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Voya Financial
VOYA
#2575
Rank
$7.09 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$74.51
Share price
0.55%
Change (1 day)
1.32%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Voya Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q2

Voya Financial - 10-Q quarterly report FY2021 Q2


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voya-20210630_g1.jpg
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
——————————————————————
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021

OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                           to                           

Commission File Number: 001-35897______________________________________

Voya Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware52-1222820
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
230 Park Avenue
New YorkNew York10169
(Address of principal executive offices)(Zip Code)
(212) 309-8200
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueVOYANew York Stock Exchange
Depositary Shares, each representing a 1/40th
VOYAPrBNew York Stock Exchange
interest in a share of 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B, $0.01 par value
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.           ☒ Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  
☒ Yes    ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer    ☐
Non-accelerated filer     ☐Smaller reporting company     ☐
 Emerging growth company     ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).             ☐ Yes    ☒ No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.             ☐ Yes    ☐ No

APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of August 2, 2021, 113,437,085 shares of Common Stock, 0.01 par value, were outstanding.
1

Voya Financial, Inc.
Form 10-Q for the period ended June 30, 2021

INDEX
PAGE
PART I.FINANCIAL INFORMATION (UNAUDITED)
Item 1.Financial Statements:
Condensed Consolidated Balance Sheets
4
Condensed Consolidated Statements of Operations
6
Condensed Consolidated Statements of Comprehensive Income
7
Condensed Consolidated Statements of Changes in Shareholders' Equity
8
Condensed Consolidated Statements of Cash Flows
12
Notes to Condensed Consolidated Financial Statements:
13
1. Business, Basis of Presentation and Significant Accounting Policies
13
2. Discontinued Operations
15
3. Investments (excluding Consolidated Investment Entities)
20
4. Derivative Financial Instruments
34
5. Fair Value Measurements (excluding Consolidated Investment Entities)
40
6. Deferred Policy Acquisition Costs and Value of Business Acquired
51
7. Share-based Incentive Compensation Plans
51
8. Shareholders' Equity
51
9. Earnings per Common Share
54
10. Accumulated Other Comprehensive Income (Loss)
55
11. Income Taxes
59
12. Financing Agreements
59
13. Commitments and Contingencies
60
14. Consolidated and Nonconsolidated Investment Entities
62
15. Restructuring
67
16. Segments
68
Item 2.
73
Item 3.
112
Item 4.
114
PART II.OTHER INFORMATION
Item 1.
114
Item 1A.
114
Item 2.
115
Item 6.
115
116
117
2
For the purposes of the discussion in this Quarterly Report on Form 10-Q, the term Voya Financial, Inc. refers to Voya Financial, Inc. and the terms "Company," "we," "our," and "us" refer to Voya Financial, Inc. and its subsidiaries.

NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, including "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities, and (xi) our ability to successfully manage the separation of the Individual Life business that we sold to Resolution Life US on January 4, 2021, including the transition services on the expected timeline and economic terms. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors," "Management’s Discussion and Analysis of Financial Condition and Results of Operations-Trends and Uncertainties" in the Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-35897) (the "Annual Report on Form 10-K").
The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.
3
PART I.        FINANCIAL INFORMATION

Item 1.        Financial Statements
Voya Financial, Inc.
Condensed Consolidated Balance Sheets
June 30, 2021 (Unaudited) and December 31, 2020
(In millions, except share and per share data)
June 30,
2021		December 31,
2020
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,372 as of 2021 and $37,531 as of 2020; allowance for credit losses of $18 as of 2021 and $26 as of 2020)
$33,983 $43,569 
Fixed maturities, at fair value using the fair value option
2,562 3,011 
Fixed maturities, trading, at fair value
45 — 
Equity securities, at fair value (cost of $354 as of 2021 and $197 as of 2020)
354 242 
Short-term investments190 111 
Mortgage loans on real estate5,612 6,830 
 Less: Allowance for credit losses33 89 
 Mortgage loans on real estate, net5,579 6,741 
Policy loans413 718 
Limited partnerships/corporations1,543 1,476 
Derivatives157 215 
Other investments
75 319 
Securities pledged (amortized cost of $969 as of 2021 and $355 as of 2020)
1,094 449 
Total investments45,995 56,851 
Cash and cash equivalents1,765 1,502 
Short-term investments under securities loan agreements, including collateral delivered
1,033 399 
Accrued investment income448 507 
Premium receivable and reinsurance recoverable13,520 3,575 
Less: Allowance for credit losses on reinsurance recoverable30 18 
Premium receivable and reinsurance recoverable, net13,490 3,557 
Deferred policy acquisition costs and Value of business acquired1,446 1,510 
Current income taxes13 — 
Deferred income taxes690 1,186 
Other assets2,762 983 
Assets related to consolidated investment entities:
Limited partnerships/corporations, at fair value2,248 1,724 
Cash and cash equivalents85 221 
Corporate loans, at fair value using the fair value option1,081 805 
Other assets40 18 
Assets held in separate accounts97,098 90,552 
Assets held for sale— 20,703 
Total assets$168,194 $180,518 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4
Voya Financial, Inc.
Condensed Consolidated Balance Sheets
June 30, 2021 (Unaudited) and December 31, 2020
(In millions, except share and per share data)
June 30,
2021		December 31,
2020
Liabilities and Shareholders' Equity:
Future policy benefits$10,243 $10,211 
Contract owner account balances42,355 42,414 
Payables under securities loan and repurchase agreements, including collateral held1,004 353 
Short-term debt1 1 
Long-term debt2,969 3,044 
Derivatives293 387 
Pension and other postretirement provisions304 361 
Current income taxes— 2 
Other liabilities2,422 1,933 
Liabilities related to consolidated investment entities:
Collateralized loan obligations notes, at fair value using the fair value option905 783 
Other liabilities825 684 
Liabilities related to separate accounts97,098 90,552 
Liabilities held for sale— 18,615 
Total liabilities158,419 169,340 
Commitments and Contingencies (Note 13)
Shareholders' equity:
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2021 and 2020 respectively)
— — 
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 145,453,772 and 143,342,468 shares issued as of 2021 and 2020, respectively; 113,430,864 and 124,237,363 shares outstanding as of 2021 and 2020, respectively)
2 2 
Treasury stock (at cost; 32,022,908 and 19,105,105 shares as of 2021 and 2020, respectively)
(1,820)(1,016)
Additional paid-in capital11,143 11,183 
Accumulated other comprehensive income (loss)
2,431 4,898 
Retained earnings (deficit):
Unappropriated(3,394)(4,957)
Total Voya Financial, Inc. shareholders' equity8,362 10,110 
Noncontrolling interest
1,413 1,068 
Total shareholders' equity9,775 11,178 
Total liabilities and shareholders' equity$168,194 $180,518 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5
Voya Financial, Inc.
Condensed Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)
(In millions, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenues:
Net investment income$656 $586 $1,370 $1,284 
Fee income436 464 894 969 
Premiums516 607 (4,471)1,215 
Net realized capital gains (losses):
Total impairments— (50)— (70)
Other net realized capital gains (losses)(37)49 1,705 (164)
Total net realized capital gains (losses)(37)(1)1,705 (234)
Other revenue374 81 484 173 
Income (loss) related to consolidated investment entities:
Net investment income558 (68)564 (53)
Total revenues2,503 1,669 546 3,354 
Benefits and expenses:
Policyholder benefits457 711 (3,977)1,307 
Interest credited to contract owner account balances229 286 473 572 
Operating expenses706 643 1,308 1,283 
Net amortization of Deferred policy acquisition costs and Value of business acquired26 19 565 95 
Interest expense39 40 88 80 
Operating expenses related to consolidated investment entities:
Interest expense12 10 17 13 
Other expense6 2 6 2 
Total benefits and expenses1,475 1,711 (1,520)3,352 
Income (loss) from continuing operations before income taxes1,028 (42)2,066 2 
Income tax expense (benefit)112 6 64 — 
Income (loss) from continuing operations916 (48)2,002 2 
Income (loss) from discontinued operations, net of tax(6)(93)8 (223)
Net income (loss)910 (141)2,010 (221)
Less: Net income (loss) attributable to noncontrolling interest447 (79)447 (73)
Net income (loss) available to Voya Financial, Inc.463 (62)1,563 (148)
Less: Preferred stock dividends4 4 18 18 
Net income (loss) available to Voya Financial, Inc.'s common shareholders459 (66)1,545 (166)
Net income (loss) per common share:
Basic
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders$3.86 $0.21 $12.64 $0.44 
Income (loss) available to Voya Financial, Inc.'s common shareholders$3.81 $(0.52)$12.71 $(1.29)
Diluted
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders$3.58 $0.21 $11.78 $0.43 
Income (loss) available to Voya Financial, Inc.'s common shareholders$3.53 $(0.51)$11.84 $(1.25)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6
Voya Financial, Inc.
Condensed Consolidated Statements of Comprehensive Income
For the Three and Six Months Ended June 30, 2021 and 2020 (Unaudited)
(In millions)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income (loss)$910 $(141)$2,010 $(221)
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities
659 2,782 (2,835)898 
Impairments2 — 6 — 
Pension and other postretirement benefits liability(1)(1)(1)(2)
Other comprehensive income (loss), before tax660 2,781 (2,830)896 
Income tax expense (benefit) related to items of other comprehensive income (loss)
139 583 (363)188 
Other comprehensive income (loss), after tax521 2,198 (2,467)708 
Comprehensive income (loss)1,431 2,057 (457)487 
Less: Comprehensive income (loss) attributable to noncontrolling interest
447 (79)447 (73)
Comprehensive income (loss) attributable to Voya Financial, Inc.
$984 $2,136 $(904)$560 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7
Voya Financial, Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
For the Three Months Ended June 30, 2021 (Unaudited)
(In millions)
Preferred StockCommon
Stock		Treasury
Stock		Additional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained Earnings (Deficit)Total
Voya
Financial, Inc.
Shareholders'
Equity		Noncontrolling
Interest		Total
Shareholders'
Equity
Unappropriated
Balance as of April 1, 2021
$— $2 $(1,301)$11,177 $1,910 $(3,857)$7,931 $1,068 $8,999 
Comprehensive income (loss):
Net income (loss)— — — — — 463 463 447 910 
Reversal of Other Comprehensive Income (Loss) due to Individual Life Transaction— — — — — — — — — 
Other comprehensive income (loss), after tax— — — — 521 — 521 — 521 
Total comprehensive income (loss)984 447 1,431 
Net consolidations (deconsolidations) of consolidated investment entities— — — — — — — 8 8 
Common stock issuance— — — — — — — — — 
Common stock acquired - Share repurchase— — (518)(30)— — (548)— (548)
Dividends on preferred stock— — — (4)— — (4)— (4)
Dividends on common stock— — — (20)— — (20)— (20)
Share-based compensation— — (1)20 — — 19 — 19 
Contributions from (Distributions to) noncontrolling interest, net— — — — — — — (110)(110)
Balance as of June 30, 2021$— $2 $(1,820)11,143 $2,431 $(3,394)$8,362 $1,413 $9,775 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
8
Voya Financial, Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
For the Six Months Ended June 30, 2021 (Unaudited)
(In millions)
Preferred StockCommon
Stock		Treasury
Stock		Additional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained Earnings (Deficit)Total
Voya
Financial, Inc.
Shareholders'
Equity		Noncontrolling
Interest		Total
Shareholders'
Equity
Unappropriated
Balance as of January 1, 2021$— $2 $(1,016)$11,183 $4,898 $(4,957)$10,110 $1,068 $11,178 
Comprehensive income (loss):
Net income (loss)— — — — — 1,563 1,563 447 2,010 
   Reversal of Other Comprehensive Income (Loss) due to Individual Life Transaction— — — — (913)— (913)— (913)
Other comprehensive income (loss), after tax— — — — (1,554)— (1,554)— (1,554)
Total comprehensive income (loss)(904)447 (457)
Net consolidations (deconsolidations) of consolidated investment entities— — — — — — — 8 8 
Common stock issuance— — — 2 — — 2 — 2 
Common stock acquired - Share repurchase— — (753)(50)— — (803)— (803)
Dividends on preferred stock— — — (18)— — (18)— (18)
Dividends on common stock— — — (40)— — (40)— (40)
Share-based compensation— — (51)66 — — 15 — 15 
Contributions from (Distributions to) noncontrolling interest, net— — — — — — — (110)(110)
Balance as of June 30, 2021$— $2 $(1,820)$11,143 $2,431 $(3,394)$8,362 $1,413 $9,775 












The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
9
Voya Financial, Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
For the Three Months Ended June 30, 2020 (Unaudited)
(In millions)
Preferred StockCommon
Stock		Treasury
Stock		Additional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained Earnings (Deficit)Total
Voya
Financial, Inc.
Shareholders'
Equity		Noncontrolling
Interest		Total
Shareholders'
Equity
Unappropriated
Balance as of April 1, 2020$— $2 $(882)$11,232 $1,841 $(4,837)$7,356 $838 $8,194 
Comprehensive income (loss):
Net income (loss)— — — — — (62)(62)(79)(141)
Other comprehensive income (loss), after tax— — — — 2,198 — 2,198 — 2,198 
Total comprehensive income (loss)2,136 (79)2,057 
Net consolidations (deconsolidations) of consolidated investment entities— — — — — — — (103)(103)
Dividends on preferred stock— — — (4)— — (4)— (4)
Dividends on common stock— — — (19)— — (19)— (19)
Share-based compensation— — (5)18 — — 13 — 13 
Contributions from (Distributions to) noncontrolling interest, net— — — — — — — 85 85 
Balance as of June 30, 2020$— $2 $(887)$11,227 $4,039 $(4,899)$9,482 $741 $10,223 


