2,131.4 20.3 94.1 4.8 192 4 Foreign corporate private securities 1,622.3 — * 74.1 — * 64 2 Residential mortgage-backed 2,127.8 6.6 67.5 2.2 451 19 Commercial mortgage-backed 1,088.9 3.2 32.7 2.0 140 3 Other asset-backed 568.8 1.7 6.6 0.5 131 1 Total $ 19,571.3 $ 239.5 $ 676.2 $ 63.4 1,900 37 * Less than $0.1 December 31, 2015 U.S. Treasuries $ 487.2 $ — $ 5.0 $ — 21 — U.S. Government agencies and authorities 49.6 — 0.3 — 1 — State, municipalities and political subdivisions 772.6 2.0 17.1 0.7 117 3 U.S. corporate public securities 11,712.1 1,025.4 542.7 283.0 955 73 U.S. corporate private securities 2,006.6 164.0 85.1 47.4 92 4 Foreign corporate public securities and foreign governments 3,570.1 668.1 173.9 199.5 331 48 Foreign corporate private securities 2,115.3 97.6 148.3 28.2 86 5 Residential mortgage-backed 875.1 3.8 22.7 1.9 327 7 Commercial mortgage-backed 622.7 2.8 7.3 1.5 56 1 Other asset-backed 397.6 3.3 12.7 0.8 124 2 Total $ 22,608.9 $ 1,967.0 $ 1,015.1 $ 563.0 2,110 143 |
Derivative Financial Instrume38
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: December 31, 2016 December 31, 2015 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 124.0 $ 4.7 $ 0.3 $ 524.0 $ 73.3 $ — Foreign exchange contracts 480.8 40.1 10.7 174.7 36.4 — Fair value hedges: Interest rate contracts — — — 551.4 0.8 9.8 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 78,399.6 1,080.6 354.3 65,169.4 1,055.0 352.2 Foreign exchange contracts 1,573.0 60.7 39.2 1,281.9 60.5 37.0 Equity contracts 28,959.6 494.1 50.4 19,738.4 286.2 65.8 Credit contracts 3,255.3 32.2 15.8 4,266.3 26.3 22.7 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 70.5 — N/A 94.9 — Within products N/A — 3,791.4 N/A — 3,907.2 Within reinsurance agreements N/A — 78.7 N/A — 25.2 Managed custody guarantees N/A — — N/A — 0.3 Total $ 1,782.9 $ 4,340.8 $ 1,633.4 $ 4,420.2 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. N/A - Not Applicable |
Offsetting Assets and Liabilities | Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated: December 31, 2016 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 3,255.3 $ 32.2 $ 15.8 Equity contracts 22,327.8 471.4 49.6 Foreign exchange contracts 2,053.8 100.8 49.9 Interest rate contracts 68,342.4 1,085.4 353.0 1,689.8 468.3 Counterparty netting (1) (411.3 ) (411.3 ) Cash collateral netting (1) (1,083.9 ) (21.3 ) Securities collateral netting (1) (71.6 ) (13.9 ) Net receivables/payables $ 123.0 $ 21.8 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2015 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 4,266.3 $ 26.3 $ 22.7 Equity contracts 12,034.9 228.6 53.9 Foreign exchange contracts 1,456.6 96.9 37.0 Interest rate contracts 57,145.6 1,129.1 360.1 1,480.9 473.7 Counterparty netting (1) (415.6 ) (415.6 ) Cash collateral netting (1) (848.1 ) (12.6 ) Securities collateral netting (1) (24.3 ) (24.4 ) Net receivables/payables $ 192.9 $ 21.1 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Net realized gains (losses) on derivatives were as follows for the periods indicated: Year Ended December 31, 2016 2015 2014 Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 1.3 $ 1.6 $ 0.7 Foreign exchange contracts 3.5 2.3 2.0 Fair value hedges: Interest rate contracts (2.8 ) (6.1 ) (17.2 ) Derivatives: Non-qualifying for hedge accounting (2) Interest rate contracts 29.2 80.5 821.1 Foreign exchange contracts 87.0 62.0 106.0 Equity contracts (1,156.8 ) (294.9 ) (909.7 ) Credit contracts (2.8 ) 4.0 9.8 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) (24.4 ) (20.9 ) (10.6 ) Within products (2) 332.9 (7.1 ) (804.5 ) Within reinsurance agreements (3) (25.0 ) 125.1 (77.6 ) Managed custody guarantees (2) 0.4 (0.1 ) 0.1 Total $ (757.5 ) $ (53.6 ) $ (879.9 ) (1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2016 , 2015 and 2014 , ineffective amounts were immaterial. (2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations. |
Fair Value Measurements (exclud
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 3,271.0 $ 619.3 $ — $ 3,890.3 U.S. Government agencies and authorities — 298.0 — 298.0 State, municipalities and political subdivisions — 2,135.6 — 2,135.6 U.S. corporate public securities — 33,669.6 22.1 33,691.7 U.S. corporate private securities — 6,488.6 1,319.4 7,808.0 Foreign corporate public securities and foreign governments (1) — 8,067.1 12.3 8,079.4 Foreign corporate private securities (1) — 7,344.9 440.9 7,785.8 Residential mortgage-backed securities — 6,742.9 71.9 6,814.8 Commercial mortgage-backed securities — 3,335.5 23.4 3,358.9 Other asset-backed securities — 1,391.9 83.7 1,475.6 Total fixed maturities, including securities pledged 3,271.0 70,093.4 1,973.7 75,338.1 Equity securities, available-for-sale 174.7 — 99.5 274.2 Derivatives: Interest rate contracts — 1,085.3 — 1,085.3 Foreign exchange contracts — 100.8 — 100.8 Equity contracts 22.7 360.4 111.0 494.1 Credit contracts — 21.6 10.6 32.2 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 4,325.8 189.3 5.0 4,520.1 Assets held in separate accounts 92,330.5 4,782.9 5.3 97,118.7 Total assets $ 100,124.7 $ 76,633.7 $ 2,205.1 $ 178,963.5 Percentage of Level to total 56.0 % 42.8 % 1.2 % 100.0 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 2,029.6 $ 2,029.6 IUL — — 81.0 81.0 GMAB/GMWB/GMWBL — — 1,530.4 1,530.4 Stabilizer and MCGs — — 150.4 150.4 Other derivatives: Interest rate contracts 1.7 352.9 — 354.6 Foreign exchange contracts — 49.9 — 49.9 Equity contracts 0.8 49.6 — 50.4 Credit contracts — 0.5 15.3 15.8 Embedded derivative on reinsurance — 78.7 — 78.7 Total liabilities $ 2.5 $ 531.6 $ 3,806.7 $ 4,340.8 (1) Primarily U.S. dollar denominated. The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 3,030.6 $ 618.4 $ — $ 3,649.0 U.S. Government agencies and authorities — 352.6 — 352.6 State, municipalities and political subdivisions — 1,346.2 — 1,346.2 U.S. corporate public securities — 33,609.1 6.9 33,616.0 U.S. corporate private securities — 5,600.8 1,040.3 6,641.1 Foreign corporate public securities and foreign governments (1) — 8,009.8 13.8 8,023.6 Foreign corporate private securities (1) — 6,918.2 430.4 7,348.6 Residential mortgage-backed securities — 5,764.4 96.1 5,860.5 Commercial mortgage-backed securities — 4,061.2 31.4 4,092.6 Other asset-backed securities — 1,097.9 44.5 1,142.4 Total fixed maturities, including securities pledged 3,030.6 67,378.6 1,663.4 72,072.6 Equity securities, available-for-sale 234.3 — 97.4 331.7 Derivatives: Interest rate contracts — 1,129.1 — 1,129.1 Foreign exchange contracts — 96.9 — 96.9 Equity contracts 57.6 168.1 60.5 286.2 Credit contracts — 18.0 8.3 26.3 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 4,617.7 51.7 — 4,669.4 Assets held in separate accounts 91,887.2 4,623.7 3.9 96,514.8 Total assets $ 99,827.4 $ 73,466.1 $ 1,833.5 $ 175,127.0 Percentage of Level to total 57.0 % 42.0 % 1.0 % 100.0 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 1,820.1 $ 1,820.1 IUL — — 52.6 52.6 GMAB/GMWB/GMWBL — — 1,873.5 1,873.5 Stabilizer and MCGs — — 161.3 161.3 Other derivatives: Interest rate contracts 1.9 360.1 — 362.0 Foreign exchange contracts — 37.0 — 37.0 Equity contracts 11.9 53.9 — 65.8 Credit contracts — 6.3 16.4 22.7 Embedded derivative on reinsurance — 25.2 — 25.2 Total liabilities $ 13.8 $ 482.5 $ 3,923.9 $ 4,420.2 (1) Primarily U.S. dollar denominated. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2016 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 6.9 $ (0.3 ) $ 0.4 $ — $ — $ (2.1 ) $ (2.0 ) $ 19.2 $ — $ 22.1 $ — U.S. corporate private securities 1,040.3 — 7.2 428.7 — (37.0 ) (177.0 ) 81.9 (24.7 ) 1,319.4 0.1 Foreign corporate public securities and foreign governments (1) 13.8 (1.2 ) — — — — (0.3 ) — — 12.3 (1.3 ) Foreign corporate private securities (1) 430.4 (3.3 ) 20.5 — — (0.5 ) (74.6 ) 80.0 (11.6 ) 440.9 (3.3 ) Residential mortgage-backed securities 96.1 (7.7 ) (0.6 ) — — (14.9 ) (1.0 ) — — 71.9 (15.3 ) Commercial mortgage-backed securities 31.4 (0.9 ) 0.7 3.6 — — (11.8 ) 1.4 (1.0 ) 23.4 (0.9 ) Other asset-backed securities 44.5 — 0.4 45.2 — — (6.1 ) 9.7 (10.0 ) 83.7 — Total fixed maturities including securities pledged 1,663.4 (13.4 ) 28.6 477.5 — (54.5 ) (272.8 ) 192.2 (47.3 ) 1,973.7 (20.7 ) Year Ended December 31, 2016 (continued) Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Equity securities, available-for-sale $ 97.4 $ — $ 2.1 $ — $ — $ — $ — $ — $ — $ 99.5 $ — Derivatives: Guaranteed benefit derivatives: FIA (2) (1,820.1 ) (162.8 ) — — (238.1 ) — 191.4 — — (2,029.6 ) — IUL (2) (52.6 ) (12.6 ) — — (28.6 ) — 12.8 — — (81.0 ) — GMAB/GMWB/GMWBL (2) (1,873.5 ) 493.1 — — (150.5 ) — 0.5 — — (1,530.4 ) — Stabilizer and MCGs (2) (161.3 ) 15.6 — — (4.7 ) — — — — (150.4 ) — Other derivatives, net 52.4 13.1 — 53.3 — — (12.5 ) — — 106.3 53.9 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements — — — 5.0 — — — — — 5.0 — Assets held in separate accounts (5) 3.9 — — 3.0 — (0.4 ) — 2.7 (3.9 ) 5.3 — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2015 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 103.8 $ — $ (0.6 ) $ — $ — $ — $ (2.0 ) $ — $ (94.3 ) $ 6.9 $ — U.S. corporate private securities 978.8 0.5 (41.0 ) 308.9 — (10.2 ) (263.6 ) 66.9 — 1,040.3 0.2 Foreign corporate public securities and foreign governments (1) 13.5 (5.9 ) (1.4 ) — — — (7.6 ) 15.2 — 13.8 (5.9 ) Foreign corporate private securities (1) 435.2 (1.2 ) (8.9 ) 15.1 — — (103.7 ) 93.9 — 430.4 (1.8 ) Residential mortgage-backed securities 94.2 (7.1 ) (4.7 ) 9.9 — (5.6 ) (0.6 ) 12.6 (2.6 ) 96.1 (10.8 ) Commercial mortgage-backed securities 22.0 — (0.2 ) 37.6 — — (6.0 ) — (22.0 ) 31.4 — Other asset-backed securities 10.1 — 0.1 39.0 — — (2.5 ) 34.9 (37.1 ) 44.5 — Total fixed maturities including securities pledged 1,657.6 (13.7 ) (56.7 ) 410.5 — (15.8 ) (386.0 ) 223.5 (156.0 ) 1,663.4 (18.3 ) Year Ended December 31, 2015 (continued) Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Equity securities, available-for-sale $ 56.3 $ 2.6 $ 1.6 $ 39.9 $ — $ (3.0 ) $ — $ — $ — $ 97.4 $ (0.1 ) Derivatives: Guaranteed benefit derivatives: FIA (2) (1,970.0 ) 229.2 — — (253.6 ) — 174.3 — — (1,820.1 ) — IUL (2) — 8.7 — — (64.6 ) — 3.3 — — (52.6 ) — GMAB/GMWB/GMWBL (2) (1,527.7 ) (191.4 ) — — (155.0 ) — 0.6 — — (1,873.5 ) — Stabilizer and MCGs (2) (102.9 ) (53.7 ) — — (4.7 ) — — — — (161.3 ) — Other derivatives, net 72.1 (37.8 ) — 39.7 — — (21.6 ) — — 52.4 (19.6 ) Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 6.0 — — — — — (6.0 ) — — — — Assets held in separate accounts (5) 2.3 (0.1 ) — 4.1 — (0.1 ) — — (2.3 ) 3.9 — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2016 : Range (1) Unobservable Input GMWB / GMWBL GMAB FIA IUL Stabilizer/MCGs Long-term equity implied volatility 15% to 25% 15% to 25% — — — Interest rate implied volatility 0.1% to 18% 0.1% to 18% — — 0.1% to 7.5% Correlations between: Equity Funds -13% to 99% -13% to 99% — — — Equity and Fixed Income Funds -38% to 62% -38% to 62% — — — Interest Rates and Equity Funds -32% to 26% -32% to 26% — — — Nonperformance risk 0.25% to 1.6% 0.25% to 1.6% 0.25% to 1.6% 0.25% to 0.69% 0.25% to 1.6% Actuarial Assumptions: Benefit Utilization 85% to 100% (2) — — — — Partial Withdrawals — 0% to 3.4% 0% to 10% — — Lapses 0.11% to 12.15% (3)(4) 0.4% to 19.1% (3)(4) 0% to 60% (3) 2% to 10% 0 % to 50% (5) Policyholder Deposits (6) — — — — 0 % to 50% (5) Mortality — (7) — (7) — (7) — (8) — (1) Represents the range of reasonable assumptions that management has used in its fair value calculations. (2) Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, 40% are taking systematic withdrawals. The Company assumes that 85% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing at age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2016 (account value amounts are in $ billions). Account Values Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years)** < 60 $ 1.9 $ — * $ 1.9 9.9 60-69 5.7 0.1 5.8 4.9 70+ 5.8 0.1 5.9 3.0 $ 13.4 $ 0.2 $ 13.6 5.5 * Less than $0.1 ** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and 15% of policies the Company assumes will never withdraw until age 100. (3) Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. (4) The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2016 (account value amounts are in $ billions). Lapse ranges are based on weighted average ranges of underlying account value exposure. GMAB GMWB/GMWBL Moneyness Account Value Lapse Range Account Value Lapse Range During Surrender Charge Period In the Money** $ — 0.4% to 6.9% $ 2.0 0.1% to 4.5% Out of the Money — 1.6% to 7.6% — * 0.6% to 4.7% Shock Lapse Period In the Money** $ — 4.7% to 17.3% $ 2.8 2.3% to 11.6% Out of the Money — 17.3% to 19.1% — * 11.6% to 12.2% After Surrender Charge Period In the Money** $ — 2.8% to 10.6% $ 8.7 1.4% to 6.7% Out of the Money 0.1 10.6% to 11.7% 0.6 6.7% to 7.0% * Less than $0.1. ** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness." (5) Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: Percentage of Plans Overall Range of Lapse Rates Range of Lapse Rates for 85% of Plans Overall Range of Policyholder Deposits Range of Policyholder Deposits for 85% of Plans Stabilizer (Investment Only) and MCG Contracts 93 % 0-25% 0-15% 0-30% 0-15% Stabilizer with Recordkeeping Agreements 7 % 0-50% 0-30% 0-50% 0-25% Aggregate of all plans 100 % 0-50% 0-30% 0-50% 0-25% (6) Measured as a percentage of assets under management or assets under administration. (7) The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements. (8) The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements. The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2015 : Range (1) Unobservable Input GMWB / GMWBL GMAB FIA IUL Stabilizer/MCGs Long-term equity implied volatility 15% to 25% 15% to 25% — — — Interest rate implied volatility 0.1% to 18% 0.1% to 18% — — 0.1% to 7.3% Correlations between: Equity Funds 48% to 98% 48% to 98% — — — Equity and Fixed Income Funds -38% to 62% -38% to 62% — — — Interest Rates and Equity Funds -32% to 16% -32% to 16% — — — Nonperformance risk 0.23% to 1.3% 0.23% to 1.3% 0.23% to 1.3% 0.23% to 0.9% 0.23% to 1.3% Actuarial Assumptions: Benefit Utilization 85% to 100% (2) — — — — Partial Withdrawals 0% to 10% 0% to 10% 0% to 10% — — Lapses 0.08% to 22% (3) (4) 0.08% to 25% (3) (4) 0% to 60% (3) 2% to 10% 0% to 50% (5) Policyholder Deposits (6) — — — — 0% to 50% (5) Mortality — (7) — (7) — (7) — (8) — (1) Represents the range of reasonable assumptions that management has used in its fair value calculations. (2) Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 36% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, the Company assumes that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2015 (account value amounts are in $ billions). Account Values Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years)** < 60 $ 2.3 $ — $ 2.3 9.0 60-69 6.2 — 6.2 4.2 70+ 5.5 — 5.5 2.4 $ 14.0 $ — $ 14.0 4.9 ** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and policies the Company assumes will never withdraw. (3) Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. (4) The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2015 (account value amounts are in $ billions). The December 31, 2015 presentation and calculation of the lapse ranges has been made consistent with the current period. Lapse ranges are based on weighted average ranges of underlying account value exposure. GMAB GMWB/GMWBL Moneyness Account Value Lapse Range Account Value Lapse Range During Surrender Charge Period In the Money** $ — 0.4% to 6.9% $ 5.0 0.1% to 4.5% Out of the Money — * 1.6% to 7.6% — * 0.6% to 4.7% Shock Lapse Period In the Money** — * 5.4% to 22.3% 2.0 3.0% to 13.7% Out of the Money — * 22.3% to 24.5% — * 13.7% to 14.4% After Surrender Charge Period In the Money** $ — * 2.8% to 12.1% $ 7.1 1.8% to 7.9% Out of the Money — * 12.1% to 13.3% 0.6 7.9% to 8.2% * Less than $0.1. ** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness." (5) Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: Percentage of Plans Overall Range of Lapse Rates Range of Lapse Rates for 85% of Plans Overall Range of Policyholder Deposits Range of Policyholder Deposits for 85% of Plans Stabilizer (Investment Only) and MCG Contracts 90 % 0-25% 0-15% 0-30% 0-15% Stabilizer with Recordkeeping Agreements 10 % 0-50% 0-30% 0-50% 0-25% Aggregate of all plans 100 % 0-50% 0-30% 0-50% 0-25% (6) Measured as a percentage of assets under management or assets under administration. (7) The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements. (8) The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements. |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated: December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturities, including securities pledged $ 75,338.1 $ 75,338.1 $ 72,072.6 $ 72,072.6 Equity securities, available-for-sale 274.2 274.2 331.7 331.7 Mortgage loans on real estate 11,725.2 11,960.7 10,447.5 10,881.4 Policy loans 1,961.5 1,961.5 2,002.7 2,002.7 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 4,520.1 4,520.1 4,669.4 4,669.4 Derivatives 1,712.4 1,712.4 1,538.5 1,538.5 Other investments 47.4 57.2 91.6 101.5 Assets held in separate accounts 97,118.7 97,118.7 96,514.8 96,514.8 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 53,314.1 57,561.3 51,361.7 56,884.4 Funding agreements with fixed maturities and guaranteed investment contracts 472.9 469.8 1,488.5 1,463.1 Supplementary contracts, immediate annuities and other 3,878.9 4,120.5 2,948.1 3,162.8 Derivatives: Guaranteed benefit derivatives: FIA 2,029.6 2,029.6 1,820.1 1,820.1 IUL 81.0 81.0 52.6 52.6 GMAB / GMWB / GMWBL 1,530.4 1,530.4 1,873.5 1,873.5 Stabilizer and MCGs 150.4 150.4 161.3 161.3 Other derivatives 470.7 470.7 487.5 487.5 Long-term debt 3,549.5 3,737.9 3,485.9 3,772.7 Embedded derivative on reinsurance 78.7 78.7 25.2 25.2 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. |
Deferred Policy Acquisition C40
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Total Balance at January 1, 2014 $ 4,316.1 $ 1,035.5 $ 5,351.6 Deferrals of commissions and expenses 371.6 12.7 384.3 Amortization: Amortization (535.2 ) (166.1 ) (701.3 ) (1) Interest accrued 233.8 88.2 (2) 322.0 Net amortization included in Consolidated Statements of Operations (301.4 ) (77.9 ) (379.3 ) Change in unrealized capital gains/losses on available-for-sale securities (495.4 ) (290.3 ) (785.7 ) Balance at December 31, 2014 3,890.9 680.0 4,570.9 Deferrals of commissions and expenses 375.9 10.8 386.7 Amortization: Amortization (798.7 ) (177.1 ) (975.8 ) (1) Interest accrued 228.1 84.3 (2) 312.4 Net amortization included in Consolidated Statements of Operations (570.6 ) (92.8 ) (663.4 ) Change in unrealized capital gains/losses on available-for-sale securities 661.3 414.6 1,075.9 Balance as of December 31, 2015 4,357.5 1,012.6 5,370.1 Deferrals of commissions and expenses 376.7 9.4 386.1 Amortization: Amortization (627.6 ) (227.1 ) (854.7 ) (1) Interest accrued 226.9 76.8 (2) 303.7 Net amortization included in Consolidated Statements of Operations (400.7 ) (150.3 ) (551.0 ) Change in unrealized capital gains/losses on available-for-sale securities (268.9 ) (48.8 ) (317.7 ) Balance as of December 31, 2016 $ 4,064.6 $ 822.9 $ 4,887.5 (1) Includes DAC/VOBA unlocking of $(65.8) , $(97.8) , and $255.1 for the years ended December 31, 2016 , 2015 , and 2014 , respectively, and loss recognition for DAC and VOBA of $80.7 and $4.4 , respectively, during 2016 . There was no loss recognition for DAC and VOBA during 2015 and 2014 . (2) Interest accrued at the following rates for VOBA: 4.1% to 7.5% during 2016 , 3.5% to 7.5% during 2015 and 3.1% to 7.5% during 2014 . |
Estimated Amount of VOBA Amortization Expense | The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. Year Amount 2017 $ 86.3 2018 70.2 2019 60.8 2020 57.1 2021 54.7 |
Reserves for Future Policy Be41
Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Schedule of future policy benefits and contract owner account balances | Future policy benefits and contract owner account balances were as follows as of December 31, 2016 and 2015 : 2016 2015 Future policy benefits: Individual and group life insurance contracts $ 8,294.7 $ 8,356.5 Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies 12,314.7 10,262.9 Accident and health 837.8 888.6 Total $ 21,447.2 $ 19,508.0 Contract owner account balances: GICs $ 461.9 $ 1,430.0 Universal life-type contracts 14,626.3 14,892.2 Fixed annuities and payout contracts without life contingencies 40,945.1 38,531.7 Fixed-indexed annuities 14,572.9 13,810.2 Total $ 70,606.2 $ 68,664.1 |
Guaranteed Benefit Features (Ta
Guaranteed Benefit Features (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Schedule of Assumptions and Methodology Used to Determine Additional Reserves | The following assumptions and methodologies were used to determine the guaranteed reserves for CBVA contracts as of December 31, 2016 and 2015 : Area Assumptions/Basis for Assumptions Data used Based on 1,000 investment performance scenarios. Mean investment performance GMDB and GMIB: The overall blended mean is 7.8% based on a single fund group. GMAB/GMWB/GMWBL: Zero rate curve. Volatility GMDB: 14.2% for 2016 and 15.1% for 2015. GMIB: 14.2% for 2016 and 15.1% for 2015. GMAB/GMWB/GMWBL: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. Mortality Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement through December 31, 2016, further adjusted for company experience. Lapse rates Vary by contract type, share class, time remaining in the surrender charge period and in-the-moneyness. Discount rates GMDB/GMIB: 5.5% for 2016 and 2015. GMAB/GMWB/GMWBL: Zero rate curve plus adjustment for nonperformance risk. |
Schedule of Minimum Guaranteed Benefit Liabilities | The paid and incurred amounts were as follows for the years ended December 31, 2016 , 2015 and 2014 : UL and VUL (1) GMDB (2) GMAB/ GMWB GMIB GMWBL Stabilizer and MCGs (3) Separate account liability at December 31, 2016 $ 488.1 $ 32,513.3 $ 564.4 $ 10,110.4 $ 13,594.4 $ 37,577.1 Separate account liability at December 31, 2015 $ 503.3 $ 35,117.4 $ 629.7 $ 11,669.3 $ 14,114.2 $ 36,014.5 Additional liability balance: Balance at January 1, 2014 $ 967.8 $ 350.7 $ 31.7 $ 1,069.4 $ 834.2 $ — Incurred guaranteed benefits 529.3 112.0 4.9 262.6 657.6 102.9 Paid guaranteed benefits (402.1 ) (74.5 ) (0.7 ) (175.8 ) — — Balance at December 31, 2014 1,095.0 388.2 35.9 1,156.2 1,491.8 102.9 Incurred guaranteed benefits 554.2 238.1 (3.2 ) 447.8 349.6 58.4 Paid guaranteed benefits (451.7 ) (91.9 ) (0.6 ) (162.0 ) — — Balance at December 31, 2015 1,197.5 534.4 32.1 1,442.0 1,841.4 161.3 Incurred guaranteed benefits 614.4 134.9 (7.9 ) 453.5 (334.7 ) (10.9 ) Paid guaranteed benefits (496.1 ) (137.7 ) (0.5 ) (517.9 ) — — Balance at December 31, 2016 $ 1,315.8 $ 531.6 $ 23.7 $ 1,377.6 $ 1,506.7 $ 150.4 (1) The additional liability balances as of December 31, 2016 , 2015 , 2014 and as of January 1, 2014 are presented net of reinsurance of $1,005.6 , $935.3 , $874.2 and $776.7 , respectively. (2) The additional liability balances as of December 31, 2016 , 2015 , 2014 and as of January 1, 2014 are presented net of reinsurance of $44.3 , $56.6 , $50.1 and $52.5 , respectively. (3) The Separate account liability at December 31, 2016 and 2015 includes $30.4 billion and $29.1 billion , respectively, of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets. |
Schedule of Net Amount of Risk by Product and Guarantee | The general and separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts were as follows as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Secondary Guarantees Paid-up Guarantees Secondary Guarantees Paid-up Guarantees UL and VUL Contracts: Account value (general and separate account) $ 3,262.3 $ — $ 3,309.2 $ — Net amount at risk, net of reinsurance $ 16,371.8 $ — $ 16,955.1 $ — Weighted average attained age 63 — 62 — The separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts were as follows as of December 31, 2016 and 2015 : December 31, 2016 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Separate account value $ 32,513.3 $ 564.4 $ 10,110.4 $ 13,594.4 Net amount at risk, net of reinsurance $ 5,562.8 $ 14.6 $ 2,945.8 $ 2,209.8 Weighted average attained age 71 73 63 68 December 31, 2015 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Separate account value $ 35,117.4 $ 629.7 $ 11,669.3 $ 14,114.2 Net amount at risk, net of reinsurance $ 6,152.3 $ 18.8 $ 3,044.3 $ 2,106.3 Weighted average attained age 70 72 63 67 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Equity securities (including mutual funds): Equity funds $ 24,494.9 $ 26,612.5 Bond funds 3,799.0 4,106.8 Balanced funds 4,784.5 4,918.1 Money market funds 533.9 602.8 Other 97.9 113.7 Total $ 33,710.2 $ 36,353.9 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Effects of Reinsurance | Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated: December 31, 2016 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 105.4 $ 357.9 $ (403.9 ) $ 59.4 Reinsurance recoverable — — 7,258.6 7,258.6 Total $ 105.4 $ 357.9 $ 6,854.7 $ 7,318.0 Liabilities Future policy benefits and contract owner account balances $ 88,759.5 $ 3,293.9 $ (7,258.6 ) $ 84,794.8 Liability for funds withheld under reinsurance agreements 729.1 — — 729.1 Total $ 89,488.6 $ 3,293.9 $ (7,258.6 ) $ 85,523.9 December 31, 2015 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 98.5 $ 387.6 $ (453.0 ) $ 33.1 Reinsurance recoverable — — 7,653.7 7,653.7 Total $ 98.5 $ 387.6 $ 7,200.7 $ 7,686.8 Liabilities Future policy benefits and contract owner account balances $ 84,653.9 $ 3,518.2 $ (7,653.7 ) $ 80,518.4 Liability for funds withheld under reinsurance agreements 702.4 — — 702.4 Total $ 85,356.3 $ 3,518.2 $ (7,653.7 ) $ 81,220.8 Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the periods indicated: Year ended December 31, 2016 2015 2014 Premiums: Direct premiums $ 4,004.7 $ 3,445.5 $ 2,891.0 Reinsurance assumed 1,221.8 1,190.9 1,238.3 Reinsurance ceded (1,711.9 ) (1,611.9 ) (1,502.9 ) Net premiums $ 3,514.6 $ 3,024.5 $ 2,626.4 Fee income: Gross fee income $ 3,363.6 $ 3,485.3 $ 3,637.3 Reinsurance ceded (3.8 ) (4.2 ) (4.8 ) Net fee income $ 3,359.8 $ 3,481.1 $ 3,632.5 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 8,070.8 $ 7,226.9 $ 6,159.4 Reinsurance assumed 1,212.5 1,067.6 1,267.3 Reinsurance ceded (1) (1,769.8 ) (1,784.5 ) (1,488.8 ) Net interest credited and other benefits to contract owners / policyholders $ 7,513.5 $ 6,510.0 $ 5,937.9 (1) Includes $482.1 , $452.7 and $435.4 for amounts paid to reinsurers in connection with the Company's UL contracts for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of other intangible assets | The following table presents other intangible assets as of the dates indicated: Weighted Average Amortization Lives December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management contract rights 20 years $ 550.0 $ 449.2 $ 100.8 $ 550.0 $ 421.7 $ 128.3 Customer relationship lists 20 years 115.8 67.5 48.3 115.8 59.0 56.8 Computer software 3 years 355.9 316.6 39.3 324.7 290.1 34.6 Total intangible assets $ 1,021.7 $ 833.3 $ 188.4 $ 990.5 $ 770.8 $ 219.7 |
Schedule of estimated amortization expense of intangible assets | The estimated amortization of intangible assets are as follows: Year Amount 2017 $ 56.2 2018 49.9 2019 37.6 2020 25.0 2021 5.8 Thereafter 13.9 |
Share-Based Incentive Compens45
Share-Based Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of valuation assumptions | The fair value of stock options is estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during 2015 : Expected volatility 28.6 % Expected term (in years) 6.02 Strike price $ 37.60 Risk-free interest rate 2.1 % Expected dividend yield 0.11 % Weighted average estimated fair value $ 11.89 |
Schedule of compensation cost recognized and related income tax benefit for stock based compensation plans | The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated: Year Ended December 31, 2016 2015 2014 RSUs (1) $ 61.9 $ 54.8 $ 45.4 RSUs - Deal incentive awards — 2.1 8.5 PSU awards (2) 31.8 45.2 60.1 Stock options 13.8 0.6 — Phantom Plan 1.9 4.0 4.2 Total 109.4 106.7 118.2 Income tax benefit 38.3 37.3 41.4 Share-based compensation $ 71.1 $ 69.4 $ 76.8 (1) This table includes immaterial compensation cost for ING Group RSUs awarded under the Long-Term Sustainable Performance Plan ("LSPP") for the year ended December 31, 2016 and compensation costs of $0.8 and $6.9 for ING Group RSUs awarded under the LSPP for the years ended December 31, 2015 and 2014 , respectively. (2) This table includes immaterial compensation cost for ING Group RSUs awarded under the LSPP for the year ended December 31, 2016 and compensation costs of $7.9 and $30.6 for ING Group PSUs awarded under the LSPP for the years ended December 31, 2015 and 2014 , respectively. |
Schedule of summary of the fair value of awards vested | The following tables summarize the number of awards under the Omnibus Plans for the periods indicated: RSUs PSU Awards Stock Options (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards (1) Weighted Average Grant Date Fair Value Number of Awards (2) Weighted Average Grant Date Fair Value Outstanding at January 1, 2016 3.5 $ 34.81 0.8 $ 44.21 3.8 $ 11.89 Adjusted for PSU performance factor N/A N/A 0.1 44.15 — — Granted 1.9 31.68 1.7 28.83 — — Vested (1.8 ) 31.36 (0.9 ) 44.07 — — Forfeited (0.3 ) 34.12 (0.2 ) 28.89 (0.5 ) 11.89 Outstanding at December 31, 2016 3.3 $ 35.02 1.5 $ 28.88 3.3 $ 11.89 Awards expected to vest as of December 31, 2016 3.3 $ 35.02 1.5 $ 28.88 3.3 $ 11.89 (1) Based upon performance through December 31, 2016 , recipients of performance awards would be entitled to 106.0% of shares at the vesting date. The performance awards are included in the preceding table as if the participants earn shares equal to 100% of the units granted. (2) Vesting of stock options is contingent on satisfaction of specified performance conditions on or before December 31, 2018. As of December 31, 2016 , none of the performance conditions have been satisfied. RSUs PSU Awards Stock Options Unrecognized compensation cost $ 34.7 $ 19.7 $ 24.5 Expected remaining weighted-average period of expense recognition (in years) 1.6 2.0 2.0 |
Shareholder's Equity (Tables)
Shareholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2014 261.8 0.1 261.7 Common Shares issued — — — Common Shares acquired - share repurchase — 21.2 (21.2 ) Share-based compensation programs 1.9 0.5 1.4 Balance, December 31, 2014 263.7 21.8 241.9 Common Shares issued — — — Common Shares acquired - share repurchase — 34.3 (34.3 ) Share-based compensation programs 1.6 0.1 1.5 Balance, December 31, 2015 265.3 56.2 209.1 Common Shares issued — * — — * Common Shares acquired - share repurchase — 17.0 (17.0 ) Share-based compensation programs 2.7 0.2 2.5 Balance, December 31, 2016 268.0 73.4 194.6 * Less than 0.1. |
Earnings per Common Share Earni
Earnings per Common Share Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: (in millions, except for per share data) Year Ended December 31, Earnings 2016 2015 2014 Net income (loss) available to common shareholders Net income (loss) $ (398.7 ) $ 538.6 $ 2,532.7 Less: Net income (loss) attributable to noncontrolling interest 29.3 130.3 237.7 Net income (loss) available to common shareholders $ (428.0 ) $ 408.3 $ 2,295.0 Weighted-average common shares outstanding Basic 200.8 225.4 253.1 Dilutive Effects: (1)(2) RSUs — 1.8 1.3 RSUs - Deal incentive awards — — 0.3 PSU awards — 0.2 0.4 Diluted 200.8 227.4 255.1 Net income (loss) per common share Basic $ (2.13 ) $ 1.81 $ 9.07 Diluted (2.13 ) 1.80 9.00 (1) For the year s ended December 31, 2016 , 2015 and 2014 , weighted average shares used for calculating earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For more information on warrants, see the Shareholders' Equity Note to these Consolidated Financial Statements. (2) For year ending December 31, 2016 , weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.7 and 0.2 shares for stock compensation plans of RSU awards and PSU awards, respectively, would be antidilutive to the earnings per share calculation due to the net loss in the period. |
Insurance Subsidiaries (Tables)
Insurance Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Schedule of statutory net income (loss) | Statutory Net income (loss) for the years ended December 31, 2016 , 2015 and 2014 and statutory capital and surplus as of December 31, 2016 and 2015 of the Company's Principal Insurance Subsidiaries are as follows: Statutory Net Income (Loss) Statutory Capital and Surplus 2016 2015 2014 2016 2015 Subsidiary Name (State of Domicile): Voya Insurance and Annuity Company ("VIAC") (IA) $ 232.4 $ 553.3 $ 335.6 $ 1,906.2 $ 2,074.8 Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) 266.2 317.5 321.7 1,959.3 2,030.2 Security Life of Denver Insurance Company (CO) 93.2 (244.5 ) 141.6 897.1 858.3 ReliaStar Life Insurance Company ("RLI") (MN) (506.6 ) 74.2 103.9 1,662.0 1,609.2 |
Schedule of dividends permitted | The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings Inc. without the need for insurance regulatory approval for the periods presented: Dividends Permitted without Approval 2017 2016 2015 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) $ 278.9 $ 447.5 $ 394.1 Voya Retirement Insurance and Annuity Company (CT) 265.9 364.1 321.8 Security Life of Denver Insurance Company (CO) 73.6 54.9 111.6 ReliaStar Life Insurance Company (MN) — — 194.2 |
Schedule of dividends paid and return of capital distributions | The following table summarizes dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated: Dividends Paid Extraordinary Distributions Paid Year Ended December 31, Year Ended December 31, 2016 2015 2016 2015 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) $ 373.0 $ 394.0 $ — $ 98.0 Voya Retirement Insurance and Annuity Company (CT) 278.0 321.0 — — Security Life of Denver Insurance Company (CO) 54.0 111.0 — 130.0 ReliaStar Life Insurance Company (MN) — 194.0 100.0 280.0 |
Employee Benefit Arrangements (
Employee Benefit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2016 and 2015 : Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Change in benefit obligation: Benefit obligations, January 1 $ 2,054.0 $ 2,452.8 $ 28.0 $ 31.1 Service cost 25.4 26.4 — — Interest cost 96.1 104.0 1.1 1.0 Plan participants' contribution — — 0.1 0.1 Net actuarial (gains) losses 32.5 (184.5 ) (1.6 ) (1.1 ) Benefits paid (91.9 ) (90.9 ) (3.3 ) (3.1 ) Lump sum benefits settled for terminated vested participants for the Retirement Plan — (253.8 ) — — Plan amendments — — (3.4 ) — Benefit obligations, December 31 2,116.1 2,054.0 20.9 28.0 Change in plan assets: Fair value of plan net assets, January 1 1,394.6 1,657.7 — — Actual return on plan assets 79.6 (0.7 ) — — Employer contributions 80.4 82.3 3.2 3.0 Plan participants' contributions — — 0.1 0.1 Benefits paid (91.9 ) (90.9 ) (3.3 ) (3.1 ) Lump sum benefits settled for terminated vested participants for the Retirement Plan — (253.8 ) — — Fair value of plan net assets, December 31 1,462.7 1,394.6 — — Unfunded status at end of year (1) $ (653.4 ) $ (659.4 ) $ (20.9 ) $ (28.0 ) (1) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations. |
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss) | The following table summarizes amounts recognized on the Consolidated Balance Sheets and in AOCI were as follows as of December 31, 2016 and 2015 : Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued benefit cost $ (653.4 ) $ (659.4 ) $ (20.9 ) $ (28.0 ) Net amount recognized $ (653.4 ) $ (659.4 ) $ (20.9 ) $ (28.0 ) Accumulated other comprehensive (income) loss: Prior service cost (credit) $ (21.4 ) $ (31.8 ) $ (18.4 ) $ (18.2 ) Tax effect 7.5 11.1 6.4 6.4 Accumulated other comprehensive (income) loss, net of tax $ (13.9 ) $ (20.7 ) $ (12.0 ) $ (11.8 ) |
Schedule of Defined Benefit Plans Disclosures | The following table summarizes information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2016 and 2015 : Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Projected benefit obligation $ 2,116.1 $ 2,054.0 $ 20.9 $ 28.0 Accumulated benefit obligation 2,110.7 2,049.8 N/A N/A Fair value of plan assets 1,462.7 1,394.6 — — |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2016 , 2015 and 2014 : Pension Plans Other Postretirement Benefits 2016 2015 2014 2016 2015 2014 Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: Service cost $ 25.4 $ 26.4 $ 26.8 $ — $ — $ — Interest cost 96.1 104.0 96.2 1.1 1.0 1.5 Expected return on plan assets (104.0 ) (122.2 ) (114.3 ) — — — Amortization of prior service cost (credit) (10.4 ) (10.4 ) (10.4 ) (3.3 ) (3.3 ) (3.4 ) Net (gain) loss recognition 56.8 (61.6 ) 376.4 (1.6 ) (1.1 ) (3.7 ) Net periodic (benefit) costs 63.9 (63.8 ) 374.7 (3.8 ) (3.4 ) (5.6 ) Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: Amortization of prior service (credit) cost 10.4 10.4 10.4 (0.2 ) 3.3 3.4 Total recognized in AOCI 10.4 10.4 10.4 (0.2 ) 3.3 3.4 Total recognized in net periodic (benefit) costs and AOCI $ 74.3 $ (53.4 ) $ 385.1 $ (4.0 ) $ (0.1 ) $ (2.2 ) The table below illustrates the breakdown of the net actuarial (gains) losses related to Pension and Other postretirement benefit obligations reported within Operating expenses in the Consolidated Statements of Operations as of the periods presented: (Gain)/Loss Recognized 2016 2015 2014 Discount Rate $ 69.5 $ (132.4 ) $ 200.2 Asset Returns 24.4 122.9 (42.4 ) Mortality Table Assumptions (22.4 ) (32.3 ) 202.1 Demographic Data and other (16.3 ) (20.9 ) 12.8 Total Net Actuarial (Gain)/Loss Recognized $ 55.2 $ (62.7 ) $ 372.7 The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2017 are as follows: Pension Plans Other Postretirement Benefits Amortization of prior service cost (credit) $ (10.4 ) $ (3.6 ) |
Schedule of Assumptions Used | The weighted-average assumptions used in determining benefit obligations were as follows: Pension Plans Other Postretirement Benefits 2016 2015 2016 2015 Discount rate 4.55 % 4.81 % 4.55 % 4.81 % Rate of compensation increase 4.00 % 4.00 % N/A N/A The weighted-average assumptions used in determining net benefit cost were as follows: Pension Plans Other Postretirement Benefits 2016 2015 2014 2016 2015 2014 Discount rate 4.81 % 4.36 % 4.95 % 4.81 % 4.36 % 4.95 % Rate of compensation increase 4.00 % 4.00 % 4.00 % N/A N/A N/A Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % N/A N/A N/A |
Schedule of Health Care Cost Trend Rates | Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects: One Percentage Point Increase One Percentage Point Decrease Effect on the aggregate of service and interest cost components $ — * $ — * Effect on accumulated postretirement benefit obligation 0.9 (0.7 ) * Less than $0.1 . |
Schedule of Allocation of Plan Assets | The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2016 and 2015 : Actual Asset Allocation 2016 2015 Equity securities: Target allocation range 37%-65% 37%-65% Large-cap domestic 23.7 % 24.2 % Small/Mid-cap domestic 6.4 % 5.6 % International commingled funds 11.6 % 11.4 % Limited Partnerships 3.4 % 4.1 % Total equity securities 45.1 % 45.3 % Fixed maturities: Target allocation range 30%-50% 30%-50% U.S. Treasuries, short term investments, cash and futures 6.3 % 7.2 % U.S. Government agencies and authorities 4.2 % 4.8 % U.S. corporate, state and municipalities 29.7 % 28.5 % Foreign securities 4.3 % 3.6 % Commercial mortgage-backed securities 0.1 % 0.1 % Total fixed maturities 44.6 % 44.2 % Other investments: Target allocation range 6%-14% 6%-14% Hedge funds 4.8 % 5.1 % Real estate 5.5 % 5.4 % Total other investments 10.3 % 10.5 % Total 100.0 % 100.0 % The following table summarizes the fair values of the pension plan assets as of December 31, 2016 by asset class were as follows: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short-term investments and cash: Cash and cash equivalents $ 2.2 $ — $ — $ — $ 2.2 Short-term investment fund (1) — — — 89.5 89.5 U.S. Government securities 61.1 — — — 61.1 U.S. corporate, state and municipalities — 434.5 — — 434.5 Foreign securities — 63.4 — — 63.4 Commercial mortgage-backed securities — 1.2 — — 1.2 Other asset-backed securities — 0.2 — — 0.2 Total fixed maturities 63.3 499.3 — 89.5 652.1 Equity securities: Large-cap domestic 347.1 — — — 347.1 Small/Mid-cap domestic 94.3 — — — 94.3 International commingled funds (2) — — — 169.6 169.6 Limited partnerships (3) — — — 49.4 49.4 Total equity securities 441.4 — — 219.0 660.4 Other investments: Real estate (4) — — — 80.9 80.9 Limited partnerships (5) — — — 69.6 69.6 Futures (0.3 ) — — — (0.3 ) Total other investments (0.3 ) — — 150.5 150.2 Net, total pension assets $ 504.4 $ 499.3 $ — $ 459.0 $ 1,462.7 (1) This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $83.8 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $85.8 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $7.4 and Pantheon USA has a balance of $42.0 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2016 , Pantheon Europe and Pantheon USA have unfunded commitments of $1.3 and $4.6 , respectively, and there were no significant redemption restrictions. (4) UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $80.9 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter. (5) Magnitude Institutional, Ltd. ("MIL") has a balance of $69.6 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. The following table summarizes the fair values of the pension plan assets as of December 31, 2015 by asset class were as follows: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short term investments and cash: Cash and cash equivalents $ 1.4 $ — $ — $ — $ 1.4 Short-term investment fund (1) — — — 98.3 98.3 U.S. Government securities 66.2 — — — 66.2 U.S. corporate, state and municipalities 1.0 396.3 — — 397.3 Foreign securities — 50.3 — — 50.3 Commercial mortgage-backed securities — 1.4 — — 1.4 Other asset-backed securities — 0.3 — — 0.3 Total fixed maturities 68.6 448.3 — 98.3 615.2 Equity securities: Large-cap domestic 337.5 — — — 337.5 Small/Mid-cap domestic 77.8 — — — 77.8 International commingled funds (2) — — — 159.4 159.4 Limited partnerships (3) — — — 57.9 57.9 Total equity securities 415.3 — — 217.3 632.6 Other investments: Real estate (4) — — — 75.5 75.5 Limited partnerships (5) — — — 71.0 71.0 Futures 0.3 — — — 0.3 Total other investments 0.3 — — 146.5 146.8 Net, total pension assets $ 484.2 $ 448.3 $ — $ 462.1 $ 1,394.6 (1) This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participants redemptions in the Short-term Investment Fund were the result of the normal course of business, the Trustee permitted redemptions in cash. In order to control liquidity and realized losses on the sale of securities in the Short-term Investment Fund, requests for cash redemptions were not permitted where participants desired to exit the Short-term investment fund. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $79.6 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $79.8 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $9.8 and Pantheon USA has a balance of $48.1 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2015 , Pantheon Europe and Pantheon USA have unfunded commitments of $1.5 and $5.6 , respectively, and there were no significant redemption restrictions. (4) UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $75.5 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. (5) MIL has a balance of $71.0 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. |
Schedule of Expected Benefit Payments | The following table summarizes the expected benefit payments for the Company's pension and postretirement plans to be paid for the years indicated: Pension Benefits Other Postretirement Benefits Gross 2017 $ 116.4 $ 2.0 2018 120.1 1.7 2019 121.8 1.7 2020 125.1 1.6 2021 128.1 1.6 2022-2026 661.4 6.7 |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated: December 31, 2016 2015 2014 Fixed maturities, net of OTTI $ 3,412.8 $ 2,122.7 $ 5,844.8 Equity securities, available-for-sale 32.4 31.3 29.8 Derivatives 257.8 259.1 229.4 DAC/VOBA adjustment on available-for-sale securities (1,082.5 ) (764.8 ) (1,840.7 ) Premium deficiency reserve (53.7 ) — — Sales inducements adjustment on available-for-sale securities (168.8 ) (22.6 ) (75.1 ) Other (30.8 ) (31.3 ) (31.4 ) Unrealized capital gains (losses), before tax 2,367.2 1,594.4 4,156.8 Deferred income tax asset (liability) (371.4 ) (202.0 ) (1,094.5 ) Net unrealized capital gains (losses) 1,995.8 1,392.4 3,062.3 Pension and other postretirement benefits liability, net of tax 25.9 32.5 41.4 AOCI $ 2,021.7 $ 1,424.9 $ 3,103.7 |
Schedule of Amounts Recognized in Other Comprehensive Income | Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: December 31, 2016 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 1,167.6 $ (307.5 ) (4) $ 860.1 Equity securities 2.5 (0.9 ) 1.6 Other 0.5 (0.2 ) 0.3 OTTI 23.7 (8.3 ) 15.4 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 97.4 (34.1 ) 63.3 DAC/VOBA (317.7 ) (1) 111.2 (206.5 ) Premium deficiency reserve (53.7 ) 18.8 (34.9 ) Sales inducements (146.2 ) 51.2 (95.0 ) Change in unrealized gains/losses on available-for-sale securities 774.1 (169.8 ) 604.3 Derivatives: Derivatives 19.4 (2) (6.8 ) 12.6 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (20.7 ) 7.2 (13.5 ) Change in unrealized gains/losses on derivatives (1.3 ) 0.4 (0.9 ) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (10.2 ) (3) 3.6 (6.6 ) Change in pension and other postretirement benefits liability (10.2 ) 3.6 (6.6 ) Change in Other comprehensive income (loss) $ 762.6 $ (165.8 ) $ 596.8 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. (4) Amount includes $100.8 decrease in valuation allowance. See the Income Taxes Note to these Consolidated Financial Statements for additional information. December 31, 2015 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,863.0 ) $ 1,347.7 $ (2,515.3 ) Equity securities 1.5 (0.5 ) 1.0 Other 0.1 — 0.1 OTTI 18.8 (6.6 ) 12.2 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 122.1 (42.7 ) 79.4 DAC/VOBA 1,075.9 (1) (376.6 ) 699.3 Premium deficiency reserve — — — Sales inducements 52.5 (18.4 ) 34.1 Change in unrealized gains/losses on available-for-sale securities (2,592.1 ) 902.9 (1,689.2 ) Derivatives: Derivatives 44.3 (2) (15.5 ) 28.8 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (14.6 ) 5.1 (9.5 ) Change in unrealized gains/losses on derivatives 29.7 (10.4 ) 19.3 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (13.7 ) (3) 4.8 (8.9 ) Change in pension and other postretirement benefits liability (13.7 ) 4.8 (8.9 ) Change in Other comprehensive income (loss) $ (2,576.1 ) $ 897.3 $ (1,678.8 ) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. December 31, 2014 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 2,693.0 $ (946.8 ) $ 1,746.2 Equity securities (17.2 ) 6.0 (11.2 ) Other (3.7 ) 1.3 (2.4 ) OTTI 40.0 (14.0 ) 26.0 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations (53.5 ) 18.7 (34.8 ) DAC/VOBA (785.7 ) (1) 275.0 (510.7 ) Premium deficiency reserve — — — Sales inducements (17.0 ) 6.0 (11.0 ) Change in unrealized gains/losses on available-for-sale securities 1,855.9 (653.8 ) 1,202.1 Derivatives: Derivatives 102.0 (2) (35.7 ) 66.3 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (7.4 ) 2.6 (4.8 ) Change in unrealized gains/losses on derivatives 94.6 (33.1 ) 61.5 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (13.8 ) (3) 4.8 (9.0 ) Change in pension and other postretirement benefits liability (13.8 ) 4.8 (9.0 ) Change in Other comprehensive income (loss) $ 1,936.7 $ (682.1 ) $ 1,254.6 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2016 2015 2014 Current tax expense (benefit): Federal $ (173.8 ) $ 75.5 $ 87.0 State (0.1 ) (11.2 ) 1.4 Total current tax expense (benefit) (173.9 ) 64.3 88.4 Deferred tax expense (benefit): Federal (41.7 ) (15.2 ) (1,808.9 ) State 0.9 (3.2 ) (11.0 ) Total deferred tax expense (benefit) (40.8 ) (18.4 ) (1,819.9 ) Total income tax expense (benefit) $ (214.7 ) $ 45.9 $ (1,731.5 ) |