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
10
Voya Financial, Inc.
Condensed Consolidated Statements of Changes in Shareholders' Equity
For the Six Months Ended June 30, 2020 (Unaudited)
(In millions)
Preferred StockCommon
Stock		Treasury
Stock		Additional
Paid-In
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Retained Earnings (Deficit)Total
Voya
Financial, Inc.
Shareholders'
Equity		Noncontrolling
Interest		Total
Shareholders'
Equity
Unappropriated
Balance as of January 1, 2020$— $2 $(460)$11,184 $3,331 $(4,718)$9,339 $822 $10,161 
Adjustment for adoption of ASU 2016-13(33)(33)(33)
Comprehensive income (loss):
Net income (loss)— — — — — (148)(148)(73)(221)
Other comprehensive income (loss), after tax— — — — 708 — 708 — 708 
Total comprehensive income (loss)560 (73)487 
Net consolidations (deconsolidations) of consolidated investment entities— — — — — — — (103)(103)
Common stock issuance— — — 2 — — 2 — 2 
Common stock acquired - Share repurchase— — (406)40 — — (366)— (366)
Dividends on preferred stock— — — (18)— — (18)— (18)
Dividends on common stock— — — (39)— — (39)— (39)
Share-based compensation— — (21)58 — — 37 — 37 
Contributions from (Distributions to) noncontrolling interest, net— — — — — — — 95 95 
Balance as of June 30, 2020$— $2 $(887)$11,227 $4,039 $(4,899)$9,482 $741 $10,223 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
11
Voya Financial, Inc.
Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2021 and 2020 (Unaudited)
(In millions)
Six Months Ended June 30,
20212020
Cash Flows from Operating Activities:
Net cash used in operating activities - continuing operations$61 $781 
Net cash used in operating activities - discontinued operations(250)(349)
Net cash (used in) provided by operating activities(189)432 
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities
2,996 2,663 
Fixed maturities, trading— — 
Equity securities
193 5 
Mortgage loans on real estate356 288 
Limited partnerships/corporations549 123 
Acquisition of:
Fixed maturities(3,589)(3,055)
Fixed maturities, trading(45)— 
Equity securities(271)(2)
Mortgage loans on real estate(334)(313)
Limited partnerships/corporations(231)(187)
Short-term investments, net82 (5)
Derivatives, net12 104 
Sales from consolidated investment entities508 221 
Purchases within consolidated investment entities
(771)(567)
Proceeds from sale of business250 — 
Collateral (delivered) received, net16 (30)
Receipts on deposit asset contracts28 — 
Other, net508 27 
Net cash provided by (used in) investing activities - discontinued operations
594 (222)
Net cash provided by (used in) investing activities851 (950)
Cash Flows from Financing Activities:
Deposits received for investment contracts3,132 3,089 
Maturities and withdrawals from investment contracts(3,300)(2,928)
Settlements on deposit liability contracts(4)(4)
Repayment of debt with maturities of more than three months(85)— 
Borrowings of consolidated investment entities
398 331 
Repayments of borrowings of consolidated investment entities(97)(460)
Contributions from (distributions to) participants in consolidated investment entities, net
(143)682 
Proceeds from issuance of common stock, net2 2 
Share-based compensation(41)(15)
Common stock acquired - Share repurchase(392)(366)
Dividends paid on common stock(40)(39)
Dividends paid on preferred stock(18)(18)
Principal payments for financing leases(13)(10)
Net cash provided by (used in) financing activities - discontinued operations
— 305 
Net cash (used in) provided by financing activities(601)569 
Net increase in cash and cash equivalents61 51 
Cash and cash equivalents, beginning of period1,922 1,472 
Cash and cash equivalents, end of period1,983 1,523 
Less: Cash and cash equivalents of discontinued operations, end of period
218 413 
Cash and cash equivalents of continuing operations, end of period$1,765 $1,110 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
12

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)

1.    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, investment management services, mutual funds, group insurance and supplemental health products.

On January 4, 2021, the Company completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of Security Life of Denver Company ("SLD") and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. The Company will continue to hold an insignificant number of Individual Life, and non-Wealth Solutions annuities policies which together with the businesses sold through divestment or reinsurance will be referred to as "divested businesses".

Concurrently with the sale, SLD entered into reinsurance agreements with insurance subsidiaries of the Company. Pursuant to these agreements, the Company's subsidiaries reinsured to SLD certain individual life insurance and annuities businesses. The sale of SLD, SLDI and several of their subsidiaries along with the aforementioned reinsurance transactions are referred to herein as the "Individual Life Transaction". The Individual Life Transaction resulted in the disposition of substantially all of the Company's life insurance and legacy non-Wealth Solutions annuity businesses and related assets.

On March 15, 2021, the Company announced several updates to our operating model and leadership team. In conjunction with those updates, the Retirement and Employee Benefits segments were renamed to Wealth Solutions and Health Solutions, respectively. The Company will continue to provide its principal products and services through three segments: Wealth Solutions, Investment Management and Health Solutions. In addition, the Company includes in Corporate activities that are not directly related to its segments and certain run-off activities that are not meaningful to the Company's business strategy. See the Segments Note to these Condensed Consolidated Financial Statements.

On June 9, 2021, the Company completed the sale of the independent financial planning channel of Voya Financial Advisors (“VFA”) to Cetera Financial Group, Inc. (“Cetera”), one of the nation's largest networks of independently managed broker-dealers. In connection with this transaction, the Company transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 600 field and phone-based financial professionals who support our Wealth Solutions business. In addition, the sale resulted in a gain, net of transaction costs of $279, before income taxes, which was recorded in Other revenue in the accompanying Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021.

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. 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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other voting interest entities ("VOEs") and variable interest entities ("VIEs") in which the Company has a controlling financial interest. Intercompany transactions and balances have been eliminated. See the Consolidated and Nonconsolidated Investment Entities Note to these Condensed Consolidated Financial Statements.

The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2021, its results of operations, comprehensive
13

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
income and changes in shareholders' equity for the three and six months ended June 30, 2021 and 2020, and its statements of cash flows for the six months ended June 30, 2021 and 2020, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

The December 31, 2020 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

Significant Accounting Policies

Investments

Fixed Maturities and Equity Securities: In the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Trading securities are valued at fair value with the changes in fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations, and interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations.

Adoption of New Pronouncements

The following table provides a description of the Company's adoption of new Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements.

StandardDescription of RequirementsEffective Date and Method of AdoptionEffect on the Financial Statements or Other Significant Matters
ASU 2019-12, Simplifying the Accounting for Income Taxes
This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following:
• The intraperiod tax allocation exception to the incremental approach,
• The tax basis step-up in goodwill obtained in a transaction that is not a business combination,
• Hybrid tax regimes,
• Ownership changes in investments - changes from a subsidiary to an equity method investment,
• Separate financial statements of entities not subject to tax,
• Interim-period accounting for enacted changes in tax law, and
• The year-to-date loss limitation in interim-period tax accounting.
January 1, 2021 on a
prospective basis, except for those provisions that
required retrospective or modified retrospective method.
Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows.

14

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Future Adoption of Accounting Pronouncements
The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted:

StandardDescription of RequirementsEffective date and transition provisionsEffect on the financial statements or other significant matters
ASU 2020-04, Reference Rate ReformThis standard, issued in March 2020, provides temporary optional expedients and exceptions
for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.

In January, 2021, the FASB issued ASU
2021-01 which clarified the scope of relief
related to ASU 2020-04.		The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively
through December 31, 2022.		The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating the guidance, and therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined.
ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration ContractsThis standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and deferred acquisition costs ("DAC") for long-duration contracts issued by insurers.In November, 2020, the
FASB released ASU
2020-11, which deferred
the effective date of the
amendments in ASU
2018-12 for SEC filers to
fiscal years ending after
December 15, 2022,
including interim periods
within those fiscal years.
Initial adoption for the
liability for future policy
benefits and DAC is
required to be reported
using either a full
retrospective or modified
retrospective approach.
For market risk benefits,
full retrospective
application is required.		The implications of these
requirements, including
transition options, and
related potential financial
statement impacts are
currently being evaluated.
While it is not possible to
estimate the expected
impact of adoption at this
time, the Company believes
there is a reasonable
possibility that
implementation of ASU
2018-12 may result in a
significant impact on
Shareholders’ equity and
future earnings patterns.

2.    Discontinued Operations

As noted in the Business, Basis of Presentation and Significant Accounting Policies Note, on January 4, 2021, the Company sold several of its subsidiaries and the related Individual Life and fixed and variable annuities businesses within these subsidiaries to Resolution Life US pursuant to the Resolution MTA entered into on December 18, 2019.

The Individual Life Transaction

Sale of legal entities

Pursuant to the Company executing the Resolution MTA and the Individual Life Transaction, the Company sold five of its legal subsidiaries, SLD, SLDI, Roaring River II ("RRII"), Midwestern United Life Insurance Company ("MUL") and Voya American Equities, Inc. ("VAE") to Resolution Life US. Resolution Life US is an insurance holding company newly formed by Resolution Life Group Holdings, L.P., a Bermuda-based limited partnership (“RLGH”).

The purchase price received by the Company at the closing was based on estimated amounts and is subject to a post-close true-up mechanism pursuant to which the purchase price will be adjusted based on SLD's adjusted book value as of the closing date.
15

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
This true-up is expected to happen in the second half of 2021. In addition to cash consideration, proceeds include an approximately $225 interest in RLGH and certain other affiliates of Resolution Life US, and $123 principal amount in surplus notes issued by SLD. In connection with the closing, the Company agreed to defer receipt of $100 in cash proceeds for a period of up to 42 months, subject to an adjustment mechanism based on certain financial contingencies affecting SLD over that period. In addition, in connection with the unwind of certain guarantee obligations affecting portions of SLD's business, in lieu of $60 of cash proceeds, the Company has received approximately $60 in additional preferred equity interests in Resolution Life US affiliates.

Concurrent with the execution of the Resolution MTA, RLGH provided the Company with a limited guarantee to guarantee its financial obligations for an amount not to exceed $1.3 billion, subject to the terms and conditions in the Resolution MTA. The limited guarantee terminated upon closing of the Individual Life Transaction on January 4, 2021.

The Company has determined that the entities disposed of met the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on the Company’s operations. Accordingly, the results of operations of the entities sold have been presented as discontinued operations in the accompanying Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows, and the assets and liabilities of the businesses have been classified for 2020 as held for sale and segregated for all periods presented in the Condensed Consolidated Balance Sheets. A business classified as held for sale is recorded at the lower of its carrying value or estimated fair value less cost to sell. If the carrying value exceeds its estimated fair value less cost to sell, a loss is recognized.

The results of discontinued operations are reported in "Income (loss) from discontinued operations, net of tax" in the accompanying Condensed Consolidated Statements of Operations for all periods presented. As of December 31, 2020, the Company recorded an estimated loss on sale, net of tax of $1,466 to write down the carrying value of the businesses sold to estimated fair value, which was based on the estimated sales price of the Individual Life Transaction as of December 31, 2020, less cost to sell and other adjustments in accordance with the Resolution MTA. In addition, Income (loss) from discontinued operations, net of tax, for the six months ended June 30, 2021 includes an estimated reduction on the loss on sale, net of tax of $8. The estimated loss on sale, net of tax as of June 30, 2021 of $1,458 represents the excess of the estimated carrying value of the businesses sold over the estimated purchase price, which approximates fair value, less cost to sell. The estimated loss on sale is subject to a true-up mechanism that is expected to be completed in the second half of 2021 which may result in changes to the purchase price and may impact the final loss on sale related to the Individual Life Transaction which will result in changes to be recorded in the Company's Condensed Statement of Operations in future periods.

Furthermore, in connection with the close of the Individual Life Transaction, the Company reversed $913 of Additional other comprehensive income, net of tax that was previously recorded and related to the entities sold. As a result of the transaction, the Company incurred loss recognition of $523, which is inclusive $302 of DAC / VOBA write down and $221 of premium deficiency reserve. The DAC/VOBA write down and the premium deficiency reserve were recorded in Net amortization of DAC/VOBA and Policyholder benefits, respectively in the Condensed Consolidated Financial Statements for the six months ended June 30, 2021.















16

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the major categories of assets and liabilities classified as held for sale related to the Individual Life Transaction in the accompanying Condensed Consolidated Balance Sheets as of December 31, 2020:
December 31, 2020
Assets:
Investments:
Fixed maturities, at fair value$13,317 
Fixed maturities, at fair value using the fair value option
682 
Mortgage loans on real estate, net of valuation allowance1,242 
Policy loans999 
Derivatives443 
Other investments(1)
368 
Securities pledged
4 
Total investments17,055 
Cash and cash equivalents420 
Short-term investments under securities loan agreements, including collateral delivered2 
Premium receivable and reinsurance recoverable, net2,783 
Deferred policy acquisition costs and Value of business acquired289 
Current income taxes— 
Deferred income taxes(831)
Other assets(2)
826 
Assets held in separate accounts1,625 
Write-down of businesses held for sale to fair value less cost to sell(1,466)
Total assets held for sale$20,703 
Liabilities:
Future policy benefits and contract owner account balances$15,675 
Payables under securities loan and repurchase agreements, including collateral held300 
Derivatives117 
Notes payable219 
Other liabilities679 
Liabilities related to separate accounts1,625 
Total liabilities held for sale$18,615 
(1) Includes Other investments, Equity securities, Limited partnerships/corporations and Short-term investments.
(2) Includes Other assets and Accrued investment income.
17

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction (closed on January 4, 2021) for the six months ended June 30, 2021 and 2020:
Six Months Ended June 30,
20212020
Revenues:
Net investment income$— $304 
Fee income— 352 
Premiums— 15 
Total net realized capital gains (losses)
— 17 
Other revenue— (9)
Total revenues— 679 
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders
— 553 
Operating expenses— 68 
 Net amortization of Deferred policy acquisition costs and Value of business acquired— 30 
Interest expense— 4 
Total benefits and expenses— 655 
Income (loss) from discontinued operations before income taxes — 24 
Income tax expense (benefit)— 5 
 Adjustment to loss on sale, net of tax8 (242)
Income (loss) from discontinued operations, net of tax$8 $(223)

Reinsurance

Concurrently with the sale of the Company's Individual Life business, the Company's wholly owned subsidiaries Reliastar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York ("RLNY"), and Voya Retirement Insurance and Annuity Company ("VRIAC"), each of which is a direct or indirect wholly owned subsidiary of the Company entered into three reinsurance agreements with SLD. Pursuant to these agreements, RLI and VRIAC ceded to SLD a 100% quota share, and RLNY ceded to SLD a 75% quota share, of their respective individual life insurance and annuities businesses. The reinsurance obligation with counterparty SLD are secured by collateralized assets held in a trust. Additionally, RLI entered into a reinsurance agreement, on a coinsurance basis with funds withheld, with a subsidiary of Resolution Life. RLI, RLNY, and VRIAC continue to be subsidiaries of the Company. The reinsurance transaction does not extinguish the Company’s primary liability to its policyholders. As a result of the reinsurance transactions on January 4, 2021, the Company reinsured $11.4 billion of policyholder liabilities under indemnity coinsurance and modified coinsurance arrangements. As of January 4, 2021, reinsurance recoverable associated with these transactions was $10.4 billion. The Company ceded $5.6 billion in premiums and $5.5 billion in policyholder benefits. The Company transferred invested assets with a fair market value of $10.8 billion and cash of $427 as consideration for the reinsurance arrangements. As a result of the transfer of invested assets the Company recognized $1.9 billion in pre-tax realized gains. The Company also recognized non-cash assets of $345 and $1.7 billion relating to the pre-tax net cost of reinsurance asset and deposit asset on January 4, 2021, as a result of entering into the reinsurance agreements.

Furthermore, at the close of the Individual Life Transaction on January 4, 2021, we have $1.3 billion of pre-tax deferred intangibles associated with the divested businesses. The deferred intangibles consist of (1) existing DAC, VOBA and URR balances on businesses already exited via reinsurance and for the portion of the transaction that involves a sale through reinsurance, (2) existing deferred Cost of reinsurance (“COR”) on businesses already exited via reinsurance and (3) deferred COR established as a result of the Individual Life Transaction. The deferred intangibles are amortized as a charge to earnings over the life of the underlying policies. Additionally, for the portion of the reinsurance transactions that involve policies that do not meet risk transfer, a deposit asset was established in the amount of $1.7 billion on a pre-tax basis. This relates to liabilities related to Contract owner account balances that currently exist for the related underlying policies. The quarterly pre-tax impact
18

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
of the amortization of the deferred intangibles was $26 and the amortization of the deposit asset is largely offset by the interest credited to policyholders. The amortization of the deferred intangibles and the deposit asset has been classified as a component of Income (loss) related to businesses exited or to be exited via reinsurance which is an adjustment to Income (loss) from continuing operations before income taxes to calculate Adjusted operating earnings before taxes and consequently are not included in the adjusted operating results of our segments. Additionally, we would expect the annual impact of the amortization of the deferred intangibles and deposit asset to decline over time.

The reinsurance agreements along with the sale of the legal entities noted above resulted in the disposition of substantially all of the Company's life insurance and legacy non-wealth solutions annuity businesses. The revenues and net results of the Individual Life and Annuities businesses that were disposed of via reinsurance are reported in businesses exited or to be exited through reinsurance or divestment which is an adjustment to the Company's U.S. GAAP revenues and earnings measures to calculate Adjusted operating revenues and Adjusted operating earnings before income taxes, respectively.

Information regarding the effect of all reinsurance on the Consolidated Balance Sheets is as follows as of the period indicated:
June 30, 2021
DirectAssumedCededTotal,
Net of
Reinsurance
Assets
Premiums receivable$150 $10 $(220)$(60)
Reinsurance recoverable, net of allowance for credit losses— — 13,550 13,550 
Total$150 $10 $13,330 $13,490 
Liabilities
Future policy benefits and contract owner account balances$51,656 $942 $(13,550)$39,048 
Liability for funds withheld under reinsurance agreements245 — — 245 
Total$51,901 $942 $(13,550)$39,293 

Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the period indicated:
Six months ended June 30,
2021
Premiums:
Direct premiums$1,532 
Reinsurance assumed14 
Reinsurance ceded(6,017)
Net premiums$(4,471)
Fee income:
Gross fee income$894 
Reinsurance ceded— 
Net fee income$894 
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders
$3,002 
Reinsurance assumed51 
Reinsurance ceded(1)
(6,557)
Net interest credited and other benefits to contract owners / policyholders
$(3,504)
(1) Includes $5,845 amounts paid to reinsurers in connection with the Company's UL contracts for the six months ended June 30, 2021.
19

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
3.    Investments (excluding Consolidated Investment Entities)

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2021:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Fair ValueAllowance for credit losses
Fixed maturities:
U.S. Treasuries
$754 $244 $— $— $998 $— 
U.S. Government agencies and authorities
62 13 — — 75 — 
State, municipalities and political subdivisions915 116 — — 1,031 — 
U.S. corporate public securities
10,416 1,760 27 — 12,149 — 
U.S. corporate private securities4,828 535 25 — 5,338 — 
Foreign corporate public securities and foreign governments(1)
3,296 430 12 — 3,714 — 
Foreign corporate private securities(1)
3,456 323 25 — 3,739 15 
Residential mortgage-backed securities4,499 182 20 15 4,675 1 
Commercial mortgage-backed securities3,666 228 15 — 3,879 — 
Other asset-backed securities2,011 38 6 — 2,041 2 
Total fixed maturities, including securities pledged33,903 3,869 130 15 37,639 18 
Less: Securities pledged969 125 — — 1,094 — 
Total fixed maturities$32,934 $3,744 $130 $15 $36,545 $18 
(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 Condensed Consolidated Statements of Operations.



20

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2020:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Fair ValueAllowance for credit losses
Fixed maturities:
U.S. Treasuries$1,033 $438 $— $— $1,471 $— 
U.S. Government agencies and authorities74 28 — — 102 — 
State, municipalities and political subdivisions1,166 180 — — 1,346 — 
U.S. corporate public securities13,366 3,028 7 — 16,387 — 
U.S. corporate private securities5,653 828 35 — 6,446 — 
Foreign corporate public securities and foreign governments(1)
4,023 714 1 — 4,736 — 
Foreign corporate private securities(1)
4,220 470 29 — 4,646 15 
Residential mortgage-backed securities5,370 255 17 20 5,626 2 
Commercial mortgage-backed securities3,882 290 40 — 4,131 1 
Other asset-backed securities2,110 46 10 — 2,138 8 
Total fixed maturities, including securities pledged40,897 6,277 139 20 47,029 26 
Less: Securities pledged355 95 1 — 449 — 
Total fixed maturities$40,542 $6,182 $138 $20 $46,580 $26 
(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 Condensed Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2021, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("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$600 $609 
After one year through five years4,422 4,735 
After five years through ten years5,930 6,590 
After ten years12,775 15,110 
Mortgage-backed securities8,165 8,554 
Other asset-backed securities2,011 2,041 
Fixed maturities, including securities pledged$33,903 $37,639 

As of June 30, 2021 and December 31, 2020, the Company did not 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 Total shareholders' equity.

21

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following tables present 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
June 30, 2021
Communications$1,241 $259 $1 $1,499 
Financial3,594 463 10 4,047 
Industrial and other companies9,652 1,228 28 10,852 
Energy 1,944 350 19 2,275 
Utilities3,884 580 6 4,458 
Transportation1,171 111 23 1,259 
Total$21,486 $2,991 $87 $24,390 
December 31, 2020
Communications$1,629 $425 $1 $2,053 
Financial4,419 811 3 5,227 
Industrial and other companies11,670 2,088 15 13,743 
Energy2,594 474 28 3,040 
Utilities4,963 944 1 5,906 
Transportation1,331 196 23 1,504 
Total$26,606 $4,938 $71 $31,473 

The Company invests in various categories of collateralized mortgage obligations (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 June 30, 2021 and December 31, 2020, approximately 42.2% and 44.5%, 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 June 30, 2021 and December 31, 2020, the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements. As of June 30, 2021, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions were $88 and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. As of December 31, 2020, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions were $82. Securities pledged related to repurchase agreements are comprised of other asset-backed securities.




22

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Securities Pledged

The Company engages in securities lending whereby the initial collateral is required at a rate of 103% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality 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. As of June 30, 2021 and December 31, 2020, the fair value of loaned securities was $785 and $197, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets.

If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of June 30, 2021 and December 31, 2020, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $766 and $106, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, liabilities to return collateral of $766 and $106, respectively, are included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company accepts 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 on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of June 30, 2021 and December 31, 2020, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $45 and $96, respectively.

The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated:
June 30, 2021December 31, 2020
U.S. Treasuries$49 $90 
U.S. Government agencies and authorities— 3 
U.S. corporate public securities423 76 
Equity Securities1 — 
Common Stock59 — 
Foreign corporate public securities and foreign governments279 33 
Payables under securities loan agreements$811 $202 

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. The program size was temporarily reduced during 2020 as part of COVID risk reduction measurers. However, with financial market conditions now recovered and orderly, our securities lending program is returning to prior levels and remains within our internal risk limits.














23

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
Six Months Ended June 30, 2021
Residential mortgage-backed securitiesCommercial mortgage-backed securitiesForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$2 $1 $15 $8 $26 
   Credit losses on securities for which credit losses were not previously recorded
— — — 1 1 
   Initial allowance for credit losses recognized on financial assets accounted for as PCD
— — — — — 
   Reductions for securities sold during the period
— — — — — 
   Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost
— — — — — 
   Increase (decrease) on securities with allowance recorded in previous period
(1)(1)— (7)(9)
   Write-offs— — — — — 
   Recoveries of amounts previously written-off— — — — — 
Balance as of June 30$1 $— $15 $2 $18 

Year Ended December 31, 2020
Residential mortgage-backed securitiesCommercial mortgage-backed securitiesForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$— $— $— $— $— 
Credit losses on securities for which credit losses were not previously recorded2 1 15 8 26 
Initial allowance for credit losses recognized on financial assets accounted for as PCD— — — — — 
Reductions for securities sold during the period— — — — — 
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost— — — — — 
Increase (decrease) on securities with allowance recorded in previous period— — — — — 
Write-offs— — — — — 
Recoveries of amounts previously written-off— — — — — 
Balance as of December 31$2 $1 $15 $8 $26 





24

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Unrealized Capital Losses

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of June 30, 2021:

Twelve Months or Less
Below Amortized Cost		More Than Twelve
Months Below
Amortized Cost		Total
Fair ValueUnrealized Capital LossesNumber of securitiesFair ValueUnrealized Capital LossesNumber of securitiesFair ValueUnrealized Capital LossesNumber of securities
U.S. Treasuries$23 $— 6 $— $— — $23 $— 6 
State, municipalities and political subdivisions21 — 4 — — — 21 — 4 
U.S. corporate public securities1,054 25 313 23 2 2 1,077 27 315 
U.S. corporate private securities270 6 20 92 19 6 362 25 26 
Foreign corporate public securities and foreign governments302 10 65 9 2 3 311 12 68 
Foreign corporate private securities144 25 11 25 — 3 169 25 14 
Residential mortgage-backed372 10 170 280 10 95 652 20 265 
Commercial mortgage-backed 191 3 41 294 12 40 485 15 81 
Other asset-backed244 2 63 135 4 62 379 6 125 
Total$2,621 $81 693 $858 $49 211 $3,479 $130 904 

The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are interest rate related.

25

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2020:
Twelve Months or Less
Below Amortized Cost		More Than Twelve
Months Below
Amortized Cost		Total
Fair ValueUnrealized Capital LossesNumber of securitiesFair ValueUnrealized Capital LossesNumber of securitiesFair ValueUnrealized Capital LossesNumber of securities
U.S. Treasuries$12 $— 2 $— $— — $12 $— 2
State, municipalities and political subdivisions7 — 2 — — — 7 — 2
U.S. corporate public securities241 5 163 23 2 4 264 7 167
U.S. corporate private securities419 12 30 112 23 8 531 35 38
Foreign corporate public securities and foreign governments45 — 19 9 1 2 54 1 21
Foreign corporate private securities238 29 19 6 — 1 244 29 20
Residential mortgage-backed658 12 150 147 5 75 805 17 225
Commercial mortgage-backed844 39 127 36 1 7 880 40 134
Other asset-backed261 2 61 376 8 110 637 10 171
Total$2,725 $99 573 $709 $40 207 $3,434 $139 780

Based on the Company's quarterly evaluation of its securities in a unrealized loss position, described below, the Company concluded that these securities were not impaired as of June 30, 2021. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.
Gross unrealized capital losses on fixed maturities, including securities pledged, decreased $9 from $139 to $130 for the six months ended June 30, 2021. The decrease in gross unrealized capital losses was primarily due to non-credit related market factors.

At June 30, 2021, $8 of the total $130 of gross unrealized losses were from 8 available-for-sale fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for 12 months or greater.

Evaluating Securities for Impairments

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired.
26

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)

The following table identifies the Company's impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
Three Months Ended June 30,
20212020
ImpairmentNo. of
Securities		ImpairmentNo. of
Securities
State, municipalities and political subdivisions$— — $— *11 
U.S. corporate public securities— — 11 67 
U.S. corporate private securities— — — *6 
Foreign corporate public securities and foreign governments(1)
— — 4 35 
Foreign corporate private securities(1)
— — 6 12 
Residential mortgage-backed— *4 4 41 
Commercial mortgage-backed— — 24 116 
Other asset-backed — — 1 74 
Total$— *4 $50 362 
Credit Impairments$— $— 
Intent Impairments$— $50 
(1) Primarily U.S. dollar denominated.
*Less than $1
Six Months Ended June 30,
20212020
ImpairmentNo. of
Securities		ImpairmentNo. of
Securities
State, municipalities and political subdivisions$— — $— *11 
U.S. corporate public securities— — 30 69 
U.S. corporate private securities— — — *6 
Foreign corporate public securities and foreign governments(1)
— — 4 35 
Foreign corporate private securities(1)
— — 6 12 
Residential mortgage-backed— *10 5 47 
Commercial mortgage-backed— *1 24 117 
Other asset-backed— — 1 74 
Total$— *11 $70 371 
Credit Impairments$— $— 
Intent Impairments$— $70 
(1) Primarily U.S. dollar denominated.
*Less than $1

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

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
27

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
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 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 three months ended June 30, 2021, the Company did not have any commercial mortgage loan troubled debt restructuring. For the six months ended June 30, 2021 the Company had one new commercial mortgage loan troubled debt restructuring with a pre and post modification carrying value of $5. For the three and six months ended June 30, 2021, the Company did not have any new private placement troubled debt restructuring. For the three and six months ended June 30, 2020, the Company did not have any new commercial mortgage loan or new private placement troubled debt restructuring.

For the three and six months ended June 30, 2021 and June 30, 2020, the Company did not 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 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 performance, 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.

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 a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.

28

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 2021
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2021$63 $173 $86 $— $— $322 
2020176 237 69 — — 482 
2019243 215 83 — — 541 
2018157 73 47 — — 277 
2017679 236 4 — — 919 
2016460 258 2 — — 720 
2015 and prior1,908 421 22 — — 2,351 
Total$3,686 $1,613 $313 $— $— $5,612 

As of December 31, 2020
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2020$202 $251 $39 $— $— $492 
2019327 230 125 — — 682 
2018211 158 73 — — 442 
2017645 427 5 — — 1,077 
2016627 313 2 — — 942 
2015 and prior2,525 648 22 — — 3,195 
Total$4,537 $2,027 $266 $— $— $6,830 

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 2021
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Commercial mortgage loans secured by land or construction loansTotal
2021$316 $6 $— $— $— $322 
2020398 67 17 — — 482 
2019366 78 39 58 — 541 
2018111 63 35 68 — 277 
2017504 96 48 271 — 919 
2016602 44 26 48 — 720 
2015 and prior2,001 208 93 49 — 2,351 
Total$4,298 $562 $258 $494 $— $5,612 
29

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)

As of December 31, 2020
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Commercial mortgage loans secured by land or construction loansTotal
2020$356 $116 $20 $— $— $492 
2019455 108 51 68 — 682 
2018205 90 92 55 — 442 
2017630 243 133 71 — 1,077 
2016841 58 40 3 — 942 
2015 and prior2,714 283 121 77 — 3,195 
Total$5,201 $898 $457 $274 $— $6,830 

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 2021
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2021$67 $22 $28 $39 $74 $52 $— $19 $21 $322 
202099 187 40 39 38 39 2 14 24 482 
201962 147 14 151 48 56 15 14 34 541 
201866 95 60 17 21 12 — 6 — 277 
2017130 95 378 141 76 56 6 37 — 919 
2016185 141 170 42 59 89 10 18 6 720 
2015 and prior605 521 429 169 207 191 62 131 36 2,351 
Total$1,214 $1,208 $1,119 $598 $523 $495 $95 $239 $121 $5,612 

As of December 31, 2020
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2020$107 $187 $41 $39 $38 $39 $2 $15 $24 $492 
201998 194 21 169 69 61 18 13 39 682 
2018105 141 70 37 59 15 — 15 — 442 
2017172 125 417 155 102 62 6 38 — 1,077 
2016274 174 185 46 103 114 13 27 6 942 
2015 and prior890 684 521 237 299 290 70 160 44 3,195 
Total$1,646 $1,505 $1,255 $683 $670 $581 $109 $268 $113 $6,830 

30

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of June 30, 2021 and December 31, 2020, respectively.