Schedule of Effective Income Tax Rate Reconciliation | Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2016 2015 2014 Income (loss) before income taxes $ (613.4 ) $ 584.5 $ 801.2 Tax Rate 35.0 % 35.0 % 35.0 % Income tax expense (benefit) at federal statutory rate (214.7 ) 204.5 280.4 Tax effect of: Valuation allowance 101.6 (13.7 ) (1,834.9 ) Dividend received deduction (105.3 ) (109.3 ) (99.0 ) Audit settlement (0.1 ) (0.1 ) (1.7 ) State tax expense (benefit) (15.9 ) 2.3 2.0 Noncontrolling interest (10.2 ) (45.6 ) (83.2 ) Tax credits 9.8 6.7 1.8 Nondeductible expenses 2.3 3.1 1.2 Expirations of federal tax capital loss carryforward 17.1 — — Other 0.7 (2.0 ) 1.9 Income tax expense (benefit) $ (214.7 ) $ 45.9 $ (1,731.5 ) Effective tax rate 35.0 % 7.9 % (216.1 )% |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated: December 31, 2016 2015 Deferred tax assets Federal and state loss carryforwards $ 1,524.4 $ 1,118.8 Investments 2,613.0 2,684.3 Compensation and benefits 548.0 490.2 Insurance reserves 673.9 942.6 Other assets 402.4 450.8 Total gross assets before valuation allowance 5,761.7 5,686.7 Less: Valuation allowance 963.9 963.1 Assets, net of valuation allowance 4,797.8 4,723.6 Deferred tax liabilities Net unrealized investment gains (1,218.9 ) (833.6 ) Deferred policy acquisition costs (1,454.6 ) (1,633.7 ) Other liabilities (34.5 ) (41.5 ) Total gross liabilities (2,708.0 ) (2,508.8 ) Net deferred income tax asset (liability) $ 2,089.8 $ 2,214.8 |
Summary of Operating Loss Carryforwards | The following table sets forth the federal, state and capital loss carryforwards for tax purposes as of the dates indicated: December 31, 2016 2015 Federal net operating loss carryforward $ 4,111.5 (1) $ 3,022.2 State net operating loss carryforward 2,208.6 (2) 2,229.3 Federal tax capital loss carryforward 58.4 (3) — Credit carryforward 267.7 (4) 265.8 (1) Expire between 2017 and 2036. (2) Expire between 2017 and 2036. (3) Expire between 2017 and 2020. (4) Expire between 2017 and 2035 except for $219.4 of Alternative Minimum Tax ("AMT"), which has an unlimited expiration period. |
Schedule of Unrecognized Tax Benefits | Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated: Year Ended December 31, 2016 2015 2014 Balance at beginning of period $ 45.2 $ 62.4 $ 60.9 Additions for tax positions related to current year 3.2 3.4 4.7 Additions for tax positions related to prior years — — 4.9 Reductions for tax positions related to prior years (6.5 ) (18.1 ) (6.1 ) Reductions for settlements with taxing authorities (1.3 ) (2.2 ) (0.2 ) Reductions for expiring statutes (4.2 ) (0.3 ) (1.8 ) Balance at end of period $ 36.4 $ 45.2 $ 62.4 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt securities issued and outstanding | The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2016 and 2015 : Maturity 2016 2015 7.25% Voya Holdings Inc. debentures, due 2023 (1) 08/15/2023 $ 142.9 $ 159.4 7.63% Voya Holdings Inc. debentures, due 2026 (1) 08/15/2026 185.8 201.8 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 04/01/2027 13.6 13.7 6.97% Voya Holdings Inc. debentures, due 2036 (1) 08/15/2036 93.7 108.6 1.00% Windsor Property Loan 06/14/2027 4.9 4.9 5.5% Senior Notes, due 2022 07/15/2022 360.7 843.8 2.9% Senior Notes, due 2018 02/15/2018 825.0 995.7 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 05/15/2053 738.2 737.8 5.7% Senior Notes, due 2043 07/15/2043 394.3 394.1 3.65% Senior Notes, due 2026 06/15/2026 494.2 — 4.8% Senior Notes, due 2046 06/15/2046 296.2 — Subtotal 3,549.5 3,459.8 Less: Current portion of long-term debt — — Total $ 3,549.5 $ 3,459.8 (1) Guaranteed by ING Group. |
Future principal payments of long-term debt | As of December 31, 2016 , aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: 2017 $ — 2018 827.0 2019 — 2020 — 2021 — Thereafter 2,757.5 Total $ 3,584.5 |
Credit facilities | The following table outlines the Company's credit facilities as of December 31, 2016 : Secured/ Unsecured Committed/ Uncommitted Expiration Capacity Utilization Unused Commitment Obligor / Applicant Voya Financial, Inc. Unsecured Committed 05/06/2021 $ 2,250.0 $ 297.2 $ 1,952.8 Security Life of Denver International Limited Unsecured Committed 01/24/2018 175.0 164.0 11.0 Voya Financial, Inc./ Langhorne I, LLC Unsecured Committed 01/15/2019 500.0 — 500.0 Security Life of Denver International Limited Unsecured Committed 10/29/2023 300.0 233.6 66.4 Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 12/31/2025 475.0 475.0 — Voya Financial, Inc. Secured Committed 02/11/2018 195.0 195.0 — Voya Financial, Inc. Unsecured Uncommitted Various 0.5 0.5 — Voya Financial, Inc. Secured Uncommitted Various 10.0 0.7 — Voya Financial, Inc. / Roaring River LLC Unsecured Committed 10/01/2025 425.0 281.4 143.6 Voya Financial, Inc. / Roaring River IV, LLC Unsecured Committed 12/31/2028 565.0 295.7 269.3 Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Uncommitted 12/12/2017 300.0 300.0 — Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 12/15/2017 600.0 600.0 — Voya Financial, Inc. Unsecured Committed 12/09/2021 195.0 195.0 — Total $ 5,990.5 $ 3,038.1 $ 2,943.1 Secured facilities $ 205.0 $ 195.7 $ — Unsecured and uncommitted 300.5 300.5 — Unsecured and committed 5,485.0 2,541.9 2,943.1 Total $ 5,990.5 $ 3,038.1 $ 2,943.1 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | For the years ended December 31, 2016 , 2015 and 2014 , rent expense for leases was $34.3 , $39.9 and $37.9 , respectively. The future net minimum payments under non-cancelable leases are as follows as of December 31, 2016 : 2017 $ 33.7 2018 23.6 2019 20.0 2020 17.5 2021 16.9 Thereafter 46.2 Total minimum lease payments $ 157.9 |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of December 31, 2016 and 2015 : 2016 2015 Fixed maturity collateral pledged to FHLB (1) $ 405.5 $ 1,528.5 FHLB restricted stock (2) 32.7 73.3 Other fixed maturities-state deposits 207.9 210.3 Securities pledged (3) 2,157.1 1,112.6 Total restricted assets $ 2,803.2 $ 2,924.7 (1) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (2) Included in Other investments on the Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $1,403.8 and $466.4 as of December 31, 2016 and 2015 , respectively. In addition, as of December 31, 2016 and 2015 , the Company delivered securities as collateral of $753.3 and $646.2 , respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets. |
Consolidated Investment Entit54
Consolidated Investment Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 69,483.9 $ (15.2 ) $ 69,468.7 Fixed maturities, at fair value using the fair value option — — 3,712.3 — 3,712.3 Equity securities, available-for-sale, at fair value 93.1 — 181.1 — 274.2 Short-term investments 212.0 — 609.0 — 821.0 Mortgage loans on real estate, net of valuation allowance — — 11,725.2 — 11,725.2 Policy loans — — 1,961.5 — 1,961.5 Limited partnerships/corporations — — 758.6 — 758.6 Derivatives 56.1 — 1,768.5 (112.2 ) 1,712.4 Investments in subsidiaries 14,742.6 10,798.2 — (25,540.8 ) — Other investments — 0.5 46.9 — 47.4 Securities pledged — — 2,157.1 — 2,157.1 Total investments 15,103.8 10,798.7 92,404.1 (25,668.2 ) 92,638.4 Cash and cash equivalents 257.2 2.3 2,651.2 — 2,910.7 Short-term investments under securities loan agreements, including collateral delivered 10.7 — 777.7 — 788.4 Accrued investment income — — 891.2 — 891.2 Premium receivable and reinsurance recoverable — — 7,318.0 — 7,318.0 Deferred policy acquisition costs and Value of business acquired — — 4,887.5 — 4,887.5 Sales inducements to contract holders — — 242.8 — 242.8 Current income taxes 31.4 8.5 124.7 — 164.6 Deferred income taxes 526.7 37.3 1,525.8 — 2,089.8 Goodwill and other intangible assets — — 219.5 — 219.5 Loans to subsidiaries and affiliates 278.0 — 10.5 (288.5 ) — Due from subsidiaries and affiliates 2.8 0.5 2.0 (5.3 ) — Other assets 21.0 — 888.5 — 909.5 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,936.3 — 1,936.3 Cash and cash equivalents — — 133.2 — 133.2 Corporate loans, at fair value using the fair value option — — 1,952.5 — 1,952.5 Other assets — — 34.0 — 34.0 Assets held in separate accounts — — 97,118.7 — 97,118.7 Total assets $ 16,231.6 $ 10,847.3 $ 213,118.2 $ (25,962.0 ) $ 214,235.1 Condensed Consolidating Balance Sheet (Continued) December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 21,447.2 $ — $ 21,447.2 Contract owner account balances — — 70,606.2 — 70,606.2 Payables under securities loan agreement, including collateral held — — 1,841.3 — 1,841.3 Short-term debt with affiliates 10.5 211.2 66.8 (288.5 ) — Long-term debt 3,108.6 437.5 18.6 (15.2 ) 3,549.5 Funds held under reinsurance agreements — — 729.1 — 729.1 Derivatives 56.1 — 526.8 (112.2 ) 470.7 Pension and other postretirement provisions — — 674.3 — 674.3 Due to subsidiaries and affiliates 0.1 — 3.1 (3.2 ) — Other liabilities 62.4 12.8 1,262.9 (2.1 ) 1,336.0 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,967.2 — 1,967.2 Other liabilities — — 527.8 — 527.8 Liabilities related to separate accounts — — 97,118.7 — 97,118.7 Total liabilities 3,237.7 661.5 196,790.0 (421.2 ) 200,268.0 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 12,993.9 10,185.8 15,355.0 (25,540.8 ) 12,993.9 Noncontrolling interest — — 973.2 — 973.2 Total shareholders' equity 12,993.9 10,185.8 16,328.2 (25,540.8 ) 13,967.1 Total liabilities and shareholders' equity $ 16,231.6 $ 10,847.3 $ 213,118.2 $ (25,962.0 ) $ 214,235.1 Condensed Consolidating Balance Sheet December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 67,748.7 $ (15.3 ) $ 67,733.4 Fixed maturities, at fair value using the fair value option — — 3,226.6 — 3,226.6 Equity securities, available-for-sale, at fair value 83.7 — 248.0 — 331.7 Short-term investments 212.0 — 1,284.7 — 1,496.7 Mortgage loans on real estate, net of valuation allowance — — 10,447.5 — 10,447.5 Policy loans — — 2,002.7 — 2,002.7 Limited partnerships/corporations — — 510.6 — 510.6 Derivatives 67.2 — 1,605.7 (134.4 ) 1,538.5 Investments in subsidiaries 15,110.5 11,092.2 — (26,202.7 ) — Other investments — 0.5 91.1 — 91.6 Securities pledged — — 1,112.6 — 1,112.6 Total investments 15,473.4 11,092.7 88,278.2 (26,352.4 ) 88,491.9 Cash and cash equivalents 378.1 18.4 2,116.2 — 2,512.7 Short-term investments under securities loan agreements, including collateral delivered 10.6 — 649.4 — 660.0 Accrued investment income — — 899.0 — 899.0 Premium receivable and reinsurance recoverable — — 7,653.7 — 7,653.7 Deferred policy acquisition costs and Value of business acquired — — 5,370.1 — 5,370.1 Sales inducements to contract holders — — 263.3 — 263.3 Deferred income taxes 404.4 32.7 1,777.7 — 2,214.8 Goodwill and other intangible assets — — 250.8 — 250.8 Loans to subsidiaries and affiliates 330.2 — — (330.2 ) — Due from subsidiaries and affiliates 6.1 0.1 1.9 (8.1 ) — Other assets 19.8 — 894.5 — 914.3 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 4,973.7 — 4,973.7 Cash and cash equivalents — — 467.6 — 467.6 Corporate loans, at fair value using the fair value option — — 6,882.5 — 6,882.5 Other assets — — 154.3 — 154.3 Assets held in separate accounts — — 96,514.8 — 96,514.8 Total assets $ 16,622.6 $ 11,143.9 $ 217,147.7 $ (26,690.7 ) $ 218,223.5 Condensed Consolidating Balance Sheet (Continued) December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 19,508.0 $ — $ 19,508.0 Contract owner account balances — — 68,664.1 — 68,664.1 Payables under securities loan agreement, including collateral held — — 1,485.0 — 1,485.0 Short-term debt with affiliates — 206.5 123.7 (330.2 ) — Long-term debt 2,971.4 485.0 18.7 (15.3 ) 3,459.8 Funds held under reinsurance agreements — — 702.4 — 702.4 Derivatives 67.2 — 554.7 (134.4 ) 487.5 Pension and other postretirement provisions — — 687.4 — 687.4 Current income taxes 70.1 (2.5 ) 2.4 — 70.0 Due to subsidiaries and affiliates 0.2 — 5.9 (6.1 ) — Other liabilities 77.9 13.3 1,371.7 (2.0 ) 1,460.9 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 6,956.2 — 6,956.2 Other liabilities — — 1,951.6 — 1,951.6 Liabilities related to separate accounts — — 96,514.8 — 96,514.8 Total liabilities 3,186.8 702.3 198,546.6 (488.0 ) 201,947.7 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 13,435.8 10,441.6 15,761.1 (26,202.7 ) 13,435.8 Noncontrolling interest — — 2,840.0 — 2,840.0 Total shareholders' equity 13,435.8 10,441.6 18,601.1 (26,202.7 ) 16,275.8 Total liabilities and shareholders' equity $ 16,622.6 $ 11,143.9 $ 217,147.7 $ (26,690.7 ) $ 218,223.5 |
Schedule of Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 18.7 $ 0.2 $ 4,613.8 $ (11.9 ) $ 4,620.8 Fee income — — 3,359.8 — 3,359.8 Premiums — — 3,514.6 — 3,514.6 Net realized gains (losses): Total other-than-temporary impairments — — (39.0 ) — (39.0 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 2.6 — 2.6 Net other-than-temporary impairments recognized in earnings — — (41.6 ) — (41.6 ) Other net realized capital gains (losses) 1.3 — (1,222.8 ) — (1,221.5 ) Total net realized capital gains (losses) 1.3 — (1,264.4 ) — (1,263.1 ) Other revenue 1.0 — 360.1 — 361.1 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 189.0 — 189.0 Total revenues 21.0 0.2 10,772.9 (11.9 ) 10,782.2 Benefits and expenses: Policyholder benefits — — 5,471.0 — 5,471.0 Interest credited to contract owner account balance — — 2,042.5 — 2,042.5 Operating expenses 8.8 — 2,928.5 — 2,937.3 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 551.0 — 551.0 Interest expense 238.1 56.9 4.9 (11.9 ) 288.0 Operating expenses related to consolidated investment entities: Interest expense — — 101.9 — 101.9 Other expense — — 3.9 — 3.9 Total benefits and expenses 246.9 56.9 11,103.7 (11.9 ) 11,395.6 Income (loss) before income taxes (225.9 ) (56.7 ) (330.8 ) — (613.4 ) Income tax expense (benefit) (90.4 ) (26.4 ) (115.5 ) 17.6 (214.7 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (135.5 ) (30.3 ) (215.3 ) (17.6 ) (398.7 ) Equity in earnings (losses) of subsidiaries, net of tax (292.5 ) 317.2 — (24.7 ) — Net income (loss) including noncontrolling interest (428.0 ) 286.9 (215.3 ) (42.3 ) (398.7 ) Less: Net income (loss) attributable to noncontrolling interest — — 29.3 — 29.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ 286.9 $ (244.6 ) $ (42.3 ) $ (428.0 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 3.9 $ 0.2 $ 4,543.1 $ (9.0 ) $ 4,538.2 Fee income — — 3,481.1 — 3,481.1 Premiums — — 3,024.5 — 3,024.5 Net realized gains (losses): Total other-than-temporary impairments — — (110.3 ) — (110.3 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 6.7 — 6.7 Net other-than-temporary impairments recognized in earnings — — (117.0 ) — (117.0 ) Other net realized capital gains (losses) (1.7 ) 0.3 (614.9 ) — (616.3 ) Total net realized capital gains (losses) (1.7 ) 0.3 (731.9 ) — (733.3 ) Other revenue 3.2 — 406.4 (2.7 ) 406.9 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 551.1 — 551.1 Changes in fair value related to collateralized loan obligations — — (26.9 ) — (26.9 ) Total revenues 5.4 0.5 11,247.4 (11.7 ) 11,241.6 Benefits and expenses: Policyholder benefits — — 4,536.8 — 4,536.8 Interest credited to contract owner account balance — — 1,973.2 — 1,973.2 Operating expenses 10.4 (0.6 ) 2,996.3 (2.7 ) 3,003.4 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 663.4 — 663.4 Interest expense 150.3 51.2 4.0 (9.0 ) 196.5 Operating expenses related to consolidated investment entities: Interest expense — — 272.2 — 272.2 Other expense — — 11.6 — 11.6 Total benefits and expenses 160.7 50.6 10,457.5 (11.7 ) 10,657.1 Income (loss) before income taxes (155.3 ) (50.1 ) 789.9 — 584.5 Income tax expense (benefit) (52.4 ) (0.4 ) 119.3 (20.6 ) 45.9 Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (102.9 ) (49.7 ) 670.6 20.6 538.6 Equity in earnings (losses) of subsidiaries, net of tax 511.2 257.1 — (768.3 ) — Net income (loss) including noncontrolling interest 408.3 207.4 670.6 (747.7 ) 538.6 Less: Net income (loss) attributable to noncontrolling interest — — 130.3 — 130.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408.3 $ 207.4 $ 540.3 $ (747.7 ) $ 408.3 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 11.5 $ 0.1 $ 4,511.0 $ (7.3 ) $ 4,515.3 Fee income — — 3,632.5 — 3,632.5 Premiums — — 2,626.4 — 2,626.4 Net realized gains (losses): Total other-than-temporary impairments — — (31.9 ) — (31.9 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — (0.3 ) — (0.3 ) Net other-than-temporary impairments recognized in earnings — — (31.6 ) — (31.6 ) Other net realized capital gains (losses) (3.4 ) (0.4 ) (843.0 ) — (846.8 ) Total net realized capital gains (losses) (3.4 ) (0.4 ) (874.6 ) — (878.4 ) Other revenue 3.2 0.2 432.6 (3.2 ) 432.8 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 665.5 — 665.5 Changes in fair value related to collateralized loan obligations — — (6.7 ) — (6.7 ) Total revenues 11.3 (0.1 ) 10,986.7 (10.5 ) 10,987.4 Benefits and expenses: Policyholder benefits — — 3,946.7 — 3,946.7 Interest credited to contract owner account balance — — 1,991.2 — 1,991.2 Operating expenses 4.1 — 3,461.3 (3.2 ) 3,462.2 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 379.3 — 379.3 Interest expense 149.1 43.2 4.7 (7.3 ) 189.7 Operating expenses related to consolidated investment entities: Interest expense — — 209.5 — 209.5 Other expense — — 7.6 — 7.6 Total benefits and expenses 153.2 43.2 10,000.3 (10.5 ) 10,186.2 Income (loss) before income taxes (141.9 ) (43.3 ) 986.4 — 801.2 Income tax expense (benefit) (214.8 ) (82.6 ) (1,381.2 ) (52.9 ) (1,731.5 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates 72.9 39.3 2,367.6 52.9 2,532.7 Equity in earnings (losses) of subsidiaries, net of tax 2,242.8 733.2 — (2,976.0 ) — Net income (loss) including noncontrolling interest 2,315.7 772.5 2,367.6 (2,923.1 ) 2,532.7 Less: Net income (loss) attributable to noncontrolling interest — — 237.7 — 237.7 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 2,315.7 $ 772.5 $ 2,129.9 $ (2,923.1 ) $ 2,295.0 |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated: December 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturities, including securities pledged $ 75,338.1 $ 75,338.1 $ 72,072.6 $ 72,072.6 Equity securities, available-for-sale 274.2 274.2 331.7 331.7 Mortgage loans on real estate 11,725.2 11,960.7 10,447.5 10,881.4 Policy loans 1,961.5 1,961.5 2,002.7 2,002.7 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 4,520.1 4,520.1 4,669.4 4,669.4 Derivatives 1,712.4 1,712.4 1,538.5 1,538.5 Other investments 47.4 57.2 91.6 101.5 Assets held in separate accounts 97,118.7 97,118.7 96,514.8 96,514.8 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 53,314.1 57,561.3 51,361.7 56,884.4 Funding agreements with fixed maturities and guaranteed investment contracts 472.9 469.8 1,488.5 1,463.1 Supplementary contracts, immediate annuities and other 3,878.9 4,120.5 2,948.1 3,162.8 Derivatives: Guaranteed benefit derivatives: FIA 2,029.6 2,029.6 1,820.1 1,820.1 IUL 81.0 81.0 52.6 52.6 GMAB / GMWB / GMWBL 1,530.4 1,530.4 1,873.5 1,873.5 Stabilizer and MCGs 150.4 150.4 161.3 161.3 Other derivatives 470.7 470.7 487.5 487.5 Long-term debt 3,549.5 3,737.9 3,485.9 3,772.7 Embedded derivative on reinsurance 78.7 78.7 25.2 25.2 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. |
Maximum Exposure to Loss | The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE. Variable Interests on the Consolidated Balance Sheet December 31, 2016 December 31, 2015 Carrying Amount Maximum exposure to loss Carrying Amount Maximum exposure to loss Fixed maturities, available for sale $ 110.4 $ 110.4 $ — $ — Limited partnership/corporations 758.6 758.6 1.4 1.4 |
Consolidated investment entities | |
Condensed Financial Statements, Captions [Line Items] | |
Components of the Consolidated Investment Entities | The following table summarizes the components of the consolidated investment entities as of the dates indicated: December 31, 2016 December 31, 2015 Assets of Consolidated Investment Entities VIEs (1) Cash and cash equivalents $ 133.0 $ 246.4 Corporate loans, at fair value using the fair value option 1,920.3 6,882.5 Limited partnerships/corporations, at fair value 1,770.3 — Other assets 31.9 115.3 Total VIE assets 3,855.5 7,244.2 VOEs (1) Cash and cash equivalents 0.2 221.2 Corporate loans, at fair value using the fair value option 32.2 — Limited partnerships/corporations, at fair value 166.0 4,973.7 Other assets 2.1 39.0 Total VOE assets 200.5 5,233.9 Total assets of consolidated investment entities $ 4,056.0 $ 12,478.1 Liabilities of Consolidated Investment Entities VIEs (1) CLO notes, at fair value using the fair value option $ 1,967.2 $ 6,956.2 Other liabilities 521.1 240.8 Total VIE liabilities 2,488.3 7,197.0 VOEs (1) Other liabilities 6.7 1,710.8 Total VOE liabilities 6.7 1,710.8 Total liabilities of consolidated investment entities $ 2,495.0 $ 8,907.8 (1) The December 31, 2016 balances reflect the adoption of ASU 2015-02. Under this guidance, it was determined that all limited partnerships in which the company invests and/or manages are VIEs. As of December 31, 2015, these entities were considered VOEs under previous guidance. The balances above reflect this change and are classified accordingly. |
Schedule of Condensed Consolidating Balance Sheets | The following tables summarize the impact of consolidation of investment entities into the Consolidated Balance Sheets as of the dates indicated: Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2016 Total investments and cash $ 96,136.5 $ — $ — $ (17.3 ) $ (570.1 ) $ 95,549.1 Other assets 17,511.9 — — — (0.6 ) 17,511.3 Assets held in consolidated investment entities — 2,054.1 2,002.1 — (0.2 ) 4,056.0 Assets held in separate accounts 97,118.7 — — — — 97,118.7 Total assets $ 210,767.1 $ 2,054.1 $ 2,002.1 $ (17.3 ) $ (570.9 ) $ 214,235.1 Future policy benefits and contract owner account balances $ 92,053.4 $ — $ — $ — $ — $ 92,053.4 Other liabilities 8,601.1 — — — (0.2 ) 8,600.9 Liabilities held in consolidated investment entities — 2,054.1 458.8 (17.3 ) (0.6 ) 2,495.0 Liabilities related to separate accounts 97,118.7 — — — — 97,118.7 Total liabilities 197,773.2 2,054.1 458.8 (17.3 ) (0.8 ) 200,268.0 Equity attributable to common shareholders 12,993.9 — 1,543.3 — (1,543.3 ) 12,993.9 Retained earnings appropriated for investors in consolidated investment entities — — — — — — Equity attributable to noncontrolling interest in consolidated investment entities — — — — 973.2 973.2 Total liabilities and equity $ 210,767.1 $ 2,054.1 $ 2,002.1 $ (17.3 ) $ (570.9 ) $ 214,235.1 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation,which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2015 Total investments and cash $ 91,727.4 $ — $ — $ (38.2 ) $ (684.6 ) $ 91,004.6 Other assets 18,226.0 — — — — 18,226.0 Assets held in consolidated investment entities — 7,244.2 5,235.4 — (1.5 ) 12,478.1 Assets held in separate accounts 96,514.8 — — — — 96,514.8 Total assets $ 206,468.2 $ 7,244.2 $ 5,235.4 $ (38.2 ) $ (686.1 ) $ 218,223.5 Future policy benefits and contract owner account balances $ 88,172.1 $ — $ — $ — $ — $ 88,172.1 Other liabilities 8,354.5 — — — (1.5 ) 8,353.0 Liabilities held in consolidated investment entities — 7,235.2 1,710.8 (38.2 ) — 8,907.8 Liabilities related to separate accounts 96,514.8 — — — — 96,514.8 Total liabilities 193,041.4 7,235.2 1,710.8 (38.2 ) (1.5 ) 201,947.7 Equity attributable to common shareholders 13,426.8 — 3,524.6 — (3,524.6 ) 13,426.8 Retained earnings appropriated for investors in consolidated investment entities — 9.0 — — — 9.0 Equity attributable to noncontrolling interest in consolidated investment entities — — — — 2,840.0 2,840.0 Total liabilities and equity $ 206,468.2 $ 7,244.2 $ 5,235.4 $ (38.2 ) $ (686.1 ) $ 218,223.5 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. |
Schedule of Condensed Consolidating Statement of Operations | The following tables summarize the impact of consolidation of investment entities into the Consolidated Statements of Operations for the periods indicated: Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2016 Revenues: Net investment income $ 4,625.7 $ — $ — $ (6.6 ) $ 1.7 $ 4,620.8 Fee income 3,408.9 — — (17.6 ) (31.5 ) 3,359.8 Premiums 3,514.6 — — — — 3,514.6 Net realized capital losses (1,263.1 ) — — — — (1,263.1 ) Other income 361.1 — — — — 361.1 Income related to consolidated investment entities (0.1 ) 117.6 71.5 — — 189.0 Total revenues 10,647.1 117.6 71.5 (24.2 ) (29.8 ) 10,782.2 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 7,513.5 — — — — 7,513.5 Other expense 3,776.3 — — — — 3,776.3 Operating expenses related to consolidated investment entities — 117.6 43.9 (24.2 ) (31.5 ) 105.8 Total benefits and expenses 11,289.8 117.6 43.9 (24.2 ) (31.5 ) 11,395.6 Income (loss) before income taxes (642.7 ) — 27.6 — 1.7 (613.4 ) Income tax expense (benefit) (214.7 ) — — — — (214.7 ) Net income (loss) (428.0 ) — 27.6 — 1.7 (398.7 ) Less: Net income (loss) attributable to noncontrolling interest — — — — 29.3 29.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ — $ 27.6 $ — $ (27.6 ) $ (428.0 ) (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2015 Revenues: Net investment income $ 4,567.9 $ — $ — $ 2.4 $ (32.1 ) $ 4,538.2 Fee income 3,555.3 — — (36.0 ) (38.2 ) 3,481.1 Premiums 3,024.5 — — — — 3,024.5 Net realized capital losses (733.3 ) — — — — (733.3 ) Other income 413.1 — — (5.5 ) (0.7 ) 406.9 Income related to consolidated investment entities — 311.9 227.8 (15.5 ) — 524.2 Total revenues 10,827.5 311.9 227.8 (54.6 ) (71.0 ) 11,241.6 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 6,510.0 — — — — 6,510.0 Other expense 3,863.3 — — — — 3,863.3 Operating expenses related to consolidated investment entities — 323.3 54.1 (54.6 ) (39.0 ) 283.8 Total benefits and expenses 10,373.3 323.3 54.1 (54.6 ) (39.0 ) 10,657.1 Income (loss) before income taxes 454.2 (11.4 ) 173.7 — (32.0 ) 584.5 Income tax expense (benefit) 45.9 — — — — 45.9 Net income (loss) 408.3 (11.4 ) 173.7 — (32.0 ) 538.6 Less: Net income (loss) attributable to noncontrolling interest — (11.4 ) — — 141.7 130.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408.3 $ — $ 173.7 $ — $ (173.7 ) $ 408.3 (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs VOEs and LPs CLOs Adjustments (2) VOEs Adjustments (2) Total December 31, 2014 Revenues: Net investment income $ 4,631.9 $ — $ — $ (3.0 ) $ (113.6 ) $ 4,515.3 Fee income 3,711.0 — — (30.2 ) (48.3 ) 3,632.5 Premiums 2,626.4 — — — — 2,626.4 Net realized capital losses (878.4 ) — — — — (878.4 ) Other income 441.7 — — (7.5 ) (1.4 ) 432.8 Income related to consolidated investment entities — 257.3 410.3 (8.8 ) — 658.8 Total revenues 10,532.6 257.3 410.3 (49.5 ) (163.3 ) 10,987.4 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 5,937.9 — — — — 5,937.9 Other expense 4,031.2 — — — — 4,031.2 Operating expenses related to consolidated investment entities — 255.3 61.0 (49.5 ) (49.7 ) 217.1 Total benefits and expenses 9,969.1 255.3 61.0 (49.5 ) (49.7 ) 10,186.2 Income (loss) before income taxes 563.5 2.0 349.3 — (113.6 ) 801.2 Income tax expense (benefit) (1,731.5 ) — — — — (1,731.5 ) Net income (loss) 2,295.0 2.0 349.3 — (113.6 ) 2,532.7 Less: Net income (loss) attributable to noncontrolling interest — 2.0 — — 235.7 237.7 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 2,295.0 $ — $ 349.3 $ — $ (349.3 ) $ 2,295.0 (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. |
Significant Unobservable Inputs for Level 3 Fair Value Measurements | The following table summarizes significant unobservable inputs for Level 3 fair value measurements as of the dates indicated: Fair Value Valuation Technique Unobservable Inputs December 31, 2015 Assets: CLO Investments $ 18.3 Discounted Cash Flow Default Rate Recovery Rate Prepayment Rate Discount Margin Liabilities: CLO Notes $ 6,956.2 Discounted Cash Flow Default Rate Recovery Rate Prepayment Rate Discount Margin |
Fair Value, by Balance Sheet Grouping | The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2016 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 133.0 $ — $ — $ — $ 133.0 Corporate loans, at fair value using the fair value option — 1,905.7 14.6 — 1,920.3 Limited partnerships/corporations, at fair value — — — 1,770.3 1,770.3 VOEs Cash and cash equivalents 0.2 — — — 0.2 Corporate loans, at fair value using the fair value option — 32.2 — — 32.2 Limited partnerships/corporations, at fair value — 107.0 — 59.0 166.0 Total assets, at fair value $ 133.2 $ 2,044.9 $ 14.6 $ 1,829.3 $ 4,022.0 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ 1,967.2 $ — $ — $ 1,967.2 Total liabilities, at fair value $ — $ 1,967.2 $ — $ — $ 1,967.2 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2015 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 246.4 $ — $ — $ — $ 246.4 Corporate loans, at fair value using the fair value option — 6,864.2 18.3 — 6,882.5 Limited partnerships/corporations, at fair value — — — — — VOEs Cash and cash equivalents 221.2 — — — 221.2 Corporate loans, at fair value using the fair value option — — — — — Limited partnerships/corporations, at fair value — 2,092.6 39.7 2,841.4 4,973.7 Total assets, at fair value $ 467.6 $ 8,956.8 $ 58.0 $ 2,841.4 $ 12,323.8 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ — $ 6,956.2 $ — $ 6,956.2 Total liabilities, at fair value $ — $ — $ 6,956.2 $ — $ 6,956.2 |
Reconciliation of the Beginning and Ending Fair Value Measurements for Level 3 Assets and Liabilities Using Unobservable Inputs | The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the year ended December 31, 2015 is presented in the table below: Fair Value as of January 1 Gains (Losses) Purchases Sales Transfer into Level 3 Transfer out of Level 3 Fair Value as of December 31 Assets VIEs: Corporate loans, at fair value using the fair value option $ 19.2 $ (0.2 ) $ — $ (0.7 ) $ — $ — $ 18.3 VOEs: Limited partnerships/corporations, at fair value 17.1 (2.8 ) 28.5 (3.1 ) — — 39.7 Total assets, at fair value $ 36.3 $ (3.0 ) $ 28.5 $ (3.8 ) $ — $ — $ 58.0 Liabilities VIEs: CLO notes, at fair value using the fair value option $ 6,838.1 $ (255.9 ) $ 1,173.0 $ (799.0 ) $ — $ — $ 6,956.2 Total liabilities, at fair value $ 6,838.1 $ (255.9 ) $ 1,173.0 $ (799.0 ) $ — $ — $ 6,956.2 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The summary below presents restructuring expense, pre-tax, by type of costs incurred during 2016 : Year Ended December 31, 2016 Severance benefits $ 25.5 Other costs 8.3 Total restructuring expense $ 33.8 |
Schedule of Restructuring Reserve by Type of Cost | The following table presents the accrued liability associated with restructuring expenses as of December 31, 2016 : 2016 Severance Benefits Other Costs Total Accrued liability as of January 1, 2016 $ — $ — $ — Charged to expense 25.5 8.3 33.8 Payments (4.0 ) (6.4 ) (10.4 ) Accrued liability as of December 31, 2016 $ 21.5 $ 1.9 (1) $ 23.4 (1) Represents services performed but not yet paid. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Operating Earnings Before Income Taxes from Segments | The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated: Year Ended December 31, 2016 2015 2014 Retirement $ 449.8 $ 470.6 $ 517.8 Investment Management 170.8 181.9 210.3 Annuities 321.2 243.0 262.0 Individual Life 58.6 172.7 237.3 Employee Benefits 126.3 146.1 148.9 Corporate (349.4 ) (236.8 ) (145.7 ) Total operating earnings before income taxes 777.3 977.5 1,230.6 Adjustments: Closed Block Variable Annuity (955.0 ) (173.3 ) (239.2 ) Net investment gains (losses) and related charges and adjustments (140.9 ) (83.3 ) 215.1 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (81.7 ) (93.9 ) (12.8 ) Income (loss) related to businesses exited through reinsurance or divestment (13.5 ) (169.3 ) (157.3 ) Income (loss) attributable to noncontrolling interest 29.3 130.3 237.7 Loss related to early extinguishment of debt (104.2 ) (10.1 ) — Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments (55.2 ) 62.7 (372.7 ) Other adjustments to operating earnings (69.5 ) (56.1 ) (100.2 ) Income (loss) before income taxes $ (613.4 ) $ 584.5 $ 801.2 |
Schedule of Revenue from Segments | The summary below reconciles Operating revenues for the segments to Total revenues for the periods indicated: Year Ended December 31, 2016 2015 2014 Retirement $ 3,257.0 $ 2,994.1 $ 2,427.4 Investment Management 626.7 622.2 655.4 Annuities 1,253.7 1,262.6 1,353.4 Individual Life 2,527.5 2,616.7 2,717.8 Employee Benefits 1,616.4 1,507.2 1,373.0 Corporate 108.1 136.4 194.0 Total operating revenues 9,389.4 9,139.2 8,721.0 Adjustments: Closed Block Variable Annuity 1,296.2 1,584.5 1,262.0 Net realized investment gains (losses) and related charges and adjustments (165.1 ) (149.8 ) 216.7 Gain (loss) on change in fair value of derivatives related to guaranteed benefits (81.8 ) 72.0 (30.5 ) Revenues related to businesses exited through reinsurance or divestment 95.9 25.6 149.3 Revenues attributable to noncontrolling interest 133.1 414.1 455.0 Other adjustments to operating revenues 114.5 156.0 213.9 Total revenues $ 10,782.2 $ 11,241.6 $ 10,987.4 Other Segment Information The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Year Ended December 31, 2016 2015 2014 Investment management intersegment revenues $ 166.1 $ 158.2 $ 157.3 |
Schedule of Assets from Segments | The summary below presents Total assets for the Company’s segments as of the dates indicated: December 31, 2016 December 31, 2015 Retirement $ 101,047.9 $ 93,771.5 Investment Management 512.9 556.8 Annuities 25,793.4 25,055.7 Individual Life 26,850.7 26,068.9 Employee Benefits 2,548.8 2,554.8 Closed Block Variable Annuity 43,141.0 44,322.9 Corporate 10,872.5 14,137.6 Total assets, before consolidation (1) 210,767.2 206,468.2 Consolidation of investment entities 3,467.9 11,755.3 Total assets $ 214,235.1 $ 218,223.5 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Condensed Consolidating Finan57
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 69,483.9 $ (15.2 ) $ 69,468.7 Fixed maturities, at fair value using the fair value option — — 3,712.3 — 3,712.3 Equity securities, available-for-sale, at fair value 93.1 — 181.1 — 274.2 Short-term investments 212.0 — 609.0 — 821.0 Mortgage loans on real estate, net of valuation allowance — — 11,725.2 — 11,725.2 Policy loans — — 1,961.5 — 1,961.5 Limited partnerships/corporations — — 758.6 — 758.6 Derivatives 56.1 — 1,768.5 (112.2 ) 1,712.4 Investments in subsidiaries 14,742.6 10,798.2 — (25,540.8 ) — Other investments — 0.5 46.9 — 47.4 Securities pledged — — 2,157.1 — 2,157.1 Total investments 15,103.8 10,798.7 92,404.1 (25,668.2 ) 92,638.4 Cash and cash equivalents 257.2 2.3 2,651.2 — 2,910.7 Short-term investments under securities loan agreements, including collateral delivered 10.7 — 777.7 — 788.4 Accrued investment income — — 891.2 — 891.2 Premium receivable and reinsurance recoverable — — 7,318.0 — 7,318.0 Deferred policy acquisition costs and Value of business acquired — — 4,887.5 — 4,887.5 Sales inducements to contract holders — — 242.8 — 242.8 Current income taxes 31.4 8.5 124.7 — 164.6 Deferred income taxes 526.7 37.3 1,525.8 — 2,089.8 Goodwill and other intangible assets — — 219.5 — 219.5 Loans to subsidiaries and affiliates 278.0 — 10.5 (288.5 ) — Due from subsidiaries and affiliates 2.8 0.5 2.0 (5.3 ) — Other assets 21.0 — 888.5 — 909.5 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,936.3 — 1,936.3 Cash and cash equivalents — — 133.2 — 133.2 Corporate loans, at fair value using the fair value option — — 1,952.5 — 1,952.5 Other assets — — 34.0 — 34.0 Assets held in separate accounts — — 97,118.7 — 97,118.7 Total assets $ 16,231.6 $ 10,847.3 $ 213,118.2 $ (25,962.0 ) $ 214,235.1 Condensed Consolidating Balance Sheet (Continued) December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 21,447.2 $ — $ 21,447.2 Contract owner account balances — — 70,606.2 — 70,606.2 Payables under securities loan agreement, including collateral held — — 1,841.3 — 1,841.3 Short-term debt with affiliates 10.5 211.2 66.8 (288.5 ) — Long-term debt 3,108.6 437.5 18.6 (15.2 ) 3,549.5 Funds held under reinsurance agreements — — 729.1 — 729.1 Derivatives 56.1 — 526.8 (112.2 ) 470.7 Pension and other postretirement provisions — — 674.3 — 674.3 Due to subsidiaries and affiliates 0.1 — 3.1 (3.2 ) — Other liabilities 62.4 12.8 1,262.9 (2.1 ) 1,336.0 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,967.2 — 1,967.2 Other liabilities — — 527.8 — 527.8 Liabilities related to separate accounts — — 97,118.7 — 97,118.7 Total liabilities 3,237.7 661.5 196,790.0 (421.2 ) 200,268.0 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 12,993.9 10,185.8 15,355.0 (25,540.8 ) 12,993.9 Noncontrolling interest — — 973.2 — 973.2 Total shareholders' equity 12,993.9 10,185.8 16,328.2 (25,540.8 ) 13,967.1 Total liabilities and shareholders' equity $ 16,231.6 $ 10,847.3 $ 213,118.2 $ (25,962.0 ) $ 214,235.1 Condensed Consolidating Balance Sheet December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 67,748.7 $ (15.3 ) $ 67,733.4 Fixed maturities, at fair value using the fair value option — — 3,226.6 — 3,226.6 Equity securities, available-for-sale, at fair value 83.7 — 248.0 — 331.7 Short-term investments 212.0 — 1,284.7 — 1,496.7 Mortgage loans on real estate, net of valuation allowance — — 10,447.5 — 10,447.5 Policy loans — — 2,002.7 — 2,002.7 Limited partnerships/corporations — — 510.6 — 510.6 Derivatives 67.2 — 1,605.7 (134.4 ) 1,538.5 Investments in subsidiaries 15,110.5 11,092.2 — (26,202.7 ) — Other investments — 0.5 91.1 — 91.6 Securities pledged — — 1,112.6 — 1,112.6 Total investments 15,473.4 11,092.7 88,278.2 (26,352.4 ) 88,491.9 Cash and cash equivalents 378.1 18.4 2,116.2 — 2,512.7 Short-term investments under securities loan agreements, including collateral delivered 10.6 — 649.4 — 660.0 Accrued investment income — — 899.0 — 899.0 Premium receivable and reinsurance recoverable — — 7,653.7 — 7,653.7 Deferred policy acquisition costs and Value of business acquired — — 5,370.1 — 5,370.1 Sales inducements to contract holders — — 263.3 — 263.3 Deferred income taxes 404.4 32.7 1,777.7 — 2,214.8 Goodwill and other intangible assets — — 250.8 — 250.8 Loans to subsidiaries and affiliates 330.2 — — (330.2 ) — Due from subsidiaries and affiliates 6.1 0.1 1.9 (8.1 ) — Other assets 19.8 — 894.5 — 914.3 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 4,973.7 — 4,973.7 Cash and cash equivalents — — 467.6 — 467.6 Corporate loans, at fair value using the fair value option — — 6,882.5 — 6,882.5 Other assets — — 154.3 — 154.3 Assets held in separate accounts — — 96,514.8 — 96,514.8 Total assets $ 16,622.6 $ 11,143.9 $ 217,147.7 $ (26,690.7 ) $ 218,223.5 Condensed Consolidating Balance Sheet (Continued) December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 19,508.0 $ — $ 19,508.0 Contract owner account balances — — 68,664.1 — 68,664.1 Payables under securities loan agreement, including collateral held — — 1,485.0 — 1,485.0 Short-term debt with affiliates — 206.5 123.7 (330.2 ) — Long-term debt 2,971.4 485.0 18.7 (15.3 ) 3,459.8 Funds held under reinsurance agreements — — 702.4 — 702.4 Derivatives 67.2 — 554.7 (134.4 ) 487.5 Pension and other postretirement provisions — — 687.4 — 687.4 Current income taxes 70.1 (2.5 ) 2.4 — 70.0 Due to subsidiaries and affiliates 0.2 — 5.9 (6.1 ) — Other liabilities 77.9 13.3 1,371.7 (2.0 ) 1,460.9 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 6,956.2 — 6,956.2 Other liabilities — — 1,951.6 — 1,951.6 Liabilities related to separate accounts — — 96,514.8 — 96,514.8 Total liabilities 3,186.8 702.3 198,546.6 (488.0 ) 201,947.7 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 13,435.8 10,441.6 15,761.1 (26,202.7 ) 13,435.8 Noncontrolling interest — — 2,840.0 — 2,840.0 Total shareholders' equity 13,435.8 10,441.6 18,601.1 (26,202.7 ) 16,275.8 Total liabilities and shareholders' equity $ 16,622.6 $ 11,143.9 $ 217,147.7 $ (26,690.7 ) $ 218,223.5 |
Schedule of Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 18.7 $ 0.2 $ 4,613.8 $ (11.9 ) $ 4,620.8 Fee income — — 3,359.8 — 3,359.8 Premiums — — 3,514.6 — 3,514.6 Net realized gains (losses): Total other-than-temporary impairments — — (39.0 ) — (39.0 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 2.6 — 2.6 Net other-than-temporary impairments recognized in earnings — — (41.6 ) — (41.6 ) Other net realized capital gains (losses) 1.3 — (1,222.8 ) — (1,221.5 ) Total net realized capital gains (losses) 1.3 — (1,264.4 ) — (1,263.1 ) Other revenue 1.0 — 360.1 — 361.1 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 189.0 — 189.0 Total revenues 21.0 0.2 10,772.9 (11.9 ) 10,782.2 Benefits and expenses: Policyholder benefits — — 5,471.0 — 5,471.0 Interest credited to contract owner account balance — — 2,042.5 — 2,042.5 Operating expenses 8.8 — 2,928.5 — 2,937.3 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 551.0 — 551.0 Interest expense 238.1 56.9 4.9 (11.9 ) 288.0 Operating expenses related to consolidated investment entities: Interest expense — — 101.9 — 101.9 Other expense — — 3.9 — 3.9 Total benefits and expenses 246.9 56.9 11,103.7 (11.9 ) 11,395.6 Income (loss) before income taxes (225.9 ) (56.7 ) (330.8 ) — (613.4 ) Income tax expense (benefit) (90.4 ) (26.4 ) (115.5 ) 17.6 (214.7 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (135.5 ) (30.3 ) (215.3 ) (17.6 ) (398.7 ) Equity in earnings (losses) of subsidiaries, net of tax (292.5 ) 317.2 — (24.7 ) — Net income (loss) including noncontrolling interest (428.0 ) 286.9 (215.3 ) (42.3 ) (398.7 ) Less: Net income (loss) attributable to noncontrolling interest — — 29.3 — 29.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (428.0 ) $ 286.9 $ (244.6 ) $ (42.3 ) $ (428.0 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 3.9 $ 0.2 $ 4,543.1 $ (9.0 ) $ 4,538.2 Fee income — — 3,481.1 — 3,481.1 Premiums — — 3,024.5 — 3,024.5 Net realized gains (losses): Total other-than-temporary impairments — — (110.3 ) — (110.3 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 6.7 — 6.7 Net other-than-temporary impairments recognized in earnings — — (117.0 ) — (117.0 ) Other net realized capital gains (losses) (1.7 ) 0.3 (614.9 ) — (616.3 ) Total net realized capital gains (losses) (1.7 ) 0.3 (731.9 ) — (733.3 ) Other revenue 3.2 — 406.4 (2.7 ) 406.9 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 551.1 — 551.1 Changes in fair value related to collateralized loan obligations — — (26.9 ) — (26.9 ) Total revenues 5.4 0.5 11,247.4 (11.7 ) 11,241.6 Benefits and expenses: Policyholder benefits — — 4,536.8 — 4,536.8 Interest credited to contract owner account balance — — 1,973.2 — 1,973.2 Operating expenses 10.4 (0.6 ) 2,996.3 (2.7 ) 3,003.4 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 663.4 — 663.4 Interest expense 150.3 51.2 4.0 (9.0 ) 196.5 Operating expenses related to consolidated investment entities: Interest expense — — 272.2 — 272.2 Other expense — — 11.6 — 11.6 Total benefits and expenses 160.7 50.6 10,457.5 (11.7 ) 10,657.1 Income (loss) before income taxes (155.3 ) (50.1 ) 789.9 — 584.5 Income tax expense (benefit) (52.4 ) (0.4 ) 119.3 (20.6 ) 45.9 Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (102.9 ) (49.7 ) 670.6 20.6 538.6 Equity in earnings (losses) of subsidiaries, net of tax 511.2 257.1 — (768.3 ) — Net income (loss) including noncontrolling interest 408.3 207.4 670.6 (747.7 ) 538.6 Less: Net income (loss) attributable to noncontrolling interest — — 130.3 — 130.3 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408.3 $ 207.4 $ 540.3 $ (747.7 ) $ 408.3 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 11.5 $ 0.1 $ 4,511.0 $ (7.3 ) $ 4,515.3 Fee income — — 3,632.5 — 3,632.5 Premiums — — 2,626.4 — 2,626.4 Net realized gains (losses): Total other-than-temporary impairments — — (31.9 ) — (31.9 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — (0.3 ) — (0.3 ) Net other-than-temporary impairments recognized in earnings — — (31.6 ) — (31.6 ) Other net realized capital gains (losses) (3.4 ) (0.4 ) (843.0 ) — (846.8 ) Total net realized capital gains (losses) (3.4 ) (0.4 ) (874.6 ) — (878.4 ) Other revenue 3.2 0.2 432.6 (3.2 ) 432.8 Income (loss) related to consolidated investment entities: Net investment income (loss) — — 665.5 — 665.5 Changes in fair value related to collateralized loan obligations — — (6.7 ) — (6.7 ) Total revenues 11.3 (0.1 ) 10,986.7 (10.5 ) 10,987.4 Benefits and expenses: Policyholder benefits — — 3,946.7 — 3,946.7 Interest credited to contract owner account balance — — 1,991.2 — 1,991.2 Operating expenses 4.1 — 3,461.3 (3.2 ) 3,462.2 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 379.3 — 379.3 Interest expense 149.1 43.2 4.7 (7.3 ) 189.7 Operating expenses related to consolidated investment entities: Interest expense — — 209.5 — 209.5 Other expense — — 7.6 — 7.6 Total benefits and expenses 153.2 43.2 10,000.3 (10.5 ) 10,186.2 Income (loss) before income taxes (141.9 ) (43.3 ) 986.4 — 801.2 Income tax expense (benefit) (214.8 ) (82.6 ) (1,381.2 ) (52.9 ) (1,731.5 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates 72.9 39.3 2,367.6 52.9 2,532.7 Equity in earnings (losses) of subsidiaries, net of tax 2,242.8 733.2 — (2,976.0 ) — Net income (loss) including noncontrolling interest 2,315.7 772.5 2,367.6 (2,923.1 ) 2,532.7 Less: Net income (loss) attributable to noncontrolling interest — — 237.7 — 237.7 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 2,315.7 $ 772.5 $ 2,129.9 $ (2,923.1 ) $ 2,295.0 |
Schedule of Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ (428.0 ) $ 286.9 $ (215.3 ) $ (42.3 ) $ (398.7 ) Other comprehensive income (loss), before tax: Unrealized gains/losses on securities 749.1 592.9 749.3 (1,342.2 ) 749.1 Other-than-temporary impairments 23.7 20.1 23.7 (43.8 ) 23.7 Pension and other postretirement benefit liability (10.2 ) (1.9 ) (10.2 ) 12.1 (10.2 ) Other comprehensive income (loss), before tax 762.6 611.1 762.8 (1,373.9 ) 762.6 Income tax expense (benefit) related to items of other comprehensive income (loss) 165.8 213.5 183.4 (396.9 ) 165.8 Other comprehensive income (loss), after tax 596.8 397.6 579.4 (977.0 ) 596.8 Comprehensive income (loss) 168.8 684.5 364.1 (1,019.3 ) 198.1 Less: Comprehensive income (loss) attributable to noncontrolling interest — — 29.3 — 29.3 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ 168.8 $ 684.5 $ 334.8 $ (1,019.3 ) $ 168.8 Condensed Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ 408.3 $ 207.4 $ 670.6 $ (747.7 ) $ 538.6 Other comprehensive income (loss), before tax: Unrealized gains/losses on securities (2,581.2 ) (1,874.5 ) (2,581.3 ) 4,455.8 (2,581.2 ) Other-than-temporary impairments 18.8 12.9 18.8 (31.7 ) 18.8 Pension and other postretirement benefit liability (13.7 ) (3.2 ) (13.7 ) 16.9 (13.7 ) Other comprehensive income (loss), before tax (2,576.1 ) (1,864.8 ) (2,576.2 ) 4,441.0 (2,576.1 ) Income tax expense (benefit) related to items of other comprehensive income (loss) (897.3 ) (648.3 ) (897.4 ) 1,545.7 (897.3 ) Other comprehensive income (loss), after tax (1,678.8 ) (1,216.5 ) (1,678.8 ) 2,895.3 (1,678.8 ) Comprehensive income (loss) (1,270.5 ) (1,009.1 ) (1,008.2 ) 2,147.6 (1,140.2 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — 130.3 — 130.3 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ (1,270.5 ) $ (1,009.1 ) $ (1,138.5 ) $ 2,147.6 $ (1,270.5 ) Condensed Consolidated Statements of Comprehensive Income For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ 2,315.7 $ 772.5 $ 2,367.6 $ (2,923.1 ) $ 2,532.7 Other comprehensive income (loss), before tax: Unrealized gains/losses on securities 1,910.5 1,194.3 1,914.5 (3,108.8 ) 1,910.5 Other-than-temporary impairments 40.0 34.2 40.0 (74.2 ) 40.0 Pension and other postretirement benefit liability (13.8 ) (3.2 ) (13.8 ) 17.0 (13.8 ) Other comprehensive income (loss), before tax 1,936.7 1,225.3 1,940.7 (3,166.0 ) 1,936.7 Income tax expense (benefit) related to items of other comprehensive income (loss) 682.1 433.1 682.1 (1,115.2 ) 682.1 Other comprehensive income (loss), after tax 1,254.6 792.2 1,258.6 (2,050.8 ) 1,254.6 Comprehensive income (loss) 3,570.3 1,564.7 3,626.2 (4,973.9 ) 3,787.3 Less: Comprehensive income (loss) attributable to noncontrolling interest — — 237.7 — 237.7 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ 3,570.3 $ 1,564.7 $ 3,388.5 $ (4,973.9 ) $ 3,549.6 |