As of June 30, 2021
Property Type
Year of OriginationRetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2021$7 $33 $191 $91 $— $— $— $322 
202059 90 166 167 — — — 482 
201946 98 288 82 27 — — 541 
201844 91 103 16 4 — 19 277 
2017111 451 197 157 3 — — 919 
2016129 248 170 156 8 4 5 720 
2015 and prior889 331 462 316 95 51 207 2,351 
Total$1,285 $1,342 $1,577 $985 $137 $55 $231 $5,612 
As of December 31, 2020
Property Type
Year of OriginationRetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2020$59 $94 $165 $174 $— $— $— $492 
201955 111 384 95 37 — — 682 
201877 109 191 25 5 35 — 442 
2017138 505 252 178 4 — — 1,077 
2016175 301 255 187 10 9 5 942 
2015 and prior1,276 484 570 426 117 268 54 3,195 
Total$1,780 $1,604 $1,817 $1,085 $173 $312 $59 $6,830 

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
June 30, 2021December 31, 2020
Allowance for credit losses, beginning of period$89 $16 
(1)
Credit losses on mortgage loans for which credit losses were not previously recorded1 7 
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution(14)— 
Increase (decrease) on mortgage loans with allowance recorded in previous period(43)69 
Provision for expected credit losses33 92 
Write-offs— (3)
Recoveries of amounts previously written-off— — 
Allowance for credit losses, end of period$33 $89 
(1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $15.

To provide temporary financial assistance to our commercial mortgage loans borrowers adversely affected by COVID-19 related stress, the Company has provided payment forbearance to approximately 8% of the outstanding principal amount of our commercial mortgage loans. Deferred payment amounts are expected to be repaid across the 12 months following the end of
31

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
the agreed upon forbearance period. No modifications to any commercial mortgage loans have been made as of the issuance date of this filing.

The following table presents past due commercial mortgage loans as of the dates indicated:
June 30, 2021December 31, 2020
Delinquency:
Current$5,612 $6,825 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due— 5 
Total$5,612 $6,830 

Commercial mortgage 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. As of June 30, 2021, the company had no commercial mortgage loan in non-accrual status. As of December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the six months ended June 30, 2021 and year ended December 31, 2020.

As of June 30, 2021 and December 31, 2020, the Company had no commercial mortgage loans that were over 90 days or more past due but are not on non-accrual status. The Company had no commercial mortgage loans on non-accrual status for which there is no related allowance for credit losses as of June 30, 2021 and December 31, 2020.

Fixed Maturities, Trading

The Company invests in corporate private debt securities which are recognized at fair value within the Condensed Consolidated Balance Sheets with changes in value recognized in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three months and six months ended June 30, 2021 and 2020, there were no gains (losses) and no interest income.

Net Investment Income

The following table summarizes Net investment income for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Fixed maturities$497 $596 $1,012 $1,167 
Equity securities6 3 11 6 
Mortgage loans on real estate64 73 125 147 
Policy loans5 12 11 23 
Short-term investments and cash equivalents4 1 5 3 
Other97 (83)240 (28)
Gross investment income673 602 1,404 1,318 
Less: investment expenses17 16 34 34 
Net investment income$656 $586 $1,370 $1,284 

As of June 30, 2021 and December 31, 2020, the Company had $1 and $2, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

32

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations.

Net Realized Capital Gains (Losses)

Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net realized capital gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology.

Net realized capital gains (losses) were as follows for the periods indicated:
Three Months Ended June 30,
20212020
Fixed maturities, available-for-sale, including securities pledged$15 $(16)
Fixed maturities, at fair value option(129)14 
Equity securities, at fair value5 14 
Derivatives(39)(3)
Embedded derivatives - fixed maturities— (1)
Guaranteed benefit derivatives(9)45 
Mortgage Loans25 (53)
Other investments95 (1)
Net realized capital gains (losses)$(37)$(1)
Six Months Ended June 30,
20212020
Fixed maturities, available-for-sale, including securities pledged$1,783 $(52)
Fixed maturities, at fair value option(377)47 
Equity securities, at fair value11 4 
Derivatives(16)(33)
Embedded derivatives - fixed maturities(5)7 
Guaranteed benefit derivatives48 (148)
Mortgage Loans163 (58)
Other investments98 (1)
Net realized capital gains (losses)$1,705 $(234)

33

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.

Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Proceeds on sales$608 $898 $10,213 $1,365 
Gross gains14 79 1,711 90 
Gross losses— 49 2 69 

4.    Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

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.

Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional 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 utilized these contracts in non-qualifying hedging relationships.

Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may correlate to 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 may also use futures contracts as a hedge against an increase in certain equity indices.

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.

34

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
June 30, 2021December 31, 2020
Notional
Amount		Asset
Fair
Value		Liability
Fair
Value		Notional
Amount		Asset
Fair
Value		Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges:
Foreign exchange contracts$73 $1 $— $— $— $— 
Cash flow hedges:
Interest rate contracts
22 — — 22 — — 
Foreign exchange contracts
683 5 32 756 4 43 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts
18,006 134 255 19,837 195 328 
Foreign exchange contracts155 2 3 122 — 3 
Equity contracts286 13 2 412 16 12 
Credit contracts143 1 1 223 — 1 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments— 15 — N/A20 — 
Within products
— — 44 N/A— 95 
Within reinsurance agreements— — 237 N/A— 163 
Managed custody guarantees— — 1 N/A— 4 
Total$171 $575 $235 $649 
(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
N/A - Not applicable

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 June 30, 2021 and December 31, 2020. 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.

35

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
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 are presented in the tables below as of the dates indicated:
June 30, 2021
Notional AmountAsset Fair ValueLiability Fair Value
Credit contracts$143 $1 $1 
Equity contracts232 13 2 
Foreign exchange contracts911 8 35 
Interest rate contracts15,025 134 255 
156 293 
Counterparty netting(1)
(137)(137)
Cash collateral netting(1)
(14)(132)
Securities collateral netting(1)
— (21)
Net receivables/payables$5 $3 
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
December 31, 2020
Notional AmountAsset Fair ValueLiability Fair Value
Credit contracts$223 $— $1 
Equity contracts306 16 12 
Foreign exchange contracts878 4 46 
Interest rate contracts17,331 195 328 
215 387 
Counterparty netting(1)
(207)(207)
Cash collateral netting(1)
(2)(140)
Securities collateral netting(1)
— (35)
Net receivables/payables$6 $5 
(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 and repurchase agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed 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 Condensed Consolidated Balance Sheets.

As of June 30, 2021, the Company held $15 and pledged $132 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2020, the Company held $5 and $140 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of June 30, 2021, the Company delivered $221 of securities and held no securities as collateral. As of December 31, 2020, the Company delivered $170 of securities and held no securities as collateral.

36

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the period indicated:
Three Months Ended June 30,
20212020
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment incomeNet investment income and Other net realized capital gains/(losses)Net investment incomeNet investment income and Other net realized capital gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income$— $6 $— $(19)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income— 2 — 3 
Six Months Ended June 30,
20212020
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment incomeNet investment income and Other net realized capital gains/(losses)Net investment incomeNet investment income and Other net realized capital gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income$(1)$12 $2 $73 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income— (1)— 6 

37

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the period indicated:
Three Months Ended June 30,
20212020
Net investment incomeOther net realized capital gains/(losses)Net investment incomeOther net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded$656 $(37)$586 $49 
Derivatives: Qualifying for hedge accounting
Fair value hedges:
Foreign exchange contracts:
Hedged items— (1)— — 
Derivatives designated as hedging instruments(1)
— 1 — — 
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income2 — 3 — 
Six Months Ended June 30,
20212020
Net investment incomeOther net realized capital gains/(losses)Net investment incomeOther net realized capital gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded$1,370 $1,705 $1,284 $(164)
Derivatives: Qualifying for hedge accounting
Fair value hedges:
Foreign exchange contracts:
Hedged items— (1)— — 
Derivatives designated as hedging instruments(1)
— 1 — — 
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
4 (5)6 — 
(1) An immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings.
38

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated:
Location of Gain or (Loss) Recognized in Income on DerivativeThree Months Ended June 30,
20212020
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsOther net realized capital gains (losses)$(48)$4 
Foreign exchange contractsOther net realized capital gains (losses)(2)(1)
Equity contractsOther net realized capital gains (losses)9 (9)
Credit contractsOther net realized capital gains (losses)1 2 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investmentsOther net realized capital gains (losses)— (1)
Within productsOther net realized capital gains (losses)(4)36 
Within reinsurance agreements(1)
Policyholder benefits(29)(125)
Managed custody guaranteesOther net realized capital gains (losses)— 9 
Total$(73)$(85)
Location of Gain or (Loss) Recognized in Income on DerivativeSix Months Ended June 30,
20212020
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsOther net realized capital gains (losses)$(23)$(33)
Foreign exchange contractsOther net realized capital gains (losses)(2)6 
Equity contractsOther net realized capital gains (losses)12 (9)
Credit contractsOther net realized capital gains (losses)1 4 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investmentsOther net realized capital gains (losses)(5)7 
Within productsOther net realized capital gains (losses)31 (131)
Within reinsurance agreements(1)
Policyholder benefits23 (60)
Managed custody guaranteesOther net realized capital gains (losses)4 (17)
Total$41 $(233)
(1)Excludes gains (losses) from standalone derivatives of $3 and $4 for the three and six months ended June 30, 2021, respectively, that are recognized in Other net realized capital gains (losses).
39

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
5.    Fair Value Measurements (excluding Consolidated Investment Entities)

Fair Value Measurement

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2021:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries
$749 $249 $— $998 
U.S. Government agencies and authorities
— 75 — 75 
State, municipalities and political subdivisions
— 1,031 — 1,031 
U.S. corporate public securities— 12,126 23 12,149 
U.S. corporate private securities— 3,327 2,011 5,338 
Foreign corporate public securities and foreign governments(1)
— 3,704 10 3,714 
Foreign corporate private securities(1)
— 3,387 352 3,739 
Residential mortgage-backed securities— 4,629 46 4,675 
Commercial mortgage-backed securities— 3,877 2 3,879 
Other asset-backed securities— 1,963 78 2,041 
Total fixed maturities, including securities pledged
749 34,368 2,522 37,639 
Fixed maturities, trading
— — 45 45 
Equity securities
105 — 249 354 
Derivatives:
Interest rate contracts6 128 — 134 
Foreign exchange contracts— 8 — 8 
Equity contracts— 13 — 13 
Credit contracts— 1 — 1 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
2,823 165 — 2,988 
Assets held in separate accounts91,269 5,536 293 97,098 
Total assets$94,952 $40,219 $3,109 $138,280 
Percentage of Level to total69 %29 %2 %100 %
Liabilities:
Derivatives:
Guaranteed benefit derivatives(2)
— — 54 54 
Other derivatives:
Interest rate contracts— 255 — 255 
Foreign exchange contracts— 35 — 35 
Equity contracts— 2 — 2 
Credit contracts— 1 — 1 
Embedded derivative on reinsurance— 152 85 237 
Total liabilities$— $445 $139 $584 
(1) Primarily U.S. dollar denominated.
(2)Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.

40

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
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, 2020:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries$1,134 $337 $— $1,471 
U.S. Government agencies and authorities— 102 — 102 
State, municipalities and political subdivisions— 1,346 — 1,346 
U.S. corporate public securities— 16,294 93 16,387 
U.S. corporate private securities— 4,546 1,900 6,446 
Foreign corporate public securities and foreign governments(1)
— 4,736 — 4,736 
Foreign corporate private securities(1)
— 4,189 457 4,646 
Residential mortgage-backed securities— 5,583 43 5,626 
Commercial mortgage-backed securities— 4,131 — 4,131 
Other asset-backed securities— 2,077 61 2,138 
Total fixed maturities, including securities pledged1,134 43,341 2,554 47,029 
Equity securities
70 — 172 242 
Derivatives:
Interest rate contracts7 140 48 195 
Foreign exchange contracts— 4 — 4 
Equity contracts— 15 1 16 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,903 109 — 2,012 
Assets held in separate accounts84,329 6,001 222 90,552 
Total assets$87,443 $49,610 $2,997 $140,050 
Percentage of Level to total63 %35 %2 %100 %
Liabilities:
Derivatives:
Guaranteed benefit derivatives(2)
— — 99 99 
Other derivatives:
Interest rate contracts— 280 48 328 
Foreign exchange contracts— 46 — 46 
Equity contracts— 12 — 12 
Credit contracts— 1 — 1 
Embedded derivative on reinsurance— 163 — 163 
Total liabilities$— $502 $147 $649 
(1)Primarily U.S. dollar denominated.
(2)Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.
41

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
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 approaches 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.

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

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.
42

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
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.

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: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

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. The Company also has certain credit default swaps and options that are priced by third party vendors or by 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 are valued based on market observable inputs and are classified as Level 2.

Guaranteed benefit derivatives: The Company records reserves for annuity contracts containing GMWBL and GMWB 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 GMWBL, GMWB, 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
43

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
rated peer holding company credit spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

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. The remaining derivative instruments are classified as Level 3 and are estimated using the income approach. The fair value is calculated by estimating future cash flows for a certain discrete projection period, estimating the terminal value, if appropriate, and discounting these amounts to present value at a rate of return that considers the relative risk of the cash flows and the time value of money.

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.

44

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
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:
Three Months Ended June 30, 2021
Fair Value as of April 1Total
Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales
Settlements		Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$60 $— $1 $— $— $— $(1)$— $(37)$23 $— $5 
U.S. corporate private securities1,584 1 40 23 — — (93)504 (48)2,011 — (2)
Foreign corporate public securities and foreign governments(1)
7 — — 10 — — — — (7)10 — — 
Foreign corporate private securities(1)
380 1 8 1 — (34)(4)— — 352 1 5 
Residential mortgage-backed securities47 (4)— 12 — — — 3 (12)46 (4)— 
Commercial mortgage-backed
securities		— — — 2 — — — — — 2 — — 
Other asset-backed securities69 — — 15 — — (7)1 — 78 — — 
Total fixed maturities, including securities pledged2,147 (2)49 63 — (34)(105)508 (104)2,522 (3)8 
Fixed maturities, trading, at fair value
— — — 45 — — — — — 45 — — 
Equity securities, at fair value
257 3 — — — (11)— — — 249 3 — 
Derivatives:
Guaranteed benefit derivatives(2)(5)
(41)(19)— — — — 1 — — (59)— — 
Other derivatives, net— — — — — — — — — — — — 
Embedded derivatives on reinsurance(88)3 — — — — — — — (85)— — 
Assets held in separate accounts(4)
237 2 — 71 — — — — (17)293 — — 
(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 Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) 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.
(5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.
45

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Six Months Ended June 30, 2021
Fair Value as of January 1Total
 Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$93 $1 $— $— $— $(25)$(1)$— $(45)$23 $— $— 
U.S. corporate private securities1,900 51 (96)77 — (328)(137)621 (77)2,011 (1)(96)
Foreign corporate public securities and foreign governments(1)
— — — 10 — — — — — 10 — — 
Foreign corporate private securities(1)
457 9 (2)1 — (81)(32)— — 352 2 (5)
Residential mortgage-backed securities43 (7)— 15 — (7)— 2 — 46 (7)— 
Commercial mortgage-backed securities— — — 1 — (1)(4)6 — 2 — — 
Other asset-backed securities61 — (2)22 — (4)(22)23 — 78 — (2)
Total fixed maturities, including securities pledged2,554 54 (100)126 — (446)(196)652 (122)2,522 (6)(103)
Fixed maturities, trading, at fair value
— — — 45 — — — — — 45 — — 
Equity securities, at fair value
172 13 — 225 — (152)(9)— — 249 (2)— 
Derivatives:
Guaranteed benefit derivatives:
Guaranteed benefit derivatives (2)(5)
(99)38 — — — — 2 — — (59)— — 
Other derivatives, net1 — — — — — (1)— — — (1)— 
Embedded derivatives on reinsurance— 4 — — (89)— — — — (85)— — 
Assets held in separate accounts(4)
222 3 — 104 — (1)— — (35)293 — — 
(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 Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) 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.
(5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs.
46

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Three Months Ended June 30, 2020
Fair Value as of April 1Total
 Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$66 $— $(2)$— $— $— $— $43 $— $107 $— $(2)
U.S. corporate private securities1,291 1 83 25 — (13)(49)92 (40)1,390 1 83 
Foreign corporate public securities and foreign governments(1)
4 — — — — — — — (4)— — — 
Foreign corporate private securities(1)
277 (4)32 — — (2)(4)6 — 305 (4)32 
Residential mortgage-backed securities30 — — 24 — — — — (16)38 — — 
Other asset-backed securities87 (8)1 20 — — (1)— — 99 (8)1 
Total fixed maturities, including securities pledged1,755 (11)114 69 — (15)(54)141 (60)1,939 (11)114 
Equity securities, at fair value
119 14 — 30 — — (2)— — 161 14 — 
Derivatives:
Guaranteed benefit derivatives (2)(5)
(253)45 — — (2)— — — — (210)— — 
Assets held in separate accounts(4)
141 2 — 33 — — — 3 (5)174 — — 
(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 Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) 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.
(5) Includes GMWBL, GMWB, FIA, Stabilizer and MCG.
47

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Six Months Ended June 30, 2020
Fair Value as of January 1Total
 Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$74 $— $(2)$— $— $— $(3)$38 $— $107 $— $(2)
U.S. corporate private securities1,457 1 10 71 — (16)(130)88 (91)1,390 1 10 
Foreign corporate public securities and foreign governments(1)
— — — — — — — — — — — — 
Foreign corporate private securities(1)
328 (7)(18)3 — (6)(5)10 — 305 (4)(18)
Residential mortgage-backed securities23 (2)— 24 — — — — (7)38 (2)— 
Other asset-backed securities78 (8)1 30 — — (2)— — 99 (8)1 
Total fixed maturities, including securities pledged1,960 (16)(9)128 — (22)(140)136 (98)1,939 (13)(9)
Equity securities, at fair value
128 5 — 30 — — (2)— — 161 5 — 
Derivatives:
Guaranteed benefit derivatives:
Guaranteed benefit derivatives (2)(5)
(60)(148)— — (2)— — — — (210)— — 
Assets held in separate accounts(4)
116 (1)— 80 — (1)— 3 (23)174 — — 
(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 Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) 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.
(5) Includes GMWBL, GMWB, FIA, Stabilizer and MCG.
48

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
For the three and six months ended June 30, 2021 and 2020, the transfers in and out of Level 3 for fixed maturities 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 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.

Other Financial Instruments

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Consolidated Balance Sheets.

ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.
The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:
June 30, 2021December 31, 2020
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$37,684 $37,684 $47,029 $47,029 
Equity securities354 354 242 242 
Mortgage loans on real estate5,612 6,018 6,830 7,316 
Policy loans413 413 718 718 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,988 2,988 2,012 2,012 
Derivatives157 157 215 215 
Deposit assets(3)
1,555 1,638 — — 
Other investments109 109 285 368 
Assets held in separate accounts97,098 97,098 90,552 90,552 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$35,183 $43,834 $35,545 $45,576 
Funding agreements with fixed maturities1,301 1,301 796 795 
Supplementary contracts, immediate annuities and other876 791 912 800 
Derivatives:
Guaranteed benefit derivatives(2)
45 45 99 99 
Other derivatives
293 293 387 387 
Short-term debt1 1 1 1 
Long-term debt2,969 3,460 3,044 3,043 
Embedded derivative on reinsurance237 237 163 163 
(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.
(2) Includes GMWBL, GMWB, FIA, Stabilizer and MCG.
(3) Included in Other assets on the Condensed Consolidated Balance Sheets.

The following table presents the classifications of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:
Financial InstrumentClassification
Mortgage loans on real estateLevel 3
Policy loansLevel 2
Deposit assetsLevel 3
Other investmentsLevel 2
Funding agreements without fixed maturities and deferred annuitiesLevel 3
Funding agreements with fixed maturitiesLevel 2
Supplementary contracts and immediate annuitiesLevel 3
Short-term debt and Long-term debtLevel 2

49

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
6.    Deferred Policy Acquisition Costs and Value of Business Acquired

The following tables present a rollforward of DAC and VOBA for the periods indicated:
2021
DACVOBATotal
Balance as of January 1, 2021$1,440 $70 $1,510 
Impact of ASU 2016-13— — — 
Deferrals of commissions and expenses50 3 53 
Amortization:
Amortization, excluding unlocking (2)
(479)(158)(637)
Unlocking(1)
(9)7 (2)
Interest accrued56 18 
(3)
74 
Net amortization included in Condensed Consolidated Statements of Operations(432)(133)(565)
Change due to unrealized capital gains/(losses) on available-for-sale securities181 267 448 
Balance as of June 30, 2021$1,239 $207 $1,446 
2020
DACVOBATotal
Balance as of January 1, 2020$1,762 $464 $2,226 
Impact of ASU 2016-133 — 3 
Deferrals of commissions and expenses51 2 53 
Amortization:
Amortization, excluding unlocking(136)(49)(185)
Unlocking(1)
7 (6)1 
Interest accrued62 27 
(3)
89 
Net amortization included in Condensed Consolidated Statements of Operations(67)(28)(95)
Change due to unrealized capital gains/(losses) on available-for-sale securities(115)(105)(220)
Balance as of June 30, 2020$1,634 $333 $1,967 
(1) Includes the impacts of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking.
(2) During 2021, the Company recognized loss recognition of $301 and $1 for DAC and VOBA, respectively. There was no loss recognition during 2020.
(3) Interest accrued at the following rates for VOBA: 3.5% to 7.2% during 2021 and 3.5% and 7.4% during 2020.

7.     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"), the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the "2014 Omnibus Plan") and the Voya Financial, Inc. 2019 Omnibus Employee Incentive Plan (the "2019 Omnibus Plan") (together, the "Omnibus Plans"). As of June 30, 2021, common stock reserved and available for issuance under the 2013 Omnibus Plan, the 2014 Omnibus Plan and the 2019 Omnibus Plan was 347,663, 1,950,627 and 10,196,055 shares, respectively.

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 ("Director Plan").

Compensation Cost

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and Director Plan for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Restricted Stock Unit (RSU) awards$8 $9 $26 $27 
Performance Stock Unit (PSU) awards11 7 30 25 
Stock options1 1 1 3 
Total share-based compensation expense20 17 57 55 
Income tax benefit4 4 15 23 
After-tax share-based compensation expense$16 $13 $42 $32 

Awards Outstanding

The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the Director Plan for the periods indicated:
RSU AwardsPSU Awards
(awards in millions)
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 20211.5 $55.86 2.0 $55.48 
Adjustment for PSU performance factor— — 0.3 53.22 
Granted0.8 56.79 0.7 49.88 
Vested(1.1)52.83 (0.9)53.28 
Forfeited— *58.58 — *57.19 
Outstanding as of June 30, 20211.2 $57.43 2.1 $54.06 
* Less than 0.1

The following table summarizes the number of options under the Omnibus Plans for the periods indicated:
Stock Options
(awards in millions)
Number of AwardsWeighted Average Exercise Price
Outstanding as of January 1, 20212.6 $42.29 
Granted— — 
Exercised(0.3)39.56 
Forfeited— — 
Outstanding as of June 30, 20212.3 $42.67 
Vested, exercisable, as of June 30, 20211.6 $40.68 

8.     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)
IssuedHeld in TreasuryOutstanding
Balance, January 1, 2020140.7 8.4 132.3 
Common shares issued0.1 0.1 
Common shares acquired - share repurchase— 10.2 (10.2)
Share-based compensation2.5 0.5 2.0 
Balance, December 31, 2020143.319.1124.2 
Common shares issued— — — 
Common shares acquired - share repurchase— 12.0 (12.0)
Share-based compensation2.1 0.9 1.2 
Balance, June 30, 2021145.432.0113.4

Dividends declared per share of Common Stock were as follows for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Dividends declared per share of Common Stock$0.165 $0.15 $0.33 $0.30 

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, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.

On January 28, 2021, 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 $1 billion. The share repurchase authorization expires on March 31, 2022 (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.

The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions during the six months ended June 30, 2021:
Execution DatePaymentInitial Shares DeliveredClosing DateAdditional Shares DeliveredTotal Shares Repurchased
June 30, 2021$400 
(1)
5,203,252 
(2)
(2)
(2)
February 11, 2021$250 3,617,291 May 14, 2021330,852 3,948,143 
December 28, 2020$150 2,066,472 January 26, 2021509,909 2,576,381 
(1) A payable of $400 is included in Other liabilities on the Condensed Consolidated Balance Sheet as of June 30, 2021 for this repurchase agreement.
(2) This arrangement is scheduled to terminate no later than the end of the third quarter of 2021, at which time the Company will settle any positive or negative share balances based on the daily volume-weighted average price of the Company's common stock.

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 exercise price of the warrants at the time of issuance was $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 to ING Group and its affiliates on January 1, 2017 and to all other holders starting on the first anniversary of the completion of the IPO (May 7, 2014). The warrants 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 as an addition and reduction to Additional-paid-in-capital. Warrant holders are not entitled to receive dividends. On March 12, 2018, ING Group sold its remaining interests in the warrants and no longer owns any warrants. On June 29, 2021, the Company paid a quarterly dividend of $0.165 per share on its common stock. As a consequence, the exercise price of the warrants to purchase shares of common stock was adjusted to $47.73 per share of common stock and the number of shares of common stock for which each warrant is exercisable has been adjusted to 1.0023245. As of June 30, 2021, no warrants have been exercised.

Preferred Stock

As of June 30, 2021 and December 31, 2020, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows:
June 30, 2021December 31, 2020
SeriesIssuedOutstandingIssuedOutstanding
6.125% Non-cumulative Preferred Stock, Series A
325,000 325,000 325,000 325,000 
5.35% Non-cumulative Preferred Stock, Series B
300,000 300,000 300,000 300,000 
Total625,000 625,000 625,000 625,000 
The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated:
Series ASeries B
Three Months Ended June 30,Per ShareAggregatePer ShareAggregate
2021$— $— $13.375 $4 
2020— — 13.375 4 
Six Months Ended June 30,
2021$30.625 $10 $26.750 $8 
202030.6251026.750 8
As of June 30, 2021, there were no preferred stock dividends in arrears.






50

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
9.     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:
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except for per share data)2021202020212020
Earnings
Net income (loss) available to common shareholders:
Income (loss) from continuing operations$916 $(48)$2,002 $2 
Less: Preferred stock dividends4 4 18 18 
Less: Net income (loss) attributable to noncontrolling interest447 (79)447 (73)
Income (loss) from continuing operations available to common shareholders465 27 1,537 57 
Income (loss) from discontinued operations, net of tax(6)(93)8 (223)
Net income (loss) available to common shareholders$459 $(66)$1,545 $(166)
Weighted average common shares outstanding
Basic120.6 126.2 121.6 128.6 
Dilutive Effects(1)(2):
Warrants7.3 — 6.3 1.5 
RSU awards0.9 0.8 1.0 1.0 
PSU awards0.7 1.0 0.9 1.4 
Stock Options0.7 0.3 0.7 0.4 
Diluted130.2 128.3 130.5 132.9 
Basic(3)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders$3.86 $0.21 $12.64 $0.44 
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders$(0.05)$(0.73)$0.06 $(1.73)
Income (loss) available to Voya Financial, Inc.'s common shareholders$3.81 $(0.52)$12.71 $(1.29)
Diluted(3)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders$3.58 $0.21 $11.78 $0.43 
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders$(0.04)$(0.72)$0.06 $(1.67)
Income (loss) available to Voya Financial, Inc.'s common shareholders$3.53 $(0.51)$11.84 $(1.25)
(1) For the three months ended June 30, 2020, weighted average shares used for calculating basic and diluted 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 Condensed Consolidated Financial Statements.
(2) For the three months and six months ended June 30, 2021, weighted average shares used for calculating earnings per share excludes the impact of forward contracts related to the share repurchase agreement entered into on June 30, 2021 as the inclusion of these instruments would be antidilutive to the earnings per share calculation. For more information on the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements.
(3) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.
51

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
10.    Accumulated Other Comprehensive Income (Loss)

Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated:
June 30,
20212020
Fixed maturities, net of impairment
$3,739 $6,914 
Derivatives(1)
63 195 
DAC/VOBA adjustment on available-for-sale securities
(877)(1,915)
Premium deficiency reserve adjustment(15)(324)
Sales inducements and other intangibles adjustment on available-for-sale securities5 (213)
Other2 — 
Unrealized capital gains (losses), before tax2,917 4,657 
Deferred income tax asset (liability)(490)(623)
Net unrealized capital gains (losses)2,427 4,034 
Pension and other postretirement benefits liability, net of tax4 5 
AOCI$2,431 $4,039 
(1) Gains and losses reported in Accumulated Other Comprehensive Income (AOCI) from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2021, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $20.