Schedule of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ (309.4 ) $ 173.7 $ 3,991.2 $ (269.5 ) $ 3,586.0 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 12,427.7 — 12,427.7 Equity securities, available-for-sale 18.4 — 85.8 — 104.2 Mortgage loans on real estate — — 1,150.2 — 1,150.2 Limited partnerships/corporations — — 349.1 — 349.1 Acquisition of: Fixed maturities — — (14,990.5 ) — (14,990.5 ) Equity securities, available-for-sale (22.8 ) — (23.8 ) — (46.6 ) Mortgage loans on real estate — — (2,427.7 ) — (2,427.7 ) Limited partnerships/corporations — — (445.3 ) — (445.3 ) Short-term investments, net — — 675.8 — 675.8 Policy loans, net — — 41.2 — 41.2 Derivatives, net 1.3 — (1,305.5 ) — (1,304.2 ) Other investments, net — — 45.3 — 45.3 Sales from consolidated investments entities — — 2,304.4 — 2,304.4 Purchases within consolidated investment entities — — (1,726.6 ) — (1,726.6 ) Net maturity of intercompany loans with maturities more than three months 0.3 — — (0.3 ) — Net maturity of short-term intercompany loans to subsidiaries 51.9 — (10.5 ) (41.4 ) — Return of capital contributions and dividends from subsidiaries 922.0 760.0 — (1,682.0 ) — Capital contributions to subsidiaries (215.0 ) (64.0 ) — 279.0 — Collateral received (delivered), net (0.1 ) — 226.4 — 226.3 Purchases of fixed assets, net — — (66.7 ) — (66.7 ) Net cash provided by (used in) investing activities $ 756.0 $ 696.0 $ (3,690.7 ) $ (1,444.7 ) $ (3,683.4 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts $ — $ — $ 8,954.4 $ — $ 8,954.4 Maturities and withdrawals from investment contracts — — (7,558.6 ) — (7,558.6 ) Proceeds from issuance of debt with maturities of more than three months 798.2 — — — 798.2 Repayment of debt with maturities of more than three months (659.8 ) (48.5 ) — — (708.3 ) Debt issuance costs (16.0 ) — — — (16.0 ) Repayments of intercompany loans with maturities of more than three months — — (0.3 ) 0.3 — Net (repayments of) proceeds from short-term intercompany loans 10.5 4.7 (56.6 ) 41.4 — Return of capital contributions and dividends to parent — (892.0 ) (1,059.5 ) 1,951.5 — Contributions of capital from parent — 50.0 229.0 (279.0 ) — Borrowings of consolidated investment entities — — 126.0 — 126.0 Repayments of borrowings of consolidated investment entities — — (455.0 ) — (455.0 ) Contributions from (distributions to) participants in consolidated investment entities — — 50.5 — 50.5 Proceeds from issuance of common stock, net 1.3 — — — 1.3 Excess tax benefits on share-based compensation — — 4.6 — 4.6 Share-based compensation (6.5 ) — — — (6.5 ) Common stock acquired - Share repurchase (687.2 ) — — — (687.2 ) Dividends paid (8.0 ) — — — (8.0 ) Net cash provided by (used in) financing activities (567.5 ) (885.8 ) 234.5 1,714.2 495.4 Net increase (decrease) in cash and cash equivalents (120.9 ) (16.1 ) 535.0 — 398.0 Cash and cash equivalents, beginning of year 378.1 18.4 2,116.2 — 2,512.7 Cash and cash equivalents, end of year $ 257.2 $ 2.3 $ 2,651.2 $ — $ 2,910.7 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ 127.8 $ 261.7 $ 3,373.0 $ (516.8 ) $ 3,245.7 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 12,070.7 — 12,070.7 Equity securities, available-for-sale 24.1 — 51.4 — 75.5 Mortgage loans on real estate — — 1,543.3 — 1,543.3 Limited partnerships/corporations — — 288.7 — 288.7 Acquisition of: Fixed maturities — — (13,573.1 ) — (13,573.1 ) Equity securities, available-for-sale (30.5 ) — (111.5 ) — (142.0 ) Mortgage loans on real estate — — (2,195.9 ) — (2,195.9 ) Limited partnerships/corporations — — (470.6 ) — (470.6 ) Short-term investments, net (212.0 ) — 428.3 — 216.3 Policy loans, net — — 101.3 — 101.3 Derivatives, net (32.9 ) — (232.8 ) — (265.7 ) Other investments, net — 14.2 5.3 — 19.5 Sales from consolidated investments entities — — 5,431.5 — 5,431.5 Purchases within consolidated investment entities — — (7,521.0 ) — (7,521.0 ) Maturity of Intercompany loans with maturities more than three months 0.7 — — (0.7 ) — Net maturity of short-term intercompany loans (161.9 ) — — 161.9 — Return of capital contributions and dividends from subsidiaries 1,467.5 1,197.7 — (2,665.2 ) — Capital contributions to subsidiaries — (15.0 ) — 15.0 — Collateral received (delivered), net 20.1 — 187.6 — 207.7 Purchases of fixed assets, net — — (60.1 ) — (60.1 ) Net cash provided by (used in) investing activities $ 1,075.1 $ 1,196.9 $ (4,056.9 ) $ (2,489.0 ) $ (4,273.9 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts $ — $ — $ 7,790.7 $ — $ 7,790.7 Maturities and withdrawals from investment contracts — — (6,800.1 ) — (6,800.1 ) Repayment of debt with maturities of more than three months — (31.2 ) — — (31.2 ) Debt issuance costs (6.8 ) — — — (6.8 ) Intercompany loans with maturities more than three months — — (0.7 ) 0.7 — Net (repayments of) proceeds from short-term intercompany loans — 56.9 105.0 (161.9 ) — Return of capital contributions and dividends to parent — (1,467.5 ) (1,714.5 ) 3,182.0 — Contributions of capital from parent — — 15.0 (15.0 ) — Borrowings of consolidated investment entities — — 1,372.7 — 1,372.7 Repayments of borrowings of consolidated investment entities — — (478.7 ) — (478.7 ) Contributions from (distributions to) participants in consolidated investment entities — — 661.8 — 661.8 Excess tax benefits on share-based compensation — — 1.7 — 1.7 Common stock acquired - Share repurchase (1,486.6 ) — — — (1,486.6 ) Share-based compensation (4.5 ) — — — (4.5 ) Dividends paid (9.0 ) — — — (9.0 ) Net cash provided by (used in) financing activities (1,506.9 ) (1,441.8 ) 952.9 3,005.8 1,010.0 Net increase (decrease) in cash and cash equivalents (304.0 ) 16.8 269.0 — (18.2 ) Cash and cash equivalents, beginning of year 682.1 1.6 1,847.2 — 2,530.9 Cash and cash equivalents, end of year $ 378.1 $ 18.4 $ 2,116.2 $ — $ 2,512.7 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ 85.7 $ 160.1 $ 3,565.8 $ (183.0 ) $ 3,628.6 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 13,594.0 — 13,594.0 Equity securities, available-for-sale 18.7 13.1 38.2 — 70.0 Mortgage loans on real estate — — 1,555.3 — 1,555.3 Limited partnerships/corporations — — 204.3 — 204.3 Acquisition of: Fixed maturities — — (12,985.3 ) — (12,985.3 ) Equity securities, available-for-sale (25.0 ) — (3.4 ) — (28.4 ) Mortgage loans on real estate — — (2,036.4 ) — (2,036.4 ) Limited partnerships/corporations — — (289.0 ) — (289.0 ) Short-term investments, net — — (662.0 ) — (662.0 ) Policy loans, net — — 43.0 — 43.0 Derivatives, net 1.3 — (1,118.7 ) — (1,117.4 ) Other investments, net — (11.0 ) 44.0 — 33.0 Sales from consolidated investments entities — — 3,470.1 — 3,470.1 Purchases within consolidated investment entities — — (5,533.9 ) — (5,533.9 ) Maturity of intercompany loans with maturities more than three months 0.9 — — (0.9 ) — Net maturity of short-term intercompany loans 41.5 — — (41.5 ) — Return of capital contributions and dividends from subsidiaries 902.0 780.0 — (1,682.0 ) — Capital contributions to subsidiaries (150.0 ) (171.0 ) — 321.0 — Collateral received (delivered), net — — 401.5 — 401.5 Purchases of fixed assets, net — — (32.7 ) — (32.7 ) Net cash provided by (used in) investing activities $ 789.4 $ 611.1 $ (3,311.0 ) $ (1,403.4 ) $ (3,313.9 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2014 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts $ — $ — $ 8,153.6 $ — $ 8,153.6 Maturities and withdrawals from investment contracts — — (9,899.3 ) — (9,899.3 ) Debt issuance costs (16.8 ) — — — (16.8 ) Intercompany loans with maturities of more than three months — — (0.9 ) 0.9 — Net (repayments of) proceeds from short-term intercompany loans — 24.3 (65.8 ) 41.5 — Return of capital contributions and dividends to parent — (795.0 ) (1,070.0 ) 1,865.0 — Contributions of capital from parent — — 321.0 (321.0 ) — Borrowings of consolidated investment entities — — 401.3 — 401.3 Repayments of borrowings of consolidated investment entities — — (75.8 ) — (75.8 ) Contributions from (distributions to) participants in consolidated investment entities — — 1,624.9 — 1,624.9 Excess tax benefits on share-based compensation — — 3.9 — 3.9 Common stock acquired - Share repurchase (789.4 ) — — — (789.4 ) Share-based compensation (16.9 ) — — — (16.9 ) Dividends paid (10.1 ) — — — (10.1 ) Net cash provided by (used in) financing activities (833.2 ) (770.7 ) (607.1 ) 1,586.4 (624.6 ) Net increase (decrease) in cash and cash equivalents 41.9 0.5 (352.3 ) — (309.9 ) Cash and cash equivalents, beginning of year 640.2 1.1 2,199.5 — 2,840.8 Cash and cash equivalents, end of year $ 682.1 $ 1.6 $ 1,847.2 $ — $ 2,530.9 |
Selected Consolidated Unaudit58
Selected Consolidated Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The unaudited quarterly results of operations for 2016 and 2015 are summarized in the table below: Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2016 Total revenues $ 3,009.3 $ 2,696.0 $ 2,528.5 $ 2,548.4 Total benefits and expenses 2,768.0 2,542.9 2,884.4 3,200.3 Income (loss) before income taxes 241.3 153.1 (355.9 ) (651.9 ) Net income (loss) 192.3 136.0 (236.5 ) (490.5 ) Less: Net income (loss) attributable to noncontrolling interest 0.7 (25.5 ) 11.6 42.5 Net income (loss) available to Voya Financial, Inc.'s common shareholders 191.6 161.5 (248.1 ) (533.0 ) Earnings Per Share Basic $ 0.93 $ 0.80 $ (1.24 ) $ (2.74 ) Diluted (1)(2) $ 0.92 $ 0.79 $ (1.24 ) $ (2.74 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2015 Total revenues $ 2,604.4 $ 2,968.1 $ 3,696.4 $ 1,972.7 Total benefits and expenses 2,343.1 2,481.9 3,616.1 2,216.0 Income (loss) before income taxes 261.3 486.2 80.3 (243.3 ) Net income (loss) 215.7 367.1 116.2 (160.4 ) Less: Net income (loss) attributable to noncontrolling interest 26.1 81.9 75.9 (53.6 ) Net income (loss) available to Voya Financial, Inc.'s common shareholders 189.6 285.2 40.3 (106.8 ) Earnings Per Share Basic $ 0.80 $ 1.25 $ 0.18 $ (0.50 ) Diluted (2) $ 0.79 $ 1.24 $ 0.18 $ (0.50 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 (1) For the three months ended September 30, 2016, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.9 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss in the period. (2) For the three months ended December 31, 2016 and 2015 , weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 2.5 shares and 2.6 shares for stock compensation plans, respectively, would be antidilutive to the earnings per share calculation due to the net loss in the period. |
Business, Basis of Presentati59
Business, Basis of Presentation and Significant Accounting Policies - Business and Business of Presentation (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)segments | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Item Effected [Line Items] | |||
Number of operating segments | segments | 5 | ||
Net investment income | $ 4,620.8 | $ 4,538.2 | $ 4,515.3 |
Restatement adjustment | |||
Item Effected [Line Items] | |||
Net investment income | $ 99.6 | $ 99.5 |
Business, Basis of Presentati60
Business, Basis of Presentation and Significant Accounting Policies - Revision of Previously Issued Financial Statements (Details) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Deferred income taxes | $ 2,089.8 | $ 2,214.8 | $ 2,089.8 | $ 2,214.8 | |||||||
Future policy benefits | 21,447.2 | 19,508 | 21,447.2 | 19,508 | |||||||
Retained earnings (deficit) - Unappropriated | (9,843.3) | (9,415.3) | (9,843.3) | (9,415.3) | |||||||
Other net realized capital gains (losses) | (1,221.5) | (616.3) | $ (846.8) | ||||||||
Income tax expense (benefit) | (214.7) | 45.9 | (1,731.5) | ||||||||
Net income (loss) | (490.5) | $ (236.5) | $ 136 | $ 192.3 | (160.4) | $ 116.2 | $ 367.1 | $ 215.7 | (398.7) | 538.6 | 2,532.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholder | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | $ (428) | $ 408.3 | $ 2,295 |
Basic (usd per share) | $ (2.74) | $ (1.24) | $ 0.80 | $ 0.93 | $ (0.50) | $ 0.18 | $ 1.25 | $ 0.80 | $ (2.13) | $ 1.81 | $ 9.07 |
Diluted (usd per share) | $ (2.74) | $ (1.24) | $ 0.79 | $ 0.92 | $ (0.50) | $ 0.18 | $ 1.24 | $ 0.79 | $ (2.13) | $ 1.80 | $ 9 |
Income (loss) before income taxes | $ (651.9) | $ (355.9) | $ 153.1 | $ 241.3 | $ (243.3) | $ 80.3 | $ 486.2 | $ 261.3 | $ (613.4) | $ 584.5 | $ 801.2 |
Business, Basis of Presentati61
Business, Basis of Presentation and Significant Accounting Policies - Securities Lending (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Rate required of collateral as a percent of market value of loans securities | 102.00% |
Percentage of loans third-party pricing source is unable to price an investment, less than | 1.00% |
Business, Basis of Presentati62
Business, Basis of Presentation and Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment cost basis | $ 373.2 | $ 366.6 | |
Total accumulated depreciation | 260.9 | 241.5 | |
Depreciation expense | $ 25.3 | $ 24.1 | $ 26.6 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment estimated useful lives | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment estimated useful lives | 40 years |
Business, Basis of Presentati63
Business, Basis of Presentation and Significant Accounting Policies - Amortization Methodologies Assumptions (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |
Loss recognition related to CBVA | $ 321 |
Loss recognition related to DAC VOBA | 85.1 |
Loss recognition related to sales inducements | 18.7 |
Loss recognition which established a premium deficiency reserve | $ 217.2 |
Long-term equity return assumption | 9.00% |
Long-term equity return assumption, cap | 14.00% |
Long-term equity return assumption, look-forward period | 5 years |
Business, Basis of Presentati64
Business, Basis of Presentation and Significant Accounting Policies - Future Policy Benefits (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Individual and Group Life Insurance Reserves | Minimum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 2.30% | ||
Individual and Group Life Insurance Reserves | Maximum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 7.70% | ||
Fixed annuities and payout contracts without life contingencies | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Credited interest rate maximum on fixed annuities and payout contracts without life contingencies | 7.50% | 7.50% | 7.50% |
Future Policy Benefits and Claims Reserves | Minimum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 1.00% | ||
Future Policy Benefits and Claims Reserves | Maximum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 8.30% |
Business, Basis of Presentati65
Business, Basis of Presentation and Significant Accounting Policies - Sales Inducements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Capitalized sales inducements | $ 29.6 | $ 23.1 | $ 29.4 |
Amortized amount of deferred sales inducements | $ 40.1 | $ 65.9 | $ 37.8 |
Business, Basis of Presentati66
Business, Basis of Presentation and Significant Accounting Policies - Future Adoption of Accounting Pronouncements (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2016 | Dec. 31, 2013 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Total assets | $ 214,235.1 | $ 218,223.5 | |||
Limited partnerships/corporations | 758.6 | 510.6 | |||
Cash and cash equivalents | 2,910.7 | 2,512.7 | $ 2,530.9 | $ 2,840.8 | |
Corporate loans, at fair value using the fair value option | 1,952.5 | 6,882.5 | |||
Other assets | 909.5 | 914.3 | |||
Liabilities | 200,268 | 201,947.7 | |||
Collateralized loan obligations notes, at fair value using the fair value option | 1,967.2 | 6,956.2 | |||
Other liabilities | 527.8 | 1,951.6 | |||
Noncontrolling interest | 973.2 | 2,840 | |||
Appropriated retained earnings (deficit) | 13,967.1 | 16,275.8 | $ 18,561.5 | $ 15,557 | |
Appropriated-consolidated investment entities | $ 0 | $ 9 | |||
Anticipated effect on carried interest as a percentage of total revenues for year (less than) | 0.50% | 0.50% | |||
Accounting Standards Update 2015-03 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Reclassification of debt issuance costs | $ 26.1 | ||||
Cumulative-Effect Adjustment, Deconsolidation of Variable Interest Entity [Member] | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Total assets | 7,500 | ||||
Limited partnerships/corporations | 2,500 | ||||
Cash and cash equivalents | 300 | ||||
Corporate loans, at fair value using the fair value option | 4,600 | ||||
Other assets | 100 | ||||
Liabilities | 5,900 | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 4,600 | ||||
Other liabilities | 1,300 | ||||
Noncontrolling interest | 1,600 | ||||
Appropriated-consolidated investment entities | 8.8 | ||||
Accounting Standards Update 2014-13 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Collateralized loan obligations notes, at fair value using the fair value option | 17.8 | ||||
Appropriated retained earnings (deficit) | $ 17.8 | ||||
Accounting Standards Update 2014-09 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Anticipated effect on carried interest as a percentage of total revenues for year (less than) | 0.50% |
Investments (excluding Consol67
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 66,158.7 | $ 65,546.3 |
Embedded Derivatives | 70.5 | 94.9 |
Fixed maturities, including securities pledged | 69,468.7 | 67,733.4 |
OTTI | 43.5 | 67.2 |
Securities pledged, Amortized Cost | 1,983.8 | 1,082.1 |
Securities pledged | 2,157.1 | 1,112.6 |
Total equity securities, Amortized Cost | 241.8 | 300.4 |
Equity securities, available-for-sale, at fair value | 274.2 | 331.7 |
Total fixed maturities and equity securities, Amortized Cost | 70,112.8 | 69,073.3 |
Gross Unrealized Capital Gains | 3,996.1 | 3,652.6 |
Gross Unrealized Capital Losses | 724.2 | 1,529.1 |
Fair Value | 73,455.2 | 71,291.7 |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,452 | 3,136.4 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 452.2 | 517.6 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 13.9 | 5 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 3,890.3 | 3,649 |
OTTI | 0 | 0 |
U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 253.9 | 309.8 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 44.1 | 43.1 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 0 | 0.3 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 298 | 352.6 |
OTTI | 0 | 0 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,153.9 | 1,337.8 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 31.7 | 26.2 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 50 | 17.8 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 2,135.6 | 1,346.2 |
OTTI | 0 | 0 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 31,754.8 | 32,794.3 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 2,168.5 | 1,647.4 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 231.6 | 825.7 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 33,691.7 | 33,616 |
OTTI | 8.6 | 9.6 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 7,724.9 | 6,527.5 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 242.7 | 246.1 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 159.6 | 132.5 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 7,808 | 6,641.1 |
OTTI | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 7,796.6 | 8,129.1 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 381.7 | 267.9 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 98.9 | 373.4 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 8,079.4 | 8,023.6 |
OTTI | 0 | 0 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 7,557.1 | 7,252.5 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 302.8 | 272.6 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 74.1 | 176.5 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 7,785.8 | 7,348.6 |
OTTI | 0 | 0 |
Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 6,407 | 5,302 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 407 | 488.2 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 69.7 | 24.6 |
Embedded Derivatives | 70.5 | 94.9 |
Fixed maturities, including securities pledged | 6,814.8 | 5,860.5 |
OTTI | 31 | 46.5 |
Residential mortgage-backed securities, Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 5,318.4 | 4,522.7 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 269.7 | 350 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 62 | 15.7 |
Embedded Derivatives | 42.7 | 58.6 |
Fixed maturities, including securities pledged | 5,568.8 | 4,915.6 |
OTTI | 0 | 0 |
Residential mortgage-backed securities, Non-Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,088.6 | 779.3 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 137.3 | 138.2 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 7.7 | 8.9 |
Embedded Derivatives | 27.8 | 36.3 |
Fixed maturities, including securities pledged | 1,246 | 944.9 |
OTTI | 31 | 46.5 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,320.7 | 3,967.8 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 72.9 | 133.6 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 34.7 | 8.8 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 3,358.9 | 4,092.6 |
OTTI | 0 | 6.7 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,433.9 | 1,097.8 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 48.8 | 58.1 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 7.1 | 13.5 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 1,475.6 | 1,142.4 |
OTTI | 3.9 | 4.4 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 71,854.8 | 69,855 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 4,152.4 | 3,700.8 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 739.6 | 1,578.1 |
Embedded Derivatives | 70.5 | 94.9 |
Fixed maturities, including securities pledged | 75,338.1 | 72,072.6 |
OTTI | 43.5 | 67.2 |
Securities pledged, Amortized Cost | 1,983.8 | 1,082.1 |
Securities pledged, Gross Unrealized Capital Gains | 189 | 79.7 |
Securities pledged, Gross Unrealized Capital Losses | 15.7 | 49.2 |
Securities pledged | 2,157.1 | 1,112.6 |
Total fixed maturities, less securities pledged, Amortized Cost | 69,871 | 68,772.9 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 3,963.4 | 3,621.1 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 723.9 | 1,528.9 |
Total fixed maturities, less securities pledged, Fair Value | 73,181 | 70,960 |
Common stock | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
OTTI | 0 | 0 |
Total equity securities, Amortized Cost | 151.3 | 210.1 |
Equity securities, Gross Unrealized Capital Gains | 0.5 | 0.5 |
Equity securities, Gross Unrealized Capital Losses | 0.3 | 0.2 |
Equity securities, available-for-sale, at fair value | 151.5 | 210.4 |
Preferred stock | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
OTTI | 0 | 0 |
Total equity securities, Amortized Cost | 90.5 | 90.3 |
Equity securities, Gross Unrealized Capital Gains | 32.2 | 31 |
Equity securities, Gross Unrealized Capital Losses | 0 | 0 |
Equity securities, available-for-sale, at fair value | 122.7 | 121.3 |
Equity securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
OTTI | 0 | 0 |
Total equity securities, Amortized Cost | 241.8 | 300.4 |
Equity securities, Gross Unrealized Capital Gains | 32.7 | 31.5 |
Equity securities, Gross Unrealized Capital Losses | 0.3 | 0.2 |
Equity securities, available-for-sale, at fair value | 274.2 | 331.7 |
Impaired | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Net unrealized gains on impaired available-for-sale securities | $ 515.6 | $ 639.1 |
Investments (excluding Consol68
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 66,158.7 | $ 65,546.3 |
Fixed maturities, including securities pledged | 69,468.7 | 67,733.4 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | 2,510.9 | |
One year or less, Fair Value | 2,513.7 | |
After one year through five years, Amortized Cost | 13,270.7 | |
After one year through five years, Fair Value | 13,845.2 | |
After five years through ten years, Amortized Cost | 18,991.5 | |
After five years through ten years, Fair Value | 19,303.8 | |
After ten years, Amortized Cost | 25,920.1 | |
After ten years, Fair Value | 28,026.1 | |
Fixed maturities, including securities pledged, Amortized Cost Basis | 71,854.8 | 69,855 |
Fixed maturities, including securities pledged | 75,338.1 | 72,072.6 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 9,727.7 | |
Without single maturity date, Fair Value | 10,173.7 | |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 1,433.9 | |
Without single maturity date, Fair Value | 1,475.6 | |
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,433.9 | 1,097.8 |
Fixed maturities, including securities pledged | $ 1,475.6 | $ 1,142.4 |
Investments (excluding Consol69
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 66,158.7 | $ 65,546.3 |
Fixed maturities, including securities pledged | 69,468.7 | 67,733.4 |
Communications | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,778.7 | 3,956 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 335.7 | 251 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 20.8 | 73 |
Fixed maturities, including securities pledged | 4,093.6 | 4,134 |
Financial | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 8,166.3 | 7,937.8 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 478.7 | 473 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 47.6 | 53.2 |
Fixed maturities, including securities pledged | 8,597.4 | 8,357.6 |
Industrial and Other Companies | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 25,679.5 | 24,762.3 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 1,259.5 | 1,020.4 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 256.9 | 542 |
Fixed maturities, including securities pledged | 26,682.1 | 25,240.7 |
Utilities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 8,164.7 | 7,540.3 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 500.6 | 457.4 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 106.4 | 89.8 |
Fixed maturities, including securities pledged | 8,558.9 | 7,907.9 |
Transportation | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,785.6 | 1,705.3 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 103.6 | 70.5 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 17.5 | 40.2 |
Fixed maturities, including securities pledged | 1,871.7 | 1,735.6 |
U.S. and Foreign Corporate Securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 53,825 | 53,773.2 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3,058.8 | 2,400.2 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 542.7 | 1,466.3 |
Fixed maturities, including securities pledged | 56,341.1 | 54,707.1 |
Energy [Member] | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 6,250.2 | 7,871.5 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 380.7 | 127.9 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 93.5 | 668.1 |
Fixed maturities, including securities pledged | $ 6,537.4 | $ 7,331.3 |
Investments (excluding Consol70
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities, Repurchase Agreements and Securities Lending (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | $ 911.7 | $ 0 |
Payables under securities loan agreement, including collateral held | 1,841.3 | 1,485 |
Securities pledged as collateral | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fair value of loaned securities | 1,403.8 | 466.4 |
Short-term investments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 535.9 | 484.4 |
Cash collateral, included in Payables | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | $ 535.9 | $ 484.4 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Percentage collateralized of mortgage backed securities including interest-only strip or principal-only strip | 48.00% | 49.30% |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 762.9 | $ 0 |
U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 4.3 | 0 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 468.4 | 265.4 |
Equity securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 0.5 | 0 |
Short-term investments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 1 | 0 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 210.5 | 219 |
Payables Under Securities Loan Agreements | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 1,447.6 | $ 484.4 |
Investments (excluding Consol71
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | $ 16,970.6 | $ 11,512.7 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 523.2 | 446 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 383.6 | 9,672 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 15.5 | 782 |
More Than Twelve Months Below Amortized Cost, Fair Value | 1,717 | 1,813.1 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 200.9 | 350.1 |
Total Fair Value | 19,071.2 | 22,997.8 |
Total Unrealized Capital Losses | $ 739.6 | $ 1,578.1 |
Average market value of fixed maturities with unrealized capital losses aged more than twelve months | 89.50% | 83.80% |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | $ 1,061.4 | $ 482.2 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 13.9 | 5 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 0 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Fair Value | 1,061.4 | 482.2 |
Total Unrealized Capital Losses | 13.9 | 5 |
U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 0 | 49.3 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 0 | 0.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 0 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Fair Value | 0 | 49.3 |
Total Unrealized Capital Losses | 0 | 0.3 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 1,264.7 | 415.4 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 46.9 | 4.7 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 0 | 340.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 12.4 |
More Than Twelve Months Below Amortized Cost, Fair Value | 23.3 | 1.2 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 3.1 | 0.7 |
Total Fair Value | 1,288 | 756.8 |
Total Unrealized Capital Losses | 50 | 17.8 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 6,236 | 5,072 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 172.1 | 201.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 38.4 | 6,196.9 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 2.5 | 481.9 |
More Than Twelve Months Below Amortized Cost, Fair Value | 508.8 | 642.9 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 57 | 142.5 |
Total Fair Value | 6,783.2 | 11,911.8 |
Total Unrealized Capital Losses | 231.6 | 825.7 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 2,261.8 | 989 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 98.1 | 27.7 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 74.7 | 945.8 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 2.9 | 82.9 |
More Than Twelve Months Below Amortized Cost, Fair Value | 315.6 | 103.3 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 58.6 | 21.9 |
Total Fair Value | 2,652.1 | 2,038.1 |
Total Unrealized Capital Losses | 159.6 | 132.5 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 1,596.8 | 2,101.4 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 49 | 83.9 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 59.8 | 1,291.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 4.9 | 151.6 |
More Than Twelve Months Below Amortized Cost, Fair Value | 396.2 | 472.2 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 45 | 137.9 |
Total Fair Value | 2,052.8 | 3,864.8 |
Total Unrealized Capital Losses | 98.9 | 373.4 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 1,382.3 | 1,410.4 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 56.8 | 114.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 0 | 569.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 46 |
More Than Twelve Months Below Amortized Cost, Fair Value | 165.9 | 56.8 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 17.3 | 16.3 |
Total Fair Value | 1,548.2 | 2,036.4 |
Total Unrealized Capital Losses | 74.1 | 176.5 |
Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 1,716.5 | 306.3 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 52.2 | 4 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 182.7 | 198 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 5.1 | 4.1 |
More Than Twelve Months Below Amortized Cost, Fair Value | 165.5 | 350 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 12.4 | 16.5 |
Total Fair Value | 2,064.7 | 854.3 |
Total Unrealized Capital Losses | 69.7 | 24.6 |
Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 1,002.8 | 502.9 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 32.6 | 4.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 27.2 | 112.5 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0.1 | 3 |
More Than Twelve Months Below Amortized Cost, Fair Value | 27.4 | 1.3 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 2 | 1.5 |
Total Fair Value | 1,057.4 | 616.7 |
Total Unrealized Capital Losses | 34.7 | 8.8 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 448.3 | 183.8 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 1.6 | 0.6 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 0.8 | 18.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0.1 |
More Than Twelve Months Below Amortized Cost, Fair Value | 114.3 | 185.4 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 5.5 | 12.8 |
Total Fair Value | 563.4 | 387.4 |
Total Unrealized Capital Losses | $ 7.1 | $ 13.5 |
Investments (excluding Consol72
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) $ in Millions | Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | $ 523.2 | $ 446 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 15.5 | 782 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 200.9 | 350.1 |
Total Unrealized Capital Losses | 739.6 | 1,578.1 |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 13.9 | 5 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Unrealized Capital Losses | 13.9 | 5 |
U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 0 | 0.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Unrealized Capital Losses | 0 | 0.3 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 46.9 | 4.7 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 12.4 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 3.1 | 0.7 |
Total Unrealized Capital Losses | 50 | 17.8 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 172.1 | 201.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 2.5 | 481.9 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 57 | 142.5 |
Total Unrealized Capital Losses | 231.6 | 825.7 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 98.1 | 27.7 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 2.9 | 82.9 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 58.6 | 21.9 |
Total Unrealized Capital Losses | 159.6 | 132.5 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 49 | 83.9 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 4.9 | 151.6 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 45 | 137.9 |
Total Unrealized Capital Losses | 98.9 | 373.4 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 56.8 | 114.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 46 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 17.3 | 16.3 |
Total Unrealized Capital Losses | 74.1 | 176.5 |
Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 52.2 | 4 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 5.1 | 4.1 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 12.4 | 16.5 |
Total Unrealized Capital Losses | 69.7 | 24.6 |
Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 32.6 | 4.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0.1 | 3 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 2 | 1.5 |
Total Unrealized Capital Losses | 34.7 | 8.8 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 1.6 | 0.6 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0.1 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 5.5 | 12.8 |
Total Unrealized Capital Losses | 7.1 | 13.5 |
Fair value decline below amortized cost less than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Amortized Cost | 17,729.6 | 11,792.1 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | $ 554.6 | $ 394.6 |
Six Months or Less Below Amortized Cost, Number of Securities | security | 1,541 | 1,051 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Amortized Cost | $ 755 | $ 9,465.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | $ 45.1 | $ 518 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Number of Securities | security | 92 | 737 |
More Than Twelve Months Below Amortized Cost, Amortized Cost | $ 1,086.7 | $ 1,351.5 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | $ 76.5 | $ 102.5 |
More Than Twelve Months Below Amortized Cost, Number of Securities | security | 267 | 322 |
Total Amortized Cost | $ 19,571.3 | $ 22,608.9 |
Total Unrealized Capital Losses | $ 676.2 | $ 1,015.1 |
Number of Securities | security | 1,900 | 2,110 |
Fair value decline below amortized cost less than 20% | U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1,075.3 | $ 487.2 |
Total Unrealized Capital Losses | $ 13.9 | $ 5 |
Number of Securities | security | 33 | 21 |
Fair value decline below amortized cost less than 20% | U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 0 | $ 49.6 |
Total Unrealized Capital Losses | $ 0 | $ 0.3 |
Number of Securities | security | 0 | 1 |
Fair value decline below amortized cost less than 20% | State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1,337 | $ 772.6 |
Total Unrealized Capital Losses | $ 49.7 | $ 17.1 |
Number of Securities | security | 198 | 117 |
Fair value decline below amortized cost less than 20% | U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 6,947.1 | $ 11,712.1 |
Total Unrealized Capital Losses | $ 215.5 | $ 542.7 |
Number of Securities | security | 577 | 955 |
Fair value decline below amortized cost less than 20% | U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 2,672.7 | $ 2,006.6 |
Total Unrealized Capital Losses | $ 122.1 | $ 85.1 |
Number of Securities | security | 114 | 92 |
Fair value decline below amortized cost less than 20% | Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 2,131.4 | $ 3,570.1 |
Total Unrealized Capital Losses | $ 94.1 | $ 173.9 |
Number of Securities | security | 192 | 331 |
Fair value decline below amortized cost less than 20% | Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1,622.3 | $ 2,115.3 |
Total Unrealized Capital Losses | $ 74.1 | $ 148.3 |
Number of Securities | security | 64 | 86 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 2,127.8 | $ 875.1 |
Total Unrealized Capital Losses | $ 67.5 | $ 22.7 |
Number of Securities | security | 451 | 327 |
Fair value decline below amortized cost less than 20% | Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1,088.9 | $ 622.7 |
Total Unrealized Capital Losses | $ 32.7 | $ 7.3 |
Number of Securities | security | 140 | 56 |
Fair value decline below amortized cost less than 20% | Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 568.8 | $ 397.6 |
Total Unrealized Capital Losses | $ 6.6 | $ 12.7 |
Number of Securities | security | 131 | 124 |
Fair value decline below amortized cost greater than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Amortized Cost | $ 86.8 | $ 1,863.4 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | $ 19.3 | $ 524.5 |
Six Months or Less Below Amortized Cost, Number of Securities | security | 16 | 130 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Amortized Cost | $ 28.3 | $ 48.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | $ 7.8 | $ 23.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Number of Securities | security | 9 | 5 |
More Than Twelve Months Below Amortized Cost, Amortized Cost | $ 124.4 | $ 55.3 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | $ 36.3 | $ 15.3 |
More Than Twelve Months Below Amortized Cost, Number of Securities | security | 12 | 8 |
Total Amortized Cost | $ 239.5 | $ 1,967 |
Total Unrealized Capital Losses | $ 63.4 | $ 563 |
Number of Securities | security | 37 | 143 |
Fair value decline below amortized cost greater than 20% | U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 0 | $ 0 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Number of Securities | security | 0 | 0 |
Fair value decline below amortized cost greater than 20% | U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 0 | $ 0 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Number of Securities | security | 0 | 0 |
Fair value decline below amortized cost greater than 20% | State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1 | $ 2 |
Total Unrealized Capital Losses | $ 0.3 | $ 0.7 |
Number of Securities | security | 1 | 3 |
Fair value decline below amortized cost greater than 20% | U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 67.7 | $ 1,025.4 |
Total Unrealized Capital Losses | $ 16.1 | $ 283 |
Number of Securities | security | 4 | 73 |
Fair value decline below amortized cost greater than 20% | U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 139 | $ 164 |
Total Unrealized Capital Losses | $ 37.5 | $ 47.4 |
Number of Securities | security | 3 | 4 |
Fair value decline below amortized cost greater than 20% | Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 20.3 | $ 668.1 |
Total Unrealized Capital Losses | $ 4.8 | $ 199.5 |
Number of Securities | security | 4 | 48 |
Fair value decline below amortized cost greater than 20% | Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 0 | $ 97.6 |
Total Unrealized Capital Losses | $ 0 | $ 28.2 |
Number of Securities | security | 2 | 5 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 6.6 | $ 3.8 |
Total Unrealized Capital Losses | $ 2.2 | $ 1.9 |
Number of Securities | security | 19 | 7 |
Fair value decline below amortized cost greater than 20% | Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 3.2 | $ 2.8 |
Total Unrealized Capital Losses | $ 2 | $ 1.5 |
Number of Securities | security | 3 | 1 |
Fair value decline below amortized cost greater than 20% | Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1.7 | $ 3.3 |
Total Unrealized Capital Losses | $ 0.5 | $ 0.8 |
Number of Securities | security | 1 | 2 |
Investments (excluding Consol73
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 2 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Unrealized Capital Losses | $ 739.6 | $ 1,578.1 |
Greater than 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, minimum | 10.00% | 10.00% |
Greater than 5% - 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, maximum | 10.00% | 10.00% |
Credit Enhancement Percentage, minimum | 5.00% | 5.00% |
Greater than 0% - 5% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, maximum | 5.00% | 5.00% |
Credit Enhancement Percentage, minimum | 0.00% | 0.00% |
0% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, maximum | 0.00% | 0.00% |
Greater than 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, minimum | 100.00% | 100.00% |
Greater than 90% - 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, minimum | 90.00% | 90.00% |
Loan to Value Ratio, maximum | 100.00% | 100.00% |
80% - 90% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, minimum | 80.00% | 80.00% |
Loan to Value Ratio, maximum | 90.00% | 90.00% |
Less than 80% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, minimum | 80.00% | 80.00% |
Loan to Value Ratio, maximum | 80.00% | 80.00% |
Fair value decline below amortized cost less than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | $ 19,571.3 | $ 22,608.9 |
Unrealized Capital Losses | 676.2 | 1,015.1 |
Fair value decline below amortized cost less than 20% | Fixed Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,029 | 802.9 |
Unrealized Capital Losses | 55.6 | 14 |
Fair value decline below amortized cost less than 20% | Floating Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 667.6 | 469.8 |
Unrealized Capital Losses | 18.5 | 21.4 |
Fair value decline below amortized cost less than 20% | Other Asset-backed Securities (Non-RMBS) [Member] | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 487.3 | 207.2 |
Unrealized Capital Losses | 2.1 | 1.6 |
Fair value decline below amortized cost less than 20% | Total RMBS and Other ABS | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,696.6 | 1,272.7 |
Unrealized Capital Losses | 74.1 | 35.4 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 141 | 270.3 |
Unrealized Capital Losses | 6.5 | 14.3 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 5% - 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 10.7 | 20.9 |
Unrealized Capital Losses | 0.4 | 0.4 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 0% - 5% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 35.8 | 36.9 |
Unrealized Capital Losses | 2.6 | 2.4 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | 0% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 36.3 | 33.2 |
Unrealized Capital Losses | 1.9 | 2.9 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 90% - 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 4.2 |
Unrealized Capital Losses | 0 | 0.2 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | 80% - 90% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 5.3 | 50.7 |
Unrealized Capital Losses | 0.3 | 2.3 |
Fair value decline below amortized cost less than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Less than 80% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 218.5 | 306.4 |
Unrealized Capital Losses | 11.1 | 17.5 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 1,985.5 | 704.2 |
Unrealized Capital Losses | 60.6 | 13.8 |
Fair value decline below amortized cost greater than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 239.5 | 1,967 |
Unrealized Capital Losses | 63.4 | 563 |
Fair value decline below amortized cost greater than 20% | Fixed Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 2.5 | 2.4 |
Unrealized Capital Losses | 0.8 | 0.6 |
Fair value decline below amortized cost greater than 20% | Floating Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 5.8 | 4.7 |
Unrealized Capital Losses | 1.9 | 2.1 |
Fair value decline below amortized cost greater than 20% | Other Asset-backed Securities (Non-RMBS) [Member] | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 1.7 | 1.8 |
Unrealized Capital Losses | 0.5 | 0.5 |
Fair value decline below amortized cost greater than 20% | Total RMBS and Other ABS | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 8.3 | 7.1 |