52

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
Three Months Ended June 30, 2021
Before-Tax AmountIncome TaxAfter-Tax Amount
Available-for-sale securities:
Fixed maturities$824 $(173)$651 
Other(2)— (2)
Impairments2 — 2 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(15)3 (12)
DAC/VOBA(149)31 (118)
Premium deficiency reserve adjustment(1)1 — 
Change in unrealized gains (losses) on available-for-sale securities659 (138)521 
Derivatives:
Derivatives7 
(1)
(2)5 
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(5)1 (4)
Change in unrealized gains (losses) on derivatives2 (1)1 
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(1)— (1)
Change in pension and other postretirement benefits liability(1)— (1)
Change in Accumulated other comprehensive income (loss)$660 $(139)$521 
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.












53

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Six Months Ended June 30, 2021
Before-Tax AmountIncome TaxAfter-Tax Amount
Available-for-sale securities:
Fixed maturities$(3,105)$421 $(2,684)
Impairments6 (1)5 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(1,775)373 (1,402)
DAC/VOBA1,194 
(1)
(251)943 
Premium deficiency reserve adjustment445 (93)352 
Sales inducements and other intangibles419 (88)331 
Change in unrealized gains (losses) on available-for-sale securities(2,816)361 (2,455)
Derivatives:
Derivatives(2)
(2)
— (2)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(11)2 (9)
Change in unrealized gains (losses) on derivatives(13)2 (11)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(1)— (1)
Change in pension and other postretirement benefits liability(1)— (1)
Change in Accumulated other comprehensive income (loss)$(2,830)$363 $(2,467)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.


54

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Three Months Ended June 30, 2020
Before-Tax AmountIncome TaxAfter-Tax Amount
Available-for-sale securities:
Fixed maturities$4,087 $(858)$3,229 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations8 (2)6 
DAC/VOBA(1,009)212 (797)
Premium deficiency reserve adjustment(178)38 (140)
Sales inducements and other intangibles(86)18 (68)
Change in unrealized gains (losses) on available-for-sale securities2,822 (592)2,230 
Derivatives:
Derivatives(34)
(1)
7 (27)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations(6)2 (4)
Change in unrealized gains (losses) on derivatives(40)9 (31)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations(1)— (1)
Change in pension and other postretirement benefits liability(1)— (1)
Change in Accumulated other comprehensive income (loss)$2,781 $(583)$2,198 
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information    .
55

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Six Months Ended June 30, 2020
Before-Tax AmountIncome TaxAfter-Tax Amount
Available-for-sale securities:
Fixed maturities$1,331 $(280)$1,051 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
37 (8)29 
DAC/VOBA(417)
(1)
88 (329)
Premium deficiency reserve adjustment(75)16 (59)
Sales inducements and other intangibles(28)6 (22)
Change in unrealized gains (losses) on available-for-sale securities848 (178)670 
Derivatives:
Derivatives62 
(2)
(13)49 
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(12)3 (9)
Change in unrealized gains (losses) on derivatives50 (10)40 
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(2)— (2)
Change in pension and other postretirement benefits liability(2)— (2)
Change in Accumulated other comprehensive income (loss)$896 $(188)$708 
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.


11.    Income Taxes

The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred.

The Company's effective tax rate for the three months ended June 30, 2021 was 10.9%. The effective tax rate differed from the statutory rate of 21% primarily due to non-controlling interest and the effect of the dividends received deduction ("DRD"). The Company's effective tax rate for the six months ended June 30, 2021 was 3.1%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the release of a stranded tax benefit in Other Comprehensive Income due to the Individual Life Transaction, non-controlling interest and the effect of the DRD.

The Company's effective tax rate for the three months ended June 30, 2020 was (14.3)%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD partially offset by non-controlling interest and nondeductible expenses. The Company's effective tax rate for the six months ended June 30, 2020 was 0.0%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD and nondeductible expenses partially offset by non-controlling interest.


Tax Regulatory Matters

For the tax years 2019 through 2021, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2019 and 2020 tax years, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for those tax years.

12.    Financing Agreements

Short-term and Long-term Debt

The following table summarizes the carrying value of the Company’s debt securities issued and outstanding as of June 30, 2021 and December 31, 2020:
IssuerMaturityJune 30, 2021December 31, 2020
3.125% Senior Notes, due 2024 (2)(3)
Voya Financial, Inc.07/15/2024$375 $398 
3.65% Senior Notes, due 2026 (2)(3)
Voya Financial, Inc.06/15/2026444 497 
5.7% Senior Notes, due 2043 (2)(3)
Voya Financial, Inc.07/15/2043395 395 
4.8% Senior Notes, due 2046 (2)(3)
Voya Financial, Inc.06/15/2046297 297 
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048
Voya Financial, Inc.01/23/2048345 345 
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Voya Financial, Inc.05/15/2053740 739 
7.25% Voya Holdings Inc. debentures, due 2023(1)
Voya Holdings, Inc.08/15/2023140 139 
7.63% Voya Holdings Inc. debentures, due 2026(1)
Voya Holdings, Inc.08/15/2026139 138 
6.97% Voya Holdings Inc. debentures, due 2036(1)
Voya Holdings, Inc.08/15/203679 79 
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Equitable of Iowa Capital Trust II04/01/202713 14 
1.00% Windsor Property Loan
Voya Retirement Insurance and Annuity Company06/14/20273 4 
Subtotal2,970 3,045 
Less: Current portion of long-term debt1 1 
Total$2,969 $3,044 
(1) Guaranteed by ING Group.
(2) Interest is paid semi-annually in arrears.
(3) Guaranteed by Voya Holdings.

As of June 30, 2021, the Company was in compliance with its debt covenants.

Aetna Notes

As of June 30, 2021, the outstanding principal amount of the Aetna Notes was $358, which is guaranteed by ING Group. As of June 30, 2021, the Company provided $373 of collateral benefiting ING Group, comprised of a deposit of $210 to a control account with a third-party collateral agent and $163 of letter of credit. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account.

Senior Notes

During the six months ended June 30, 2021, the Company repurchased $23 and $53 par value of its 3.125% Senior Notes, due 2024 and 3.65% Senior Notes, due 2026, respectively, for $25 and $60, respectively, on the open market, resulting in loss on debt extinguishment of $10, which is included in Interest expense on the Condensed Consolidated Statements of Operations.
Senior Unsecured Credit Facility Agreement

As of June 30, 2021, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires November 1, 2024. The facility provides $500 of committed capacity for issuing letters of credit and the full $500 may be utilized for direct borrowings. As of June 30, 2021, there were no amounts outstanding as revolving credit borrowings and no amounts of LOCs outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $6.15 billion, which may increase upon any future equity issuances by the Company.
13.    Commitments and Contingencies

Leases

During the three and six months ended June 30, 2021, the Company recorded an impairment of $13 on its right-of-use asset associated with leased office space, which is included in Operating expenses in the Condensed Consolidated Statements of Operations.

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 June 30, 2021, the Company had off-balance sheet commitments to acquire mortgage loans of $177 and purchase limited partnerships and private placement investments of $1,040, of which $321 related to consolidated investment entities.

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 the dates indicated:
June 30, 2021December 31, 2020
Fixed maturity collateral pledged to FHLB (1)
$1,807 $1,386 
FHLB restricted stock(2)
72 54 
Other fixed maturities-state deposits47 47 
Cash and cash equivalents15 15 
Securities pledged(3)
1,094 449 
Total restricted assets$3,035 $1,951 
(1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets.
(2) Included in Other investments on the Condensed Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $785 and $197 as of June 30, 2021 and December 31, 2020, respectively. In addition, as of June 30, 2021 and December 31, 2020, the Company delivered securities as collateral of $221 and $170 and repurchase agreements of $88 and $82, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB of Des Moines and the FHLB of Boston and is required to pledge collateral to back funding agreements issued to the FHLB. As of June 30, 2021 and December 31, 2020, the Company had $1,301 and $795, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of June 30, 2021 and December 31, 2020, assets with a market value of approximately $1,807
56

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
and $1,386, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

Subsequent to June 30, 2021, the Company issued no additional funding agreements to the FHLB and pledged no additional assets as required collateral.

Litigation, Regulatory Matters and 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.

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 June 30, 2021, 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 $25.

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 Henkel of America v. ReliaStar Life Insurance Company, et al. (USDC District of Connecticut, No. 1:18-cv-00965) (filed June 8, 2018). Plaintiff alleges that ReliaStar breached the terms of a stop loss policy it issued to Plaintiff by refusing to reimburse Plaintiff for more than $47 in claims incurred by participants in prior years and submitted for coverage under the stop loss policy. Plaintiff alleges a breach of contract claim or, in the alternative, that the stop loss policy be declared to cover the submitted claims, and also asserts that ReliaStar engaged in unfair trade practices and unfair insurance practices in violation of state statutes, and did so willfully and intentionally to warrant an award of punitive damages under state law. On
57

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
July 8, 2021, the district court denied defendant Express Scripts’ motion for summary judgement. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously.

Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation.
Cost of insurance litigation includes Advance Trust & Life Escrow Services, LTA v. ReliaStar Life Insurance Company (USDC District of Minnesota, No. 1:18-cv-02863) (filed October 5, 2018), a putative class action in which Plaintiff alleges that the Company’s universal life insurance policies only permitted the Company to rely upon the policyholders’ expected future mortality experience to establish the cost of insurance, and that as projected mortality experience improved, the policy language required the Company to decrease the cost of insurance. Plaintiff alleges that the Company did not decrease the cost of insurance as required, thereby breaching its contract with the policyholders, and seeks class certification. The Company denies the allegations in the complaint, believes the complaint to be without merit, and will defend the lawsuit vigorously.

Contingencies related to Performance-based Capital Allocations on Private Equity Funds

Certain performance-based capital allocations 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 carried interest, if accrued or paid to the Company during such term, is subject to later adjustment based on subsequent fund performance. If the fund’s cumulative investment return falls below specified investment return hurdles, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation. Should the fund’s cumulative investment return subsequently increase above specified investment return hurdles in future periods, previous reversals could be fully or partially recovered.

As of June 30, 2021, approximately $113 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.

14.     Consolidated and Nonconsolidated Investment Entities

The Company holds variable interests in certain investment entities in the form of debt or equity investments, as well as the right to receive management fees, performance fees, and carried interest. The Company consolidates certain entities under the VIE guidance when it is determined that the Company is the primary beneficiary. Alternatively, certain entities are consolidated under the VOE guidance when control is obtained through voting rights. Refer to the Condensed Consolidated Balance Sheets for the assets and liabilities of the Company's consolidated investment entities.

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 $310 and $233 as of June 30, 2021 and December 31, 2020, 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. In addition to earning fee income, the Company often holds an investment in certain of the CLOs it manages,
58

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
generally within the unrated and most subordinated tranche of each CLO. The fee income earned and investments held are included in the Company's ongoing consolidation assessment for each CLO. The Company was the primary beneficiary of 6 and 3 CLOs as of June 30, 2021 and December 31, 2020, respectively.

Limited Partnerships ("LPs")

The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. These entities have been evaluated by the Company and are determined to be VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest.  

In return for serving as the general partner of and providing investment management services to these entities, the Company earns management fees and carried interest in the normal course of business. Additionally, the Company often holds an investment in each limited partnership it manages, generally in the form of general partner and limited partner interests. The fee income, carried interest, and investments held are included in the Company’s ongoing consolidation analysis for each limited partnership. The Company consolidated 13 and 12 funds, which were structured as partnerships, as of June 30, 2021 and December 31, 2020, respectively.

The non-controlling interest related to these partnerships increased from $1,068 at December 31, 2020 to $1,413 at June 30, 2021. The change in non-controlling interest was primarily driven by favorable market appreciation, adjusted for contributions and distributions. The Company records the non-controlling interest using a lag methodology relying on the most recent financial information available.

Registered Investment Companies

The Company did not consolidate any sponsored investment funds accounted for as VOEs as of June 30, 2021. The Company deconsolidated one sponsored investment fund accounted for as a VOE as of December 31, 2020, because it was no longer the majority investor in the fund, and as such, did not have a controlling financial interest in the fund.

Fair Value Measurement

Upon consolidation, the Company elected to apply the FVO for financial assets and financial liabilities held by CLOs and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLOs) 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 are measured and reported at fair value in the Company's Condensed 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 Condensed 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 within the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements.

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 depending on the entity and its underlying investments. 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.
59

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)

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.

CLOs

Corporate loans: Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2021 and 2029, paying interest at LIBOR, EURIBOR or PRIME plus a spread of up to 10.0%. As of June 30, 2021 and December 31, 2020, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $6 and $20, respectively. Less than 1.0% of the collateral assets were in default as of June 30, 2021 and December 31, 2020.

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 diversified loan portfolios 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 or EURIBOR plus a pre-defined spread, which varies from 0.5% for the more senior tranches to 8.5% for the more subordinated tranches. CLO notes mature in 2026, 2031 and 2034, and have a weighted average maturity of 10 years as of June 30, 2021. 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.

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 ASU 2014-13 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.

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.

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.
60

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
•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 (decrease).
•Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes 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 net asset value ("NAV") within 90 days because of inherent restriction on near term redemptions.

As of June 30, 2021 and December 31, 2020, certain private equity funds maintained term loans and revolving lines of credit of $1,078 and $647, respectively. The term loans mature in three to five years, and the revolving lines of credit are eligible for renewal every three years; all loans bear interest at LIBOR/EURIBOR plus 150 - 215 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. As of June 30, 2021 and December 31, 2020, outstanding borrowings amount to $636 and $491, respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - other liabilities on the Company's Condensed Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance.

61

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of June 30, 2021:
Level 1Level 2Level 3NAVTotal
Assets
Cash and cash equivalents
$85 $— $— $— $85 
Corporate loans, at fair value using the fair value option— 1,081 — — 1,081 
Limited partnerships/corporations, at fair value— — — 2,248 2,248 
Total assets, at fair value$85 $1,081 $— $2,248 $3,414 
Liabilities
CLO notes, at fair value using the fair value option
$— $905 $— $— $905 
Total liabilities, at fair value$— $905 $— $— $905 
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2020:
Level 1Level 2Level 3NAVTotal
Assets
Cash and cash equivalents$221 $— $— $— $221 
Corporate loans, at fair value using the fair value option— 805 — — 805 
Limited partnerships/corporations, at fair value— — — 1,724 1,724 
Total assets, at fair value$221 $805 $— $1,724 $2,750 
Liabilities
CLO notes, at fair value using the fair value option$— $783 $— $— $783 
Total liabilities, at fair value$— $783 $— $— $783 

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 three and six months ended June 30, 2021 and 2020, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2.