Unrealized Capital Losses | 2.7 | 2.7 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 1.5 |
Unrealized Capital Losses | 0 | 0.3 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 5% - 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 0% - 5% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | 0% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 3.7 | 0 |
Unrealized Capital Losses | 0.8 | 0 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Greater than 90% - 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | 80% - 90% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Mortgage-backed Securities, Issued by Private Enterprises [Member] | Less than 80% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 3.7 | 1.5 |
Unrealized Capital Losses | 0.8 | 0.3 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 2.9 | 3.8 |
Unrealized Capital Losses | $ 1.4 | $ 1.9 |
Investments (excluding Consol74
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructured loans | $ | $ 0 | $ 15,300,000 |
Impairment of Real Estate | $ | $ 0 | $ 0 |
Private placement debt | ||
Financing Receivable, Modifications [Line Items] | ||
Number of troubled debt restructuring contracts | loan | 0 | 0 |
Commercial mortgage loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of troubled debt restructuring contracts | loan | 0 | 0 |
Investments (excluding Consol75
Investments (excluding Consolidated Investment Entities) - Mortgage Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Maximum loan to value ratio generally allowed | 75.00% | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impairment of Real Estate | $ 0 | $ 0 |
Commercial mortgage loans | 11,728,300,000 | 10,450,700,000 |
Collective valuation allowance | (3,100,000) | (3,200,000) |
Total net commercial mortgage loans | 11,725,200,000 | 10,447,500,000 |
Impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial mortgage loans | 4,600,000 | 20,200,000 |
Total net commercial mortgage loans | 4,600,000 | 20,200,000 |
Non Impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial mortgage loans | 11,723,700,000 | 10,430,500,000 |
Collective valuation allowance | (3,100,000) | (3,200,000) |
Total net commercial mortgage loans | $ 11,720,600,000 | $ 10,427,300,000 |
Investments (excluding Consol76
Investments (excluding Consolidated Investment Entities) - Allowance for Loan Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Collective valuation allowance for losses, beginning of period | $ 3.2 | $ 2.8 | $ 3.8 |
Addition to (reduction of) allowance for losses | (0.1) | 0.4 | (1) |
Collective valuation allowance for losses, end of period | $ 3.1 | $ 3.2 | $ 2.8 |
Investments (excluding Consol77
Investments (excluding Consolidated Investment Entities) - Impaired Loans (Details) $ in Millions | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan |
Investments, Debt and Equity Securities [Abstract] | ||
Impaired loans without allowances for losses | $ 4.6 | $ 20.2 |
Less: Allowances for losses on impaired loans | 0 | 0 |
Impaired loans, net | 4.6 | 20.2 |
Unpaid principal balance of impaired loans | $ 6.1 | $ 21.7 |
Number of loans in arrears | loan | 0 | 2 |
Amorized cost of loans 30 days or less past due | $ 3.1 |
Investments (excluding Consol78
Investments (excluding Consolidated Investment Entities) - Impaired Loans 2 (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Troubled debt restructured loans | $ 0 | $ 15.3 |
Investments (excluding Consol79
Investments (excluding Consolidated Investment Entities) - Impaired Loans 3 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Impaired loans, average investment during the period (amortized cost) | $ 12.4 | $ 46.5 | $ 83.6 |
Interest income recognized on impaired loans, on an accrual basis | 0.4 | 2.4 | 4.8 |
Interest income recognized on impaired loans, on a cash basis | 0.5 | 2.6 | 4.5 |
Interest income recognized on troubled debt restructured loans, on an accrual basis | $ 0.1 | $ 1.9 | $ 4.2 |
Investments (excluding Consol80
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100.00% | 100.00% |
Total Commercial mortgage loans | $ 11,728.3 | $ 10,450.7 |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 0.00% | 0.00% |
Loan to Value Ratio, maximum | 50.00% | 50.00% |
Commercial mortgage loans | $ 1,366.3 | $ 1,388 |
Greater than 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 50.00% | 50.00% |
Loan to Value Ratio, maximum | 60.00% | 60.00% |
Commercial mortgage loans | $ 2,950.1 | $ 2,694.1 |
Greater than 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 60.00% | 60.00% |
Loan to Value Ratio, maximum | 70.00% | 70.00% |
Commercial mortgage loans | $ 6,560.7 | $ 5,670.2 |
Greater than 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 70.00% | 70.00% |
Loan to Value Ratio, maximum | 80.00% | 80.00% |
Commercial mortgage loans | $ 833.8 | $ 679.6 |
Greater than 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 17.4 | $ 18.8 |
Less than 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 80.00% | 80.00% |
Loan to Value Ratio, maximum | 80.00% | 80.00% |
Investments (excluding Consol81
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Benchmark debt service coverage ratio, less than indicates property's operations income is less than debt payments | 100.00% | 100.00% |
Commercial mortgage loans secured by land or construction loans | $ 102 | $ 140.2 |
Total Commercial mortgage loans | $ 11,728.3 | $ 10,450.7 |
Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 150.00% | 150.00% |
Commercial mortgage loans | $ 9,298.4 | $ 8,112.1 |
Greater than 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 125.00% | 125.00% |
Debt Service Coverage Ratio, maximum | 150.00% | 150.00% |
Commercial mortgage loans | $ 1,247.3 | $ 1,489.5 |
Greater than 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 100.00% | 100.00% |
Debt Service Coverage Ratio, maximum | 125.00% | 125.00% |
Commercial mortgage loans | $ 899.2 | $ 550.3 |
Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, maximum | 100.00% | 100.00% |
Commercial mortgage loans | $ 181.4 | $ 158.6 |
Investments (excluding Consol82
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 11,728.3 | $ 10,450.7 |
Percentage of Total | 100.00% | 100.00% |
Pacific | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 2,896.8 | $ 2,605.3 |
Percentage of Total | 24.60% | 24.90% |
South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 2,646 | $ 2,318.9 |
Percentage of Total | 22.60% | 22.20% |
West South Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 1,236.1 | $ 1,103.7 |
Percentage of Total | 10.50% | 10.60% |
Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 1,648.7 | $ 1,499.1 |
Percentage of Total | 14.10% | 14.30% |
East North Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 1,274.3 | $ 1,103.3 |
Percentage of Total | 10.90% | 10.60% |
Mountain | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 1,092.1 | $ 924.2 |
Percentage of Total | 9.30% | 8.80% |
West North Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 508.9 | $ 488.8 |
Percentage of Total | 4.30% | 4.70% |
New England | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 231.2 | $ 222.8 |
Percentage of Total | 2.00% | 2.10% |
East South Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 194.2 | $ 184.6 |
Percentage of Total | 1.70% | 1.80% |
Investments (excluding Consol83
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 11,728.3 | $ 10,450.7 |
Percentage of Total | 100.00% | 100.00% |
Retail | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 3,695.8 | $ 3,672.8 |
Percentage of Total | 31.50% | 35.10% |
Industrial | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 2,663.5 | $ 2,161.3 |
Percentage of Total | 22.70% | 20.70% |
Apartments | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 2,410.8 | $ 1,942.9 |
Percentage of Total | 20.60% | 18.60% |
Office | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 1,917 | $ 1,617.7 |
Percentage of Total | 16.30% | 15.50% |
Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 411.2 | $ 425 |
Percentage of Total | 3.50% | 4.10% |
Other | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 516.5 | $ 525.9 |
Percentage of Total | 4.40% | 5.00% |
Mixed Use | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 113.5 | $ 105.1 |
Percentage of Total | 1.00% | 1.00% |
Investments (excluding Consol84
Investments (excluding Consolidated Investment Entities) - Mortgages by Year of Origination (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Total Commercial mortgage loans | $ 11,728.3 | $ 10,450.7 |
2,016 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 2,349.6 | 0 |
2,015 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 2,066.1 | 2,114 |
2,014 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,860.3 | 1,896 |
2,013 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,953.1 | 2,024.8 |
2,012 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,241.4 | 1,423.3 |
2,011 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 979 | 1,237.7 |
2010 and prior | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | $ 1,278.8 | $ 1,754.9 |
Investments (excluding Consol85
Investments (excluding Consolidated Investment Entities) - OTTI (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($)security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 41.6 | $ 117 | $ 31.6 |
No. of Securities | security | 104 | 118 | 175 |
Write-downs related to credit impairments | $ 10.1 | $ 15 | $ 7.8 |
Impairment, Intent-related | $ 31.5 | $ 102 | $ 23.8 |
No. of Securities, Intent-related | security | 27 | 58 | 102 |
U.S. Treasuries | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0 | $ 0 | $ 0.5 |
No. of Securities | security | 0 | 0 | 1 |
Impairment, Intent-related | $ 0 | $ 0 | $ 0.5 |
No. of Securities, Intent-related | security | 0 | 0 | 1 |
State, municipalities and political subdivisions | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0.3 | $ 0 | $ 0 |
No. of Securities | security | 2 | 0 | 0 |
Impairment, Intent-related | $ 0 | $ 0 | $ 0 |
No. of Securities, Intent-related | security | 0 | 0 | 0 |
U.S. corporate public securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 9.6 | $ 41.1 | $ 14.9 |
No. of Securities | security | 3 | 27 | 42 |
Impairment, Intent-related | $ 9.1 | $ 41.1 | $ 14.5 |
No. of Securities, Intent-related | security | 2 | 26 | 42 |
Foreign corporate public securities and foreign governments | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 19.1 | $ 63.9 | $ 6.9 |
No. of Securities | security | 4 | 16 | 12 |
Impairment, Intent-related | $ 17.9 | $ 58 | $ 6.9 |
No. of Securities, Intent-related | security | 3 | 15 | 12 |
Foreign corporate private securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 3.2 | $ 1.9 | $ 0 |
No. of Securities | security | 2 | 1 | 0 |
Impairment, Intent-related | $ 0 | $ 0 | $ 0 |
No. of Securities, Intent-related | security | 0 | 0 | 0 |
Residential mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 9.1 | $ 7.1 | $ 7.3 |
No. of Securities | security | 90 | 68 | 93 |
Impairment, Intent-related | $ 4.2 | $ 1.9 | $ 1.5 |
No. of Securities, Intent-related | security | 21 | 14 | 26 |
Commercial mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0.3 | $ 0.9 | $ 0.2 |
No. of Securities | security | 1 | 2 | 7 |
Impairment, Intent-related | $ 0.3 | $ 0.9 | $ 0.2 |
No. of Securities, Intent-related | security | 1 | 2 | 7 |
Other asset-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0 | $ 2 | $ 0.8 |
No. of Securities | security | 2 | 3 | 17 |
Impairment, Intent-related | $ 0 | $ 0.1 | $ 0.2 |
No. of Securities, Intent-related | security | 0 | 1 | 14 |
Equity securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0 | $ 0.1 | $ 0.9 |
No. of Securities | security | 0 | 1 | 2 |
Impairment, Intent-related | $ 0 | $ 0 | $ 0 |
No. of Securities, Intent-related | security | 0 | 0 | 0 |
Other assets | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Impairment | $ 0 | $ 0 | $ 0.1 |
No. of Securities | security | 0 | 0 | 1 |
Impairment, Intent-related | $ 0 | $ 0 | $ 0 |
No. of Securities, Intent-related | security | 0 | 0 | 0 |
Investments (excluding Consol86
Investments (excluding Consolidated Investment Entities) - OTTI OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Balance, beginning | $ 75.3 | $ 86.8 | $ 114.2 |
Additional credit impairments: | |||
On securities not previously impaired | 0 | 0 | 1.8 |
On securities previously impaired | 4.4 | 6.9 | 4.8 |
Reductions: | |||
Increase in cash flows | 2.2 | 1.1 | 2 |
Securities sold, matured, prepaid or paid down | 22.9 | 17.3 | 32 |
Balance, ending | $ 54.6 | $ 75.3 | $ 86.8 |
Investments (excluding Consol87
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net investment income | $ 4,620.8 | $ 4,538.2 | $ 4,515.3 |
Gross investment income | 4,738.6 | 4,646.8 | 4,620.7 |
Less: Investment expenses | 117.8 | 108.6 | 105.4 |
Net investment income | 4,620.8 | 4,538.2 | 4,515.3 |
Restatement adjustment | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net investment income | 99.6 | 99.5 | |
Fixed maturities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 4,011.6 | 3,970.1 | 4,001 |
Investments in fixed maturities not producing income | 13.1 | 3.4 | |
Equity securities, available-for-sale | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 12.1 | 10.1 | 12.8 |
Mortgage loans on real estate | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 540.4 | 553.9 | 495.8 |
Policy loans | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 107.9 | 110 | 113 |
Short-term investments and cash equivalents | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 5.1 | 3 | 3 |
Other | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 61.5 | $ (0.3) | $ (4.9) |
Investments (excluding Consol88
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | $ (1,263.1) | $ (733.3) | $ (878.4) |
After-tax net realized capital gains (losses), after tax | (853.2) | (482.4) | (517.5) |
Proceeds from sale of investments | |||
Proceeds on sales | 7,511.6 | 6,778.2 | 8,580.8 |
Gross gains | 157.5 | 101.5 | 188.6 |
Gross losses | 211.4 | 122.9 | 96.6 |
Fixed maturities, available-for-sale, including securities pledged | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | (98.8) | (122.2) | 63.6 |
Fixed maturities, at fair value using the fair value option | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | (434.2) | (434.4) | (177.3) |
Equity securities, available-for-sale | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | 1.4 | 0.1 | 17.9 |
Derivatives | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | (1,041.4) | (150.6) | 12.7 |
Other investments | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | 1 | 1.9 | 19.7 |
Fixed maturities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | (24.4) | (20.9) | (10.6) |
Guaranteed benefit derivatives | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Realized capital gains (losses) | $ 333.3 | $ (7.2) | $ (804.4) |
Derivative Financial Instrume89
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | $ 1,782.9 | $ 1,633.4 |
Derivatives, Liability Fair Value | 4,340.8 | 4,420.2 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 68,342.4 | 57,145.6 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,053.8 | 1,456.6 |
Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 22,327.8 | 12,034.9 |
Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,255.3 | 4,266.3 |
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 124 | 524 |
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 4.7 | 73.3 |
Derivatives, Liability Fair Value | 0.3 | 0 |
Designated as Hedging Instrument | Interest rate contracts | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 0 | 551.4 |
Designated as Hedging Instrument | Interest rate contracts | Fair Value Hedging | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0.8 |
Derivatives, Liability Fair Value | 0 | 9.8 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 480.8 | 174.7 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 40.1 | 36.4 |
Derivatives, Liability Fair Value | 10.7 | 0 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 78,399.6 | 65,169.4 |
Not Designated as Hedging Instrument | Interest rate contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 1,080.6 | 1,055 |
Derivatives, Liability Fair Value | 354.3 | 352.2 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,573 | 1,281.9 |
Not Designated as Hedging Instrument | Foreign exchange contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 60.7 | 60.5 |
Derivatives, Liability Fair Value | 39.2 | 37 |
Not Designated as Hedging Instrument | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 28,959.6 | 19,738.4 |
Not Designated as Hedging Instrument | Equity contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 494.1 | 286.2 |
Derivatives, Liability Fair Value | 50.4 | 65.8 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 3,255.3 | 4,266.3 |
Not Designated as Hedging Instrument | Credit contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 32.2 | 26.3 |
Derivatives, Liability Fair Value | 15.8 | 22.7 |
Not Designated as Hedging Instrument | Managed custody guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 0 | 0.3 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 70.5 | 94.9 |
Derivatives, Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | ERROR in label resolution. | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 3,791.4 | 3,907.2 |
Not Designated as Hedging Instrument | ERROR in label resolution. | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | $ 78.7 | $ 25.2 |
Derivative Financial Instrume90
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets and Liabilities [Line Items] | ||
Derivatives, Asset Fair Value | $ 1,689.8 | $ 1,480.9 |
Derivatives, Liability Fair Value | 468.3 | 473.7 |
Counterparty netting, Assets | (411.3) | (415.6) |
Counterparty netting, Liabilities | (411.3) | (415.6) |
Cash collateral netting, Assets | (1,083.9) | (848.1) |
Cash collateral netting, Liabilities | (21.3) | (12.6) |
Securities collateral netting, Assets | (71.6) | (24.3) |
Securities collateral netting, Liabilities | (13.9) | (24.4) |
Net receivables/payables, Assets | 123 | 192.9 |
Net receivables/payables, Liabilities | 21.8 | 21.1 |
Credit contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 3,255.3 | 4,266.3 |
Derivatives, Asset Fair Value | 32.2 | 26.3 |
Derivatives, Liability Fair Value | 15.8 | 22.7 |
Equity contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 22,327.8 | 12,034.9 |
Derivatives, Asset Fair Value | 471.4 | 228.6 |
Derivatives, Liability Fair Value | 49.6 | 53.9 |
Foreign exchange contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 2,053.8 | 1,456.6 |
Derivatives, Asset Fair Value | 100.8 | 96.9 |
Derivatives, Liability Fair Value | 49.9 | 37 |
Interest rate contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 68,342.4 | 57,145.6 |
Derivatives, Asset Fair Value | 1,085.4 | 1,129.1 |
Derivatives, Liability Fair Value | $ 353 | $ 360.1 |
Derivative Financial Instrume91
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | $ (757.5) | $ (53.6) | $ (879.9) |
Other Net Realized Capital Gains (Losses) | Interest rate contracts | Designated as Hedging Instrument | Cash Flow Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 1.3 | 1.6 | 0.7 |
Other Net Realized Capital Gains (Losses) | Interest rate contracts | Designated as Hedging Instrument | Fair Value Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (2.8) | (6.1) | (17.2) |
Other Net Realized Capital Gains (Losses) | Interest rate contracts | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 29.2 | 80.5 | 821.1 |
Other Net Realized Capital Gains (Losses) | Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 3.5 | 2.3 | 2 |
Other Net Realized Capital Gains (Losses) | Foreign exchange contracts | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 87 | 62 | 106 |
Other Net Realized Capital Gains (Losses) | Equity contracts | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (1,156.8) | (294.9) | (909.7) |
Other Net Realized Capital Gains (Losses) | Credit contracts | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (2.8) | 4 | 9.8 |
Other Net Realized Capital Gains (Losses) | Managed custody guarantees | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 0.4 | (0.1) | 0.1 |
Other Net Realized Capital Gains (Losses) | ERROR in label resolution. | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (24.4) | (20.9) | (10.6) |
Other Net Realized Capital Gains (Losses) | ERROR in label resolution. | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 332.9 | (7.1) | (804.5) |
Policyholder Benefits | ERROR in label resolution. | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | $ (25) | $ 125.1 | $ (77.6) |
Derivative Financial Instrume92
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | $ 1,967.2 | $ 6,956.2 |
Fair value of credit default swaps included in Derivatives assets | 1,782.9 | 1,633.4 |
Fair value of credit default swaps included in Derivatives liabilities | 4,340.8 | 4,420.2 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | 71.7 | 24.8 |
Fair value of securities delivered as collateral | 753.3 | 646.2 |
Credit contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Maximum potential future net exposure on sale of credit default swaps | 1,700 | 1,700 |
Purchased protection on credit default swaps | $ 500 | $ 500 |
Derivative, term of contract | 5 years | 5 years |
Credit contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of credit default swaps included in Derivatives assets | $ 32.2 | $ 26.3 |
Fair value of credit default swaps included in Derivatives liabilities | 15.8 | 22.7 |
Over the Counter | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | 809.1 | 640.9 |
Cleared Derivative Contract | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | $ 257.3 | $ 195.9 |
Fair Value Measurements (excl93
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | $ 69,468.7 | $ 67,733.4 |
Equity securities, available-for-sale | 274.2 | 331.7 |
Derivatives | 1,712.4 | 1,538.5 |
Assets held in separate accounts | 97,118.7 | 96,514.8 |
Derivatives | 470.7 | 487.5 |
Fixed maturities valued using unadjusted broker quotes | 1,700 | 1,600 |
Fixed maturities valued using unadjusted prices | 59,300 | 57,600 |
Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 75,338.1 | 72,072.6 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,890.3 | 3,649 |
U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 298 | 352.6 |
State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,135.6 | 1,346.2 |
U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 33,691.7 | 33,616 |
U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 7,808 | 6,641.1 |
Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 8,079.4 | 8,023.6 |
Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 7,785.8 | 7,348.6 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 6,814.8 | 5,860.5 |
Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,358.9 | 4,092.6 |
Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,475.6 | 1,142.4 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 274.2 | 331.7 |
Assets measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 75,338.1 | 72,072.6 |
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 4,520.1 | 4,669.4 |
Assets held in separate accounts | 97,118.7 | 96,514.8 |
Total assets | $ 178,963.5 | $ 175,127 |
Percentage of Level to total | 100.00% | 100.00% |
Total liabilities | $ 4,340.8 | $ 4,420.2 |
Assets measured on recurring basis | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,029.6 | 1,820.1 |
Assets measured on recurring basis | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 81 | 52.6 |
Assets measured on recurring basis | GMAB/GMWB/GMWBL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 1,530.4 | 1,873.5 |
Assets measured on recurring basis | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 150.4 | 161.3 |
Assets measured on recurring basis | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1,085.3 | 1,129.1 |
Derivatives | 354.6 | 362 |
Assets measured on recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 100.8 | 96.9 |
Derivatives | 49.9 | 37 |
Assets measured on recurring basis | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 494.1 | 286.2 |
Derivatives | 50.4 | 65.8 |
Assets measured on recurring basis | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 32.2 | 26.3 |
Derivatives | 15.8 | 22.7 |
Assets measured on recurring basis | Reinsurance agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 78.7 | 25.2 |
Assets measured on recurring basis | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,890.3 | 3,649 |
Assets measured on recurring basis | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 298 | 352.6 |
Assets measured on recurring basis | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,135.6 | 1,346.2 |
Assets measured on recurring basis | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 33,691.7 | 33,616 |
Assets measured on recurring basis | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 7,808 | 6,641.1 |
Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 8,079.4 | 8,023.6 |
Assets measured on recurring basis | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 7,785.8 | 7,348.6 |
Assets measured on recurring basis | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 6,814.8 | 5,860.5 |
Assets measured on recurring basis | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,358.9 | 4,092.6 |
Assets measured on recurring basis | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,475.6 | 1,142.4 |
Assets measured on recurring basis | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 274.2 | 331.7 |
Assets measured on recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,271 | 3,030.6 |
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 4,325.8 | 4,617.7 |
Assets held in separate accounts | 92,330.5 | 91,887.2 |
Total assets | $ 100,124.7 | $ 99,827.4 |
Percentage of Level to total | 56.00% | 57.00% |
Total liabilities | $ 2.5 | $ 13.8 |
Assets measured on recurring basis | Level 1 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 1 | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 1 | GMAB/GMWB/GMWBL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 1 | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 1.7 | 1.9 |
Assets measured on recurring basis | Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 22.7 | 57.6 |
Derivatives | 0.8 | 11.9 |
Assets measured on recurring basis | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Reinsurance agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,271 | 3,030.6 |
Assets measured on recurring basis | Level 1 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 174.7 | 234.3 |
Assets measured on recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 70,093.4 | 67,378.6 |
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 189.3 | 51.7 |
Assets held in separate accounts | 4,782.9 | 4,623.7 |
Total assets | $ 76,633.7 | $ 73,466.1 |
Percentage of Level to total | 42.80% | 42.00% |
Total liabilities | $ 531.6 | $ 482.5 |
Assets measured on recurring basis | Level 2 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 2 | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 2 | GMAB/GMWB/GMWBL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 2 | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1,085.3 | 1,129.1 |
Derivatives | 352.9 | 360.1 |
Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 100.8 | 96.9 |
Derivatives | 49.9 | 37 |
Assets measured on recurring basis | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 360.4 | 168.1 |
Derivatives | 49.6 | 53.9 |
Assets measured on recurring basis | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 21.6 | 18 |
Derivatives | 0.5 | 6.3 |
Assets measured on recurring basis | Level 2 | Reinsurance agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 78.7 | 25.2 |
Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 619.3 | 618.4 |
Assets measured on recurring basis | Level 2 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 298 | 352.6 |
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,135.6 | 1,346.2 |
Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 33,669.6 | 33,609.1 |
Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 6,488.6 | 5,600.8 |
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 8,067.1 | 8,009.8 |
Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 7,344.9 | 6,918.2 |
Assets measured on recurring basis | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 6,742.9 | 5,764.4 |
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,335.5 | 4,061.2 |
Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,391.9 | 1,097.9 |
Assets measured on recurring basis | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 0 | 0 |
Assets measured on recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,973.7 | 1,663.4 |
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 5 | 0 |
Assets held in separate accounts | 5.3 | 3.9 |
Total assets | $ 2,205.1 | $ 1,833.5 |
Percentage of Level to total | 1.20% | 1.00% |
Total liabilities | $ 3,806.7 | $ 3,923.9 |
Assets measured on recurring basis | Level 3 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 2,029.6 | 1,820.1 |
Assets measured on recurring basis | Level 3 | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 81 | 52.6 |
Assets measured on recurring basis | Level 3 | GMAB/GMWB/GMWBL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 1,530.4 | 1,873.5 |
Assets measured on recurring basis | Level 3 | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 150.4 | 161.3 |
Assets measured on recurring basis | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 111 | 60.5 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 10.6 | 8.3 |
Derivatives | 15.3 | 16.4 |
Assets measured on recurring basis | Level 3 | Reinsurance agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 22.1 | 6.9 |
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,319.4 | 1,040.3 |
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 12.3 | 13.8 |
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 440.9 | 430.4 |
Assets measured on recurring basis | Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 71.9 | 96.1 |
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 23.4 | 31.4 |
Assets measured on recurring basis | Level 3 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 83.7 | 44.5 |
Assets measured on recurring basis | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | $ 99.5 | $ 97.4 |
Fair Value Measurements (excl94
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | $ 58 | $ 36.3 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (3) | |
Purchases | 28.5 | |
Sales | (3.8) | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets, Fair Value, ending balance | 58 | |
Assets held in separate accounts | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 3.9 | 2.3 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | (0.1) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 3 | 4.1 |
Issuances | 0 | 0 |
Sales | (0.4) | (0.1) |
Settlements | 0 | 0 |
Transfers in to Level 3 | 2.7 | 0 |
Transfers out of Level 3 | (3.9) | (2.3) |
Assets, Fair Value, ending balance | 5.3 | 3.9 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Other derivatives, net | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | 52.4 | 72.1 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 13.1 | (37.8) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 53.3 | 39.7 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (12.5) | (21.6) |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | 106.3 | 52.4 |
Change in Unrealized Gains (Losses) in Earnings | 53.9 | (19.6) |
FIA | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (1,820.1) | (1,970) |
Total Realized/Unrealized Gains (Losses) Included in Net income | (162.8) | 229.2 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (238.1) | (253.6) |
Sales | 0 | 0 |
Settlements | 191.4 | 174.3 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (2,029.6) | (1,820.1) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
IUL | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (52.6) | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (12.6) | 8.7 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (28.6) | (64.6) |
Sales | 0 | 0 |
Settlements | 12.8 | 3.3 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (81) | (52.6) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
GMAB/GMWB/GMWBL | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (1,873.5) | (1,527.7) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 493.1 | (191.4) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (150.5) | (155) |
Sales | 0 | 0 |
Settlements | 0.5 | 0.6 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (1,530.4) | (1,873.5) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
Stabilizer / MCG | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (161.3) | (102.9) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 15.6 | (53.7) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (4.7) | (4.7) |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (150.4) | (161.3) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
U.S. corporate public securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 6.9 | 103.8 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (0.3) | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (0.4) | 0.6 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | (2.1) | 0 |
Settlements | (2) | (2) |
Transfers in to Level 3 | 19.2 | 0 |
Transfers out of Level 3 | 0 | (94.3) |
Assets, Fair Value, ending balance | 22.1 | 6.9 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
U.S. corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 1,040.3 | 978.8 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0.5 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (7.2) | 41 |
Purchases | 428.7 | 308.9 |
Issuances | 0 | 0 |
Sales | (37) | (10.2) |
Settlements | (177) | (263.6) |
Transfers in to Level 3 | 81.9 | 66.9 |
Transfers out of Level 3 | (24.7) | 0 |
Assets, Fair Value, ending balance | 1,319.4 | 1,040.3 |
Change In Unrealized Gains (Losses) Included in Earnings | 0.1 | 0.2 |
Foreign corporate public securities and foreign governments | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 13.8 | 13.5 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (1.2) | (5.9) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 1.4 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (0.3) | (7.6) |
Transfers in to Level 3 | 0 | 15.2 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 12.3 | 13.8 |
Change In Unrealized Gains (Losses) Included in Earnings | (1.3) | (5.9) |
Foreign corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 430.4 | 435.2 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (3.3) | (1.2) |
Total Realized/Unrealized Gains (Losses) Included in OCI | (20.5) | 8.9 |
Purchases | 0 | 15.1 |
Issuances | 0 | 0 |
Sales | (0.5) | 0 |
Settlements | (74.6) | (103.7) |
Transfers in to Level 3 | 80 | 93.9 |
Transfers out of Level 3 | (11.6) | 0 |
Assets, Fair Value, ending balance | 440.9 | 430.4 |
Change In Unrealized Gains (Losses) Included in Earnings | (3.3) | (1.8) |
Residential mortgage-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 96.1 | 94.2 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (7.7) | (7.1) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0.6 | 4.7 |
Purchases | 0 | 9.9 |
Issuances | 0 | 0 |
Sales | (14.9) | (5.6) |
Settlements | (1) | (0.6) |
Transfers in to Level 3 | 0 | 12.6 |
Transfers out of Level 3 | 0 | (2.6) |
Assets, Fair Value, ending balance | 71.9 | 96.1 |
Change In Unrealized Gains (Losses) Included in Earnings | (15.3) | (10.8) |
Commercial mortgage-backed | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 31.4 | 22 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (0.9) | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (0.7) | 0.2 |
Purchases | 3.6 | 37.6 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (11.8) | (6) |
Transfers in to Level 3 | 1.4 | 0 |
Transfers out of Level 3 | (1) | (22) |
Assets, Fair Value, ending balance | 23.4 | 31.4 |
Change In Unrealized Gains (Losses) Included in Earnings | (0.9) | 0 |
Other asset-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 44.5 | 10.1 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (0.4) | (0.1) |
Purchases | 45.2 | 39 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (6.1) | (2.5) |
Transfers in to Level 3 | 9.7 | 34.9 |
Transfers out of Level 3 | (10) | (37.1) |
Assets, Fair Value, ending balance | 83.7 | 44.5 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Fixed maturities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 1,663.4 | 1,657.6 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (13.4) | (13.7) |
Total Realized/Unrealized Gains (Losses) Included in OCI | (28.6) | 56.7 |
Purchases | 477.5 | 410.5 |
Issuances | 0 | 0 |
Sales | (54.5) | (15.8) |
Settlements | (272.8) | (386) |
Transfers in to Level 3 | 192.2 | 223.5 |
Transfers out of Level 3 | (47.3) | (156) |
Assets, Fair Value, ending balance | 1,973.7 | 1,663.4 |
Change In Unrealized Gains (Losses) Included in Earnings | (20.7) | (18.3) |
Equity securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 97.4 | 56.3 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 2.6 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (2.1) | (1.6) |
Purchases | 0 | 39.9 |
Issuances | 0 | 0 |
Sales | 0 | (3) |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 99.5 | 97.4 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | (0.1) |
Short-term investments and cash equivalents | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 0 | 6 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 5 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | (6) |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 5 | 0 |
Change In Unrealized Gains (Losses) Included in Earnings | $ 0 | $ 0 |
Fair Value Measurements (excl95
Fair Value Measurements (excluding Consolidated Investment Entities) - Significant Unobservable Inputs (Details) $ in Billions | 12 Months Ended | |
Dec. 31, 2016USD ($)yr | Dec. 31, 2015USD ($)yr | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 85.00% | 85.00% |
Policyholder Deposits | 85.00% | 85.00% |
Percent of policyholders taking withdrawals | 40.00% | 36.00% |
Percent of policyholders assumed to begin withdrawals | 85.00% | 85.00% |
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Utilizing Withdrawals By Age One Hundred | 100.00% | |
Percent of the policies the company assumes will never withdraw | 15.00% | |
Account Value | $ 13.6 | $ 14 |
Average Expected Delay (in years) | 5 years 6 months | 4 years 10 months 18 days |
Stabilizer / MCG | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Percentage of Plans | 100.00% | 100.00% |
Stabilizer (Investment Only) and MCG Contracts | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Percentage of Plans | 93.00% | 90.00% |
Stabilizer with Recordkeeping Agreements | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Percentage of Plans | 7.00% | 10.00% |
Market Approach Valuation Technique | Investment contract | GMWB/GMWBL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 15.00% | 15.00% |
Interest rate implied volatility | 0.10% | 0.10% |
Equity Funds | (13.00%) | 48.00% |
Equity and Fixed Income Funds | (38.00%) | (38.00%) |
Interest Rates and Equity Funds | (32.00%) | (32.00%) |
Nonperformance risk | 0.25% | 0.23% |
Benefit Utilization | 85.00% | 85.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 0.11% | 0.08% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | GMWB/GMWBL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 25.00% | 25.00% |
Interest rate implied volatility | 18.00% | 18.00% |
Equity Funds | 99.00% | 98.00% |
Equity and Fixed Income Funds | 62.00% | 62.00% |
Interest Rates and Equity Funds | 26.00% | 16.00% |
Nonperformance risk | 1.60% | 1.30% |
Benefit Utilization | 100.00% | 100.00% |
Partial Withdrawals | 0.00% | 10.00% |
Lapses | 12.15% | 22.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 15.00% | 15.00% |
Interest rate implied volatility | 0.10% | 0.10% |
Equity Funds | (13.00%) | 48.00% |
Equity and Fixed Income Funds | (38.00%) | (38.00%) |
Interest Rates and Equity Funds | (32.00%) | (32.00%) |
Nonperformance risk | 0.25% | 0.23% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 0.40% | 0.08% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 25.00% | 25.00% |
Interest rate implied volatility | 18.00% | 18.00% |
Equity Funds | 99.00% | 98.00% |
Equity and Fixed Income Funds | 62.00% | 62.00% |
Interest Rates and Equity Funds | 26.00% | 16.00% |
Nonperformance risk | 1.60% | 1.30% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 3.40% | 10.00% |
Lapses | 19.10% | 25.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | FIA | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.25% | 0.23% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | FIA | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 1.60% | 1.30% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 10.00% | 10.00% |
Lapses | 60.00% | 60.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | Embedded Derivative Indexed Universal Life | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.25% | 0.23% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 2.00% | 2.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | Embedded Derivative Indexed Universal Life | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.69% | 0.90% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 10.00% | 10.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer / MCG | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.10% | 0.10% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.25% | 0.23% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer / MCG | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 7.50% | 7.30% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 1.60% | 1.30% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 50.00% | 50.00% |
Policyholder Deposits | 50.00% | 50.00% |
Mortality | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 30.00% | 30.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 25.00% | 25.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer (Investment Only) and MCG Contracts | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer (Investment Only) and MCG Contracts | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 25.00% | 25.00% |
Policyholder Deposits | 30.00% | 30.00% |
Actuarial Assumptions, Lapses under percent threshold | 15.00% | 15.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 15.00% | 15.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer with Recordkeeping Agreements | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer with Recordkeeping Agreements | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 50.00% | 50.00% |
Policyholder Deposits | 50.00% | 50.00% |
Actuarial Assumptions, Lapses under percent threshold | 30.00% | 30.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 25.00% | 25.00% |
In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 13.4 | $ 14 |
In the Money | During Surrender Charge Period | GMWB/GMWBL | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 2 | $ 5 |
In the Money | During Surrender Charge Period | GMWB/GMWBL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.10% | 0.10% |
In the Money | During Surrender Charge Period | GMWB/GMWBL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 4.50% | 4.50% |
In the Money | During Surrender Charge Period | GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0 | $ 0 |
In the Money | During Surrender Charge Period | GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.40% | 0.40% |
In the Money | During Surrender Charge Period | GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 6.90% | 6.90% |
In the Money | Shock Lapse Period [Member] | GMWB/GMWBL | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 2.8 | $ 2 |
In the Money | Shock Lapse Period [Member] | GMWB/GMWBL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 2.30% | 3.00% |
In the Money | Shock Lapse Period [Member] | GMWB/GMWBL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 11.60% | 13.70% |
In the Money | Shock Lapse Period [Member] | GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0 | $ 0 |
In the Money | Shock Lapse Period [Member] | GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 4.70% | 5.40% |
In the Money | Shock Lapse Period [Member] | GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 17.30% | 22.30% |
In the Money | After Surrender Charge Period | GMWB/GMWBL | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 8.7 | $ 7.1 |
In the Money | After Surrender Charge Period | GMWB/GMWBL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 1.40% | 1.80% |
In the Money | After Surrender Charge Period | GMWB/GMWBL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 6.70% | 7.90% |
In the Money | After Surrender Charge Period | GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0 | $ 0 |
In the Money | After Surrender Charge Period | GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 2.80% | 2.80% |
In the Money | After Surrender Charge Period | GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 10.60% | 12.10% |
Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.2 | $ 0 |
Out of the Money | During Surrender Charge Period | GMWB/GMWBL | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0 | $ 0 |
Out of the Money | During Surrender Charge Period | GMWB/GMWBL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.60% | 0.60% |
Out of the Money | During Surrender Charge Period | GMWB/GMWBL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 4.70% | 4.70% |
Out of the Money | During Surrender Charge Period | GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0 | $ 0 |
Out of the Money | During Surrender Charge Period | GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 1.60% | 1.60% |
Out of the Money | During Surrender Charge Period | GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 7.60% | 7.60% |
Out of the Money | Shock Lapse Period [Member] | GMWB/GMWBL | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0 | $ 0 |
Out of the Money | Shock Lapse Period [Member] | GMWB/GMWBL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 11.60% | 13.70% |
Out of the Money | Shock Lapse Period [Member] | GMWB/GMWBL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 12.20% | 14.40% |
Out of the Money | Shock Lapse Period [Member] | GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0 | $ 0 |
Out of the Money | Shock Lapse Period [Member] | GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 17.30% | 22.30% |
Out of the Money | Shock Lapse Period [Member] | GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 19.10% | 24.50% |
Out of the Money | After Surrender Charge Period | GMWB/GMWBL | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.6 | $ 0.6 |
Out of the Money | After Surrender Charge Period | GMWB/GMWBL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 6.70% | 7.90% |
Out of the Money | After Surrender Charge Period | GMWB/GMWBL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 7.00% | 8.20% |
Out of the Money | After Surrender Charge Period | GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.1 | $ 0 |
Out of the Money | After Surrender Charge Period | GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 10.60% | 12.10% |
Out of the Money | After Surrender Charge Period | GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 11.70% | 13.30% |
Age 60 and under | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 1.9 | $ 2.3 |
Average Expected Delay (in years) | 9 years 10 months 24 days | 9 years |
Age 60 and under | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 0 | 0 |
Age 60 and under | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 60 | 60 |
Age 60 and under | In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 1.9 | $ 2.3 |
Age 60 and under | Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | 0 | 0 |
Age 60-69 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 5.8 | $ 6.2 |
Average Expected Delay (in years) | 4 years 10 months 24 days | 4 years 2 months 24 days |
Age 60-69 | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 60 | 60 |
Age 60-69 | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 69 | 69 |
Age 60-69 | In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 5.7 | $ 6.2 |
Age 60-69 | Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | 0.1 | 0 |
Age 70 and over | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 5.9 | $ 5.5 |
Average Expected Delay (in years) | 3 years | 2 years 5 months 6 days |
Age 70 and over | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 70 | 70 |
Age 70 and over | In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 5.8 | $ 5.5 |
Age 70 and over | Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.1 | $ 0 |
Fair Value Measurements (excl96
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | $ 69,468.7 | $ 67,733.4 |
Equity securities, available-for-sale | 274.2 | 331.7 |
Loans | 1,952.5 | 6,882.5 |
Derivatives | 1,712.4 | 1,538.5 |
Other investments | 47.4 | 91.6 |
Assets held in separate accounts | 97,118.7 | 96,514.8 |
Derivatives | 470.7 | 487.5 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 75,338.1 | 72,072.6 |
Equity securities, available-for-sale | 274.2 | 331.7 |
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 4,520.1 | 4,669.4 |
Derivatives | 1,712.4 | 1,538.5 |
Other investments | 47.4 | 91.6 |
Assets held in separate accounts | 97,118.7 | 96,514.8 |
Other derivatives | 470.7 | 487.5 |
Long-term debt | 3,549.5 | 3,485.9 |
Carrying Value | Reinsurance agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 78.7 | 25.2 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 75,338.1 | 72,072.6 |
Equity securities, available-for-sale | 274.2 | 331.7 |
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 4,520.1 | 4,669.4 |
Derivatives | 1,712.4 | 1,538.5 |
Other investments | 57.2 | 101.5 |
Assets held in separate accounts | 97,118.7 | 96,514.8 |
Other derivatives | 470.7 | 487.5 |
Long-term debt | 3,737.9 | 3,772.7 |
Fair Value | Reinsurance agreements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 78.7 | 25.2 |
Funding agreements without fixed maturities and deferred annuities(1) | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 53,314.1 | 51,361.7 |
Funding agreements without fixed maturities and deferred annuities(1) | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 57,561.3 | 56,884.4 |
Funding agreements with fixed maturities and guaranteed investment contracts | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 472.9 | 1,488.5 |
Funding agreements with fixed maturities and guaranteed investment contracts | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 469.8 | 1,463.1 |
Supplementary contracts, immediate annuities and other | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 3,878.9 | 2,948.1 |
Supplementary contracts, immediate annuities and other | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 4,120.5 | 3,162.8 |
FIA | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 2,029.6 | 1,820.1 |
FIA | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 2,029.6 | 1,820.1 |
Embedded Derivative Indexed Universal Life | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 81 | 52.6 |
Embedded Derivative Indexed Universal Life | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 81 | 52.6 |
GMAB/GMWB/GMWBL | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,530.4 | 1,873.5 |
GMAB/GMWB/GMWBL | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,530.4 | 1,873.5 |
Stabilizer and MCGs | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 150.4 | 161.3 |
Stabilizer and MCGs | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 150.4 | 161.3 |
Mortgage loans on real estate | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 11,725.2 | 10,447.5 |
Mortgage loans on real estate | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 11,960.7 | 10,881.4 |
Policy loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,961.5 | 2,002.7 |
Policy loans | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 1,961.5 | $ 2,002.7 |
Deferred Policy Acquisition C97
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 4,064,600,000 | $ 4,357,500,000 | $ 3,890,900,000 |
Deferrals of commissions and expenses | 376,700,000 | 375,900,000 | 371,600,000 |
Amortization: | |||
Amortization | (627,600,000) | (798,700,000) | (535,200,000) |
Interest accrued | 226,900,000 | 228,100,000 | 233,800,000 |
Net amortization included in the Consolidated Statements of Operations | (400,700,000) | (570,600,000) | (301,400,000) |
Change in unrealized capital gains/losses on available-for-sale securities | (268,900,000) | 661,300,000 | (495,400,000) |
Ending balance | 4,357,500,000 | 3,890,900,000 | 4,316,100,000 |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||
Beginning balance | 1,012,600,000 | 680,000,000 | 1,035,500,000 |
Deferrals of commissions and expenses | 9,400,000 | 10,800,000 | 12,700,000 |
Amortization | (227,100,000) | (177,100,000) | (166,100,000) |
Interest accrued | 76,800,000 | 84,300,000 | 88,200,000 |
Net amortization included in Condensed Consolidated Statements of Operations | (150,300,000) | (92,800,000) | (77,900,000) |
Change in unrealized capital gains/losses on available-for-sale securities | (48,800,000) | 414,600,000 | (290,300,000) |
Ending balance | 822,900,000 | 1,012,600,000 | 680,000,000 |
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Beginning balance | 5,370,100,000 | 4,570,900,000 | 5,351,600,000 |
Deferrals of commissions and expenses | 386,100,000 | 386,700,000 | 384,300,000 |
Amortization | (854,700,000) | (975,800,000) | (701,300,000) |
Interest accrued | 303,700,000 | 312,400,000 | 322,000,000 |
Net amortization included in Condensed Consolidated Statements of Operations | (551,000,000) | (663,400,000) | (379,300,000) |
Change in unrealized capital gains/losses on available-for-sale securities | 317,700,000 | (1,075,900,000) | 785,700,000 |
Ending balance | 4,887,500,000 | 5,370,100,000 | 4,570,900,000 |
DAC VOBA unlocking | (65,800,000) | (97,800,000) | 255,100,000 |
Loss recognition for DAC | (80,700,000) | 0 | 0 |
Loss recognition for VOBA | $ 4,400,000 | $ 0 | $ 0 |
Minimum | |||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Rates at which interest accrued | 4.10% | 3.50% | 3.10% |
Maximum | |||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Rates at which interest accrued | 7.50% | 7.50% | 7.50% |
Deferred Policy Acquisition C98
Deferred Policy Acquisition Costs and Value of Business Acquired - VOBA Amortization Expense (Details) $ in Millions | Dec. 31, 2016USD ($) |
Insurance [Abstract] | |
2,017 | $ 86.3 |
2,018 | 70.2 |
2,019 | 60.8 |
2,020 | 57.1 |
2,021 | $ 54.7 |
- Future Policy Benefits (Detai
- Future Policy Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Total future policy benefits | $ 21,447.2 | $ 19,508 |
Individual and group life insurance contracts | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Total future policy benefits | 8,294.7 | 8,356.5 |
Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Total future policy benefits | 12,314.7 | 10,262.9 |
Accident and health | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Total future policy benefits | $ 837.8 | $ 888.6 |
Reserves for Future Policy B100
Reserves for Future Policy Benefits and Contract Owner Account Balances - Contract Owner Account Balances (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | $ 70,606.2 | $ 68,664.1 |
GICs | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | 461.9 | 1,430 |
Universal life-type contracts | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | 14,626.3 | 14,892.2 |
Fixed annuities and payout contracts without life contingencies | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | 40,945.1 | 38,531.7 |
Fixed-indexed annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | $ 14,572.9 | $ 13,810.2 |
Guaranteed Benefit Features - G
Guaranteed Benefit Features - Guaranteed Death and Benefit (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rollup rate earned on eligible premiums, rate one | 7.00% |
Rollup rate earned on eligible premiums, rate two | 6.00% |
GMIB | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rollup rate earned on eligible premiums, rate one | 7.00% |
Rollup rate earned on eligible premiums, rate two | 6.00% |
Eligibility period for premiums to be included in rider | 10 years |
Maximum rollup amount, cap rate one | 200.00% |
Maximum rollup amount, cap rate two | 250.00% |
Maximum rollup amount, cap rate three | 300.00% |
GMAB | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed account value, percentage of premiums paid by contract owner | 100.00% |
Guaranteed account value, minimum contract term for eligibility | 10 years |
Guaranteed account value, percentage of premiums paid by contract owner, past design | 200.00% |
Guaranteed account value, minimum contract term for eligibility, past design | 20 years |
GMWB/GMWBL | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rollup rate earned on eligible premiums, rate one | 7.00% |
Rollup rate earned on eligible premiums, rate two | 6.00% |
Rollup rate earned on eligible premiums, rate three | 0.00% |
Rollup rate earned on eligible premiums, earlier versions | 7.00% |
Stabilizer and MCGs | Minimum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed credited rates | 0.00% |
Stabilizer and MCGs | Maximum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed credited rates | 3.00% |
Guaranteed Benefit Features - A
Guaranteed Benefit Features - Assumptions and Methodology Used to Determine Additional Reserves (Details) - investment_performance_scenarios | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Number of investment performance scenarios | 1,000 | 1,000 |
Variable Life and Universal Life | Paid-up Guarantees | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Weighted average attained age | 0 years | 0 years |
GMDB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Investment blended rate of return (percent) | 7.80% | 7.80% |
Volatility rate (percent) | 14.20% | 15.10% |
Discount rate (percent) | 5.50% | 5.50% |
Weighted average attained age | 71 years | 70 years |
GMIB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Investment blended rate of return (percent) | 7.80% | 7.80% |
Volatility rate (percent) | 14.20% | 15.10% |
Discount rate (percent) | 5.50% | 5.50% |
Weighted average attained age | 63 years | 63 years |
GMAB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
GMWB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
GMWBL | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
Weighted average attained age | 68 years | 67 years |
Guaranteed Benefit Features - S
Guaranteed Benefit Features - Separate Account Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | $ 97,118.7 | $ 96,514.8 | ||
Additional liability balance: | ||||
Additional liability for FIA guaranteed withdrawal benefits | 13,600 | 14,000 | ||
Fixed-indexed annuities | ||||
Additional liability balance: | ||||
Additional liability for FIA guaranteed withdrawal benefits | 146.6 | 91 | ||
Variable Life and Universal Life | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 488.1 | 503.3 | ||
Additional liability balance: | ||||
Beginning balance | 1,197.5 | 1,095 | $ 967.8 | |
Incurred guaranteed benefits | 614.4 | 554.2 | 529.3 | |
Paid guaranteed benefits | (496.1) | (451.7) | (402.1) | |
Ending balance | 1,315.8 | 1,197.5 | 1,095 | |
Reinsurance on additional liability balance | 1,005.6 | 935.3 | 874.2 | $ 776.7 |
GMDB | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 32,513.3 | 35,117.4 | ||
Additional liability balance: | ||||
Beginning balance | 534.4 | 388.2 | 350.7 | |
Incurred guaranteed benefits | 134.9 | 238.1 | 112 | |
Paid guaranteed benefits | (137.7) | (91.9) | (74.5) | |
Ending balance | 531.6 | 534.4 | 388.2 | |
Reinsurance on additional liability balance | 44.3 | 56.6 | 50.1 | $ 52.5 |
GMAB/GMWB | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 564.4 | 629.7 | ||
Additional liability balance: | ||||
Beginning balance | 32.1 | 35.9 | 31.7 | |
Incurred guaranteed benefits | (7.9) | (3.2) | 4.9 | |
Paid guaranteed benefits | (0.5) | (0.6) | (0.7) | |
Ending balance | 23.7 | 32.1 | 35.9 | |
GMIB | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 10,110.4 | 11,669.3 | ||
Additional liability balance: | ||||
Beginning balance | 1,442 | 1,156.2 | 1,069.4 | |
Incurred guaranteed benefits | 453.5 | 447.8 | 262.6 | |
Paid guaranteed benefits | (517.9) | (162) | (175.8) | |
Ending balance | 1,377.6 | 1,442 | 1,156.2 | |
GMWBL | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 13,594.4 | 14,114.2 | ||
Additional liability balance: | ||||
Beginning balance | 1,841.4 | 1,491.8 | 834.2 | |
Incurred guaranteed benefits | (334.7) | 349.6 | 657.6 | |
Paid guaranteed benefits | 0 | 0 | 0 | |
Ending balance | 1,506.7 | 1,841.4 | 1,491.8 | |
Stabilizer and MCGs | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 37,577.1 | 36,014.5 | ||
Additional liability balance: | ||||
Beginning balance | 161.3 | 102.9 | 0 | |
Incurred guaranteed benefits | (10.9) | 58.4 | 102.9 | |
Paid guaranteed benefits | 0 | 0 | 0 | |
Ending balance | 150.4 | 161.3 | $ 102.9 | |
Stabilizer and MCGs | Separate Account Liability | ||||
Additional liability balance: | ||||
Externally managed assets included in Separate account liability not reported on balance sheet | $ 30,400 | $ 29,100 |
Guaranteed Benefit Features - N
Guaranteed Benefit Features - Net Amount at Risk of Minimum Guaranteed Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
GMDB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 32,513.3 | $ 35,117.4 |
Net amount at risk, net of reinsurance | $ 5,562.8 | $ 6,152.3 |
Weighted average attained age | 71 years | 70 years |
GMAB/GMWB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 564.4 | $ 629.7 |
Net amount at risk, net of reinsurance | $ 14.6 | $ 18.8 |
Weighted average attained age | 73 years | 72 years |
GMIB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 10,110.4 | $ 11,669.3 |
Net amount at risk, net of reinsurance | $ 2,945.8 | $ 3,044.3 |
Weighted average attained age | 63 years | 63 years |
GMWBL | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 13,594.4 | $ 14,114.2 |
Net amount at risk, net of reinsurance | $ 2,209.8 | $ 2,106.3 |
Weighted average attained age | 68 years | 67 years |
Guaranteed Benefit Features - U
Guaranteed Benefit Features - Universal and Variable Life Contracts (Details) - Variable Life and Universal Life - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $ 3,262.3 | $ 3,309.2 |
Net amount at risk, net of reinsurance | $ 16,371.8 | $ 16,955.1 |
Weighted average attained age | 63 years | 62 years |
Paid-up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $ 0 | $ 0 |
Net amount at risk, net of reinsurance | $ 0 | $ 0 |
Weighted average attained age | 0 years | 0 years |
Guaranteed Benefit Features 106
Guaranteed Benefit Features - Separate Accounts by Investment Type (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Equity funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | $ 24,494.9 | $ 26,612.5 |
Bond funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 3,799 | 4,106.8 |
Balanced funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 4,784.5 | 4,918.1 |
Money market funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 533.9 | 602.8 |
Other | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 97.9 | 113.7 |
Equity securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 33,710.2 | 36,353.9 |
Fixed income securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | $ 7,200 | $ 6,900 |
Reinsurance - Assets and Liabil
Reinsurance - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Effects of Reinsurance [Line Items] | ||
Premiums receivable | $ 59.4 | $ 33.1 |
Premium receivable and reinsurance recoverable | 7,258.6 | 7,653.7 |
Total | 7,318 | 7,686.8 |
Future policy benefits and contract owner account balances | 84,794.8 | 80,518.4 |
Liability for funds withheld under reinsurance agreements | 729.1 | 702.4 |
Total | 85,523.9 | 81,220.8 |
Direct | ||
Effects of Reinsurance [Line Items] | ||
Premiums receivable | 105.4 | 98.5 |
Premium receivable and reinsurance recoverable | 0 | 0 |
Total | 105.4 | 98.5 |
Future policy benefits and contract owner account balances | 88,759.5 | 84,653.9 |
Liability for funds withheld under reinsurance agreements | 729.1 | 702.4 |
Total | 89,488.6 | 85,356.3 |
Assumed | ||
Effects of Reinsurance [Line Items] | ||
Premiums receivable | 357.9 | 387.6 |
Premium receivable and reinsurance recoverable | 0 | 0 |
Total | 357.9 | 387.6 |
Future policy benefits and contract owner account balances | 3,293.9 | 3,518.2 |
Liability for funds withheld under reinsurance agreements | 0 | 0 |
Total | 3,293.9 | 3,518.2 |
Ceded | ||
Effects of Reinsurance [Line Items] | ||
Premiums receivable | (403.9) | (453) |
Premium receivable and reinsurance recoverable | 7,258.6 | 7,653.7 |
Total | 6,854.7 | 7,200.7 |
Future policy benefits and contract owner account balances | (7,258.6) | (7,653.7) |
Liability for funds withheld under reinsurance agreements | 0 | 0 |
Total | $ (7,258.6) | $ (7,653.7) |
Reinsurance - Effect of Reinsur
Reinsurance - Effect of Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premiums: | |||
Direct premiums | $ 4,004.7 | $ 3,445.5 | $ 2,891 |
Reinsurance assumed | 1,221.8 | 1,190.9 | 1,238.3 |
Reinsurance ceded | (1,711.9) | (1,611.9) | (1,502.9) |
Net premiums | 3,514.6 | 3,024.5 | 2,626.4 |
Fee income: | |||
Gross fee income | 3,363.6 | 3,485.3 | 3,637.3 |
Reinsurance ceded | (3.8) | (4.2) | (4.8) |
Net fee income | 3,359.8 | 3,481.1 | 3,632.5 |
Direct interest credited and other benefits to contract owners / policyholders | 8,070.8 | 7,226.9 | 6,159.4 |
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract] | |||
Reinsurance assumed | 1,212.5 | 1,067.6 | 1,267.3 |
Reinsurance ceded | (1,769.8) | (1,784.5) | (1,488.8) |
Net interest credited and other benefits to contract owners / policyholders | 7,513.5 | 6,510 | 5,937.9 |
UL contracts | |||
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract] | |||
Reinsurance ceded | $ (482.1) | $ (452.7) | $ (435.4) |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) - USD ($) $ in Millions | Oct. 01, 2015 | Apr. 01, 2015 | Oct. 01, 2014 | Oct. 02, 1998 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2009 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Premium receivable and reinsurance recoverable | $ 7,258.6 | $ 7,653.7 | ||||||
Revolving lines of credit, capacity | 5,990.5 | |||||||
Realized capital gains (losses) | (1,263.1) | (733.3) | $ (878.4) | |||||
Other net realized capital gains (losses) | (1,221.5) | (616.3) | (846.8) | |||||
Operating expenses | 2,937.3 | 3,003.4 | 3,462.2 | |||||
Unsecured and Committed | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Revolving lines of credit, capacity | 5,485 | |||||||
Unsecured and Committed | Voya Financial, Inc. / Security Life of Denver International Limited Two | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Revolving lines of credit, capacity | 2,900 | |||||||
Lincoln National Corporation, subsidiary | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Disposal of life insurance business | $ 1,000 | |||||||
Premium receivable and reinsurance recoverable | 1,600 | 1,800 | ||||||
Scottish Re | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Percentage of business recaptured | 100.00% | |||||||
Hannover Re | Customer concentration risk | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Premium receivable and reinsurance recoverable | 1,900 | 2,400 | ||||||
RGA Reinsurance Group | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Disposal of life insurance business | $ 419.2 | $ 448.1 | ||||||
Realized capital gains (losses) | 109.8 | 89.4 | ||||||
Other net realized capital gains (losses) | 13.7 | 32.8 | ||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 3.6 | 11.4 | ||||||
Operating expenses | 119.9 | $ 110.8 | ||||||
RGA Reinsurance Group | Term Life Coinsurance Agreement, effective October 1, 2014 | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Premium receivable and reinsurance recoverable | 499 | 517.8 | ||||||
RGA Reinsurance Group | Term Life Coinsurance Agreement, effective October 1, 2015 | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Premium receivable and reinsurance recoverable | 452.3 | 462.3 | ||||||
Enstar | ||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||||||||
Disposal of life insurance business | $ 304.5 | |||||||
Premium receivable and reinsurance recoverable | $ 198 | $ 263.4 | ||||||
Realized capital gains (losses) | $ 39.2 |
Goodwill and Other Intangibl110
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Management | ||
Goodwill [Line Items] | ||
Goodwill | $ 31.1 | $ 31.1 |
Management contract rights | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Customer relationship lists | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Computer software | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Lives | 3 years |
Goodwill and Other Intangibl111
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 1,021.7 | $ 990.5 |
Accumulated Amortization | 833.3 | 770.8 |
Intangible Assets, Net Carrying Amount | $ 188.4 | 219.7 |
Management contract rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 550 | 550 |
Accumulated Amortization | 449.2 | 421.7 |
Intangible Assets, Net Carrying Amount | $ 100.8 | 128.3 |
Customer relationship lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 115.8 | 115.8 |
Accumulated Amortization | 67.5 | 59 |
Intangible Assets, Net Carrying Amount | $ 48.3 | 56.8 |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 3 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 355.9 | 324.7 |
Accumulated Amortization | 316.6 | 290.1 |
Intangible Assets, Net Carrying Amount | $ 39.3 | $ 34.6 |
Goodwill and Other Intangibl112
Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 63.3 | $ 58.6 | $ 54.6 |
Estimated Future Amortization Expense Related to Intangible Assets, Fiscal Year Maturity [Abstract] | |||
2,017 | 56.2 | ||
2,018 | 49.9 | ||
2,019 | 37.6 | ||
2,020 | 25 | ||
2,021 | 5.8 | ||
Thereafter | $ 13.9 |
Share-Based Incentive Compen113
Share-Based Incentive Compensation Plans - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average volatility rate used | 70.00% | ||
Expected volatility of stock price | 30.00% | ||
2013 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved and available for issuance (in shares) | 7,650,000 | ||
Shares available for issuance (in shares) | 343,770 | ||
2013 Omnibus Plan | PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 106.00% | ||
2014 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved and available for issuance (in shares) | 17,800,000 | ||
Shares available for issuance (in shares) | 9,716,834 | ||
Award vesting period | 1 year | ||
Expiration period of stock options | 10 years | ||
Strike price (usd per share) | $ 37.60 | ||
The Omnibus Plans | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards vested during period (in shares) | 0 | ||
Number of awards not vested (in shares) | 3,300,000 | 3,800,000 | |
The Omnibus Plans | PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards vested during period (in shares) | 900,000 | ||
Number of awards not vested (in shares) | 1,500,000 | 800,000 | |
The Omnibus Plans | PSU awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage of grant | 0.00% | 0.00% | 0.00% |
Award vesting period | 1 year | ||
The Omnibus Plans | PSU awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage of grant | 150.00% | 150.00% | 150.00% |
Award vesting period | 3 years | ||
The Omnibus Plans | Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards vested during period (in shares) | 1,800,000 | ||
Number of awards not vested (in shares) | 3,300,000 | 3,500,000 | |
The Omnibus Plans | Restricted Share Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | 1 year | |
The Omnibus Plans | Restricted Share Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | 3 years | |
2013 Non-Employee Director Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved and available for issuance (in shares) | 288,000 | ||
2013 Non-Employee Director Incentive Plan | Non-Employee Directors | Cliff Vesting, Year One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 33.30% | ||
2013 Non-Employee Director Incentive Plan | Non-Employee Directors | Cliff Vesting, Year Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 33.30% | ||
2013 Non-Employee Director Incentive Plan | Non-Employee Directors | Cliff Vesting, Year Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 33.30% | ||
2013 Non-Employee Director Incentive Plan | Restricted Share Units (RSUs) | Non-Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of award granted (in shares) | 34,758 | 19,913 | 13,404 |
Employee Phantom Stock Plan 2014 | Phantom Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards not vested (in shares) | 49,181 | ||
Employee Phantom Stock Plan 2014 | Phantom Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards not vested (in shares) | 26,605 |
Share-Based Incentive Compen114
Share-Based Incentive Compensation Plans - Fair Value Assumptions (Details) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected volatility | 28.60% |
Expected term (in years) | 6 years 7 days |
Risk-free interest rate | 2.10% |
Expected dividend yield | 0.11% |
Weighted average estimated fair value (usd per share) | $ 11.89 |
Share-Based Incentive Compen115
Share-Based Incentive Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | $ 109.4 | $ 106.7 | $ 118.2 |
Income tax benefit | 38.3 | 37.3 | 41.4 |
Share-based compensation expense | 71.1 | 69.4 | 76.8 |
Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 61.9 | 54.8 | 45.4 |
RSUs - Deal incentive awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 0 | 2.1 | 8.5 |
PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 31.8 | 45.2 | 60.1 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 13.8 | 0.6 | 0 |
Phantom units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | $ 1.9 | 4 | 4.2 |
Long-term Sustainable Performance Plan | Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 0.8 | 6.9 | |
Long-term Sustainable Performance Plan | PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | $ 7.9 | $ 30.6 |
Share-Based Incentive Compen116
Share-Based Incentive Compensation Plans - Awards Outstanding under Stock Option Plans by Award Type (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
2013 Omnibus Plan | PSU awards | |
Number of Awards | |
Share-based payment award, vesting percentage | 106.00% |
The Omnibus Plans | Restricted Share Units (RSUs) | |
Number of Awards | |
Outstanding, beginning balance | shares | 3.5 |
Granted | shares | 1.9 |
Vested | shares | (1.8) |
Forfeited | shares | (0.3) |
Outstanding, ending balance | shares | 3.3 |
Awards expected to vest | shares | 3.3 |
Weighted Average Grant Date Fair Value (usd per award) | |
Outstanding, beginning balance | $ / shares | $ 34.81 |
Granted | $ / shares | 31.68 |
Vested | $ / shares | 31.36 |
Forfeited | $ / shares | 34.12 |
Outstanding, ending balance | $ / shares | 35.02 |
Awards expected to vest | $ / shares | $ 35.02 |
Unrecognized compensation cost | $ | $ 34.7 |
Expected weighted average | 1 year 7 months 6 days |
Total fair value of shares vested | $ | $ 57.6 |
The Omnibus Plans | PSU awards | |
Number of Awards | |
Outstanding, beginning balance | shares | 0.8 |
Adjusted for PSU performance factor | shares | 0.1 |
Granted | shares | 1.7 |
Vested | shares | (0.9) |
Forfeited | shares | (0.2) |
Outstanding, ending balance | shares | 1.5 |
Awards expected to vest | shares | 1.5 |
Weighted Average Grant Date Fair Value (usd per award) | |
Outstanding, beginning balance | $ / shares | $ 44.21 |
Adjusted for PSU performance factor | $ / shares | 44.15 |
Granted | $ / shares | 28.83 |
Vested | $ / shares | 44.07 |
Forfeited | $ / shares | 28.89 |
Outstanding, ending balance | $ / shares | 28.88 |
Awards expected to vest | $ / shares | $ 28.88 |
Unrecognized compensation cost | $ | $ 19.7 |
Expected weighted average | 2 years |
Total fair value of shares vested | $ | $ 38.8 |
The Omnibus Plans | Stock Options | |
Number of Awards | |
Outstanding, beginning balance | shares | 3.8 |
Adjusted for PSU performance factor | shares | 0 |
Granted | shares | 0 |
Vested | shares | 0 |
Forfeited | shares | (0.5) |
Outstanding, ending balance | shares | 3.3 |
Awards expected to vest | shares | 3.3 |
Weighted Average Grant Date Fair Value (usd per award) | |
Outstanding, beginning balance | $ / shares | $ 11.89 |
Adjusted for PSU performance factor | $ / shares | 0 |
Granted | $ / shares | 0 |
Vested | $ / shares | 0 |
Forfeited | $ / shares | 11.89 |
Outstanding, ending balance | $ / shares | 11.89 |
Awards expected to vest | $ / shares | $ 11.89 |
Unrecognized compensation cost | $ | $ 24.5 |
Expected weighted average | 2 years |
Total fair value of shares vested | $ | $ 0 |
Shareholder's Equity - Common S
Shareholder's Equity - Common Share Rollforward (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common shares, beginning balance | (209,095,793) | (241,900,000) | (261,700,000) |
Shares issued | 0 | 0 | 0 |
Common Shares acquired - share repurchase | 17,000,000 | 34,300,000 | 21,200,000 |
Issuance of shares for share-based incentive compensation, net | 2,500,000 | 1,500,000 | 1,400,000 |
Common shares, ending balance | (194,639,273) | (209,095,793) | (241,900,000) |
Common stock | |||
Common shares, beginning balance | (265,300,000) | (263,700,000) | (261,800,000) |
Shares issued | 0 | 0 | 0 |
Common Shares acquired - share repurchase | 0 | 0 | 0 |
Issuance of shares for share-based incentive compensation, net | 2,700,000 | 1,600,000 | 1,900,000 |
Common shares, ending balance | (268,000,000) | (265,300,000) | (263,700,000) |
Treasury stock | |||
Common shares, beginning balance | 56,200,000 | 21,800,000 | 100,000 |
Shares issued | 0 | 0 | 0 |
Common Shares acquired - share repurchase | 17,000,000 | 34,300,000 | 21,200,000 |
Issuance of shares for share-based incentive compensation, net | 200,000 | 100,000 | 500,000 |
Common shares, ending balance | 73,400,000 | 56,200,000 | 21,800,000 |
Shareholder's Equity - Narrativ
Shareholder's Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | May 07, 2013 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 27, 2016 |
Class of Stock [Line Items] | |||||||
Value of shares repurchased and placed in treasury | $ 687.2 | $ 1,490.7 | $ 790.1 | ||||
Number of warrants issued and outstanding | 26,050,846 | ||||||
Percentage of issued warrants to total shares issued and outstanding | 9.99% | ||||||
Exercise price of warrants (usd per share) | $ 48.75 | ||||||
Dividend per share, cash paid (usd per share) | $ 0.01 | ||||||
Fair value of warrants issued | $ 94 | ||||||
Share Repurchase Arrangement | |||||||
Class of Stock [Line Items] | |||||||
Increase in stock authorized for repurchase | $ 600 | ||||||
Value of shares repurchased and placed in treasury | $ 200 | ||||||
Share Repurchase Arrangement | Subsequent event | |||||||
Class of Stock [Line Items] | |||||||
Number of shares repurchased and placed in treasury | 5,216,025 |
Earnings per Common Share Ea119
Earnings per Common Share Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||||||||||
Net income (loss) | $ (490.5) | $ (236.5) | $ 136 | $ 192.3 | $ (160.4) | $ 116.2 | $ 367.1 | $ 215.7 | $ (398.7) | $ 538.6 | $ 2,532.7 |
Less: Net income (loss) attributable to noncontrolling interest | 42.5 | 11.6 | (25.5) | 0.7 | (53.6) | 75.9 | 81.9 | 26.1 | 29.3 | 130.3 | 237.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | $ (428) | $ 408.3 | $ 2,295 |
Basic (shares) | 200,800,000 | 225,400,000 | 253,100,000 | ||||||||
Diluted (shares) | 200,800,000 | 227,400,000 | 255,100,000 | ||||||||
Basic (usd per share) | $ (2.74) | $ (1.24) | $ 0.80 | $ 0.93 | $ (0.50) | $ 0.18 | $ 1.25 | $ 0.80 | $ (2.13) | $ 1.81 | $ 9.07 |
Diluted (usd per share) | $ (2.74) | $ (1.24) | $ 0.79 | $ 0.92 | $ (0.50) | $ 0.18 | $ 1.24 | $ 0.79 | $ (2.13) | $ 1.80 | $ 9 |
Antidilutive shares | 2,500,000 | 1,900,000 | 2,600,000 | ||||||||
Restricted Share Units (RSUs) | |||||||||||
Class of Stock [Line Items] | |||||||||||
Antidilutive shares | 1.7 | ||||||||||
PSU awards | |||||||||||
Class of Stock [Line Items] | |||||||||||
Antidilutive shares | 0.2 | ||||||||||
Restricted Share Units (RSUs) | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Effects (shares) | 0 | 1,800,000 | 1,300,000 | ||||||||
RSUs - Deal incentive awards | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Effects (shares) | 0 | 0 | 300,000 | ||||||||
PSU awards | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Effects (shares) | 0 | 200,000 | 400,000 |
Insurance Subsidiaries - Statut
Insurance Subsidiaries - Statutory Equity and Income (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2015USD ($)subsidiary | Dec. 31, 2014USD ($) | |
Insurance [Abstract] | |||
Number of insurance subsidiaries | subsidiary | 4 | 4 | |
Voya Insurance and Annuity Company | Iowa | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | $ 232.4 | $ 553.3 | $ 335.6 |
Statutory Capital and Surplus | 1,906.2 | 2,074.8 | |
Voya Retirement Insurance and Annuity Company | Connecticut | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 266.2 | 317.5 | 321.7 |
Statutory Capital and Surplus | 1,959.3 | 2,030.2 | |
Security Life of Denver Insurance Company (SLD) | Colorado | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 93.2 | (244.5) | 141.6 |
Statutory Capital and Surplus | 897.1 | 858.3 | |
ReliaStar Life Insurance Company (RLI) | Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | (506.6) | 74.2 | $ 103.9 |
Statutory Capital and Surplus | $ 1,662 | $ 1,609.2 |
Insurance Subsidiaries - Divide
Insurance Subsidiaries - Dividends Restrictions and Approved Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory Accounting Practices [Line Items] | |||
Dividends Paid | $ 8 | $ 9 | $ 10.1 |
Insurance Laws Applicable to Insurance Subsidiaries in Connecticut, Indiana. Iowa, and Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded | 10.00% | ||
Insurance Laws Applicable to Insurance Subsidiaries in Colorado | |||
Statutory Accounting Practices [Line Items] | |||
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded | 10.00% | ||
Voya Insurance and Annuity Company | Iowa | |||
Statutory Accounting Practices [Line Items] | |||
Extraordinary Distributions Paid | $ 0 | ||
Voya Retirement Insurance and Annuity Company | Connecticut | |||
Statutory Accounting Practices [Line Items] | |||
Extraordinary Distributions Paid | 0 | ||
Security Life of Denver Insurance Company (SLD) | Colorado | |||
Statutory Accounting Practices [Line Items] | |||
Extraordinary Distributions Paid | 0 | ||
ReliaStar Life Insurance Company (RLI) | Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Extraordinary Distributions Paid | 100 | ||
Subsidiaries | Voya Insurance and Annuity Company | Iowa | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | 278.9 | 447.5 | 394.1 |
Dividends Paid | 373 | 394 | |
Extraordinary Distributions Paid | 98 | ||
Subsidiaries | Voya Retirement Insurance and Annuity Company | Connecticut | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | 265.9 | 364.1 | 321.8 |
Dividends Paid | 278 | 321 | |
Extraordinary Distributions Paid | 0 | ||
Subsidiaries | Security Life of Denver Insurance Company (SLD) | Colorado | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | 73.6 | 54.9 | 111.6 |
Dividends Paid | 54 | 111 | |
Extraordinary Distributions Paid | 130 | ||
Subsidiaries | ReliaStar Life Insurance Company (RLI) | Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | 0 | 0 | $ 194.2 |
Dividends Paid | $ 0 | 194 | |
Extraordinary Distributions Paid | $ 280 |
Insurance Subsidiaries - Captiv
Insurance Subsidiaries - Captive Reinsurance Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Missouri | ||
Statutory Accounting Practices [Line Items] | ||
Prescribed practice amount | $ 577.1 | $ 590.6 |
Aggregate statutory capital and surplus, including prescribed practices | 352.2 | 351.5 |
Arizona | Security Life of Denver International Limited (SLDI) | ||
Statutory Accounting Practices [Line Items] | ||
Permitted practice amount | 441.1 | $ 456.6 |
Arizona | VOYA Financial, Inc. / Roaring River II LLC | ||
Statutory Accounting Practices [Line Items] | ||
Permitted practice amount | $ 2,466.9 |
Employee Benefit Arrangements -
Employee Benefit Arrangements - Defined Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
30-year U.S. Treasury Securities Bond Rate Period | 30 years | |
Deferred compensation commitment | $ 283.5 | $ 270.2 |
ING Americas Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Annual credit earned by participants, percentage of eligible compensation | 4.00% | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Benefits Paid | $ 91.9 | 90.9 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Benefits Paid | $ 3.3 | $ 3.1 |
Employee Benefit Arrangement124
Employee Benefit Arrangements - Obligations and Funded Status (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in benefit obligation: | ||||
Net actuarial (gains) losses | $ (372.7) | $ (55.2) | $ 62.7 | $ (372.7) |
Change in plan assets: | ||||
Accumulated other comprehensive (income) loss, net of tax | (41.4) | (25.9) | (32.5) | (41.4) |
Other Postretirement Benefits | ||||
Change in benefit obligation: | ||||
Benefits obligations, beginning balance | 28 | 31.1 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 1.1 | 1 | 1.5 | |
Plan participants' contribution | 0.1 | 0.1 | ||
Net actuarial (gains) losses | (1.6) | (1.1) | ||
Benefits paid | (3.3) | (3.1) | ||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | 0 | 0 | ||
Plan amendments | (3.4) | 0 | ||
Benefits obligations, ending balance | 31.1 | 20.9 | 28 | 31.1 |
Change in plan assets: | ||||
Fair value of plan assets, beginning balance | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 3.2 | 3 | ||
Plan participants' contribution | 0.1 | 0.1 | ||
Benefits paid | (3.3) | (3.1) | ||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | 0 | 0 | ||
Fair value of plan assets, ending balance | 0 | 0 | 0 | 0 |
Funded status at end of the year | (20.9) | (28) | ||
Accrued benefit cost | (20.9) | (28) | ||
Net amount recognized | (20.9) | (28) | ||
Prior service cost (credit) | (18.4) | (18.2) | ||
Tax effect | 6.4 | 6.4 | ||
Accumulated other comprehensive (income) loss, net of tax | (12) | (11.8) | ||
Pension Plan | ||||
Change in benefit obligation: | ||||
Benefits obligations, beginning balance | 2,054 | 2,452.8 | ||
Service cost | 25.4 | 26.4 | 26.8 | |
Interest cost | 96.1 | 104 | 96.2 | |
Plan participants' contribution | 0 | 0 | ||
Net actuarial (gains) losses | 32.5 | (184.5) | ||
Benefits paid | (91.9) | (90.9) | ||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | 0 | (253.8) | ||
Plan amendments | 0 | 0 | ||
Benefits obligations, ending balance | 2,452.8 | 2,116.1 | 2,054 | 2,452.8 |
Change in plan assets: | ||||
Fair value of plan assets, beginning balance | 1,394.6 | 1,657.7 | ||
Actual return on plan assets | 79.6 | (0.7) | ||
Employer contributions | 80.4 | 82.3 | ||
Plan participants' contribution | 0 | 0 | ||
Benefits paid | (91.9) | (90.9) | ||
Lump sum benefits settled for terminated vested participants for the Retirement Plan | 0 | (253.8) | ||
Fair value of plan assets, ending balance | $ 1,657.7 | 1,462.7 | 1,394.6 | $ 1,657.7 |
Funded status at end of the year | (653.4) | (659.4) | ||
Accrued benefit cost | (653.4) | (659.4) | ||
Net amount recognized | (653.4) | (659.4) | ||
Prior service cost (credit) | (21.4) | (31.8) | ||
Tax effect | 7.5 | 11.1 | ||
Accumulated other comprehensive (income) loss, net of tax | $ (13.9) | $ (20.7) |
Employee Benefit Arrangement125
Employee Benefit Arrangements - Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 2,116.1 | $ 2,054 | $ 2,452.8 |
Accumulated benefit obligation | 2,110.7 | 2,049.8 | |
Fair value of plan assets | 1,462.7 | 1,394.6 | 1,657.7 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 20.9 | 28 | 31.1 |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefit Arrangement126
Employee Benefit Arrangements - Net Periodic Benefit Costs and Other Changes in Plan Assets and Future Amortizaion of Prior Service Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||
Amortization of prior service (credit) cost | $ 10.2 | $ 13.7 | $ 13.8 |
Total recognized in AOCI | 10.2 | 13.7 | 13.8 |
Pension Plan | |||
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||
Service cost | 25.4 | 26.4 | 26.8 |
Interest cost | 96.1 | 104 | 96.2 |
Expected return on plan assets | (104) | (122.2) | (114.3) |
Amortization of prior service cost (credit) | (10.4) | (10.4) | (10.4) |
Net (gain) loss recognition | 56.8 | (61.6) | 376.4 |
Net periodic (benefit) costs | 63.9 | (63.8) | 374.7 |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||
Amortization of prior service (credit) cost | 10.4 | 10.4 | 10.4 |
Total recognized in AOCI | 10.4 | 10.4 | 10.4 |
Total recognized in net periodic (benefit) costs and AOCI | 74.3 | (53.4) | 385.1 |
Future amortization of prior service cost (credit) | (10.4) | ||
Other Postretirement Benefits | |||
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1.1 | 1 | 1.5 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (3.3) | (3.3) | (3.4) |
Net (gain) loss recognition | (1.6) | (1.1) | (3.7) |
Net periodic (benefit) costs | (3.8) | (3.4) | (5.6) |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||
Amortization of prior service (credit) cost | (0.2) | 3.3 | 3.4 |
Total recognized in AOCI | (0.2) | 3.3 | 3.4 |
Total recognized in net periodic (benefit) costs and AOCI | (4) | $ (0.1) | $ (2.2) |
Future amortization of prior service cost (credit) | $ (3.6) |
Employee Benefit Arrangement127
Employee Benefit Arrangements - Net Actuarial (Gains) Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discount Rate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (gains) losses | $ 69.5 | $ (132.4) | $ 200.2 |
Asset Returns | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (gains) losses | 24.4 | 122.9 | (42.4) |
Mortality Table Assumptions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (gains) losses | (22.4) | (32.3) | 202.1 |
Demographic Data and other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (gains) losses | (16.3) | (20.9) | 12.8 |
Total Net Actuarial (Gain)/Loss Recognized | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial (gains) losses | $ 55.2 | $ (62.7) | $ 372.7 |
Employee Benefit Arrangement128
Employee Benefit Arrangements - Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 4.55% | 4.81% | |
Rate of compensation increase, benefit obligation | 4.00% | 4.00% | |
Discount rate, net benefit cost | 4.81% | 4.36% | 4.95% |
Rate of compensation increase, net benefit cost | 4.00% | 4.00% | 4.00% |
Expected rate of return on plan assets, net benefit cost | 7.50% | 7.50% | 7.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 4.55% | 4.81% | |
Discount rate, net benefit cost | 4.81% | 4.36% | 4.95% |
Trend rate assumed for next year | 7.10% | ||
Ultimate health care cost trend rate, decrease | 5.20% | ||
Health care cost trend rate, period over which rate equals ultimate trend rate | 5 years | ||
Ultimate health care cost trend rate | 4.50% | ||
Effect on the aggregate of service and interest cost components, One Percentage Point Increase | $ 0 | ||
Effect on the aggregate of service and interest cost components, One Percentage Point Decrease | 0 | ||
Effect on accumulated postretirement benefit obligation, One Percentage Point Increase | 0.9 | ||
Effect on accumulated postretirement benefit obligation, One Percentage Point Decrease | $ (0.7) |
Employee Benefit Arrangement129
Employee Benefit Arrangements - Plan Assets, Allocation (Details) - Pension Plan | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 37.00% | 37.00% |
Target allocation range, maximum | 65.00% | 65.00% |
Actual allocation | 45.10% | 45.30% |
Large-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 23.70% | 24.20% |
Small/Mid-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 6.40% | 5.60% |
International Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 11.60% | 11.40% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 3.40% | 4.10% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 30.00% | 30.00% |
Target allocation range, maximum | 50.00% | 50.00% |
Actual allocation | 44.60% | 44.20% |
U.S. Treasuries, short term investments, cash and futures | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 6.30% | 7.20% |
U.S. government agencies and authorities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.20% | 4.80% |
State, municipalities and political subdivisions | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 29.70% | 28.50% |
Foreign securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.30% | 3.60% |
Commercial mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.10% | 0.10% |
Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 6.00% | 6.00% |
Target allocation range, maximum | 14.00% | 14.00% |
Actual allocation | 10.30% | 10.50% |
Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.80% | 5.10% |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 5.50% | 5.40% |
Employee Benefit Arrangement130
Employee Benefit Arrangements - Fair Value of Plan Assets (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2016USD ($)fund_asset | Dec. 31, 2015USD ($)fund_asset | Dec. 31, 2014USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 1,462,700,000 | $ 1,394,600,000 | $ 1,657,700,000 |
Net, total pension assets, net asset value | 459,000,000 | 462,100,000 | |
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 504,400,000 | 484,200,000 | |
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 499,300,000 | 448,300,000 | |
Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 652,100,000 | 615,200,000 | |
Net, total pension assets, net asset value | 89,500,000 | 98,300,000 | |
Debt securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 63,300,000 | 68,600,000 | |
Debt securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 499,300,000 | 448,300,000 | |
Debt securities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 2,200,000 | 1,400,000 | |
Cash and cash equivalents | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 2,200,000 | 1,400,000 | |
Cash and cash equivalents | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Cash and cash equivalents | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Short-term investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 89,500,000 | 98,300,000 | |
Net, total pension assets, net asset value | 89,500,000 | 98,300,000 | |