Deconsolidation of Certain Investment Entities

The Company had no deconsolidations during the three and six months ended June 30, 2021. The Company determined its interest in the Pomona Investment Fund was less than a majority of the fund's NAV and therefore did not represent a controlling financial interest. As a result of this determination, the Company deconsolidated one investment entity during the three and six months ended June 30, 2020.

Nonconsolidated VIEs

The Company also holds variable interest in certain CLOs and LPs that are not consolidated as it has been determined that the Company is not the primary beneficiary.

CLOs

As of June 30, 2021 and December 31, 2020, the Company held $388 and $405 ownership interests, respectively, in unconsolidated CLOs, which also represents the Company's maximum exposure to loss.

62

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
LPs

As of June 30, 2021 and December 31, 2020, the Company held $1,543 and $1,476 ownership interests, respectively, in unconsolidated limited partnerships, which also represents the Company's maximum exposure to loss.

Securitizations

The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Refer to the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets.

15.     Restructuring

Organizational Restructuring

Pursuant to the Company executing the Resolution MTA and the Individual Life Transaction, the Company sold five of its legal subsidiaries, SLD, SLDI, Roaring River II ("RRII"), Midwestern United Life Insurance Company ("MUL") and Voya American Equities, Inc. ("VAE") to Resolution Life US, which is an insurance holding company newly formed by Resolution Life Group Holdings, L.P. (“RLGH”), a Bermuda-based limited partnership. The Company also executed an agreement with Cetera on June 9, 2021, where Cetera acquired the independent financial planning channel of VFA. Additionally, the Company transferred or ceased usage of a substantial number of administrative systems and is undertaking restructuring efforts to reduce stranded expenses associated with its Individual Life business and independent financial planning channel as well as its corporate and shared services functions. The Company anticipates incurring additional restructuring expenses directly and indirectly related to these dispositions beyond the second quarter of 2021, of $60 - $135 in addition to the $78 incurred during 2020 and $52 incurred for the six months ended June 30, 2021.

The prior restructuring initiatives disclosed in the 2020 Form 10-K concluded prior to 2021 and the Company does not anticipate incurring any additional restructuring expenses related to those initiatives.

The restructuring activities related to the Individual Life Transaction have resulted in recognition of severance and organizational transition costs that are reflected in both continuing operations and discontinued operations. Amounts reflected in continuing operations are reported in Operating expenses in the Condensed Consolidated Statements of Operations, but excluded from Adjusted operating earnings before income taxes. These expenses are classified as a component of Other adjustments to Income (loss) from continuing operations before income taxes and consequently are not included in the adjusted operating results of the Company's segments.

63

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The summary below presents Organizational Restructuring expenses, pre-tax, by type of costs incurred, for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
Cumulative Amounts Incurred to Date(1)
2021202020212020
Severance benefits$9 $(5)$13 $(8)$75 
Organizational transition costs32 42 39 64 362 
Total restructuring expenses$41 $37 $52 $56 $437 
Continuing operations$41 $21 $52 $36 $372 
Discontinued operations$— $16 $— $20 $65 
(1) Includes expenses incurred during 2017-2021.


The following table presents the accrued liability associated with Organizational Restructuring expenses as of June 30, 2021:
Severance BenefitsOrganizational Transition CostsTotal
Accrued liability as of January 1, 2021$21 $33 $54 
Provision13 39 52 
Payments(7)(58)(65)
Accrued liability as of June 30, 2021$27 $14 $41 

16.    Segments

On January 4, 2021, the Company completed a series of transactions pursuant to the Resolution MTA entered into on December
18, 2019 with Resolution Life US to sell several of its subsidiaries and the related Individual Life and fixed and variable annuities businesses within these subsidiaries. See the Business Held for Sale and Discontinued Operations Note to these Condensed Consolidated Financial Statements.

On March 15, 2021, the Company announced several updates to our operating model and leadership team. In conjunction with those updates, the Retirement and Employee Benefits segments were renamed to Wealth Solutions and Health Solutions, respectively. The Company will continue to provide its principal products and services through three segments: Wealth Solutions, Investment Management and Health Solutions.

64

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Measurement

Adjusted operating earnings before income taxes is a measure used by management to evaluate segment performance. The Company believes that Adjusted 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 Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) from continuing operations before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes 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 Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations 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 Adjusted 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 adjusted operating earnings, including the impacts related to changes in the Company's nonperformance spread;
•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solution annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in the Company's core business and more closely aligns Adjusted 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 those of 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;
◦Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that is available to common shareholders;
•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 Adjusted 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
65

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
•Other items not indicative of normal operations or performance of the Company's segments or related to events such as
capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other expenses associated with such activities. These items vary widely in timing, scope and frequency between periods as well as between companies to which the Company is 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.

The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Income (loss) from continuing operations before income taxes
$1,028 $(42)$2,066 $2 
Less Adjustments:
Net investment gains (losses) and related charges and adjustments
29 42 67 34 
Net guaranteed benefit hedging gains (losses) and related charges and adjustments
(5)38 5 (51)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment247 (55)971 (46)
Income (loss) attributable to noncontrolling interest
447 (79)447 (73)
Income (loss) related to early extinguishment of debt— — (10)— 
Dividend payments made to preferred shareholders4 4 18 18 
Other adjustments(46)(9)(57)(31)
Total adjustments to income (loss) from continuing operations
$675 $(59)$1,441 $(149)
Adjusted operating earnings before income taxes by segment:
Wealth Solutions$295 $37 $550 $160 
Investment Management66 20 118 59 
Health Solutions63 36 100 98 
Corporate(71)(75)(142)(166)
Total$353 $17 $626 $151 

66

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
Adjusted 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;
•Gains (losses) on changes 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 Adjusted operating revenues, 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 Adjusted operating revenues, including the impacts related to changes in the Company's nonperformance spread;
•Revenues related to businesses exited or to be exited through reinsurance or divestment, which includes revenues associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solution annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in the Company's core business and more closely aligns Adjusted 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 Total 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 Adjusted operating revenues.

67

Voya Financial, Inc.
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(Dollar amounts in millions, unless otherwise stated)
The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Total revenues$2,503 $1,669 $546 $3,354 
Adjustments:
Net realized investment gains (losses) and related charges and adjustments
(71)41 (39)33 
Gains (losses) on change in fair value of derivatives related to guaranteed benefits
(5)38 5 (52)
Revenues related to businesses exited or to be exited through reinsurance or divestment296 332 (3,413)676 
Revenues attributable to noncontrolling interest464 (66)470 (57)
Other adjustments205 99 315 132 
Total adjustments to revenues889 444 $(2,663)$732 
Adjusted operating revenues by segment:
Wealth Solutions807 559 $1,589 $1,236 
Investment Management193 129 382 294 
Health Solutions591 530 1,190 1,074 
Corporate24 7 48 18 
Total $1,614 $1,225 $3,209 $2,622 

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:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Investment Management intersegment revenues$22 $27 $45 $53 

The summary below presents Total assets for the Company’s segments as of the dates indicated:
June 30, 2021December 31, 2020
Wealth Solutions$134,981 $129,801 
Investment Management926 1,027 
Health Solutions3,033 2,917 
Corporate26,103 23,535 
Total assets, before consolidation(1)
165,043 157,280 
Consolidation of investment entities3,151 2,535 
Total assets, excluding assets held for sale168,194 159,815 
Assets held for sale— 20,703 
Total assets
$168,194 $180,518 
(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.

68
Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
(Dollar amounts in millions, unless otherwise stated)

For the purposes of the discussion in this Quarterly Report on Form 10-Q, the term Voya Financial, Inc. refers to Voya Financial, Inc. and the terms “Company,” “we,” “our,” and “us” refer to Voya Financial, Inc. and its subsidiaries.

The following discussion and analysis presents a review of our consolidated results of operations for the three and six months ended June 30, 2021 and 2020 and financial condition as of June 30, 2021 and December 31, 2020. This item should be read in its entirety and in conjunction with the Condensed Consolidated Financial Statements and related notes contained in Part I, Item 1. of this Quarterly Report on Form 10-Q, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section contained in our Annual Report on Form 10-K for the year ended December 31, 2020 ("Annual Report on Form 10-K").

In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Note Concerning Forward-Looking Statements.

Overview

On March 15, 2021, the Company announced several updates to our operating model and leadership team. In conjunction with those updates, the Retirement and Employee Benefits segments were renamed to Wealth Solutions and Health Solutions, respectively. We will continue to provide our principal products and services through three segments: Wealth Solutions, Investment Management and Health Solutions. Corporate includes activities not directly related to our segments and certain insignificant run-off activities that are not meaningful to our business strategy. See the Segments Note to our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K for further information on our segments.

On June 9, 2021, we completed the sale of the independent financial planning channel of Voya Financial Advisors (“VFA”) to Cetera Financial Group, Inc. (“Cetera”), one of the nation's largest networks of independently managed broker-dealers. In connection with this transaction, we transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 600 field and phone-based financial professionals who support our Wealth Solutions business. In addition, the sale resulted in a gain of $279 million, before income taxes, which was recorded in Other revenue in the accompanying Condensed Consolidated Statements of Operations and was excluded from Adjusted operating earnings for the three and six months ended June 30, 2021.

Discontinued Operations

The Individual Life Transaction

On January 4, 2021, we completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019, with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired Security Life of Denver Company ("SLD"), Security Life of Denver International Limited ("SLDI") and Roaring River II, Inc. ("RRII") including several subsidiaries of SLD.

The purchase price we received at the closing was based on estimated amounts and is subject to a post-close true-up mechanism pursuant to which the purchase price will be adjusted based on SLD’s adjusted book value as of the closing date. This true-up is currently expected to be completed in the second half of 2021. In addition to cash consideration, proceeds include an approximately $225 million interest in RLGH and certain other affiliates of Resolution Life US, and $123 million principal amount in surplus notes issued by SLD.

In connection with the closing, $100 million was deferred in cash proceeds for a period of up to 42 months, subject to an adjustment mechanism based on certain financial contingencies affecting SLD over that period. In addition, in connection with the unwind of certain guarantee obligations affecting portions of SLD’s business, in lieu of $60 million of cash proceeds, we received approximately $60 million in additional preferred equity interests in Resolution Life US affiliates. We determined that the legal entities sold and the Individual Life and Annuities businesses within these entities met the criteria to be classified as held for sale and that the sale represented a strategic shift that will have a major effect on our operations. Accordingly, the results of operations of the businesses sold are presented as discontinued operations, and the assets and liabilities of the related businesses are classified as held for sale and segregated for all periods presented in this Quarterly Report on Form 10-Q.
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As of December 31, 2020, we recorded an estimated loss on sale, net of tax of $1,466 million to write down the carrying value of the businesses held for sale to estimated fair value, which was based on the estimated sales price of the Individual Life Transaction (as defined above) as of December 31, 2020, less cost to sell and other adjustments in accordance with the Resolution MTA. Income (loss) from discontinued operations, net of tax, for the six months ended June 30, 2021, includes an estimated reduction to the loss on sale of $8 million, net of tax. The estimated loss on sale, net of tax as of June 30, 2021, of $1,458 million, represents the excess of the estimated carrying value of the businesses sold over the estimated purchase price, which approximates fair value, less cost to sell. As a result of the close of the Individual Life Transaction, the net aggregate reduction in Total shareholders' equity, excluding Accumulated other comprehensive income (“AOCI”), was $0.6 billion. The net aggregate reduction in Total shareholders’ equity, including AOCI, was $2.3 billion. This includes the impact of the cumulative estimated loss on sale as well as the reversal of the AOCI related to the entities sold.

Refer to Discontinued Operations Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for disclosures related to the reinsurance transactions.

Upon the close of the Individual Life transaction, we continue to hold an insignificant number of Individual Life, and non-Wealth Solutions annuities policies which together with the businesses sold through divestment or reinsurance will be referred to as "divested businesses".

The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction (closed on January 4, 2021) for the six months ended June 30, 2021 and 2020:

Six Months Ended June 30,
20212020
Revenues:
Net investment income$— $304 
Fee income— 352 
Premiums— 15 
Total net realized capital gains (losses)
— 17 
Other revenue— (9)
Total revenues— 679 
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders (1)
— 553 
Operating expenses— 68 
Net amortization of Deferred policy acquisition costs and Value of business acquired(2)
— 30 
Interest expense— 4 
Total benefits and expenses— 655 
Income (loss) from discontinued operations before income taxes — 24 
Income tax expense (benefit)— 5 
Adjustment to loss on sale, net of tax8 (242)
Income (loss) from discontinued operations, net of tax$8 $(223)

Trends and Uncertainties

We describe known material trends and uncertainties that might affect our business in our Annual Report on Form 10-K for the year ended December 31, 2020, under the caption "Management’s Discussion and Analysis of Financial Condition and Results of Operations - Trends and Uncertainties", and in other sections of that document, including "Risk Factors". In addition, we describe below in this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") more recently developing known trends and uncertainties that we believe may materially affect our future liquidity, financial condition or results of operations. All statements in this section, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For a discussion of factors that could
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cause actual results, performance, or events to differ from those discussed in any forward-looking statement, including in a material manner, see “Note Concerning Forward-Looking Statements” in this Quarterly Report on Form 10-Q.

COVID-19 and its Effect on the Global Economy

COVID-19, the disease caused by the novel coronavirus, has had a significant adverse effect on the global economy since March of 2020. Even though the pace of vaccinations are increasing in many countries, including the United States, the disease continues to spread throughout the world. The persistence of new infections, including the introduction of new variants, has slowed the re-opening of the U.S. economy and, even in regions where restrictions have largely been lifted, economic activity has been slow to recover. Longer-term, the economic outlook is uncertain, but may depend in significant part on progress with respect to effective therapies to treat COVID-19 or the approval of additional vaccines and the pace at which they are administered globally.

Effect on Voya Financial - Financial Condition, Capital and Liquidity

Because both public health and economic circumstances are changing so rapidly at present, it is impossible to predict how COVID-19 will affect Voya Financial’s future financial condition. Absent a further significant and prolonged market shock, however, we do not anticipate a material effect on our balance sheet, statutory capital, or liquidity. Our capital levels remain strong and significantly above our targets. As of June 30, 2021, our estimated combined RBC ratio on a pro forma basis for other items post the completion of the Individual Life Transaction was 544%, above our 400% target.