Short-term investments | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Short-term investments | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Short-term investments | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
U.S. government agencies and authorities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 61,100,000 | 66,200,000 | |
U.S. government agencies and authorities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 61,100,000 | 66,200,000 | |
U.S. government agencies and authorities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
U.S. government agencies and authorities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
State, municipalities and political subdivisions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 434,500,000 | 397,300,000 | |
State, municipalities and political subdivisions | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 1,000,000 | |
State, municipalities and political subdivisions | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 434,500,000 | 396,300,000 | |
State, municipalities and political subdivisions | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 63,400,000 | 50,300,000 | |
Foreign securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Foreign securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 63,400,000 | 50,300,000 | |
Foreign securities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Commercial mortgage-backed securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,200,000 | 1,400,000 | |
Commercial mortgage-backed securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Commercial mortgage-backed securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,200,000 | 1,400,000 | |
Commercial mortgage-backed securities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Other asset-backed securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 200,000 | 300,000 | |
Other asset-backed securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Other asset-backed securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 200,000 | 300,000 | |
Other asset-backed securities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 660,400,000 | 632,600,000 | |
Net, total pension assets, net asset value | 219,000,000 | 217,300,000 | |
Equity securities | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 441,400,000 | 415,300,000 | |
Equity securities | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Equity securities | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Large-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 347,100,000 | 337,500,000 | |
Large-cap domestic | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 347,100,000 | 337,500,000 | |
Large-cap domestic | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Large-cap domestic | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Small/Mid-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 94,300,000 | 77,800,000 | |
Small/Mid-cap domestic | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 94,300,000 | 77,800,000 | |
Small/Mid-cap domestic | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Small/Mid-cap domestic | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
International Commingled Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 169,600,000 | 159,400,000 | |
Net, total pension assets, net asset value | $ 169,600,000 | $ 159,400,000 | |
Number of Assets In Fund | fund_asset | 2 | 2 | |
International Commingled Funds | Baillie Gifford Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 83,800,000 | $ 79,600,000 | |
Unfunded commitments | 0 | 0 | |
International Commingled Funds | Silchester | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 85,800,000 | $ 79,800,000 | |
Number of business days prior to month-end clients must submit redemption request | 6 days | 6 days | |
International Commingled Funds | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 0 | $ 0 | |
International Commingled Funds | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
International Commingled Funds | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 49,400,000 | 57,900,000 | |
Net, total pension assets, net asset value | $ 49,400,000 | $ 57,900,000 | |
Number of Assets In Fund | fund_asset | 2 | 2 | |
Limited partnerships | Patheon Europe | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 7,400,000 | $ 9,800,000 | |
Unfunded commitments | 1,300,000 | 1,500,000 | |
Limited partnerships | Patheon USA | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 42,000,000 | 48,100,000 | |
Unfunded commitments | 4,600,000 | 5,600,000 | |
Limited partnerships | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Limited partnerships | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Limited partnerships | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 150,200,000 | 146,800,000 | |
Net, total pension assets, net asset value | 150,500,000 | 146,500,000 | |
Other investments | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | (300,000) | 300,000 | |
Other investments | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Other investments | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 80,900,000 | 75,500,000 | |
Net, total pension assets, net asset value | 80,900,000 | 75,500,000 | |
Real estate | UBS Trumbull Property Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 80,900,000 | $ 75,500,000 | |
Real return performance objective, rate of return | 5.00% | 5.00% | |
Investor redemption notification period | 60 days | ||
Real estate | UBS Trumbull Property Fund | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Real return performance objective, rate of return, determination period | 3 years | 3 years | |
Real estate | UBS Trumbull Property Fund | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Real return performance objective, rate of return, determination period | 5 years | 5 years | |
Real estate | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 0 | $ 0 | |
Real estate | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Real estate | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 69,600,000 | 71,000,000 | |
Net, total pension assets, net asset value | 69,600,000 | 71,000,000 | |
Limited partnerships | Magnitude Institutional, Ltd. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 69,600,000 | 71,000,000 | |
Limited partnerships | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Limited partnerships | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Limited partnerships | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Derivatives | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | (300,000) | 300,000 | |
Derivatives | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | (300,000) | 300,000 | |
Derivatives | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Derivatives | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 0 | $ 0 |
Employee Benefit Arrangement131
Employee Benefit Arrangements - Expected Future Contributions and Benefit Payments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 116.4 |
2,018 | 120.1 |
2,019 | 121.8 |
2,020 | 125.1 |
2,021 | 128.1 |
2022-2026 | 661.4 |
Estimated future employer contributions next year | 83.6 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 2 |
2,018 | 1.7 |
2,019 | 1.7 |
2,020 | 1.6 |
2,021 | 1.6 |
2022-2026 | 6.7 |
Estimated future employer contributions next year | $ 2 |
Employee Benefit Arrangement132
Employee Benefit Arrangements - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Company match, percentage | 6.00% | ||
Award vesting period | 4 years | ||
Cost recognized for defined contribution pension plans | $ 38.2 | $ 36.3 | $ 35.5 |
Accumulated Other Comprehens133
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Derivatives | $ 257.8 | $ 259.1 | $ 229.4 |
DAC/VOBA adjustment on available-for-sale securities | (1,082.5) | (764.8) | (1,840.7) |
Accumulated Other Comprehensive Income (Loss), Premium Deficiency Reserve | (53.7) | 0 | 0 |
Sales inducements adjustment on available-for-sale securities | (168.8) | (22.6) | (75.1) |
Other | (30.8) | (31.3) | (31.4) |
Unrealized capital gains (losses), before tax | 2,367.2 | 1,594.4 | 4,156.8 |
Deferred income tax asset (liability) | (371.4) | (202) | (1,094.5) |
Unrealized capital gains (losses), after tax | 1,995.8 | 1,392.4 | 3,062.3 |
Pension and other post-employment benefits liability, net of tax | 25.9 | 32.5 | 41.4 |
AOCI | 2,021.7 | 1,424.9 | 3,103.7 |
Fixed maturities | |||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Fixed maturities, net of OTTI | 3,412.8 | 2,122.7 | 5,844.8 |
Equity securities | |||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Equity securities, available-for-sale | $ 32.4 | $ 31.3 | $ 29.8 |
Accumulated Other Comprehens134
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract] | |||
Net unrealized gains/losses on Other | $ 0.5 | $ 0.1 | $ (3.7) |
OTTI | 23.7 | 18.8 | 40 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 97.4 | 122.1 | (53.5) |
DAC/VOBA | (317.7) | 1,075.9 | (785.7) |
Premium deficiency reserve | (53.7) | 0 | 0 |
Sales inducements | (146.2) | 52.5 | (17) |
Change in unrealized gains/losses on available-for-sale securities | 774.1 | (2,592.1) | 1,855.9 |
Derivatives | 19.4 | 44.3 | 102 |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (20.7) | (14.6) | (7.4) |
Change in unrealized gains/losses on derivatives | (1.3) | 29.7 | 94.6 |
Amortization of prior service (credit) cost | (10.2) | (13.7) | (13.8) |
Pension and other post-employment benefit liability | (10.2) | (13.7) | (13.8) |
Other comprehensive income (loss), before tax | 762.6 | (2,576.1) | 1,936.7 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Net unrealized gains/losses on Other | (0.2) | 0 | 1.3 |
OTTI | (8.3) | (6.6) | (14) |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (34.1) | (42.7) | 18.7 |
DAC/VOBA | 111.2 | (376.6) | 275 |
Premium deficiency reserve | 18.8 | 0 | 0 |
Sales inducements | 51.2 | (18.4) | 6 |
Change in unrealized gains/losses on available-for-sale securities | (169.8) | 902.9 | (653.8) |
Derivatives | (6.8) | (15.5) | (35.7) |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | 7.2 | 5.1 | 2.6 |
Change in unrealized gains/losses on derivatives | 0.4 | (10.4) | (33.1) |
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | 3.6 | 4.8 | 4.8 |
Change in pension and other postretirement benefits liability | 3.6 | 4.8 | 4.8 |
Change in Other comprehensive income (loss) | (165.8) | 897.3 | (682.1) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Net unrealized gains/losses on Other | 0.3 | 0.1 | (2.4) |
OTTI | 15.4 | 12.2 | 26 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 63.3 | 79.4 | (34.8) |
DAC/VOBA | (206.5) | 699.3 | (510.7) |
Premium deficiency reserve | (34.9) | 0 | 0 |
Sales inducements | (95) | 34.1 | (11) |
Change in unrealized gains/losses on available-for-sale securities | 604.3 | (1,689.2) | 1,202.1 |
Derivatives | 12.6 | 28.8 | 66.3 |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (13.5) | (9.5) | (4.8) |
Change in unrealized gains/losses on derivatives | (0.9) | 19.3 | 61.5 |
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (6.6) | (8.9) | (9) |
Change in pension and other postretirement benefits liability | (6.6) | (8.9) | (9) |
Other comprehensive income (loss), after tax | 596.8 | (1,678.8) | 1,254.6 |
Fixed maturities | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | 1,167.6 | (3,863) | 2,693 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | (307.5) | 1,347.7 | (946.8) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | 860.1 | (2,515.3) | 1,746.2 |
Fixed maturities | Valuation allowance on deferred tax assets | |||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | 100.8 | ||
Equity securities | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | 2.5 | 1.5 | (17.2) |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | (0.9) | (0.5) | 6 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | $ 1.6 | $ 1 | $ (11.2) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax expense (benefit): | |||
Federal | $ (173.8) | $ 75.5 | $ 87 |
State | (0.1) | (11.2) | 1.4 |
Total current tax expense (benefit) | (173.9) | 64.3 | 88.4 |
Deferred tax expense (benefit): | |||
Federal | (41.7) | (15.2) | (1,808.9) |
State | 0.9 | (3.2) | (11) |
Total deferred tax expense (benefit) | (40.8) | (18.4) | (1,819.9) |
Total income tax expense (benefit) | $ (214.7) | $ 45.9 | $ (1,731.5) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||||||||
Income (loss) before income taxes | $ (651.9) | $ (355.9) | $ 153.1 | $ 241.3 | $ (243.3) | $ 80.3 | $ 486.2 | $ 261.3 | $ (613.4) | $ 584.5 | $ 801.2 |
Tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Income tax expense (benefit) at federal statutory rate | $ (214.7) | $ 204.5 | $ 280.4 | ||||||||
Valuation allowance | 101.6 | (13.7) | (1,834.9) | ||||||||
Dividends received deduction | (105.3) | (109.3) | (99) | ||||||||
Audit settlement | (0.1) | (0.1) | (1.7) | ||||||||
State tax expense (benefit) | (15.9) | 2.3 | 2 | ||||||||
Noncontrolling interest | (10.2) | (45.6) | (83.2) | ||||||||
Tax credits | 9.8 | 6.7 | 1.8 | ||||||||
Non-deductible expenses | 2.3 | 3.1 | 1.2 | ||||||||
Expirations of federal tax capital loss carryforward | 17.1 | 0 | 0 | ||||||||
Other | 0.7 | (2) | 1.9 | ||||||||
Total income tax expense (benefit) | $ (214.7) | $ 45.9 | $ (1,731.5) | ||||||||
Effective tax rate | 35.00% | 7.90% | (216.10%) |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Federal and state loss carryforwards | $ 1,524.4 | $ 1,118.8 |
Investments | 2,613 | 2,684.3 |
Compensation and benefits | 548 | 490.2 |
Insurance reserves | 673.9 | 942.6 |
Other assets | 402.4 | 450.8 |
Total gross assets before valuation allowance | 5,761.7 | 5,686.7 |
Less: Valuation allowance | 963.9 | 963.1 |
Assets, net of valuation allowance | 4,797.8 | 4,723.6 |
Net unrealized investment gains | (1,218.9) | (833.6) |
Deferred policy acquisition costs | (1,454.6) | (1,633.7) |
Other liabilities | (34.5) | (41.5) |
Total gross liabilities | (2,708) | (2,508.8) |
Net deferred income tax asset (liability) | $ 2,089.8 | $ 2,214.8 |
Income Taxes - Tax Credit and L
Income Taxes - Tax Credit and Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Operating Loss Carryforwards [Line Items] | ||
Tax capital loss/credit carryforward | $ 267.7 | $ 265.8 |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 2,208.6 | 2,229.3 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 4,111.5 | 3,022.2 |
Alternative minimum tax [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax capital loss/credit carryforward | 219.4 | |
Capital loss carryforwards | Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Tax capital loss/credit carryforward | $ 58.4 | $ 0 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits, balance | $ 45.2 | $ 62.4 | $ 60.9 |
Additions for tax positions related to current year | 3.2 | 3.4 | 4.7 |
Additions for tax positions related to prior years | 0 | 0 | 4.9 |
Reductions for tax positions related to prior years | (6.5) | (18.1) | (6.1) |
Reductions for settlements with taxing authorities | (1.3) | (2.2) | (0.2) |
Reductions for expiring statutes | (4.2) | (0.3) | (1.8) |
Unrecognized tax benefits, balance | 36.4 | 45.2 | 62.4 |
Unrecognized tax benefits that would affect effective rate | $ 7.6 | $ 9.1 | $ 14.1 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||||
Valuation allowance | $ 963.9 | $ 963.1 | |||
Loss related to sale of certain businesses | $ (107) | (13.5) | (169.3) | $ (157.3) | |
Net actuarial (gains) losses | (372.7) | (55.2) | 62.7 | (372.7) | |
Valuation allowance, deferred tax asset, increase (decrease) in amount | 0.8 | (8.8) | (1,830) | ||
Unrecognized tax benefits that would affect effective rate | 14.1 | 7.6 | 9.1 | 14.1 | |
Accrued interest and penalties related to unrecognized tax | 1 | 1.2 | |||
Interest (benefit) recognized related to unrecognized tax | (0.2) | (5.8) | 0.8 | ||
Unrecognized tax benefits | $ 62.4 | 36.4 | 45.2 | $ 62.4 | $ 60.9 |
ING Group | |||||
Income Tax Contingency [Line Items] | |||||
Ownership by affiliate of parent company | 20.00% | 20.00% | |||
Deferred Tax Asset, Operating Loss Carryforward | |||||
Income Tax Contingency [Line Items] | |||||
Valuation allowance | 1,413.9 | 1,312.3 | |||
Valuation allowance, deferred tax asset, increase (decrease) in amount | 101.6 | (13.7) | |||
Deferred Tax Asset, Capital Loss Carryforward | |||||
Income Tax Contingency [Line Items] | |||||
Valuation allowance | (454.9) | (354.1) | |||
Valuation allowance, deferred tax asset, increase (decrease) in amount | (100.8) | ||||
Deferred Tax Asset, Additional Paid In Capital | |||||
Income Tax Contingency [Line Items] | |||||
Valuation allowance | 4.9 | 4.9 | |||
Valuation allowance, deferred tax asset, increase (decrease) in amount | 4.9 | ||||
Payment of Allowance | |||||
Income Tax Contingency [Line Items] | |||||
Unrecognized tax benefits | 36.4 | ||||
Valuation allowance on deferred tax assets | |||||
Income Tax Contingency [Line Items] | |||||
Valuation allowance | 963.9 | 963.1 | |||
Increase (decrease) in valuation allowance allocated to operations | $ 1,620 | $ (101.6) | $ 13.7 | $ 1,834.9 |
Financing Agreements - Long-ter
Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Jun. 13, 2016 | Dec. 31, 2015 | Mar. 17, 2015 | Jul. 26, 2013 | May 16, 2013 | Feb. 11, 2013 | Jul. 13, 2012 |
Debt Instrument [Line Items] | ||||||||
Total | $ 3,549.5 | $ 3,459.8 | ||||||
Less: Current portion of long-term debt | 0 | 0 | ||||||
Long-term debt | 3,549.5 | $ 3,459.8 | ||||||
2.9% Senior Notes, due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 2.90% | |||||||
Debentures | 7.25% Voya Holdings Inc. debentures, due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 142.9 | $ 159.4 | ||||||
Annual interest rate on loan | 7.25% | 7.25% | ||||||
Debentures | 7.63% Voya Holdings Inc. debentures, due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 185.8 | $ 201.8 | ||||||
Annual interest rate on loan | 7.63% | 7.63% | ||||||
Debentures | 6.97% Voya Holdings Inc. debentures, due 2036 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 93.7 | $ 108.6 | ||||||
Annual interest rate on loan | 6.97% | 6.97% | ||||||
Notes Payable | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 13.6 | $ 13.7 | ||||||
Annual interest rate on loan | 8.42% | 8.42% | ||||||
Property Loan | 1.00% Windsor Property Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 4.9 | $ 4.9 | ||||||
Annual interest rate on loan | 1.00% | 1.00% | ||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 1.875% | |||||||
Senior Notes | 5.5% Senior Notes, due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 360.7 | $ 843.8 | ||||||
Annual interest rate on loan | 5.50% | 5.50% | ||||||
Senior Notes | 2.9% Senior Notes, due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 825 | $ 995.7 | ||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | |||||
Senior Notes | 5.7% Senior Notes, due 2043 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 394.3 | $ 394.1 | ||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | |||||
Senior Notes | 3.65% Senior Notes, Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 494.2 | $ 0 | ||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | |||||
Senior Notes | 4.8% Senior Notes, Due 2046 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 296.2 | $ 0 | ||||||
Annual interest rate on loan | 4.80% | 4.80% | ||||||
Junior Subordinated Notes (2053 Notes) | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | ||||||||
Debt Instrument [Line Items] | ||||||||
Total | $ 738.2 | $ 737.8 | ||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% |
Financing Agreements - Addition
Financing Agreements - Additional Information (Detail) - USD ($) | Jun. 20, 2016 | Dec. 31, 2015 | Mar. 17, 2015 | May 16, 2013 | Dec. 02, 2008 | Nov. 30, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 13, 2016 | May 06, 2016 | Feb. 14, 2014 | Jul. 26, 2013 | Feb. 11, 2013 | Jul. 13, 2012 | Jun. 16, 2007 |
Debt Instrument [Line Items] | ||||||||||||||||
Period delinquent payment must be cured to avoid put option | 30 days | |||||||||||||||
Minimum net worth required for compliance | $ 3,000,000,000 | |||||||||||||||
Loss related to early extinguishment of debt | $ (104,600,000) | $ (10,100,000) | $ 0 | |||||||||||||
Long-term debt | $ 3,459,800,000 | 3,549,500,000 | 3,459,800,000 | |||||||||||||
Capacity | 5,990,500,000 | |||||||||||||||
Payments of financing costs | 46,000,000 | 89,300,000 | $ 120,600,000 | |||||||||||||
Credit facility, outstanding | 3,038,100,000 | |||||||||||||||
Aggregate principal amount to remain outstanding after effect of redemption | $ 25,000,000 | |||||||||||||||
Business agreement, term of agreement | 10 years | |||||||||||||||
Put option agreement, face amount | $ 500,000,000 | |||||||||||||||
ING Group | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Guarantor obligations, current value | $ 474,900,000 | 426,500,000 | 474,900,000 | |||||||||||||
Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Annual interest rate on loan | 1.875% | |||||||||||||||
Debt repayments | $ 659,800,000 | |||||||||||||||
Revolving Credit Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Credit facility, outstanding | 0 | |||||||||||||||
LOCs outstanding | 297,200,000 | |||||||||||||||
Debentures | Interest expense | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss related to early extinguishment of debt | $ (17,000,000) | $ (10,100,000) | ||||||||||||||
7.25% Voya Holdings Inc. debentures, due 2023 | Debentures | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Annual interest rate on loan | 7.25% | 7.25% | 7.25% | |||||||||||||
Debt repayments | $ 17,300,000 | $ 100,000 | ||||||||||||||
Long-term debt | $ 159,400,000 | $ 142,900,000 | $ 159,400,000 | |||||||||||||
7.63% Voya Holdings Inc. debentures, due 2026 | Debentures | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Annual interest rate on loan | 7.63% | 7.63% | 7.63% | |||||||||||||
Debt repayments | $ 16,400,000 | $ 31,100,000 | ||||||||||||||
Long-term debt | $ 201,800,000 | $ 185,800,000 | 201,800,000 | |||||||||||||
5.5% Senior Notes, due 2022 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Annual interest rate on loan | 5.50% | 5.50% | ||||||||||||||
Debt repayments | $ 486,800,000 | |||||||||||||||
Long-term debt | $ 843,800,000 | $ 360,700,000 | $ 843,800,000 | |||||||||||||
2.9% Senior Notes, due 2018 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Annual interest rate on loan | 2.90% | 2.90% | ||||||||||||||
2.9% Senior Notes, due 2018 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount of unsecured notes issued | $ 1,000,000,000 | |||||||||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | 2.90% | ||||||||||||
Debt repayments | $ 173,000,000 | |||||||||||||||
Long-term debt | $ 995,700,000 | $ 825,000,000 | $ 995,700,000 | |||||||||||||
5.5% Senior Notes, due 2022 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount of unsecured notes issued | $ 850,000,000 | |||||||||||||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | |||||||||||||
5.5% Senior Notes, due 2022 | Senior Notes | Interest expense | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss related to early extinguishment of debt | $ (87,600,000) | |||||||||||||||
6.97% Voya Holdings Inc. debentures, due 2036 | Debentures | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Annual interest rate on loan | 6.97% | 6.97% | 6.97% | |||||||||||||
Debt repayments | $ 14,800,000 | |||||||||||||||
Long-term debt | $ 108,600,000 | $ 93,700,000 | $ 108,600,000 | |||||||||||||
1.00% Windsor Property Loan | Loans Payable | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount of unsecured notes issued | $ 9,900,000 | |||||||||||||||
Annual interest rate on loan | 1.00% | 1.00% | 1.00% | |||||||||||||
Letter of credit, security provided as repayment of notes payable | $ 10,600,000 | |||||||||||||||
Long-term debt | $ 4,900,000 | $ 4,900,000 | $ 4,900,000 | |||||||||||||
Term to debt maturity | 20 years | |||||||||||||||
Initial period without debt payments based on no defaults | 10 years | |||||||||||||||
Period obligated to make monthly debt payments | 10 years | |||||||||||||||
Initial period for loan forgiveness | 5 years | |||||||||||||||
1.00% Windsor Property Loan | Minimum | Loans Payable | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Additional period for loan forgiveness | 5 years | |||||||||||||||
1.00% Windsor Property Loan | Maximum | Loans Payable | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Initial provision for debt forgiveness | $ 5,000,000 | |||||||||||||||
Debt forgiveness | $ 5,000,000 | |||||||||||||||
Additional provision for debt forgiveness | $ 4,900,000 | |||||||||||||||
Additional period for loan forgiveness | 10 years | |||||||||||||||
5.7% Senior Notes, due 2043 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount of unsecured notes issued | $ 400,000,000 | |||||||||||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | 5.70% | ||||||||||||
Long-term debt | $ 394,100,000 | $ 394,300,000 | $ 394,100,000 | |||||||||||||
Pre-Capitalized Trust | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Annual interest rate on loan | 3.976% | |||||||||||||||
3.65% Senior Notes, Due 2026 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount of unsecured notes issued | $ 500,000,000 | |||||||||||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | 3.65% | ||||||||||||
Long-term debt | $ 0 | $ 494,200,000 | $ 0 | |||||||||||||
4.8% Senior Notes, Due 2046 | Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount of unsecured notes issued | $ 300,000,000 | |||||||||||||||
Annual interest rate on loan | 4.80% | 4.80% | ||||||||||||||
Long-term debt | $ 0 | $ 296,200,000 | $ 0 | |||||||||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | Junior Subordinated Notes (2053 Notes) | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amount of unsecured notes issued | $ 750,000,000 | |||||||||||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | 5.65% | ||||||||||||
Long-term debt | $ 737,800,000 | $ 738,200,000 | $ 737,800,000 | |||||||||||||
Description of variable rate basis | LIBOR | |||||||||||||||
Basis spread | 3.58% | |||||||||||||||
Aetna Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt repayments | $ 43,700,000 | |||||||||||||||
Aetna Notes | Voya Holdings Debentures | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Minimum principal outstanding in year one | $ 300,000,000 | |||||||||||||||
Minimum principal outstanding in year two | 200,000,000 | |||||||||||||||
Minimum principal outstanding in year three | 100,000,000 | |||||||||||||||
Minimum principal outstanding in year four | 0 | |||||||||||||||
Cash collateral balance required or remaining | 127,400,000 | |||||||||||||||
Cash collateral deposited for debt | 77,000,000 | $ 50,400,000 | ||||||||||||||
Aetna Notes | Voya Holdings Debentures | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Quarterly fee to guarantor of notes if minimum principal balance is not met | 0.50% | |||||||||||||||
Cash collateral balance required or remaining | $ 74,900,000 | $ 126,500,000 | $ 74,900,000 | |||||||||||||
Aetna Notes | Voya Holdings Debentures | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Quarterly fee to guarantor of notes if minimum principal balance is not met | 1.25% | |||||||||||||||
Unsecured and Uncommitted | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capacity | $ 300,500,000 | |||||||||||||||
Credit facility, outstanding | 300,500,000 | |||||||||||||||
Revolving Credit Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capacity | $ 2,250,000,000 | $ 3,000,000,000 | ||||||||||||||
Credit facility, sublimit, maximum borrowing capacity | 750,000,000 | |||||||||||||||
Unsecured and Committed | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capacity | 5,485,000,000 | |||||||||||||||
Credit facility, outstanding | 2,541,900,000 | |||||||||||||||
Secured facilities | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Capacity | 205,000,000 | |||||||||||||||
Credit facility, outstanding | $ 195,700,000 |
Financing Agreements - Future P
Financing Agreements - Future Principal Payments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 0 |
2,018 | 827 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 2,757.5 |
Total | $ 3,584.5 |
Financing Agreements - Credit F
Financing Agreements - Credit Facilities (Details) - USD ($) | Dec. 31, 2016 | Dec. 15, 2016 | Apr. 15, 2016 |
Line of Credit Facility [Line Items] | |||
Capacity | $ 5,990,500,000 | ||
Utilization | 3,038,100,000 | ||
Unused Commitment | 2,943,100,000 | ||
Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 5,485,000,000 | ||
Utilization | 2,541,900,000 | ||
Unused Commitment | 2,943,100,000 | ||
Secured facilities | |||
Line of Credit Facility [Line Items] | |||
Capacity | 205,000,000 | ||
Utilization | 195,700,000 | ||
Unused Commitment | 0 | ||
Unsecured and Uncommitted | |||
Line of Credit Facility [Line Items] | |||
Capacity | 300,500,000 | ||
Utilization | 300,500,000 | ||
Unused Commitment | 0 | ||
Security Life of Denver International Limited (SLDI) | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 175,000,000 | $ 600,000,000 | $ 300,000,000 |
Utilization | 164,000,000 | ||
Unused Commitment | 11,000,000 | ||
Security Life of Denver International Limited | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 300,000,000 | ||
Utilization | 233,600,000 | ||
Unused Commitment | 66,400,000 | ||
Voya Financial., Inc. | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 2,250,000,000 | ||
Utilization | 297,200,000 | ||
Unused Commitment | 1,952,800,000 | ||
Voya Financial, Inc./ Langhorne I, LLC | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 500,000,000 | ||
Utilization | 0 | ||
Unused Commitment | 500,000,000 | ||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 475,000,000 | ||
Utilization | 475,000,000 | ||
Unused Commitment | 0 | ||
Voya Financial Inc. | Secured facilities | |||
Line of Credit Facility [Line Items] | |||
Capacity | 195,000,000 | ||
Utilization | 195,000,000 | ||
Unused Commitment | 0 | ||
Voya Financial, Inc. | Unsecured and Uncommitted | |||
Line of Credit Facility [Line Items] | |||
Capacity | 500,000 | ||
Utilization | 500,000 | ||
Unused Commitment | 0 | ||
Voya Financial, Inc. | Secured facilities | |||
Line of Credit Facility [Line Items] | |||
Capacity | 10,000,000 | ||
Utilization | 700,000 | ||
Unused Commitment | 0 | ||
Voya Financial Inc. / Roaring River LLC | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 425,000,000 | ||
Utilization | 281,400,000 | ||
Unused Commitment | 143,600,000 | ||
Voya Financial, Inc. / Roaring River IV, LLC | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 565,000,000 | ||
Utilization | 295,700,000 | ||
Unused Commitment | 269,300,000 | ||
Voya Financial, Inc. / Security Life of Denver International Limited Two | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 2,900,000,000 | ||
Voya Financial, Inc. / Security Life of Denver International Limited Two | Unsecured and Uncommitted | |||
Line of Credit Facility [Line Items] | |||
Capacity | 300,000,000 | ||
Utilization | 300,000,000 | ||
Unused Commitment | 0 | ||
Voya Financial, Inc. / Security Life of Denver International Limited Three [Member] | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 600,000,000 | ||
Utilization | 600,000,000 | ||
Unused Commitment | 0 | ||
Voya Financial, Inc. | Unsecured and Committed | |||
Line of Credit Facility [Line Items] | |||
Capacity | 195,000,000 | ||
Utilization | 195,000,000 | ||
Unused Commitment | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rent expense | $ 34.3 | $ 39.9 | $ 37.9 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,017 | 33.7 | ||
2,018 | 23.6 | ||
2,019 | 20 | ||
2,020 | 17.5 | ||
2,021 | 16.9 | ||
Thereafter | 46.2 | ||
Total minimum lease payments | $ 157.9 |
Commitments and Contingencie146
Commitments and Contingencies - Narrative (Details) $ in Millions | Feb. 09, 2016USD ($) | Dec. 12, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | ||||
Undiscounted liability of future guaranty fund assessments | $ 11.7 | $ 12.6 | ||
Future credits to premium taxes | 21.3 | 22.9 | ||
Fixed maturity collateral pledged to FHLB | 405.5 | 1,528.5 | ||
Possible losses in excess of amounts accrued | 75 | |||
Amount of previously accrued interest subject to full or partial reversal if cumulative fund performance is not maintained | 30.9 | |||
Previously accrued carried interest reversed | 30.2 | |||
Federal Home Loan Bank Borrowings | Line of Credit | ||||
Loss Contingencies [Line Items] | ||||
Amount of borrowing capacity | 300 | 1,300 | ||
Fixed maturity collateral pledged to FHLB | 400 | 1,500 | ||
Purchase of mortgage loans | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | 1,070.3 | 771.9 | ||
Investment purchase commitment | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | 1,391 | 970.9 | ||
Investment purchase commitment | VOEs | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | $ 310.7 | $ 225.9 | ||
Beeson et al. | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | 34 | |||
Other Plantiffs [Member] | Beeson et al. | ||||
Loss Contingencies [Line Items] | ||||
Amount of damages awarded | $ 36.8 | |||
Fireman's Fund | Beeson et al. | ||||
Loss Contingencies [Line Items] | ||||
Amount of damages awarded | $ 12.5 |
Commitments and Contingencie147
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Fixed maturity collateral pledged to FHLB | $ 405.5 | $ 1,528.5 |
FHLB restricted stock | 32.7 | 73.3 |
Other fixed maturities-state deposits | 207.9 | 210.3 |
Securities pledged | 2,157.1 | 1,112.6 |
Total restricted assets | 2,803.2 | 2,924.7 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 1,403.8 | 466.4 |
Fair value of securities delivered as collateral | $ 753.3 | $ 646.2 |
Consolidated Investment Enti148
Consolidated Investment Entities - Narrative (Details) $ in Millions | Jan. 01, 2016entity | Dec. 31, 2016USD ($)Collateralfundinvestment_fundsentity | Dec. 31, 2015USD ($)Collateralfundentity |
Variable Interest Entity [Line Items] | |||
Number of deconsolidated investment entities | entity | 2 | 1 | |
Consolidated collateral loan obligations | Collateral | 6 | 17 | |
Consolidated funds | fund | 13 | 33 | |
Assets of consolidated investment entities | $ 4,056 | $ 12,478.1 | |
Number of investment funds accounted for as voting interest entity | investment_funds | 2 | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 2,495 | 8,907.8 | |
VIEs | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 3,855.5 | 7,244.2 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 2,488.3 | 7,197 | |
VIEs | Cash and cash equivalents | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 133 | 246.4 | |
VIEs | Corporate Loans | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 1,920.3 | 6,882.5 | |
VIEs | Limited Partnerships/Corporations | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 1,770.3 | 0 | |
VIEs | Other assets | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 31.9 | 115.3 | |
VIEs | Collateralized Debt Obligations | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 1,967.2 | 6,956.2 | |
VIEs | Other Liabilities | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 521.1 | 240.8 | |
VOEs | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 200.5 | 5,233.9 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 6.7 | 1,710.8 | |
VOEs | Cash and cash equivalents | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 0.2 | 221.2 | |
VOEs | Corporate Loans | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 32.2 | 0 | |
VOEs | Limited Partnerships/Corporations | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 166 | 4,973.7 | |
VOEs | Other assets | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | 2.1 | 39 | |
VOEs | Other Liabilities | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 6.7 | 1,710.8 | |
Parent Issuer | |||
Variable Interest Entity [Line Items] | |||
Assets of consolidated investment entities | $ 587.4 | 722.8 | |
CLOs | |||
Variable Interest Entity [Line Items] | |||
Number of deconsolidated investment entities | entity | 10 | ||
Limited partnerships | |||
Variable Interest Entity [Line Items] | |||
Number of deconsolidated investment entities | entity | 19 | ||
Accounting Standards Update 2015-02 | CLOs | |||
Variable Interest Entity [Line Items] | |||
Number of deconsolidated investment entities | entity | 10 | ||
Assets measured on recurring basis | |||
Variable Interest Entity [Line Items] | |||
Liabilities of consolidated investment entities | $ (1,967.2) | (6,956.2) | |
Assets measured on recurring basis | VIEs | Cash and cash equivalents | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | (133) | (246.4) | |
Assets measured on recurring basis | VIEs | Corporate Loans | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | (1,920.3) | (6,882.5) | |
Assets measured on recurring basis | VIEs | Collateralized Debt Obligations | |||
Variable Interest Entity [Line Items] | |||
Liabilities of consolidated investment entities | (1,967.2) | (6,956.2) | |
Assets measured on recurring basis | VOEs | Cash and cash equivalents | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | (0.2) | (221.2) | |
Assets measured on recurring basis | VOEs | Corporate Loans | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | (32.2) | 0 | |
Level 3 | Assets measured on recurring basis | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | (14.6) | (58) | |
Liabilities of consolidated investment entities | 0 | (6,956.2) | |
Level 3 | Assets measured on recurring basis | VIEs | Cash and cash equivalents | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Level 3 | Assets measured on recurring basis | VIEs | Corporate Loans | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | (14.6) | (18.3) | |
Level 3 | Assets measured on recurring basis | VIEs | Collateralized Debt Obligations | |||
Variable Interest Entity [Line Items] | |||
Liabilities of consolidated investment entities | 0 | (6,956.2) | |
Level 3 | Assets measured on recurring basis | VOEs | Cash and cash equivalents | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Level 3 | Assets measured on recurring basis | VOEs | Corporate Loans | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | $ 0 | 0 | |
Level 3 | Assets measured on recurring basis | Accounting Standards Update 2015-02 | VIEs | Corporate Loans | |||
Variable Interest Entity [Line Items] | |||
Assets, Fair Value Disclosure | 4,600 | ||
Level 3 | Assets measured on recurring basis | Accounting Standards Update 2015-02 | VIEs | Collateralized Debt Obligations | |||
Variable Interest Entity [Line Items] | |||
Liabilities of consolidated investment entities | $ 4,600 |
Consolidated Investment Enti149
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||
Total investments and cash | $ 95,549.1 | $ 91,004.6 |
Other assets | 17,511.3 | 18,226 |
Assets held in consolidated investment entities | 4,056 | 12,478.1 |
Assets held in separate accounts | 97,118.7 | 96,514.8 |
Total assets | 214,235.1 | 218,223.5 |
Future policy benefits and contract owner account balances | 92,053.4 | 88,172.1 |
Other liabilities | 8,600.9 | 8,353 |
Liabilities held in consolidated investment entities | 2,495 | 8,907.8 |
Liabilities related to separate accounts | 97,118.7 | 96,514.8 |
Total liabilities | 200,268 | 201,947.7 |
Equity attributable to common shareholders | 12,993.9 | 13,426.8 |
Appropriated-consolidated investment entities | 0 | 9 |
Noncontrolling interest | 973.2 | 2,840 |
Total liabilities and shareholder's equity | 214,235.1 | 218,223.5 |
Before Consolidation | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total investments and cash | 96,136.5 | 91,727.4 |
Other assets | 17,511.9 | 18,226 |
Assets held in consolidated investment entities | 0 | 0 |
Assets held in separate accounts | 97,118.7 | 96,514.8 |
Total assets | 210,767.1 | 206,468.2 |
Future policy benefits and contract owner account balances | 92,053.4 | 88,172.1 |
Other liabilities | 8,601.1 | 8,354.5 |
Liabilities held in consolidated investment entities | 0 | 0 |
Liabilities related to separate accounts | 97,118.7 | 96,514.8 |
Total liabilities | 197,773.2 | 193,041.4 |
Equity attributable to common shareholders | 12,993.9 | 13,426.8 |
Appropriated-consolidated investment entities | 0 | 0 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | 210,767.1 | 206,468.2 |
CLOs | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total investments and cash | 0 | 0 |
Other assets | 0 | 0 |
Assets held in consolidated investment entities | 2,054.1 | 7,244.2 |
Assets held in separate accounts | 0 | 0 |
Total assets | 2,054.1 | 7,244.2 |
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities held in consolidated investment entities | 2,054.1 | 7,235.2 |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | 2,054.1 | 7,235.2 |
Equity attributable to common shareholders | 0 | 0 |
Appropriated-consolidated investment entities | 0 | 9 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | 2,054.1 | 7,244.2 |
Voting Interest Entity, Primary Beneficiary And Limited Partnerships [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total investments and cash | 0 | 0 |
Other assets | 0 | 0 |
Assets held in consolidated investment entities | 2,002.1 | 5,235.4 |
Assets held in separate accounts | 0 | 0 |
Total assets | 2,002.1 | 5,235.4 |
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities held in consolidated investment entities | 458.8 | 1,710.8 |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | 458.8 | 1,710.8 |
Equity attributable to common shareholders | 1,543.3 | 3,524.6 |
Appropriated-consolidated investment entities | 0 | 0 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | 2,002.1 | 5,235.4 |
CLOs Adjustments | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total investments and cash | (17.3) | (38.2) |
Other assets | 0 | 0 |
Assets held in consolidated investment entities | 0 | 0 |
Assets held in separate accounts | 0 | 0 |
Total assets | (17.3) | (38.2) |
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities held in consolidated investment entities | (17.3) | (38.2) |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | (17.3) | (38.2) |
Equity attributable to common shareholders | 0 | 0 |
Appropriated-consolidated investment entities | 0 | 0 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | (17.3) | (38.2) |
VOEs Adjustments | ||
Condensed Financial Statements, Captions [Line Items] | ||
Total investments and cash | (570.1) | (684.6) |
Other assets | (0.6) | 0 |
Assets held in consolidated investment entities | (0.2) | (1.5) |
Assets held in separate accounts | 0 | 0 |
Total assets | (570.9) | (686.1) |
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | (0.2) | (1.5) |
Liabilities held in consolidated investment entities | (0.6) | 0 |
Liabilities related to separate accounts | 0 | 0 |
Total liabilities | (0.8) | (1.5) |
Equity attributable to common shareholders | (1,543.3) | (3,524.6) |
Appropriated-consolidated investment entities | 0 | 0 |
Noncontrolling interest | 973.2 | 2,840 |
Total liabilities and shareholder's equity | $ (570.9) | $ (686.1) |
Consolidated Investment Enti150
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Net investment income | $ 4,620.8 | $ 4,538.2 | $ 4,515.3 | ||||||||
Fee income | 3,359.8 | 3,481.1 | 3,632.5 | ||||||||
Premiums | 3,514.6 | 3,024.5 | 2,626.4 | ||||||||
Realized capital gains (losses) | (1,263.1) | (733.3) | (878.4) | ||||||||
Other revenue | 361.1 | 406.9 | 432.8 | ||||||||
Income related to consolidated investment entities | 189 | 524.2 | 658.8 | ||||||||
Total revenues | $ 2,548.4 | $ 2,528.5 | $ 2,696 | $ 3,009.3 | $ 1,972.7 | $ 3,696.4 | $ 2,968.1 | $ 2,604.4 | 10,782.2 | 11,241.6 | 10,987.4 |
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 7,513.5 | 6,510 | 5,937.9 | ||||||||
Other expense | 3,776.3 | 3,863.3 | 4,031.2 | ||||||||
Operating expenses related to consolidated investment entities | 105.8 | 283.8 | 217.1 | ||||||||
Total benefits and expenses | 3,200.3 | 2,884.4 | 2,542.9 | 2,768 | 2,216 | 3,616.1 | 2,481.9 | 2,343.1 | 11,395.6 | 10,657.1 | 10,186.2 |
Income (loss) before income taxes | (651.9) | (355.9) | 153.1 | 241.3 | (243.3) | 80.3 | 486.2 | 261.3 | (613.4) | 584.5 | 801.2 |
Income tax expense (benefit) | (214.7) | 45.9 | (1,731.5) | ||||||||
Net income (loss) | (490.5) | (236.5) | 136 | 192.3 | (160.4) | 116.2 | 367.1 | 215.7 | (398.7) | 538.6 | 2,532.7 |
Less: Net income (loss) attributable to noncontrolling interest | 42.5 | 11.6 | (25.5) | 0.7 | (53.6) | 75.9 | 81.9 | 26.1 | 29.3 | 130.3 | 237.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | (428) | 408.3 | 2,295 |
Before Consolidation | |||||||||||
Revenues: | |||||||||||
Net investment income | 4,625.7 | 4,567.9 | 4,631.9 | ||||||||
Fee income | 3,408.9 | 3,555.3 | 3,711 | ||||||||
Premiums | 3,514.6 | 3,024.5 | 2,626.4 | ||||||||
Realized capital gains (losses) | (1,263.1) | (733.3) | (878.4) | ||||||||
Other revenue | 361.1 | 413.1 | 441.7 | ||||||||
Income related to consolidated investment entities | (0.1) | 0 | 0 | ||||||||
Total revenues | 10,647.1 | 10,827.5 | 10,532.6 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 7,513.5 | 6,510 | 5,937.9 | ||||||||
Other expense | 3,776.3 | 3,863.3 | 4,031.2 | ||||||||
Operating expenses related to consolidated investment entities | 0 | 0 | 0 | ||||||||
Total benefits and expenses | 11,289.8 | 10,373.3 | 9,969.1 | ||||||||
Income (loss) before income taxes | (642.7) | 454.2 | 563.5 | ||||||||
Income tax expense (benefit) | (214.7) | 45.9 | (1,731.5) | ||||||||
Net income (loss) | (428) | 408.3 | 2,295 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | (428) | 408.3 | 2,295 | ||||||||
CLOs | |||||||||||
Revenues: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Income related to consolidated investment entities | 117.6 | 311.9 | 257.3 | ||||||||
Total revenues | 117.6 | 311.9 | 257.3 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Operating expenses related to consolidated investment entities | 117.6 | 323.3 | 255.3 | ||||||||
Total benefits and expenses | 117.6 | 323.3 | 255.3 | ||||||||
Income (loss) before income taxes | 0 | (11.4) | 2 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net income (loss) | 0 | (11.4) | 2 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | (11.4) | 2 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 0 | 0 | 0 | ||||||||
Voting Interest Entity, Primary Beneficiary And Limited Partnerships [Member] | |||||||||||
Revenues: | |||||||||||
Net investment income | 0 | ||||||||||
Fee income | 0 | ||||||||||
Premiums | 0 | ||||||||||
Realized capital gains (losses) | 0 | ||||||||||
Other revenue | 0 | ||||||||||
Income related to consolidated investment entities | 71.5 | ||||||||||
Total revenues | 71.5 | ||||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | ||||||||||
Other expense | 0 | ||||||||||
Operating expenses related to consolidated investment entities | 43.9 | ||||||||||
Total benefits and expenses | 43.9 | ||||||||||
Income (loss) before income taxes | 27.6 | ||||||||||
Income tax expense (benefit) | 0 | ||||||||||
Net income (loss) | 27.6 | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | ||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 27.6 | ||||||||||
VOEs | |||||||||||
Revenues: | |||||||||||
Net investment income | 0 | 0 | |||||||||
Fee income | 0 | 0 | |||||||||
Premiums | 0 | 0 | |||||||||
Realized capital gains (losses) | 0 | 0 | |||||||||
Other revenue | 0 | 0 | |||||||||
Income related to consolidated investment entities | 227.8 | 410.3 | |||||||||
Total revenues | 227.8 | 410.3 | |||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | |||||||||
Other expense | 0 | 0 | |||||||||
Operating expenses related to consolidated investment entities | 54.1 | 61 | |||||||||
Total benefits and expenses | 54.1 | 61 | |||||||||
Income (loss) before income taxes | 173.7 | 349.3 | |||||||||
Income tax expense (benefit) | 0 | 0 | |||||||||
Net income (loss) | 173.7 | 349.3 | |||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | |||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 173.7 | 349.3 | |||||||||
CLOs Adjustments | |||||||||||
Revenues: | |||||||||||
Net investment income | (6.6) | 2.4 | (3) | ||||||||
Fee income | (17.6) | (36) | (30.2) | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | (5.5) | (7.5) | ||||||||
Income related to consolidated investment entities | 0 | (15.5) | (8.8) | ||||||||
Total revenues | (24.2) | (54.6) | (49.5) | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Operating expenses related to consolidated investment entities | (24.2) | (54.6) | (49.5) | ||||||||
Total benefits and expenses | (24.2) | (54.6) | (49.5) | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net income (loss) | 0 | 0 | 0 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 0 | 0 | 0 | ||||||||
VOEs Adjustments | |||||||||||
Revenues: | |||||||||||
Net investment income | 1.7 | (32.1) | (113.6) | ||||||||
Fee income | (31.5) | (38.2) | (48.3) | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | (0.7) | (1.4) | ||||||||
Income related to consolidated investment entities | 0 | 0 | 0 | ||||||||
Total revenues | (29.8) | (71) | (163.3) | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Operating expenses related to consolidated investment entities | (31.5) | (39) | (49.7) | ||||||||
Total benefits and expenses | (31.5) | (39) | (49.7) | ||||||||
Income (loss) before income taxes | 1.7 | (32) | (113.6) | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Net income (loss) | 1.7 | (32) | (113.6) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 29.3 | 141.7 | 235.7 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (27.6) | $ (173.7) | $ (349.3) |
Consolidated Investment Enti151
Consolidated Investment Entities - Fair Value Measurement (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | ||
Revolving lines of credit, capacity | $ 5,990,500,000 | |
Outstanding borrowings | 3,038,100,000 | |
VIEs | Senior Secured Corporate Loans | ||
Variable Interest Entity [Line Items] | ||
Unpaid principal exceeds fair value, amount | $ 43,100,000 | $ 325,500,000 |
Default of collateral assets, percentage | 1.00% | 1.00% |
VIEs | Senior Secured Corporate Loans | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 10.00% | |
VIEs | Senior Secured Corporate Loans | LIBOR | Minimum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 0.22% | |
VIEs | Senior Secured Corporate Loans | LIBOR | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 6.55% | |
VIEs | Senior Secured Corporate Loans | Prime | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | PRIME | |
VIEs | Senior Secured Floating Rate Leveraged Loans | ||
Variable Interest Entity [Line Items] | ||
Weighted average maturity on debt | 8 years 8 months 12 days | |
VOEs | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 150.00% | |
Revolving lines of credit, capacity | $ 596,600,000 | $ 597,000,000 |
Asset coverage, percentage | 250.00% | |
Outstanding borrowings | $ 430,600,000 | 553,700,000 |
VOEs | LIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
VOEs | EURIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
Nonconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Ownership interest in unconsolidated CLO | $ 110,400,000 | $ 1,400,000 |
Consolidated Investment Enti152
Consolidated Investment Entities - Fair Value Hierarchy (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Asset Value (NAV) | $ 1,829.3 | $ 2,841.4 |
Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Including Net Asset Value, Fair Value Disclosure | 4,022 | 12,323.8 |
Liabilities | 1,967.2 | 6,956.2 |
Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 133.2 | 467.6 |
Liabilities | 0 | 0 |
Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 2,044.9 | 8,956.8 |
Liabilities | 1,967.2 | 0 |
Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 14.6 | 58 |
Liabilities | 0 | 6,956.2 |
VIEs | Cash and cash equivalents | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 133 | 246.4 |
VIEs | Cash and cash equivalents | Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 133 | 246.4 |
VIEs | Cash and cash equivalents | Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Cash and cash equivalents | Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Corporate Loans | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,920.3 | 6,882.5 |
VIEs | Corporate Loans | Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Corporate Loans | Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,905.7 | 6,864.2 |
VIEs | Corporate Loans | Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 14.6 | 18.3 |
VIEs | Limited partnerships | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Asset Value (NAV) | 1,770.3 | 0 |
Investments, Including Net Asset Value, Fair Value Disclosure | 1,770.3 | 0 |
VIEs | Limited partnerships | Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | |
VIEs | Limited partnerships | Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Limited partnerships | Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Collateralized Debt Obligations | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,967.2 | 6,956.2 |
VIEs | Collateralized Debt Obligations | Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 0 |
VIEs | Collateralized Debt Obligations | Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,967.2 | 0 |
VIEs | Collateralized Debt Obligations | Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 6,956.2 |
VOEs | Cash and cash equivalents | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0.2 | 221.2 |
VOEs | Cash and cash equivalents | Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0.2 | 221.2 |
VOEs | Cash and cash equivalents | Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Cash and cash equivalents | Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Corporate Loans | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 32.2 | 0 |
VOEs | Corporate Loans | Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Corporate Loans | Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 32.2 | 0 |
VOEs | Corporate Loans | Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Limited partnerships | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Asset Value (NAV) | 59 | 2,841.4 |
Investments, Including Net Asset Value, Fair Value Disclosure | 166 | 4,973.7 |
VOEs | Limited partnerships | Assets measured on recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Limited partnerships | Assets measured on recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 107 | 2,092.6 |
VOEs | Limited partnerships | Assets measured on recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | $ 0 | $ 39.7 |
Consolidated Investment Enti153
Consolidated Investment Entities - Fair Value Measurements for Level 3 Assets and Liabilities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Assets measured on recurring basis | Level 3 | |
Fixed Maturities and Equity Securities Rollforward: | |
Assets, Fair Value, beginning balance | $ 36.3 |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | (3) |
Purchases | 28.5 |
Sales | (3.8) |
Transfers in to Level 3 | 0 |
Transfers out of Level 3 | 0 |
Assets, Fair Value, ending balance | 58 |
Liabilities, Fair Value, beginning balance | (6,838.1) |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | (255.9) |
Purchases | (1,173) |
Sales | (799) |
Transfers in to Level 3 | 0 |
Transfers out of Level 3 | 0 |
Liabilities, Fair Value, ending balance | (6,956.2) |
VIEs | |
Fixed Maturities and Equity Securities Rollforward: | |
Assets, Fair Value, beginning balance | |
Assets, Fair Value, ending balance | 18.3 |
Liabilities, Fair Value, beginning balance | |
Liabilities, Fair Value, ending balance | (6,956.2) |
VIEs | Loans Receivable | Assets measured on recurring basis | Level 3 | |
Fixed Maturities and Equity Securities Rollforward: | |
Assets, Fair Value, beginning balance | 19.2 |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | (0.2) |
Purchases | 0 |
Sales | (0.7) |
Transfers in to Level 3 | 0 |
Transfers out of Level 3 | 0 |
Assets, Fair Value, ending balance | 18.3 |
VIEs | Collateralized Debt Obligations | Assets measured on recurring basis | Level 3 | |
Fixed Maturities and Equity Securities Rollforward: | |
Liabilities, Fair Value, beginning balance | (6,838.1) |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | (255.9) |
Purchases | (1,173) |
Sales | (799) |
Transfers in to Level 3 | 0 |
Transfers out of Level 3 | 0 |
Liabilities, Fair Value, ending balance | (6,956.2) |
VOEs | Limited partnerships | Assets measured on recurring basis | Level 3 | |
Fixed Maturities and Equity Securities Rollforward: | |
Assets, Fair Value, beginning balance | |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | (2.8) |
Purchases | 28.5 |
Sales | (3.1) |
Transfers in to Level 3 | 0 |
Transfers out of Level 3 | 0 |
Assets, Fair Value, ending balance | 39.7 |
Consolidated investment entities | VOEs | Limited partnerships | Assets measured on recurring basis | Level 3 | |
Fixed Maturities and Equity Securities Rollforward: | |
Assets, Fair Value, beginning balance | $ 17.1 |
Consolidated Investment Enti154
Consolidated Investment Entities - Maximum Exposure to Loss (Details) - Nonconsolidated VIEs - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed maturities, available-for-sale, including securities pledged | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 110.4 | $ 0 |
Maximum exposure to loss | 110.4 | 0 |
Limited Partnerships/Corporations | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 758.6 | 1.4 |
Maximum exposure to loss | $ 758.6 | $ 1.4 |
Restructuring - Restructuring e
Restructuring - Restructuring expense by type (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Charged to expense | $ 33.8 |
Employee Severance | |
Restructuring Cost and Reserve [Line Items] | |
Charged to expense | 25.5 |
Other Restructuring | |
Restructuring Cost and Reserve [Line Items] | |
Charged to expense | $ 8.3 |
Restructuring - Accrued Liabili
Restructuring - Accrued Liability for Restructuring Expense (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2016 | $ 0 |
Charged to expense | 33.8 |
Payments | (10.4) |
Accrued liability as of December 31, 2016 | 23.4 |
Severance Benefits | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2016 | 0 |
Charged to expense | 25.5 |
Payments | (4) |
Accrued liability as of December 31, 2016 | 21.5 |
Other Costs | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2016 | 0 |
Charged to expense | 8.3 |
Payments | (6.4) |
Accrued liability as of December 31, 2016 | $ 1.9 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016segments | |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Segments - Operating Earnings B
Segments - Operating Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||||||||
Total operating earnings before income taxes | $ 777.3 | $ 977.5 | $ 1,230.6 | |||||||||
Closed Block Variable Annuity | (955) | (173.3) | (239.2) | |||||||||
Net investment gains (losses) and related charges and adjustments | (140.9) | (83.3) | 215.1 | |||||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | (81.7) | (93.9) | (12.8) | |||||||||
Loss related to businesses exited through reinsurance or divestment | $ (107) | (13.5) | (169.3) | (157.3) | ||||||||
Income (loss) attributable to noncontrolling interests | $ 42.5 | $ 11.6 | $ (25.5) | $ 0.7 | $ (53.6) | $ 75.9 | $ 81.9 | $ 26.1 | 29.3 | 130.3 | 237.7 | |
Loss related to early extinguishment of debt | (104.2) | (10.1) | 0 | |||||||||
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments | $ (372.7) | (55.2) | 62.7 | (372.7) | ||||||||
Charged to expense | 33.8 | |||||||||||
Other adjustments to operating earnings | (69.5) | (56.1) | (100.2) | |||||||||
Income (loss) before income taxes | $ (651.9) | $ (355.9) | $ 153.1 | $ 241.3 | $ (243.3) | $ 80.3 | $ 486.2 | $ 261.3 | (613.4) | 584.5 | 801.2 | |
Retirement | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total operating earnings before income taxes | 449.8 | 470.6 | 517.8 | |||||||||
Investment Management | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total operating earnings before income taxes | 170.8 | 181.9 | 210.3 | |||||||||
Annuities | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total operating earnings before income taxes | 321.2 | 243 | 262 | |||||||||
Individual Life | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total operating earnings before income taxes | 58.6 | 172.7 | 237.3 | |||||||||
Employee Benefits | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total operating earnings before income taxes | 126.3 | 146.1 | 148.9 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total operating earnings before income taxes | $ (349.4) | $ (236.8) | $ (145.7) |
Segments - Operating Revenues (
Segments - Operating Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ 9,389.4 | $ 9,139.2 | $ 8,721 | ||||||||
Net realized investment gains (losses) and related charges and adjustments | (165.1) | (149.8) | 216.7 | ||||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | (81.8) | 72 | (30.5) | ||||||||
Revenues related to businesses exited through reinsurance or divestment | 95.9 | 25.6 | 149.3 | ||||||||
Revenues (loss) attributable to noncontrolling interests | 133.1 | 414.1 | 455 | ||||||||
Other adjustments to operating revenues | 114.5 | 156 | 213.9 | ||||||||
Total revenues | $ 2,548.4 | $ 2,528.5 | $ 2,696 | $ 3,009.3 | $ 1,972.7 | $ 3,696.4 | $ 2,968.1 | $ 2,604.4 | 10,782.2 | 11,241.6 | 10,987.4 |
Retirement | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 3,257 | 2,994.1 | 2,427.4 | ||||||||
Investment Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 626.7 | 622.2 | 655.4 | ||||||||
Investment Management | Intersegment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 166.1 | 158.2 | 157.3 | ||||||||
Annuities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,253.7 | 1,262.6 | 1,353.4 | ||||||||
Individual Life | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 2,527.5 | 2,616.7 | 2,717.8 | ||||||||
Employee Benefits | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,616.4 | 1,507.2 | 1,373 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 108.1 | 136.4 | 194 | ||||||||
Closed Block Variable Annuity | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Closed Block Variable Annuity | $ 1,296.2 | $ 1,584.5 | $ 1,262 |
Segments - Total Assets (Detail
Segments - Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 214,235.1 | $ 218,223.5 |
Retirement | ||
Segment Reporting Information [Line Items] | ||
Total assets | 101,047.9 | 93,771.5 |
Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total assets | 512.9 | 556.8 |
Annuities | ||
Segment Reporting Information [Line Items] | ||
Total assets | 25,793.4 | 25,055.7 |
Individual Life | ||
Segment Reporting Information [Line Items] | ||
Total assets | 26,850.7 | 26,068.9 |
Employee Benefits | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,548.8 | 2,554.8 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 10,872.5 | 14,137.6 |
Parent | Closed Block Variable Annuity | ||
Segment Reporting Information [Line Items] | ||
Total assets | 43,141 | 44,322.9 |
Parent | Total Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 210,767.2 | 206,468.2 |
Noncontrolling Interest | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,467.9 | $ 11,755.3 |
Condensed Consolidating Fina161
Condensed Consolidating Financial Information - Narrative (Details) | Dec. 31, 2016 | Jun. 13, 2016 | Dec. 31, 2015 | Mar. 17, 2015 | Jul. 26, 2013 | May 16, 2013 | Feb. 11, 2013 | Jul. 13, 2012 |
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 1.875% | |||||||
5.5% Senior Notes, due 2022 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.50% | 5.50% | ||||||
5.5% Senior Notes, due 2022 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.50% | 5.50% | ||||||
2.9% Senior Notes, due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 2.90% | |||||||
2.9% Senior Notes, due 2018 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | |||||
5.7% Senior Notes, due 2043 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | |||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | Junior Subordinated Notes (2053 Notes) | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | |||||
3.65% Senior Notes, Due 2026 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | |||||
4.8% Senior Notes, Due 2046 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 4.80% | 4.80% | ||||||
Voya Holdings Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Ownership percentage by the company | 100.00% |
Condensed Consolidating Fina162
Condensed Consolidating Financial Information - Balance Sheets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $66,158.7 as of 2016 and $65,546.3 as of 2015) | $ 69,468,700,000 | $ 67,733,400,000 | ||
Fixed maturities, at fair value using the fair value option | 3,712,300,000 | 3,226,600,000 | ||
Equity securities, available-for-sale, at fair value | 274,200,000 | 331,700,000 | ||
Short-term investments | 821,000,000 | 1,496,700,000 | ||
Mortgage loans on real estate, net of valuation allowance | 11,725,200,000 | 10,447,500,000 | ||
Policy loans | 1,961,500,000 | 2,002,700,000 | ||
Limited partnerships/corporations | 758,600,000 | 510,600,000 | ||
Derivatives | 1,712,400,000 | 1,538,500,000 | ||
Investments in subsidiaries | 0 | 0 | ||
Other investments | 47,400,000 | 91,600,000 | ||
Securities pledged | 2,157,100,000 | 1,112,600,000 | ||
Total investments | 92,638,400,000 | 88,491,900,000 | ||
Cash and cash equivalents | 2,910,700,000 | 2,512,700,000 | $ 2,530,900,000 | $ 2,840,800,000 |
Short-term investments under securities loan agreements, including collateral delivered | 788,400,000 | 660,000,000 | ||
Accrued investment income | 891,200,000 | 899,000,000 | ||
Premium receivable and reinsurance recoverable | 7,318,000,000 | 7,653,700,000 | ||
Deferred policy acquisition costs, Value of business acquired | 4,887,500,000 | 5,370,100,000 | 4,570,900,000 | 5,351,600,000 |
Sales inducements to contract holders | 242,800,000 | 263,300,000 | ||
Current income taxes | 164,600,000 | 0 | ||
Deferred income taxes | 2,089,800,000 | 2,214,800,000 | ||
Goodwill and other intangible assets | 219,500,000 | 250,800,000 | ||
Loans to subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Other assets | 909,500,000 | 914,300,000 | ||
Assets related to consolidated investment entities: | ||||
Corporate loans, at fair value using the fair value option | 1,952,500,000 | 6,882,500,000 | ||
Assets held in separate accounts | 97,118,700,000 | 96,514,800,000 | ||
Total assets | 214,235,100,000 | 218,223,500,000 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 21,447,200,000 | 19,508,000,000 | ||
Contract owner account balances | 70,606,200,000 | 68,664,100,000 | ||
Payables under securities loan agreement, including collateral held | 1,841,300,000 | 1,485,000,000 | ||
Short-term debt | 0 | 0 | ||
Long-term debt | 3,549,500,000 | 3,459,800,000 | ||
Funds held under reinsurance agreements | 729,100,000 | 702,400,000 | ||
Derivatives | 470,700,000 | 487,500,000 | ||
Pension and other post-employment provisions | 674,300,000 | 687,400,000 | ||
Current income taxes | 0 | 70,000,000 | ||
Due to subsidiaries and affiliates | 0 | 0 | ||
Other liabilities | 1,336,000,000 | 1,460,900,000 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 1,967,200,000 | 6,956,200,000 | ||
Other liabilities | 527,800,000 | 1,951,600,000 | ||
Liabilities related to separate accounts | 97,118,700,000 | 96,514,800,000 | ||
Total liabilities | 200,268,000,000 | 201,947,700,000 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 12,993,900,000 | 13,435,800,000 | ||
Noncontrolling interest | 973,200,000 | 2,840,000,000 | ||
Total shareholder's equity | 13,967,100,000 | 16,275,800,000 | 18,561,500,000 | 15,557,000,000 |
Total liabilities and shareholder's equity | 214,235,100,000 | 218,223,500,000 | ||
Consolidating Adjustments | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $66,158.7 as of 2016 and $65,546.3 as of 2015) | (15,200,000) | (15,300,000) | ||
Fixed maturities, at fair value using the fair value option | 0 | 0 | ||
Equity securities, available-for-sale, at fair value | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Limited partnerships/corporations | 0 | 0 | ||
Derivatives | (112,200,000) | (134,400,000) | ||
Investments in subsidiaries | (25,540,800,000) | (26,202,700,000) | ||
Other investments | 0 | 0 | ||
Securities pledged | 0 | 0 | ||
Total investments | (25,668,200,000) | (26,352,400,000) | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term investments under securities loan agreements, including collateral delivered | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Premium receivable and reinsurance recoverable | 0 | 0 | ||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | ||
Sales inducements to contract holders | 0 | 0 | ||
Current income taxes | 0 | |||
Deferred income taxes | 0 | 0 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Loans to subsidiaries | (288,500,000) | (330,200,000) | ||
Due from subsidiaries and affiliates | (5,300,000) | (8,100,000) | ||
Other assets | 0 | 0 | ||
Assets related to consolidated investment entities: | ||||
Corporate loans, at fair value using the fair value option | 0 | 0 | ||
Assets held in separate accounts | 0 | 0 | ||
Total assets | (25,962,000,000) | (26,690,700,000) | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 0 | 0 | ||
Contract owner account balances | 0 | 0 | ||
Payables under securities loan agreement, including collateral held | 0 | 0 | ||
Short-term debt | (288,500,000) | (330,200,000) | ||
Long-term debt | (15,200,000) | (15,300,000) | ||
Funds held under reinsurance agreements | 0 | 0 | ||
Derivatives | (112,200,000) | (134,400,000) | ||
Pension and other post-employment provisions | 0 | 0 | ||
Current income taxes | 0 | |||
Due to subsidiaries and affiliates | (3,200,000) | (6,100,000) | ||
Other liabilities | (2,100,000) | (2,000,000) | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities related to separate accounts | 0 | 0 | ||
Total liabilities | (421,200,000) | (488,000,000) | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | (25,540,800,000) | (26,202,700,000) | ||
Noncontrolling interest | 0 | 0 | ||
Total shareholder's equity | (25,540,800,000) | (26,202,700,000) | ||
Total liabilities and shareholder's equity | (25,962,000,000) | (26,690,700,000) | ||
Parent Issuer | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $66,158.7 as of 2016 and $65,546.3 as of 2015) | 0 | 0 | ||
Fixed maturities, at fair value using the fair value option | 0 | 0 | ||
Equity securities, available-for-sale, at fair value | 93,100,000 | 83,700,000 | ||
Short-term investments | 212,000,000 | 212,000,000 | ||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Limited partnerships/corporations | 0 | 0 | ||
Derivatives | 56,100,000 | 67,200,000 | ||
Investments in subsidiaries | 14,742,600,000 | 15,110,500,000 | ||
Other investments | 0 | 0 | ||
Securities pledged | 0 | 0 | ||
Total investments | 15,103,800,000 | 15,473,400,000 | ||
Cash and cash equivalents | 257,200,000 | 378,100,000 | 682,100,000 | 640,200,000 |
Short-term investments under securities loan agreements, including collateral delivered | 10,700,000 | 10,600,000 | ||
Accrued investment income | 0 | 0 | ||
Premium receivable and reinsurance recoverable | 0 | 0 | ||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | ||
Sales inducements to contract holders | 0 | 0 | ||
Current income taxes | 31,400,000 | 0 | ||
Deferred income taxes | 526,700,000 | 404,400,000 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Loans to subsidiaries | 278,000,000 | 330,200,000 | ||
Due from subsidiaries and affiliates | 2,800,000 | 6,100,000 | ||
Other assets | 21,000,000 | 19,800,000 | ||
Assets related to consolidated investment entities: | ||||
Corporate loans, at fair value using the fair value option | 0 | 0 | ||
Assets held in separate accounts | 0 | 0 | ||
Total assets | 16,231,600,000 | 16,622,600,000 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 0 | 0 | ||
Contract owner account balances | 0 | 0 | ||
Payables under securities loan agreement, including collateral held | 0 | 0 | ||
Short-term debt | 10,500,000 | 0 | ||
Long-term debt | 3,108,600,000 | 2,971,400,000 | ||
Funds held under reinsurance agreements | 0 | 0 | ||
Derivatives | 56,100,000 | 67,200,000 | ||
Pension and other post-employment provisions | 0 | 0 | ||
Current income taxes | 0 | 70,100,000 | ||
Due to subsidiaries and affiliates | 100,000 | 200,000 | ||
Other liabilities | 62,400,000 | 77,900,000 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities related to separate accounts | 0 | 0 | ||
Total liabilities | 3,237,700,000 | 3,186,800,000 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 12,993,900,000 | 13,435,800,000 | ||
Noncontrolling interest | 0 | 0 | ||
Total shareholder's equity | 12,993,900,000 | 13,435,800,000 | ||
Total liabilities and shareholder's equity | 16,231,600,000 | 16,622,600,000 | ||
Subsidiary Guarantor | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $66,158.7 as of 2016 and $65,546.3 as of 2015) | 0 | 0 | ||
Fixed maturities, at fair value using the fair value option | 0 | 0 | ||
Equity securities, available-for-sale, at fair value | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Limited partnerships/corporations | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Investments in subsidiaries | 10,798,200,000 | 11,092,200,000 | ||
Other investments | 500,000 | 500,000 | ||
Securities pledged | 0 | 0 | ||
Total investments | 10,798,700,000 | 11,092,700,000 | ||
Cash and cash equivalents | 2,300,000 | 18,400,000 | 1,600,000 | 1,100,000 |
Short-term investments under securities loan agreements, including collateral delivered | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Premium receivable and reinsurance recoverable | 0 | 0 | ||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | ||
Sales inducements to contract holders | 0 | 0 | ||
Current income taxes | 8,500,000 | |||
Deferred income taxes | 37,300,000 | 32,700,000 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Loans to subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 500,000 | 100,000 | ||
Other assets | 0 | 0 | ||
Assets related to consolidated investment entities: | ||||
Corporate loans, at fair value using the fair value option | 0 | 0 | ||
Assets held in separate accounts | 0 | 0 | ||
Total assets | 10,847,300,000 | 11,143,900,000 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 0 | 0 | ||
Contract owner account balances | 0 | 0 | ||
Payables under securities loan agreement, including collateral held | 0 | 0 | ||
Short-term debt | 211,200,000 | 206,500,000 | ||
Long-term debt | 437,500,000 | 485,000,000 | ||
Funds held under reinsurance agreements | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Pension and other post-employment provisions | 0 | 0 | ||
Current income taxes | (2,500,000) | |||
Due to subsidiaries and affiliates | 0 | 0 | ||
Other liabilities | 12,800,000 | 13,300,000 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities related to separate accounts | 0 | 0 | ||
Total liabilities | 661,500,000 | 702,300,000 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 10,185,800,000 | 10,441,600,000 | ||
Noncontrolling interest | 0 | 0 | ||
Total shareholder's equity | 10,185,800,000 | 10,441,600,000 | ||
Total liabilities and shareholder's equity | 10,847,300,000 | 11,143,900,000 | ||
Non-Guarantor Subsidiaries | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $66,158.7 as of 2016 and $65,546.3 as of 2015) | 69,483,900,000 | 67,748,700,000 | ||
Fixed maturities, at fair value using the fair value option | 3,712,300,000 | 3,226,600,000 | ||
Equity securities, available-for-sale, at fair value | 181,100,000 | 248,000,000 | ||
Short-term investments | 609,000,000 | 1,284,700,000 | ||
Mortgage loans on real estate, net of valuation allowance | 11,725,200,000 | 10,447,500,000 | ||
Policy loans | 1,961,500,000 | 2,002,700,000 | ||
Limited partnerships/corporations | 758,600,000 | 510,600,000 | ||
Derivatives | 1,768,500,000 | 1,605,700,000 | ||
Investments in subsidiaries | 0 | 0 | ||
Other investments | 46,900,000 | 91,100,000 | ||
Securities pledged | 2,157,100,000 | 1,112,600,000 | ||
Total investments | 92,404,100,000 | 88,278,200,000 | ||
Cash and cash equivalents | 2,651,200,000 | 2,116,200,000 | $ 1,847,200,000 | $ 2,199,500,000 |
Short-term investments under securities loan agreements, including collateral delivered | 777,700,000 | 649,400,000 | ||
Accrued investment income | 891,200,000 | 899,000,000 | ||
Premium receivable and reinsurance recoverable | 7,318,000,000 | 7,653,700,000 | ||
Deferred policy acquisition costs, Value of business acquired | 4,887,500,000 | 5,370,100,000 | ||
Sales inducements to contract holders | 242,800,000 | 263,300,000 | ||
Current income taxes | 124,700,000 | |||
Deferred income taxes | 1,525,800,000 | 1,777,700,000 | ||
Goodwill and other intangible assets | 219,500,000 | 250,800,000 | ||
Loans to subsidiaries | 10,500,000 | 0 | ||
Due from subsidiaries and affiliates | 2,000,000 | 1,900,000 | ||
Other assets | 888,500,000 | 894,500,000 | ||
Assets related to consolidated investment entities: | ||||
Corporate loans, at fair value using the fair value option | 1,952,500,000 | 6,882,500,000 | ||
Assets held in separate accounts | 97,118,700,000 | 96,514,800,000 | ||
Total assets | 213,118,200,000 | 217,147,700,000 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 21,447,200,000 | 19,508,000,000 | ||
Contract owner account balances | 70,606,200,000 | 68,664,100,000 | ||
Payables under securities loan agreement, including collateral held | 1,841,300,000 | 1,485,000,000 | ||
Short-term debt | 66,800,000 | 123,700,000 | ||
Long-term debt | 18,600,000 | 18,700,000 | ||
Funds held under reinsurance agreements | 729,100,000 | 702,400,000 | ||
Derivatives | 526,800,000 | 554,700,000 | ||
Pension and other post-employment provisions | 674,300,000 | 687,400,000 | ||
Current income taxes | 2,400,000 | |||
Due to subsidiaries and affiliates | 3,100,000 | 5,900,000 | ||
Other liabilities | 1,262,900,000 | 1,371,700,000 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 1,967,200,000 | 6,956,200,000 | ||
Other liabilities | 527,800,000 | 1,951,600,000 | ||
Liabilities related to separate accounts | 97,118,700,000 | 96,514,800,000 | ||
Total liabilities | 196,790,000,000 | 198,546,600,000 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 15,355,000,000 | 15,761,100,000 | ||
Noncontrolling interest | 973,200,000 | 2,840,000,000 | ||
Total shareholder's equity | 16,328,200,000 | 18,601,100,000 | ||
Total liabilities and shareholder's equity | 213,118,200,000 | 217,147,700,000 | ||
Limited Partnerships/Corporations | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 1,936,300,000 | 4,973,700,000 | ||
Limited Partnerships/Corporations | Consolidating Adjustments | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Limited Partnerships/Corporations | Parent Issuer | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Limited Partnerships/Corporations | Subsidiary Guarantor | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Limited Partnerships/Corporations | Non-Guarantor Subsidiaries | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 1,936,300,000 | 4,973,700,000 | ||
Cash and cash equivalents | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 133,200,000 | 467,600,000 | ||
Cash and cash equivalents | Consolidating Adjustments | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Cash and cash equivalents | Parent Issuer | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Cash and cash equivalents | Subsidiary Guarantor | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Cash and cash equivalents | Non-Guarantor Subsidiaries | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 133,200,000 | 467,600,000 | ||
Other assets | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 34,000,000 | 154,300,000 | ||
Other assets | Consolidating Adjustments | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Other assets | Parent Issuer | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Other assets | Subsidiary Guarantor | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | 0 | 0 | ||
Other assets | Non-Guarantor Subsidiaries | ||||
Assets related to consolidated investment entities: | ||||
Assets related to consolidated investment entities | $ 34,000,000 | $ 154,300,000 |
Condensed Consolidating Fina163
Condensed Consolidating Financial Information - Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Net investment income | $ 4,620.8 | $ 4,538.2 | $ 4,515.3 | ||||||||
Fee income | 3,359.8 | 3,481.1 | 3,632.5 | ||||||||
Premiums | 3,514.6 | 3,024.5 | 2,626.4 | ||||||||
Net realized gains (losses): | |||||||||||
Total other-than-temporary impairments | (39) | (110.3) | (31.9) | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 2.6 | 6.7 | (0.3) | ||||||||
Net other-than-temporary impairments recognized in earnings | (41.6) | (117) | (31.6) | ||||||||
Other net realized capital gains (losses) | (1,221.5) | (616.3) | (846.8) | ||||||||
Total net realized capital gains (losses) | (1,263.1) | (733.3) | (878.4) | ||||||||
Other revenue | 361.1 | 406.9 | 432.8 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 189 | 551.1 | 665.5 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | (26.9) | (6.7) | ||||||||
Total revenues | $ 2,548.4 | $ 2,528.5 | $ 2,696 | $ 3,009.3 | $ 1,972.7 | $ 3,696.4 | $ 2,968.1 | $ 2,604.4 | 10,782.2 | 11,241.6 | 10,987.4 |
Benefits and expenses: | |||||||||||
Policyholder benefits | 5,471 | 4,536.8 | 3,946.7 | ||||||||
Interest credited to contract owner account balances | 2,042.5 | 1,973.2 | 1,991.2 | ||||||||
Operating expenses | 2,937.3 | 3,003.4 | 3,462.2 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 551 | 663.4 | 379.3 | ||||||||
Interest expense | 288 | 196.5 | 189.7 | ||||||||
Operating expenses related to consolidated investment entities: | |||||||||||
Interest expense | 101.9 | 272.2 | 209.5 | ||||||||
Other expense | 3.9 | 11.6 | 7.6 | ||||||||
Total benefits and expenses | 3,200.3 | 2,884.4 | 2,542.9 | 2,768 | 2,216 | 3,616.1 | 2,481.9 | 2,343.1 | 11,395.6 | 10,657.1 | 10,186.2 |
Income (loss) before income taxes | (651.9) | (355.9) | 153.1 | 241.3 | (243.3) | 80.3 | 486.2 | 261.3 | (613.4) | 584.5 | 801.2 |
Income tax expense (benefit) | (214.7) | 45.9 | (1,731.5) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (398.7) | 538.6 | 2,532.7 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (490.5) | (236.5) | 136 | 192.3 | (160.4) | 116.2 | 367.1 | 215.7 | (398.7) | 538.6 | 2,532.7 |
Less: Net income (loss) attributable to noncontrolling interest | 42.5 | 11.6 | (25.5) | 0.7 | (53.6) | 75.9 | 81.9 | 26.1 | 29.3 | 130.3 | 237.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | (428) | 408.3 | 2,295 |
Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Net investment income | (11.9) | (9) | (7.3) | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Net realized gains (losses): | |||||||||||
Total other-than-temporary impairments | 0 | 0 | 0 | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | ||||||||
Other net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Total net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | (2.7) | (3.2) | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | 0 | |||||||||
Total revenues | (11.9) | (11.7) | (10.5) | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Interest credited to contract owner account balances | 0 | 0 | 0 | ||||||||
Operating expenses | 0 | (2.7) | (3.2) | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 0 | 0 | ||||||||
Interest expense | (11.9) | (9) | (7.3) | ||||||||
Operating expenses related to consolidated investment entities: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Total benefits and expenses | (11.9) | (11.7) | (10.5) | ||||||||
Income (loss) before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 17.6 | (20.6) | (52.9) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (17.6) | 20.6 | 52.9 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (24.7) | (768.3) | (2,976) | ||||||||
Net income (loss) | (42.3) | (747.7) | (2,923.1) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | (42.3) | (747.7) | (2,923.1) | ||||||||
Parent Issuer | |||||||||||
Revenues: | |||||||||||
Net investment income | 18.7 | 3.9 | 11.5 | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Net realized gains (losses): | |||||||||||
Total other-than-temporary impairments | 0 | 0 | 0 | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | ||||||||
Other net realized capital gains (losses) | 1.3 | (1.7) | (3.4) | ||||||||
Total net realized capital gains (losses) | 1.3 | (1.7) | (3.4) | ||||||||
Other revenue | 1 | 3.2 | 3.2 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | 0 | |||||||||
Total revenues | 21 | 5.4 | 11.3 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Interest credited to contract owner account balances | 0 | 0 | 0 | ||||||||
Operating expenses | 8.8 | 10.4 | 4.1 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 0 | 0 | ||||||||
Interest expense | 238.1 | 150.3 | 149.1 | ||||||||
Operating expenses related to consolidated investment entities: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Total benefits and expenses | 246.9 | 160.7 | 153.2 | ||||||||
Income (loss) before income taxes | (225.9) | (155.3) | (141.9) | ||||||||
Income tax expense (benefit) | (90.4) | (52.4) | (214.8) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (135.5) | (102.9) | 72.9 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (292.5) | 511.2 | 2,242.8 | ||||||||
Net income (loss) | (428) | 408.3 | 2,315.7 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | (428) | 408.3 | 2,315.7 | ||||||||
Subsidiary Guarantor | |||||||||||
Revenues: | |||||||||||
Net investment income | 0.2 | 0.2 | 0.1 | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Net realized gains (losses): | |||||||||||
Total other-than-temporary impairments | 0 | 0 | 0 | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | ||||||||
Other net realized capital gains (losses) | 0 | 0.3 | (0.4) | ||||||||
Total net realized capital gains (losses) | 0 | 0.3 | (0.4) | ||||||||
Other revenue | 0 | 0 | 0.2 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | 0 | |||||||||
Total revenues | 0.2 | 0.5 | (0.1) | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Interest credited to contract owner account balances | 0 | 0 | 0 | ||||||||
Operating expenses | 0 | (0.6) | 0 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 0 | 0 | ||||||||
Interest expense | 56.9 | 51.2 | 43.2 | ||||||||
Operating expenses related to consolidated investment entities: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Total benefits and expenses | 56.9 | 50.6 | 43.2 | ||||||||
Income (loss) before income taxes | (56.7) | (50.1) | (43.3) | ||||||||
Income tax expense (benefit) | (26.4) | (0.4) | (82.6) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (30.3) | (49.7) | 39.3 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 317.2 | 257.1 | 733.2 | ||||||||
Net income (loss) | 286.9 | 207.4 | 772.5 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 286.9 | 207.4 | 772.5 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Revenues: | |||||||||||
Net investment income | 4,613.8 | 4,543.1 | 4,511 | ||||||||
Fee income | 3,359.8 | 3,481.1 | 3,632.5 | ||||||||
Premiums | 3,514.6 | 3,024.5 | 2,626.4 | ||||||||
Net realized gains (losses): | |||||||||||
Total other-than-temporary impairments | (39) | (110.3) | (31.9) | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 2.6 | 6.7 | (0.3) | ||||||||
Net other-than-temporary impairments recognized in earnings | (41.6) | (117) | (31.6) | ||||||||
Other net realized capital gains (losses) | (1,222.8) | (614.9) | (843) | ||||||||
Total net realized capital gains (losses) | (1,264.4) | (731.9) | (874.6) | ||||||||
Other revenue | 360.1 | 406.4 | 432.6 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 189 | 551.1 | 665.5 | ||||||||
Changes in fair value related to collateralized loan obligations | (26.9) | (6.7) | |||||||||
Total revenues | 10,772.9 | 11,247.4 | 10,986.7 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 5,471 | 4,536.8 | 3,946.7 | ||||||||
Interest credited to contract owner account balances | 2,042.5 | 1,973.2 | 1,991.2 | ||||||||
Operating expenses | 2,928.5 | 2,996.3 | 3,461.3 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 551 | 663.4 | 379.3 | ||||||||
Interest expense | 4.9 | 4 | 4.7 | ||||||||
Operating expenses related to consolidated investment entities: | |||||||||||
Interest expense | 101.9 | 272.2 | 209.5 | ||||||||
Other expense | 3.9 | 11.6 | 7.6 | ||||||||
Total benefits and expenses | 11,103.7 | 10,457.5 | 10,000.3 | ||||||||
Income (loss) before income taxes | (330.8) | 789.9 | 986.4 | ||||||||
Income tax expense (benefit) | (115.5) | 119.3 | (1,381.2) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (215.3) | 670.6 | 2,367.6 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (215.3) | 670.6 | 2,367.6 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 29.3 | 130.3 | 237.7 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (244.6) | $ 540.3 | $ 2,129.9 |
Condensed Consolidating Fina164
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ (490.5) | $ (236.5) | $ 136 | $ 192.3 | $ (160.4) | $ 116.2 | $ 367.1 | $ 215.7 | $ (398.7) | $ 538.6 | $ 2,532.7 |
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 749.1 | (2,581.2) | 1,910.5 | ||||||||
Other-than-temporary impairments | 23.7 | 18.8 | 40 | ||||||||
Pension and other postretirement benefit liability | (10.2) | (13.7) | (13.8) | ||||||||
Other comprehensive income (loss), before tax | 762.6 | (2,576.1) | 1,936.7 | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 165.8 | (897.3) | 682.1 | ||||||||
Other comprehensive income (loss), after tax | 596.8 | (1,678.8) | 1,254.6 | ||||||||
Comprehensive income (loss) | 198.1 | (1,140.2) | 3,787.3 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 29.3 | 130.3 | 237.7 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | 168.8 | (1,270.5) | 3,549.6 | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (42.3) | (747.7) | (2,923.1) | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | (1,342.2) | 4,455.8 | (3,108.8) | ||||||||
Other-than-temporary impairments | (43.8) | (31.7) | (74.2) | ||||||||
Pension and other postretirement benefit liability | 12.1 | 16.9 | 17 | ||||||||
Other comprehensive income (loss), before tax | (1,373.9) | 4,441 | (3,166) | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | (396.9) | 1,545.7 | (1,115.2) | ||||||||
Other comprehensive income (loss), after tax | (977) | 2,895.3 | (2,050.8) | ||||||||
Comprehensive income (loss) | (1,019.3) | 2,147.6 | (4,973.9) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | (1,019.3) | 2,147.6 | (4,973.9) | ||||||||
Parent Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (428) | 408.3 | 2,315.7 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 749.1 | (2,581.2) | 1,910.5 | ||||||||
Other-than-temporary impairments | 23.7 | 18.8 | 40 | ||||||||
Pension and other postretirement benefit liability | (10.2) | (13.7) | (13.8) | ||||||||
Other comprehensive income (loss), before tax | 762.6 | (2,576.1) | 1,936.7 | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 165.8 | (897.3) | 682.1 | ||||||||
Other comprehensive income (loss), after tax | 596.8 | (1,678.8) | 1,254.6 | ||||||||
Comprehensive income (loss) | 168.8 | (1,270.5) | 3,570.3 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | 168.8 | (1,270.5) | 3,570.3 | ||||||||
Subsidiary Guarantor | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 286.9 | 207.4 | 772.5 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 592.9 | (1,874.5) | 1,194.3 | ||||||||
Other-than-temporary impairments | 20.1 | 12.9 | 34.2 | ||||||||
Pension and other postretirement benefit liability | (1.9) | (3.2) | (3.2) | ||||||||
Other comprehensive income (loss), before tax | 611.1 | (1,864.8) | 1,225.3 | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 213.5 | (648.3) | 433.1 | ||||||||
Other comprehensive income (loss), after tax | 397.6 | (1,216.5) | 792.2 | ||||||||
Comprehensive income (loss) | 684.5 | (1,009.1) | 1,564.7 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | 684.5 | (1,009.1) | 1,564.7 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (215.3) | 670.6 | 2,367.6 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 749.3 | (2,581.3) | 1,914.5 | ||||||||
Other-than-temporary impairments | 23.7 | 18.8 | 40 | ||||||||
Pension and other postretirement benefit liability | (10.2) | (13.7) | (13.8) | ||||||||
Other comprehensive income (loss), before tax | 762.8 | (2,576.2) | 1,940.7 | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 183.4 | (897.4) | 682.1 | ||||||||
Other comprehensive income (loss), after tax | 579.4 | (1,678.8) | 1,258.6 | ||||||||
Comprehensive income (loss) | 364.1 | (1,008.2) | 3,626.2 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 29.3 | 130.3 | 237.7 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ 334.8 | $ (1,138.5) | $ 3,388.5 |
Condensed Consolidating Fina165
Condensed Consolidating Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 3,586 | $ 3,245.7 | $ 3,628.6 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 12,427.7 | 12,070.7 | 13,594 |
Equity securities, available-for-sale | 104.2 | 75.5 | 70 |
Mortgage loans on real estate | 1,150.2 | 1,543.3 | 1,555.3 |
Limited partnerships/corporations | 349.1 | 288.7 | 204.3 |
Acquisition of: | |||
Fixed maturities | (14,990.5) | (13,573.1) | (12,985.3) |
Equity securities, available-for-sale | (46.6) | (142) | (28.4) |
Mortgage loans on real estate | (2,427.7) | (2,195.9) | (2,036.4) |
Limited partnerships/corporations | (445.3) | (470.6) | (289) |
Short-term investments, net | 675.8 | 216.3 | (662) |
Policy loans, net | 41.2 | 101.3 | 43 |
Derivatives, net | (1,304.2) | (265.7) | (1,117.4) |
Other Investments, net | 45.3 | 19.5 | 33 |
Sales from consolidated investment entities | 2,304.4 | 5,431.5 | 3,470.1 |
Purchases within consolidated investment entities | (1,726.6) | (7,521) | (5,533.9) |
Maturity of intercompany loans issued with maturities more than three months | 0 | 0 | 0 |
Net maturity of short-term intercompany loans to subsidiaries | 0 | 0 | 0 |
Return of capital contributions and dividends from subsidiaries | 0 | 0 | 0 |
Capital contributions to subsidiaries | 0 | 0 | 0 |
Collateral received (delivered), net | 226.3 | 207.7 | 401.5 |
Purchases of fixed assets, net | (66.7) | (60.1) | (32.7) |
Net cash used in investing activities | (3,683.4) | (4,273.9) | (3,313.9) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 8,954.4 | 7,790.7 | 8,153.6 |
Maturities and withdrawals from investment contracts | (7,558.6) | (6,800.1) | (9,899.3) |
Proceeds from issuance of debt with maturities of more than three months | 798.2 | 0 | 0 |
Repayment of debt with maturities of more than three months | (708.3) | (31.2) | 0 |
Debt issuance costs | (16) | (6.8) | (16.8) |
Intercompany loans with maturities of more than three months | 0 | 0 | 0 |
Net proceeds from loans to subsidiaries | 0 | 0 | 0 |
Return of capital contributions and dividends to parent | 0 | 0 | 0 |
Contributions of capital from parent | 0 | 0 | 0 |
Borrowings of consolidated investment entities | 126 | 1,372.7 | 401.3 |
Repayments of borrowings of consolidated investment entities | (455) | (478.7) | (75.8) |
Contributions from (distributions to) participants in consolidated investment entities | 50.5 | 661.8 | 1,624.9 |
Proceeds from issuance of common stock, net | 1.3 | 0 | 0 |
Excess tax benefits on share-based compensation | 4.6 | 1.7 | 3.9 |
Share-based compensation | (6.5) | (4.5) | (16.9) |
Common stock acquired - Share repurchase | (687.2) | (1,486.6) | (789.4) |
Dividends paid | (8) | (9) | (10.1) |
Net cash provided by (used in) financing activities | 495.4 | 1,010 | (624.6) |
Net increase in cash and cash equivalents | 398 | (18.2) | (309.9) |
Cash and cash equivalents, beginning of year | 2,512.7 | 2,530.9 | 2,840.8 |
Cash and cash equivalents, end of year | 2,910.7 | 2,512.7 | 2,530.9 |
Consolidating Adjustments | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (269.5) | (516.8) | (183) |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Acquisition of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 |
Other Investments, net | 0 | 0 | 0 |
Sales from consolidated investment entities | 0 | 0 | 0 |
Purchases within consolidated investment entities | 0 | 0 | 0 |
Maturity of intercompany loans issued with maturities more than three months | (0.3) | (0.7) | (0.9) |
Net maturity of short-term intercompany loans to subsidiaries | (41.4) | 161.9 | (41.5) |
Return of capital contributions and dividends from subsidiaries | (1,682) | (2,665.2) | (1,682) |
Capital contributions to subsidiaries | 279 | 15 | 321 |
Collateral received (delivered), net | 0 | 0 | 0 |
Purchases of fixed assets, net | 0 | 0 | 0 |
Net cash used in investing activities | (1,444.7) | (2,489) | (1,403.4) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 0 | ||
Repayment of debt with maturities of more than three months | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Intercompany loans with maturities of more than three months | 0.3 | 0.7 | 0.9 |
Net proceeds from loans to subsidiaries | 41.4 | (161.9) | 41.5 |
Return of capital contributions and dividends to parent | 1,951.5 | 3,182 | 1,865 |
Contributions of capital from parent | (279) | (15) | (321) |
Borrowings of consolidated investment entities | 0 | 0 | 0 |
Repayments of borrowings of consolidated investment entities | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 |
Proceeds from issuance of common stock, net | 0 | ||
Excess tax benefits on share-based compensation | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 |
Common stock acquired - Share repurchase | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 1,714.2 | 3,005.8 | 1,586.4 |
Net increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | 0 | 0 | 0 |
Parent Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (309.4) | 127.8 | 85.7 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 18.4 | 24.1 | 18.7 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Acquisition of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | (22.8) | (30.5) | (25) |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Short-term investments, net | 0 | (212) | 0 |
Policy loans, net | 0 | 0 | 0 |
Derivatives, net | 1.3 | (32.9) | 1.3 |
Other Investments, net | 0 | 0 | 0 |
Sales from consolidated investment entities | 0 | 0 | 0 |
Purchases within consolidated investment entities | 0 | 0 | 0 |
Maturity of intercompany loans issued with maturities more than three months | 0.3 | 0.7 | 0.9 |
Net maturity of short-term intercompany loans to subsidiaries | 51.9 | (161.9) | 41.5 |
Return of capital contributions and dividends from subsidiaries | 922 | 1,467.5 | 902 |
Capital contributions to subsidiaries | (215) | 0 | (150) |
Collateral received (delivered), net | (0.1) | 20.1 | 0 |
Purchases of fixed assets, net | 0 | 0 | 0 |
Net cash used in investing activities | 756 | 1,075.1 | 789.4 |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 798.2 | 0 | 0 |
Repayment of debt with maturities of more than three months | (659.8) | 0 | 0 |
Debt issuance costs | (16) | (6.8) | (16.8) |
Intercompany loans with maturities of more than three months | 0 | 0 | 0 |
Net proceeds from loans to subsidiaries | 10.5 | 0 | 0 |
Return of capital contributions and dividends to parent | 0 | 0 | 0 |
Contributions of capital from parent | 0 | 0 | 0 |
Borrowings of consolidated investment entities | 0 | 0 | 0 |
Repayments of borrowings of consolidated investment entities | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 |
Proceeds from issuance of common stock, net | 1.3 | 0 | 0 |
Excess tax benefits on share-based compensation | 0 | 0 | 0 |
Share-based compensation | (6.5) | (4.5) | (16.9) |
Common stock acquired - Share repurchase | (687.2) | (1,486.6) | (789.4) |
Dividends paid | (8) | (9) | (10.1) |
Net cash provided by (used in) financing activities | (567.5) | (1,506.9) | (833.2) |
Net increase in cash and cash equivalents | (120.9) | (304) | 41.9 |
Cash and cash equivalents, beginning of year | 378.1 | 682.1 | 640.2 |
Cash and cash equivalents, end of year | 257.2 | 378.1 | 682.1 |
Subsidiary Guarantor | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 173.7 | 261.7 | 160.1 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 13.1 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Acquisition of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 |
Other Investments, net | 0 | 14.2 | (11) |
Sales from consolidated investment entities | 0 | 0 | 0 |
Purchases within consolidated investment entities | 0 | 0 | 0 |
Maturity of intercompany loans issued with maturities more than three months | 0 | 0 | 0 |
Net maturity of short-term intercompany loans to subsidiaries | 0 | 0 | 0 |
Return of capital contributions and dividends from subsidiaries | 760 | 1,197.7 | 780 |
Capital contributions to subsidiaries | (64) | (15) | (171) |
Collateral received (delivered), net | 0 | 0 | 0 |
Purchases of fixed assets, net | 0 | 0 | 0 |
Net cash used in investing activities | 696 | 1,196.9 | 611.1 |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 0 | ||
Repayment of debt with maturities of more than three months | (48.5) | (31.2) | |
Debt issuance costs | 0 | 0 | 0 |
Intercompany loans with maturities of more than three months | 0 | 0 | 0 |
Net proceeds from loans to subsidiaries | 4.7 | 56.9 | 24.3 |
Return of capital contributions and dividends to parent | (892) | (1,467.5) | (795) |
Contributions of capital from parent | 50 | 0 | 0 |
Borrowings of consolidated investment entities | 0 | 0 | 0 |
Repayments of borrowings of consolidated investment entities | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 |
Proceeds from issuance of common stock, net | 0 | ||
Excess tax benefits on share-based compensation | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 |
Common stock acquired - Share repurchase | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | (885.8) | (1,441.8) | (770.7) |
Net increase in cash and cash equivalents | (16.1) | 16.8 | 0.5 |
Cash and cash equivalents, beginning of year | 18.4 | 1.6 | 1.1 |
Cash and cash equivalents, end of year | 2.3 | 18.4 | 1.6 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 3,991.2 | 3,373 | 3,565.8 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 12,427.7 | 12,070.7 | 13,594 |
Equity securities, available-for-sale | 85.8 | 51.4 | 38.2 |
Mortgage loans on real estate | 1,150.2 | 1,543.3 | 1,555.3 |
Limited partnerships/corporations | 349.1 | 288.7 | 204.3 |
Acquisition of: | |||
Fixed maturities | (14,990.5) | (13,573.1) | (12,985.3) |
Equity securities, available-for-sale | (23.8) | (111.5) | (3.4) |
Mortgage loans on real estate | (2,427.7) | (2,195.9) | (2,036.4) |
Limited partnerships/corporations | (445.3) | (470.6) | (289) |
Short-term investments, net | 675.8 | 428.3 | (662) |
Policy loans, net | 41.2 | 101.3 | 43 |
Derivatives, net | (1,305.5) | (232.8) | (1,118.7) |
Other Investments, net | 45.3 | 5.3 | 44 |
Sales from consolidated investment entities | 2,304.4 | 5,431.5 | 3,470.1 |
Purchases within consolidated investment entities | (1,726.6) | (7,521) | (5,533.9) |
Maturity of intercompany loans issued with maturities more than three months | 0 | 0 | 0 |
Net maturity of short-term intercompany loans to subsidiaries | (10.5) | 0 | 0 |
Return of capital contributions and dividends from subsidiaries | 0 | 0 | 0 |
Capital contributions to subsidiaries | 0 | 0 | 0 |
Collateral received (delivered), net | 226.4 | 187.6 | 401.5 |
Purchases of fixed assets, net | (66.7) | (60.1) | (32.7) |
Net cash used in investing activities | (3,690.7) | (4,056.9) | (3,311) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 8,954.4 | 7,790.7 | 8,153.6 |
Maturities and withdrawals from investment contracts | (7,558.6) | (6,800.1) | (9,899.3) |
Proceeds from issuance of debt with maturities of more than three months | 0 | ||
Repayment of debt with maturities of more than three months | 0 | 0 | |
Debt issuance costs | 0 | 0 | 0 |
Intercompany loans with maturities of more than three months | (0.3) | (0.7) | (0.9) |
Net proceeds from loans to subsidiaries | (56.6) | 105 | (65.8) |
Return of capital contributions and dividends to parent | (1,059.5) | (1,714.5) | (1,070) |
Contributions of capital from parent | 229 | 15 | 321 |
Borrowings of consolidated investment entities | 126 | 1,372.7 | 401.3 |
Repayments of borrowings of consolidated investment entities | (455) | (478.7) | (75.8) |
Contributions from (distributions to) participants in consolidated investment entities | 50.5 | 661.8 | 1,624.9 |
Proceeds from issuance of common stock, net | 0 | ||
Excess tax benefits on share-based compensation | 4.6 | 1.7 | 3.9 |
Share-based compensation | 0 | 0 | 0 |
Common stock acquired - Share repurchase | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 234.5 | 952.9 | (607.1) |
Net increase in cash and cash equivalents | 535 | 269 | (352.3) |
Cash and cash equivalents, beginning of year | 2,116.2 | 1,847.2 | 2,199.5 |
Cash and cash equivalents, end of year | $ 2,651.2 | $ 2,116.2 | $ 1,847.2 |
Selected Consolidated Unaudi166
Selected Consolidated Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 2,548.4 | $ 2,528.5 | $ 2,696 | $ 3,009.3 | $ 1,972.7 | $ 3,696.4 | $ 2,968.1 | $ 2,604.4 | $ 10,782.2 | $ 11,241.6 | $ 10,987.4 |
Total benefits and expenses | 3,200.3 | 2,884.4 | 2,542.9 | 2,768 | 2,216 | 3,616.1 | 2,481.9 | 2,343.1 | 11,395.6 | 10,657.1 | 10,186.2 |
Income (loss) before income taxes | (651.9) | (355.9) | 153.1 | 241.3 | (243.3) | 80.3 | 486.2 | 261.3 | (613.4) | 584.5 | 801.2 |
Net income (loss) | (490.5) | (236.5) | 136 | 192.3 | (160.4) | 116.2 | 367.1 | 215.7 | (398.7) | 538.6 | 2,532.7 |
Less: Net income (loss) attributable to noncontrolling interest | 42.5 | 11.6 | (25.5) | 0.7 | (53.6) | 75.9 | 81.9 | 26.1 | 29.3 | 130.3 | 237.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | $ (428) | $ 408.3 | $ 2,295 |
Basic (usd per share) | $ (2.74) | $ (1.24) | $ 0.80 | $ 0.93 | $ (0.50) | $ 0.18 | $ 1.25 | $ 0.80 | $ (2.13) | $ 1.81 | $ 9.07 |
Diluted (usd per share) | (2.74) | (1.24) | 0.79 | 0.92 | (0.50) | 0.18 | 1.24 | 0.79 | (2.13) | 1.80 | 9 |
Cash dividends declared per share of common stock (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.04 | $ 0.04 | $ 0.04 |
Antidilutive shares | 2.5 | 1.9 | 2.6 |
Schedule I - Summary of Inve167
Schedule I - Summary of Investments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | $ 88,020.3 |
Fair Value | 92,883.7 |
Amount Shown on Consolidated Balance Sheet | 92,638.4 |
U.S. Treasuries | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 3,452 |
Fair Value | 3,890.3 |
Amount Shown on Consolidated Balance Sheet | 3,890.3 |
U.S. government agencies and authorities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 253.9 |
Fair Value | 298 |
Amount Shown on Consolidated Balance Sheet | 298 |
State, municipalities and political subdivisions | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 2,153.9 |
Fair Value | 2,135.6 |
Amount Shown on Consolidated Balance Sheet | 2,135.6 |
U.S. corporate public securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 31,754.8 |
Fair Value | 33,691.7 |
Amount Shown on Consolidated Balance Sheet | 33,691.7 |
U.S. corporate private securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 7,724.9 |
Fair Value | 7,808 |
Amount Shown on Consolidated Balance Sheet | 7,808 |
Foreign corporate public securities and foreign governments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 7,796.6 |
Fair Value | 8,079.4 |
Amount Shown on Consolidated Balance Sheet | 8,079.4 |
Foreign corporate private securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 7,557.1 |
Fair Value | 7,785.8 |
Amount Shown on Consolidated Balance Sheet | 7,785.8 |
Residential mortgage-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 6,407 |
Fair Value | 6,814.8 |
Amount Shown on Consolidated Balance Sheet | 6,814.8 |
Commercial mortgage-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 3,320.7 |
Fair Value | 3,358.9 |
Amount Shown on Consolidated Balance Sheet | 3,358.9 |
Other asset-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,433.9 |
Fair Value | 1,475.6 |
Amount Shown on Consolidated Balance Sheet | 1,475.6 |
Fixed maturities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 71,854.8 |
Fair Value | 75,338.1 |
Amount Shown on Consolidated Balance Sheet | 75,338.1 |
Equity securities, available-for-sale | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 241.8 |
Fair Value | 274.2 |
Amount Shown on Consolidated Balance Sheet | 274.2 |
Short-term investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 821 |
Fair Value | 821 |
Amount Shown on Consolidated Balance Sheet | 821 |
Mortgage loans on real estate | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 11,725.2 |
Fair Value | 11,960.7 |
Amount Shown on Consolidated Balance Sheet | 11,725.2 |
Policy loans | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,961.5 |
Fair Value | 1,961.5 |
Amount Shown on Consolidated Balance Sheet | 1,961.5 |
Limited partnerships/corporations | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 758.6 |
Fair Value | 758.6 |
Amount Shown on Consolidated Balance Sheet | 758.6 |
Derivatives | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 610 |
Fair Value | 1,712.4 |
Amount Shown on Consolidated Balance Sheet | 1,712.4 |
Other investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 47.4 |
Fair Value | 57.2 |
Amount Shown on Consolidated Balance Sheet | $ 47.4 |
Schedule II - Condensed Fina168
Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Investments: | ||||
Equity securities, available-for-sale, at fair value | $ 274,200,000 | $ 331,700,000 | ||
Short-term investments | 821,000,000 | 1,496,700,000 | ||
Derivatives | 1,712,400,000 | 1,538,500,000 | ||
Investments in subsidiaries | 0 | 0 | ||
Total investments | 92,638,400,000 | 88,491,900,000 | ||
Cash and cash equivalents | 2,910,700,000 | 2,512,700,000 | $ 2,530,900,000 | $ 2,840,800,000 |
Short-term investments under securities loan agreements, including collateral delivered | 788,400,000 | 660,000,000 | ||
Loans to subsidiaries | 0 | 0 | ||
Due from subsidiaries | 0 | 0 | ||
Current income taxes | 164,600,000 | 0 | ||
Deferred income taxes | 2,089,800,000 | 2,214,800,000 | ||
Other assets | 909,500,000 | 914,300,000 | ||
Total assets | 214,235,100,000 | 218,223,500,000 | ||
Short-term debt | 0 | 0 | ||
Liabilities and Shareholder's Equity | ||||
Long-term debt | 3,549,500,000 | 3,459,800,000 | ||
Derivatives | 470,700,000 | 487,500,000 | ||
Due to subsidiaries | 0 | 0 | ||
Current income taxes | 0 | 70,000,000 | ||
Other liabilities | 1,336,000,000 | 1,460,900,000 | ||
Total liabilities | 200,268,000,000 | 201,947,700,000 | ||
Shareholder's equity: | ||||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 268,079,931 and 265,327,196 shares issued as of 2016 and 2015, respectively; 194,639,273 and 209,095,793 shares outstanding as of 2016 and 2015, respectively) | 2,700,000 | 2,700,000 | ||
Treasury stock (at cost; 73,440,658 and 56,231,403 shares as of 2016 and 2015, respectively) | (2,796,000,000) | (2,302,300,000) | ||
Additional paid-in capital | 23,608,800,000 | 23,716,800,000 | ||
Accumulated other comprehensive income (loss) | 2,021,700,000 | 1,424,900,000 | 3,103,700,000 | |
Appropriated-consolidated investment entities | 0 | 9,000,000 | ||
Unappropriated | (9,843,300,000) | (9,415,300,000) | ||
Total Voya Financial, Inc. shareholders' equity | 12,993,900,000 | 13,435,800,000 | ||
Total liabilities and shareholder's equity | 214,235,100,000 | 218,223,500,000 | ||
Parent Issuer | ||||
Investments: | ||||
Equity securities, available-for-sale, at fair value | 93,100,000 | 83,700,000 | ||
Short-term investments | 212,000,000 | 212,000,000 | ||
Derivatives | 56,100,000 | 67,200,000 | ||
Investments in subsidiaries | 14,742,600,000 | 15,110,500,000 | ||
Total investments | 15,103,800,000 | 15,473,400,000 | ||
Cash and cash equivalents | 257,200,000 | 378,100,000 | $ 682,100,000 | $ 640,200,000 |
Short-term investments under securities loan agreements, including collateral delivered | 10,700,000 | 10,600,000 | ||
Loans to subsidiaries | 278,000,000 | 330,200,000 | ||
Due from subsidiaries | 2,800,000 | 6,100,000 | ||
Current income taxes | 31,400,000 | 0 | ||
Deferred income taxes | 526,700,000 | 404,400,000 | ||
Other assets | 21,000,000 | 19,800,000 | ||
Total assets | 16,231,600,000 | 16,622,600,000 | ||
Short-term debt | 10,500,000 | 0 | ||
Liabilities and Shareholder's Equity | ||||
Long-term debt | 3,108,600,000 | 2,971,400,000 | ||
Derivatives | 56,100,000 | 67,200,000 | ||
Due to subsidiaries | 100,000 | 200,000 | ||
Current income taxes | 0 | 70,100,000 | ||
Other liabilities | 62,400,000 | 77,900,000 | ||
Total liabilities | 3,237,700,000 | 3,186,800,000 | ||
Shareholder's equity: | ||||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 268,079,931 and 265,327,196 shares issued as of 2016 and 2015, respectively; 194,639,273 and 209,095,793 shares outstanding as of 2016 and 2015, respectively) | 2,700,000 | 2,700,000 | ||
Additional paid-in capital | 23,608,800,000 | 23,716,800,000 | ||
Accumulated other comprehensive income (loss) | 2,021,700,000 | 1,424,900,000 | ||
Appropriated-consolidated investment entities | 0 | 9,000,000 | ||
Unappropriated | (9,843,300,000) | (9,415,300,000) | ||
Total Voya Financial, Inc. shareholders' equity | 12,993,900,000 | 13,435,800,000 | ||
Total liabilities and shareholder's equity | $ 16,231,600,000 | $ 16,622,600,000 |
Schedule II - Condensed Fina169
Schedule II - Condensed Financial Information of Parent - Balance Sheets Parenthetical (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, shares authorized | 900,000,000 | 900,000,000 | ||
Common stock, shares issued | 268,079,931 | 265,327,196 | ||
Common stock, shares outstanding | 194,639,273 | 209,095,793 | 241,900,000 | 261,700,000 |
Treasury stock, shares | 73,440,658 | 56,231,403 | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Schedule II - Condensed Fina170
Schedule II - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Net investment income | $ 4,620.8 | $ 4,538.2 | $ 4,515.3 | ||||||||
Realized capital gains (losses) | (1,263.1) | (733.3) | (878.4) | ||||||||
Other income | 361.1 | 406.9 | 432.8 | ||||||||
Total revenues | $ 2,548.4 | $ 2,528.5 | $ 2,696 | $ 3,009.3 | $ 1,972.7 | $ 3,696.4 | $ 2,968.1 | $ 2,604.4 | 10,782.2 | 11,241.6 | 10,987.4 |
Expenses: | |||||||||||
Interest expense | 288 | 196.5 | 189.7 | ||||||||
Operating expenses | 2,937.3 | 3,003.4 | 3,462.2 | ||||||||
Total benefits and expenses | 3,200.3 | 2,884.4 | 2,542.9 | 2,768 | 2,216 | 3,616.1 | 2,481.9 | 2,343.1 | 11,395.6 | 10,657.1 | 10,186.2 |
Income (loss) before income taxes | (651.9) | (355.9) | 153.1 | 241.3 | (243.3) | 80.3 | 486.2 | 261.3 | (613.4) | 584.5 | 801.2 |
Income tax expense (benefit) | (214.7) | 45.9 | (1,731.5) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (398.7) | 538.6 | 2,532.7 | ||||||||
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Net income (loss) | (490.5) | (236.5) | 136 | 192.3 | (160.4) | 116.2 | 367.1 | 215.7 | (398.7) | 538.6 | 2,532.7 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | (428) | 408.3 | 2,295 |
Parent Issuer | |||||||||||
Revenues: | |||||||||||
Net investment income | 18.7 | 3.9 | 11.5 | ||||||||
Realized capital gains (losses) | 1.3 | (1.7) | (3.4) | ||||||||
Other income | 1 | 3.2 | 3.2 | ||||||||
Total revenues | 21 | 5.4 | 11.3 | ||||||||
Expenses: | |||||||||||
Interest expense | 238.1 | 150.3 | 149.1 | ||||||||
Operating expenses | 8.8 | 10.4 | 4.1 | ||||||||
Total benefits and expenses | 246.9 | 160.7 | 153.2 | ||||||||
Income (loss) before income taxes | (225.9) | (155.3) | (141.9) | ||||||||
Income tax expense (benefit) | (90.4) | (52.4) | (214.8) | ||||||||
Net income (loss) before equity in earnings of subsidiaries | (135.5) | (102.9) | 72.9 | ||||||||
Equity in earnings (losses) of subsidiaries | (292.5) | 511.2 | 2,242.8 | ||||||||
Net income (loss) | (428) | 408.3 | 2,315.7 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (428) | $ 408.3 | $ 2,315.7 |
Schedule II - Condensed Fina171
Schedule II - Condensed Financial Information of Parent - Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ (490.5) | $ (236.5) | $ 136 | $ 192.3 | $ (160.4) | $ 116.2 | $ 367.1 | $ 215.7 | $ (398.7) | $ 538.6 | $ 2,532.7 |
Other comprehensive income (loss), after tax | 596.8 | (1,678.8) | 1,254.6 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | 168.8 | (1,270.5) | 3,549.6 | ||||||||
Parent Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (428) | 408.3 | 2,315.7 | ||||||||
Other comprehensive income (loss), after tax | 596.8 | (1,678.8) | 1,254.6 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ 168.8 | $ (1,270.5) | $ 3,570.3 |
Schedule II - Condensed Fina172
Schedule II - Condensed Financial Information of Parent - Statements of Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholder | $ (533) | $ (248.1) | $ 161.5 | $ 191.6 | $ (106.8) | $ 40.3 | $ 285.2 | $ 189.6 | $ (428) | $ 408.3 | $ 2,295 |
Equity in earnings (losses) of subsidiaries | 0 | 0 | 0 | ||||||||
Net accretion/amortization of discount/premium | (15.7) | 9.2 | 13.6 | ||||||||
Deferred income tax (benefit) expense | (40.8) | (18.4) | (1,819.9) | ||||||||
Net realized capital losses | 1,263.1 | 733.3 | 878.4 | ||||||||
Share-based compensation | 94.1 | 74 | 92.6 | ||||||||
Change in: | |||||||||||
Other receivables and asset accruals | (15.2) | 53.7 | 39.5 | ||||||||
Other, net | (122.8) | 13.3 | 9.3 | ||||||||
Net cash provided by operating activities | 3,586 | 3,245.7 | 3,628.6 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale | 104.2 | 75.5 | 70 | ||||||||
Acquisition of equity securities, available-for-sale | (46.6) | (142) | (28.4) | ||||||||
Short-term investments, net | 675.8 | 216.3 | (662) | ||||||||
Derivatives, net | (1,304.2) | (265.7) | (1,117.4) | ||||||||
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 0 | 0 | 0 | ||||||||
Net maturity of short-term intercompany loans to subsidiaries | 0 | 0 | 0 | ||||||||
Return of capital contributions and dividends from subsidiaries | 0 | 0 | 0 | ||||||||
Capital contributions to subsidiaries | 0 | 0 | 0 | ||||||||
Collateral received (delivered), net | 226.3 | 207.7 | 401.5 | ||||||||
Net cash used in investing activities | (3,683.4) | (4,273.9) | (3,313.9) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of long-term debt | 798.2 | 0 | 0 | ||||||||
Repayment of long-term debt | (708.3) | (31.2) | 0 | ||||||||
Debt issuance costs | (16) | (6.8) | (16.8) | ||||||||
Net proceeds from loans to subsidiaries | 0 | 0 | 0 | ||||||||
Proceeds from issuance of common stock, net | 1.3 | 0 | 0 | ||||||||
Share-based compensation | (6.5) | (4.5) | (16.9) | ||||||||
Common stock acquired - Share repurchase | (687.2) | (1,486.6) | (789.4) | ||||||||
Dividends paid | (8) | (9) | (10.1) | ||||||||
Net cash provided by (used in) financing activities | 495.4 | 1,010 | (624.6) | ||||||||
Net increase in cash and cash equivalents | 398 | (18.2) | (309.9) | ||||||||
Cash and cash equivalents, beginning of year | 2,512.7 | 2,530.9 | 2,512.7 | 2,530.9 | 2,840.8 | ||||||
Cash and cash equivalents, end of year | 2,910.7 | 2,512.7 | 2,910.7 | 2,512.7 | 2,530.9 | ||||||
Supplemental cash flow information: | |||||||||||
Income taxes paid, net | 69.1 | 78.4 | 44.5 | ||||||||
Interest paid | 190.1 | 179 | 178.6 | ||||||||
Parent Issuer | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholder | (428) | 408.3 | 2,315.7 | ||||||||
Equity in earnings (losses) of subsidiaries | 292.5 | (511.2) | (2,242.8) | ||||||||
Dividends from subsidiaries | 55 | 241 | 0 | ||||||||
Net accretion/amortization of discount/premium | 10.4 | 10.2 | 0.4 | ||||||||
Deferred income tax (benefit) expense | (122.1) | (4.1) | (141) | ||||||||
Loss related to early extinguishment of debt | 87.6 | 0 | 0 | ||||||||
Net realized capital losses | (1.3) | 1.7 | 3.4 | ||||||||
Share-based compensation | 0 | (4.2) | 0 | ||||||||
Change in: | |||||||||||
Other receivables and asset accruals | (101.5) | (16.9) | 145.9 | ||||||||
Due from subsidiaries | 3.3 | 5.7 | 3.8 | ||||||||
Due to subsidiaries | (0.1) | (6.5) | 6.5 | ||||||||
Other payables and accruals | (16.2) | (2.3) | 5.1 | ||||||||
Other, net | (89) | 6.1 | (4.5) | ||||||||
Net cash provided by operating activities | (309.4) | 127.8 | 85.7 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale | 18.4 | 24.1 | 18.7 | ||||||||
Acquisition of equity securities, available-for-sale | (22.8) | (30.5) | (25) | ||||||||
Short-term investments, net | 0 | (212) | 0 | ||||||||
Derivatives, net | 1.3 | (32.9) | 1.3 | ||||||||
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 0.3 | 0.7 | 0.9 | ||||||||
Net maturity of short-term intercompany loans to subsidiaries | 51.9 | (161.9) | 41.5 | ||||||||
Return of capital contributions and dividends from subsidiaries | 922 | 1,467.5 | 902 | ||||||||
Capital contributions to subsidiaries | (215) | 0 | (150) | ||||||||
Collateral received (delivered), net | (0.1) | 20.1 | 0 | ||||||||
Net cash used in investing activities | 756 | 1,075.1 | 789.4 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of long-term debt | 798.2 | 0 | 0 | ||||||||
Repayment of long-term debt | (659.8) | 0 | 0 | ||||||||
Debt issuance costs | (16) | (6.8) | (16.8) | ||||||||
Net proceeds from loans to subsidiaries | 10.5 | 0 | 0 | ||||||||
Proceeds from issuance of common stock, net | 1.3 | 0 | 0 | ||||||||
Share-based compensation | (6.5) | (4.5) | (16.9) | ||||||||
Common stock acquired - Share repurchase | (687.2) | (1,486.6) | (789.4) | ||||||||
Dividends paid | (8) | (9) | (10.1) | ||||||||
Net cash provided by (used in) financing activities | (567.5) | (1,506.9) | (833.2) | ||||||||
Net increase in cash and cash equivalents | (120.9) | (304) | 41.9 | ||||||||
Cash and cash equivalents, beginning of year | $ 378.1 | $ 682.1 | 378.1 | 682.1 | 640.2 | ||||||
Cash and cash equivalents, end of year | $ 257.2 | $ 378.1 | 257.2 | 378.1 | 682.1 | ||||||
Supplemental cash flow information: | |||||||||||
Income taxes paid, net | 64.1 | 77.1 | 42.8 | ||||||||
Interest paid | $ 156.2 | $ 143.5 | $ 141.1 |
Schedule II - Condensed Fina173
Schedule II - Condensed Financial Information of Parent - Basis of Presentation (Details) | 12 Months Ended | |||
Dec. 31, 2016segmentsshares | Dec. 31, 2015shares | Dec. 31, 2014shares | May 07, 2013shares | |
Condensed Financial Statements, Captions [Line Items] | ||||
Shares issued by parent company and subsidiaries | 0 | 0 | 0 | |
Stock repurchased during period, shares | 17,000,000 | 34,300,000 | 21,200,000 | |
Number of warrants issued and outstanding | 26,050,846 | |||
Number of operating segments | segments | 5 |
Schedule II - Condensed Fina174
Schedule II - Condensed Financial Information of Parent - Loans to Subsidiaries (Details) - Parent Issuer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income, operating | $ 8.9 | $ 5 | $ 5 |
Loans to subsidiaries | $ 278 | $ 330.2 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to subsidiary, reciprical interest rate | 2.00% | 2.00% | |
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to subsidiary, reciprical interest rate | 5.00% | 5.00% | |
Voya Alternative Asset Management LLC | Subsidiary Loan, Due 06/30/17, (2.56)% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | (2.56%) | (2.56%) | |
Loans to subsidiaries | $ 2.3 | $ 2.6 | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due 01/03/17, 2.35% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.35% | 2.35% | |
Loans to subsidiaries | $ 1 | $ 1 | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due 01/04/17, 2.35% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.35% | 2.35% | |
Loans to subsidiaries | $ 14 | $ 2 | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due 01/11/17, 2.36% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.36% | 2.36% | |
Loans to subsidiaries | $ 17 | $ 3 | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due 01/12/17, 2.37% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.37% | 2.37% | |
Loans to subsidiaries | $ 10 | $ 0 | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due 01/13/17, 2.37% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.37% | 2.37% | |
Loans to subsidiaries | $ 1 | $ 0 | |
Voya Custom Investments | Subsidiary Loan, Due 01/13/17, 2.37% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.03% | 2.03% | |
Voya Custom Investments | Subsidiary Loan, Due 01/04/16, 1.92%, Loan A | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 1.92% | 1.92% | |
Loans to subsidiaries | $ 0 | $ 4 | |
Voya Custom Investments | Subsidiary Loan, Due 01/04/16, 1.92%. Loan B | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 1.92% | 1.92% | |
Loans to subsidiaries | $ 0 | $ 1 | |
Voya Custom Investments | Subsidiary Loan, Due 01/05/16, 1.95% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 1.95% | 1.95% | |
Loans to subsidiaries | $ 0 | $ 21 | |
Voya Custom Investments | Subsidiary Loan, Due 01/08/16, 2.01% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.01% | 2.01% | |
Loans to subsidiaries | $ 0 | $ 1 | |
Voya Custom Investments | Subsidiary Loan, Due 01/11/16, 2.02% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.02% | 2.02% | |
Loans to subsidiaries | $ 0 | $ 2 | |
Voya Custom Investments | Subsidiary Loan, Due 01/12/16, 2.03% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 0 | $ 25.1 | |
Voya Custom Investments | Subsidiary Loan, Due 01/14/16, 2.03% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.03% | 2.03% | |
Loans to subsidiaries | $ 0 | $ 1 | |
Voya Custom Investments | Subsidiary Loan, Due 01/21/16, 2.03% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.03% | 2.03% | |
Loans to subsidiaries | $ 0 | $ 4 | |
Voya Capital | Subsidiary Loan, Due 01/05/17, 2.34% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.34% | 2.34% | |
Loans to subsidiaries | $ 2.5 | $ 0 | |
Voya Investment Management, LLC | Subsidiary Loan, Due 01/27/17, 2.40% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.40% | 2.40% | |
Loans to subsidiaries | $ 15 | $ 50 | |
Voya Investment Management, LLC | Subsidiary Loan, Due 01/07/15, 2.01% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.01% | 2.01% | |
Loans to subsidiaries | $ 0 | $ 0 | |
Voya Payroll Management, Inc. | Subsidiary Loan, Due 01/03/17, 1.99% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.31% | 2.31% | |
Loans to subsidiaries | $ 4 | $ 6 | |
Voya Holdings Inc. | Subsidiary Loan, Due 01/27/17, 2.40% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.40% | 2.40% | |
Loans to subsidiaries | $ 6 | $ 139.6 | |
Voya Holdings Inc. | Subsidiary Loan, Due 01/18/17, 1.89% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.36% | 2.36% | |
Loans to subsidiaries | $ 203.2 | $ 11.5 | |
Voya Holdings Inc. | Subsidiary Loan, Due 01/26/17, 1.94% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.39% | 2.39% | |
Loans to subsidiaries | $ 2 | $ 10 | |
Voya Holdings Inc. | Subsidiary Loan, Due 01/21/16, 2.04% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.04% | 2.04% | |
Loans to subsidiaries | $ 0 | $ 5 | |
Voya Holdings Inc. | Subsidiary Loan, Due 01/22/16, 2.04% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.04% | 2.04% | |
Loans to subsidiaries | $ 0 | $ 6.5 | |
Voya Holdings Inc. | Subsidiary Loan, Due 01/29/16, 2.50% | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 2.50% | 2.50% | |
Loans to subsidiaries | $ 0 | $ 33.9 |
Schedule II - Condensed Fina175
Schedule II - Condensed Financial Information of Parent - Financing Agreements (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 13, 2016 | Mar. 17, 2015 | Jul. 26, 2013 | May 16, 2013 | Feb. 11, 2013 | |
Debt Instrument [Line Items] | ||||||||
Short-term inter-company debt borrowings outstanding | $ 0 | $ 0 | ||||||
Long-term debt | 3,549,500,000 | 3,459,800,000 | ||||||
Less: Current portion of long-term debt | 0 | 0 | ||||||
Long-term debt | 3,549,500,000 | 3,459,800,000 | ||||||
Maturities of Long-term Debt [Abstract] | ||||||||
2,017 | 0 | |||||||
2,018 | 827,000,000 | |||||||
2,019 | 0 | |||||||
2,020 | 0 | |||||||
2,021 | 0 | |||||||
Thereafter | 2,757,500,000 | |||||||
Total | 3,584,500,000 | |||||||
Revolving lines of credit, capacity | 5,990,500,000 | |||||||
Outstanding borrowings | 3,038,100,000 | |||||||
Payments of financing costs | 46,000,000 | $ 89,300,000 | $ 120,600,000 | |||||
Unsecured and Uncommitted | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Revolving lines of credit, capacity | 300,500,000 | |||||||
Outstanding borrowings | 300,500,000 | |||||||
Unsecured and Committed | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Revolving lines of credit, capacity | 5,485,000,000 | |||||||
Outstanding borrowings | 2,541,900,000 | |||||||
Secured facilities | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Revolving lines of credit, capacity | 205,000,000 | |||||||
Outstanding borrowings | $ 195,700,000 | |||||||
2.9% Senior Notes, due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 2.90% | |||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 1.875% | |||||||
Senior Notes | 5.5% Senior Notes, due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.50% | 5.50% | ||||||
Senior Notes | 2.9% Senior Notes, due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | |||||
Long-term debt | $ 825,000,000 | $ 995,700,000 | ||||||
Senior Notes | 5.7% Senior Notes, due 2043 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | |||||
Long-term debt | $ 394,300,000 | $ 394,100,000 | ||||||
Senior Notes | 3.65% Senior Notes, Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | |||||
Long-term debt | $ 494,200,000 | $ 0 | ||||||
Senior Notes | 4.8% Senior Notes, Due 2046 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 4.80% | 4.80% | ||||||
Long-term debt | $ 296,200,000 | $ 0 | ||||||
Junior Subordinated Notes (2053 Notes) | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | |||||
Long-term debt | $ 738,200,000 | $ 737,800,000 | ||||||
Parent Issuer | ||||||||
Debt Instrument [Line Items] | ||||||||
Short-term inter-company debt borrowings outstanding | 10,500,000 | 0 | ||||||
Long-term debt | 3,108,600,000 | 2,971,400,000 | ||||||
Less: Current portion of long-term debt | 0 | 0 | ||||||
Long-term debt | 3,108,600,000 | 2,971,400,000 | ||||||
Maturities of Long-term Debt [Abstract] | ||||||||
2,017 | 0 | |||||||
2,018 | 827,000,000 | |||||||
2,019 | 0 | |||||||
2,020 | 0 | |||||||
2,021 | 0 | |||||||
Thereafter | 2,313,100,000 | |||||||
Total | 3,140,100,000 | |||||||
Revolving lines of credit, capacity | 5,500,000,000 | |||||||
Outstanding borrowings | 2,600,000,000 | |||||||
Payments of financing costs | 38,200,000 | 61,000,000 | $ 58,500,000 | |||||
Parent Issuer | Unsecured and Committed | ||||||||
Maturities of Long-term Debt [Abstract] | ||||||||
Revolving lines of credit, capacity | $ 5,000,000,000 | |||||||
Parent Issuer | Senior Notes | 5.5% Senior Notes, due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.50% | |||||||
Long-term debt | $ 360,700,000 | 843,800,000 | ||||||
Parent Issuer | Senior Notes | 2.9% Senior Notes, due 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 2.90% | |||||||
Long-term debt | $ 825,000,000 | 995,700,000 | ||||||
Parent Issuer | Senior Notes | 5.7% Senior Notes, due 2043 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.70% | |||||||
Long-term debt | $ 394,300,000 | 394,100,000 | ||||||
Parent Issuer | Senior Notes | 3.65% Senior Notes, Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 3.65% | |||||||
Long-term debt | $ 494,200,000 | 0 | ||||||
Parent Issuer | Senior Notes | 4.8% Senior Notes, Due 2046 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 4.80% | |||||||
Long-term debt | $ 296,200,000 | 0 | ||||||
Parent Issuer | Junior Subordinated Notes (2053 Notes) | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual interest rate on loan | 5.65% | |||||||
Long-term debt | $ 738,200,000 | $ 737,800,000 |
Schedule II - Condensed Fina176
Schedule II - Condensed Financial Information of Parent - Guarantees (Details) - USD ($) | Dec. 31, 2016 | Dec. 15, 2016 | Apr. 15, 2016 | Dec. 31, 2015 | Jan. 15, 2014 | Jan. 01, 2014 |
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | $ 5,990,500,000 | |||||
Unsecured and Committed | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 5,485,000,000 | |||||
Unsecured and Committed | Voya Financial Inc. / Roaring River LLC | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 425,000,000 | |||||
Security Life of Denver International Limited (SLDI) | Unsecured and Committed | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 175,000,000 | $ 600,000,000 | $ 300,000,000 | |||
Parent Issuer | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 5,500,000,000 | |||||
Parent Issuer | Unsecured and Committed | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 5,000,000,000 | |||||
Financial Guarantee | Voya Financial Products Company, Inc. | ||||||
Guarantor Obligations [Line Items] | ||||||
Notional amount of guarantee obligation | 1,000,000,000 | |||||
Financial Guarantee | Parent Issuer | 8.424% Percent Lion Connecticut Holdings Inc. Debentures, Due 2027 | Debentures | ||||||
Guarantor Obligations [Line Items] | ||||||
Financial instruments subject to mandatory redemption, settlement terms, share value, amount | $ 50,000,000 | |||||
Financial instruments subject to mandatory redemption, settlement terms, interest rate | 8.424% | |||||
Financial instruments subject to mandatory redemption, settlement terms, share value, par value | 13,000,000 | |||||
Financial Guarantee | Parent Issuer | Lion Connecticut Holdings, Aetna Notes | Debentures | ||||||
Guarantor Obligations [Line Items] | ||||||
Financial instruments subject to mandatory redemption, settlement terms, share value, par value | $ 426,500,000 | |||||
Financial Guarantee | Parent Issuer | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Maintenance and reimbursement agreements | $ 123,600,000 | |||||
Financial Guarantee | Parent Issuer | Roaring River IV, Holding LLC | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Maintenance and reimbursement agreements | 78,600,000 | |||||
Financial Guarantee | Parent Issuer | Roaring River IV, LLC | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Maintenance and reimbursement agreements | $ 45,000,000 | |||||
Financial Guarantee | Parent Issuer | Langhorne I, LLC | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Maintenance and reimbursement agreements | $ 85,000,000 |
Schedule II - Condensed Fina177
Schedule II - Condensed Financial Information of Parent - Returns of Capital and Divideds (Details) - Parent Issuer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | $ 1,001.4 | $ 1,708.5 | $ 902 |
Voya Holdings Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | 916.4 | 1,467.5 | 795 |
Return of capital contributions and dividends from subsidiaries, noncash | 24.4 | ||
Security Life of Denver International Limited (SLDI) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | 30 | 0 | 0 |
Security Life of Denver Insurance Company (SLD) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | 54 | 241 | 32 |
Voya Insurance Management (Bermuda), Ltd | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | 1 | 0 | 0 |
Voya Financial Products Company, Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | $ 0 | $ 0 | $ 75 |
Schedule II - Condensed Fina178
Schedule II - Condensed Financial Information of Parent - Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred income taxes | $ 2,089.8 | $ 2,214.8 |
Parent Issuer | ||
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred income taxes | $ 526.7 | $ 404.4 |
Schedule III - Supplementary179
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | $ 4,887.5 | $ 5,370.1 | |
Future Policy Benefits and Contract Owner Account Balances | 92,053.4 | 88,172.1 | |
Unearned Premiums | (0.5) | (0.2) | |
Net Investment Income | 4,620.8 | 4,538.2 | $ 4,515.3 |
Premiums and Fee Income | 6,874.4 | 6,505.6 | 6,258.9 |
Interest Credited and Other Benefits to Contract Owners | 7,513.5 | 6,510 | 5,937.9 |
Amortization of DAC and VOBA | 551 | 663.4 | 379.3 |
Other Operating Expenses | 2,937.3 | 3,003.4 | 3,462.2 |
Premiums Written (Excluding Life) | 973.6 | 879.5 | 734.9 |
Retirement | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 1,165.1 | 1,402.5 | |
Future Policy Benefits and Contract Owner Account Balances | 33,910.5 | 31,266.1 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 1,907.2 | 1,819.3 | 1,818.5 |
Premiums and Fee Income | 1,511.5 | 1,349.5 | 798.9 |
Interest Credited and Other Benefits to Contract Owners | 1,797 | 1,425.4 | 935 |
Amortization of DAC and VOBA | 197.4 | 182.5 | 162 |
Other Operating Expenses | 1,122 | 1,155.8 | 1,155.3 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Investment Management | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 1.5 | 1.8 | |
Future Policy Benefits and Contract Owner Account Balances | 0 | 0 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | (4.4) | (26.2) | (92.5) |
Premiums and Fee Income | 627.3 | 601.1 | 599.3 |
Interest Credited and Other Benefits to Contract Owners | 0 | 0 | 0 |
Amortization of DAC and VOBA | 3.3 | 4.1 | 4.8 |
Other Operating Expenses | 529.1 | 517.5 | 520.3 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Annuities | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 647.5 | 604.6 | |
Future Policy Benefits and Contract Owner Account Balances | 22,191.8 | 21,742.3 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 1,189.5 | 1,189 | 1,235.3 |
Premiums and Fee Income | 168.8 | 180 | 226 |
Interest Credited and Other Benefits to Contract Owners | 723.3 | 778.9 | 791.9 |
Amortization of DAC and VOBA | 23.4 | 247.8 | 132.5 |
Other Operating Expenses | 160.6 | 152.6 | 139.8 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Individual Life | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 2,702.2 | 2,856.8 | |
Future Policy Benefits and Contract Owner Account Balances | 19,373.1 | 18,867.5 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 874.9 | 908.2 | 903.1 |
Premiums and Fee Income | 1,662.6 | 1,722.1 | 1,823.9 |
Interest Credited and Other Benefits to Contract Owners | 2,001.2 | 1,940 | 2,165.5 |
Amortization of DAC and VOBA | 181.3 | 157.1 | 18.1 |
Other Operating Expenses | 324.1 | 470.3 | 468.5 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Employee Benefits | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 74.5 | 82 | |
Future Policy Benefits and Contract Owner Account Balances | 2,098.9 | 2,090.2 | |
Unearned Premiums | (0.5) | (0.2) | |
Net Investment Income | 109.8 | 109.1 | 111.6 |
Premiums and Fee Income | 1,509.5 | 1,404.9 | 1,265.8 |
Interest Credited and Other Benefits to Contract Owners | 1,169 | 1,050.5 | 940.7 |
Amortization of DAC and VOBA | 15.5 | 21.5 | 28.7 |
Other Operating Expenses | 305.6 | 289 | 254.7 |
Premiums Written (Excluding Life) | 973.6 | 879.5 | 734.9 |
Closed Block Variable Annuity | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 296.4 | 422.1 | |
Future Policy Benefits and Contract Owner Account Balances | 8,969.4 | 7,325.4 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 285.5 | 231.1 | 163.2 |
Premiums and Fee Income | 1,678.9 | 1,534.5 | 1,773.9 |
Interest Credited and Other Benefits to Contract Owners | 1,728.5 | 1,275.9 | 994.8 |
Amortization of DAC and VOBA | 130.1 | 50.4 | 32.8 |
Other Operating Expenses | 392.6 | 431.5 | 473.6 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Corporate | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 0.3 | 0.3 | |
Future Policy Benefits and Contract Owner Account Balances | 5,509.7 | 6,880.6 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 258.3 | 307.7 | 376.1 |
Premiums and Fee Income | (284.2) | (286.5) | (228.9) |
Interest Credited and Other Benefits to Contract Owners | 94.5 | 39.3 | 110 |
Amortization of DAC and VOBA | 0 | 0 | 0.4 |
Other Operating Expenses | 103.3 | (13.3) | 450 |
Premiums Written (Excluding Life) | $ 0 | $ 0 | $ 0 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Life insurance in force, Gross | $ 790,570.1 | $ 799,341.4 | $ 801,371.3 |
Life insurance in force, Ceded | 612,356.2 | 642,889.8 | 599,504.5 |
Life insurance in force, Assumed | 318,442.7 | 340,241.3 | 363,894.1 |
Life insurance in force, Net | 496,656.6 | 496,692.9 | 565,760.9 |
Premiums, Gross | 4,004.7 | 3,445.5 | 2,891 |
Premiums, Ceded | 1,711.9 | 1,611.9 | 1,502.9 |
Premiums, Assumed | 1,221.8 | 1,190.9 | 1,238.3 |
Net premiums | $ 3,514.6 | $ 3,024.5 | $ 2,626.4 |
Percentage of Assumed to Net, Life insurance in force | 64.10% | 68.50% | 64.30% |
Percentage of Assumed to Net, Premiums | 34.80% | 39.40% | 47.10% |
Life insurance | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Premiums, Gross | $ 1,335.1 | $ 1,351.7 | $ 1,358.9 |
Premiums, Ceded | 1,583.5 | 1,475.6 | 1,394.2 |
Premiums, Assumed | 1,220.9 | 1,189.2 | 1,234.4 |
Net premiums | $ 972.5 | $ 1,065.3 | $ 1,199.1 |
Percentage of Assumed to Net, Premiums | 125.50% | 111.60% | 102.90% |
Accident and health insurance | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Premiums, Gross | $ 1,056.3 | $ 947.9 | $ 814.2 |
Premiums, Ceded | 128.4 | 136.3 | 108.7 |
Premiums, Assumed | 0.9 | 1.6 | 3.8 |
Net premiums | $ 928.8 | $ 813.2 | $ 709.3 |
Percentage of Assumed to Net, Premiums | 0.10% | 0.20% | 0.50% |
Annuities | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Premiums, Gross | $ 1,613.3 | $ 1,145.9 | $ 717.9 |
Premiums, Ceded | 0 | 0 | 0 |
Premiums, Assumed | 0 | 0.1 | 0.1 |
Net premiums | $ 1,613.3 | $ 1,146 | $ 718 |
Percentage of Assumed to Net, Premiums | 0.00% | 0.00% | 0.00% |
Schedule V - Valuation and Q181
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Collective valuation allowance for losses, beginning of period | $ 3.2 | $ 2.8 | $ 3.8 | |
Allowance for losses on commercial mortgage loans | (0.1) | 0.4 | (1) | |
Collective valuation allowance for losses, end of period | $ 2.8 | 3.1 | 3.2 | 2.8 |
Valuation allowance on deferred tax assets | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Beginning Balance | 963.1 | 971.9 | 2,806.8 | |
Charged to Costs and Expenses | (1,620) | 101.6 | (13.7) | (1,834.9) |
Write-offs/Payments/Other | (100.8) | 4.9 | 0 | |
Ending Balance | $ 971.9 | $ 963.9 | $ 963.1 | $ 971.9 |