Although we paused our repurchase program later in the first quarter of 2020 as a prudent measure in light of current market uncertainties, we restarted this program in the last quarter of 2020 and since then have completed repurchases of approximately $873 million of our common shares. In January 2021, we increased our common shareholder dividend by 10%. We do not anticipate any reduction in our dividend and continue to monitor the dividends-paying capacity of our insurance subsidiaries. We received regulatory approval and distributed $832 million from our insurance subsidiaries during the second quarter of 2021.

Effect on Voya Financial - Results of Operations

Predicting with accuracy the consequences of COVID-19 on our results of operations is impossible. To date, the most significant effects of adverse economic conditions have been on our fee-based income, with net investment income experiencing milder effects. Underwriting income, principally affected by increases to mortality and morbidity due to the disease, has also been negatively affected.

Wealth Solutions

In Wealth Solutions, we’ve experienced pressure on earnings driven by equity market volatility as well as lower interest rates, with effects weighted more heavily towards our full-service corporate markets business and less on recordkeeping business. Although the impact of COVID-19 is likely to be primarily on fee-based income, we estimate that lower interest rates will continue to contribute to a lower spread-based income. Longer-term effects will depend significantly on equity market performance and prevailing interest rate levels, as well as the magnitude and duration of elevated unemployment levels. We believe that expense reductions and other management actions would be available to offset a portion of any impact.

Investment Management

In Investment Management, the overall market improvement over the last year along with positive net flows contributed to AUM levels. We believe, in aggregate, that investment capital will be reevaluated higher, however if the economy declines due to emerging variants, investment capital results could decline. In addition, we had seen an elevated level of outflows associated with our retail business at the outset of the pandemic that has since subsided. The pandemic has made generating new business leads more challenging, resulting in a reduction in sales meetings and activities that could result in a lower level of sales activity during the year. If the pandemic persists and the economy fails to grow or declines from current levels, asset values could be negatively impacted resulting in lower management fee revenue and/ or investment capital returns.

Health Solutions

In Health Solutions, the reduction in premium revenues due to COVID-19 has not been material, though future impacts to premium revenues are still possible in a more severe recession scenario with significant and prolonged unemployment. The
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effects from COVID-19 have been seen primarily in increased mortality claims on group life policies. We currently do not expect a significant increase in medical stop loss claims, since we believe most COVID-19 related claims are likely to fall below applicable deductibles; our experience to date has been consistent with this expectation.

We expect mortality claims in group life to be elevated in 2021 due to COVID-19 related deaths, with the magnitude of such claims dependent on mortality rates from the disease. We currently estimate that, for every 10,000 incremental deaths in the United States due to COVID-19, operating earnings of our Health Solutions segment would decline by approximately $1 to $2 million due to increased claims.

Interest Rate Environment

We believe the interest rate environment will continue to influence our business and financial performance in the future for several reasons, including the following:

•Our general account investment portfolio, which was approximately $45.6 billion as of June 30, 2021, consists predominantly of fixed income investments. In the near term, we expect the yield we earn on new investments will be lower than the yields we earn on maturing investments, which were generally purchased in environments where interest rates were higher than current levels. We currently anticipate that proceeds that are reinvested in fixed income investments during 2021 will earn an average yield below the prevailing portfolio yield. If interest rates were to rise, we expect the yield on our new money investments would also rise and gradually converge toward the yield of those maturing assets. In addition, while less material to financial results than new money investment rates, movements in prevailing interest rates also influence the prices of fixed income investments that we sell on the secondary market rather than holding until maturity or repayment, with rising interest rates generally leading to lower prices in the secondary market, and falling interest rates generally leading to higher prices.
•Several of our products pay guaranteed minimum rates such as fixed accounts and a portion of the stable value accounts included within defined contribution retirement plans. We are required to pay these guaranteed minimum rates even if earnings on our investment portfolio decline, with the resulting investment margin compression negatively impacting earnings. In addition, we expect more policyholders to hold policies (lower lapses) with comparatively high guaranteed rates longer in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would positively impact earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect policyholders would be less likely to hold policies (higher lapses) with existing guarantees as interest rates rise.

For additional information on the impact of the continued low interest rate environment, see Risk Factors - The level of interest rates may adversely affect our profitability, particularly in the event of a continuation of the current low interest rate environment or a period of rapidly increasing interest rates in Part I, Item 1A. of our Annual Report on Form 10-K. Also, for additional information on our sensitivity to interest rates, see Quantitative and Qualitative Disclosures About Market Risk in Part II, Item 7A. of our Annual Report on Form 10-K.

Stranded Costs

As a result of the Individual Life Transaction, the historical revenues and certain expenses of the divested businesses have been classified as discontinued operations. Historical revenues and certain expenses of the businesses that have been divested via reinsurance at closing of the Individual Life Transaction (including an insignificant amount of Individual Life and non-Wealth Solutions annuities that are not part of the transaction) are reported within continuing operations, but are excluded from adjusted operating earnings as businesses exited or to be exited through reinsurance or divestment. Expenses classified within discontinued operations and businesses exited or to be exited through reinsurance include only direct operating expenses incurred by these businesses and then only to the extent that the nature of such expenses was such that we would cease to incur such expenses upon the close of the Individual Life Transaction. Certain other direct costs of these businesses, including those which relate to activities for which we have or will provide transitional services and for which we have or will be reimbursed under transition services agreements (“TSAs”) are reported within continuing operations along with the associated revenues from the TSAs. Additionally, indirect costs, such as those related to corporate and shared service functions that were previously allocated to the businesses sold or divested via reinsurance, are reported within continuing operations. These costs ("Stranded Costs") and the associated revenues from the TSAs are reported within continuing operations in Corporate, since we do not believe they are representative of the future run-rate of revenues and expenses of our continuing operations. We plan to address the Stranded Costs related to the Individual Life Transaction through a cost reduction strategy. Refer to Restructuring in the section below for more information on this program.

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Restructuring

Organizational Restructuring

Pursuant to the Company executing the Resolution MTA and the Individual Life Transaction, the Company sold five of its legal subsidiaries, SLD, SLDI, Roaring River II ("RRII"), Midwestern United Life Insurance Company ("MUL") and Voya American Equities, Inc. ("VAE") to Resolution Life US, which is an insurance holding company newly formed by Resolution Life Group Holdings, L.P. (“RLGH”), a Bermuda-based limited partnership. The Company also executed an agreement with Cetera on June 9, 2021, where Cetera acquired the independent financial planning channel of VFA. Additionally, the Company transferred or ceased usage of a substantial number of administrative systems and is undertaking restructuring efforts to reduce stranded expenses associated with its Individual Life business and independent financial planning channel as well as its corporate and shared services functions. The Company anticipates incurring additional restructuring expenses directly and indirectly related to these dispositions beyond the second quarter of 2021, of $60 - $135 in addition to the $78 incurred during 2020 and $52 incurred for the six months ended June 30, 2021.

The prior restructuring initiatives disclosed in the 2020 Form 10-K concluded prior to 2021 and the Company does not anticipate incurring any additional restructuring expenses related to those initiatives.

See the Restructuring Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information on the restructuring activities related to the Individual Life Transaction.

Operating Measures

In this MD&A, we discuss Adjusted operating earnings before income taxes and Adjusted operating revenues, each of which is a measure used by management to evaluate segment performance. For additional information on each measure, see Segments Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Terminology Definitions

Net realized capital gains (losses), net realized investment gains (losses) and related charges and adjustments, and Net guaranteed benefit hedging gains (losses) and related charges and adjustments include changes in the fair value of derivatives. Increases in the fair value of derivative assets or decreases in the fair value of derivative liabilities result in "gains." Decreases in the fair value of derivative assets or increases in the fair value of derivative liabilities result in "losses."

In addition, we have certain products that contain guarantees that are embedded derivatives related to guaranteed benefits and index-crediting features, while other products contain such guarantees that are considered derivatives (collectively "guaranteed benefit derivatives").

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Results of Operations - Company Condensed Consolidated

The following table presents summary condensed consolidated financial information for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)20212020Change20212020Change
Revenues:
Net investment income$656 $586 $70 $1,370 $1,284 $86 
Fee income436 464 (28)894 969 (75)
Premiums516 607 (91)(4,471)1,215 (5,686)
Net realized capital gains (losses)(37)(1)(36)1,705 (234)1,939 
Other revenue374 81 293 484 173 311 
Income (loss) related to consolidated investment entities558 (68)626 564 (53)617 
Total revenues2,503 1,669 834 546 3,354 (2,808)
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders686 997 (311)(3,504)1,879 (5,383)
Operating expenses706 643 63 1,308 1,283 25 
Net amortization of Deferred policy acquisition costs and Value of business acquired (1)
26 19 7 565 95 470 
Interest expense39 40 (1)88 80 8 
Operating expenses related to consolidated investment entities18 12 6 23 15 8 
Total benefits and expenses1,475 1,711 (236)(1,520)3,352 (4,872)
Income (loss) from continuing operations before income taxes1,028 (42)1,070 2,066 2 2,064 
Income tax expense (benefit)112 6 106 64 — 64 
Income (loss) from continuing operations916 (48)964 2,002 2 2,000 
Income (loss) from discontinued operations, net of tax(6)(93)87 8 (223)231 
Net Income (loss)910 (141)1,051 2,010 (221)2,231 
Less: Net income (loss) attributable to noncontrolling interest447 (79)526 447 (73)520 
Less: Preferred stock dividends4 4 — 18 18 — 
Net income (loss) available to our common shareholders$459 $(66)$525 $1,545 $(166)$1,711 
(1) Refer to DAC/VOBA and Other Intangibles Unlocking in Part I, Item 2. of this Quarterly Report on Form 10-Q for further detail.
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The following table presents AUM and AUA as of the dates indicated:
As of June 30,
($ in millions)20212020
AUM and AUA:
Wealth Solutions(1)
$527,835 $437,290 
Investment Management(1)
315,331 281,900 
Health Solutions1,905 1,870 
Eliminations/Other(123,906)(114,970)
Total AUM and AUA(1)(2)
$721,165 $606,090 
AUM386,696 327,384 
AUA(1)
334,469 278,706 
Total AUM and AUA(1)(2)
$721,165 $606,090 
(1) Wealth Solutions and Investment Management include Assets Under Advisement, which are presented in AUA.
(2) Includes AUM and AUA related to the divested businesses, for which a substantial portion of the assets continue to be managed by our Investment Management segment.

For additional information on reconciliations of Income (loss) from continuing operations to Adjusted operating earnings before
income taxes and Total revenues to Adjusted operating revenues, and their relative contributions of each segment, see Segments
Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Consolidated - Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020

Total Revenues

Total revenues increased $834 million from $1,669 million to $2,503 million. The following items contributed to the overall increase.

Net investment income increased $70 million from $586 million to $656 million primarily due to:

•higher alternative investment and prepayment fee income in the current period primarily driven by the impact of equity market performance.

The increase was partially offset by:

•transfer of assets to a comfort trust pursuant to the reinsurance agreements entered into concurrent with the closing of the Individual Life Transaction.

Fee income decreased $28 million from $464 million to $436 million primarily due to:

•lower fee income compared to the prior period due to the close of the Individual Life Transaction in both businesses exited and Investment Management.

The decrease was partially offset by:

•an increase in average separate account, institutional/mutual fund and external client AUM in Wealth Solutions and Investment Management driven by market performance and positive net flows.

Premiums decreased $91 million from $607 million to $516 million primarily due to:

•lower premiums compared to the prior period due to the close of the Individual Life Transaction.

The decrease was partially offset by:

•higher premiums driven by growth in the Stop Loss and Voluntary blocks of business in Health Solutions.

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Net realized capital losses increased $36 million from $1 million to $37 million primarily due to:

•unfavorable market-to-market adjustments on securities subject to fair value option accounting primarily driven by a general market re-pricing of prepayment risk;
•an unfavorable change in the fair value of guaranteed benefit derivatives excluding nonperformance risk as a result of interest rate movements; and
•losses from market value changes associated with a reinsured business, which are fully offset by a corresponding amount in Interest credited and other benefits to contract owners/policyholders.

The increase was partially offset by:

•a realized gain driven by the sale of our stake in a limited partnership interest; and
•a favorable change in the allowance for losses on commercial mortgage loans.

Other revenue increased $293 million from $81 million to $374 million primarily due to:

•a net gain related to the sale of the independent financial planning channel of VFA; and
•revenue from transition services agreements resulting from the close of the Individual Life Transaction.

Income (loss) related to consolidated investment entities increased $626 million from loss of $68 million to income of $558 million primarily due to:

•increase in investments in limited partnerships;
•equity market impacts to limited partnership valuations; and
•new funds launched during the current period.

Total Benefits and Expenses

Total benefits and expenses decreased $236 million from $1,711 million to $1,475 million. The following items contributed to the overall decrease.

Interest credited and other benefits to contract owners/policyholders decreased $311 million from $997 million to $686 million primarily due to:

•lower benefits compared to the prior year due to the close of the Individual Life Transaction; and
•market value impacts and changes in the reinsurance deposit asset associated with a reinsured business, which are fully offset by a corresponding amount in Net realized capital gains (losses).

The decrease was partially offset by:

•higher claims in Group Life, primarily related to COVID-19, and growth in Stop Loss and Voluntary blocks of business, partially offset by a lower Voluntary loss ratio in Health Solutions.

Operating expenses increased $63 million from $643 million to $706 million primarily due to:

•an increase in growth-based expenses in Wealth Solutions and Health Solutions;
•higher restructuring charges in the current period;
•higher incentive compensation in Corporate due to stronger performance in the current period; and
•higher compensation related expenses in our Investment Management segment primarily associated with higher earnings in the current period.

The increase was partially offset by:

•lower expenses due to direct operating expenses in the prior period reported in businesses exited or to be exited through reinsurance or divestment that ceased upon the closing of the Individual Life Transaction;
•a litigation reserve in Wealth Solutions during the prior year;
•lower amortization of intangible assets in Corporate related to a prior acquisition that became fully amortized; and
•a favorable change in quarterly pension costs.
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Net amortization of DAC/VOBA increased $7 million from $19 million to $26 million primarily due to:

•higher amortization on higher gross profits in Wealth Solutions; and
•higher amortization on our business reinsured.

The increase was partially offset by:

•a favorable change in unlocking in Wealth Solutions primarily driven by equity market performance.

Income Tax Expense

Income tax expense increased $106 million from $6 million to $112 million primarily due to:

•an increase in income before income taxes.

The increase was partially offset by:

•a change in noncontrolling interest; and
•an increase in the dividends received deduction ("DRD").

Loss from Discontinued Operations, net of Tax

Loss from discontinued operations, net of tax decreased $87 million from $93 million to $6 million primarily due to:

•a higher unfavorable adjustment to the Individual Life Transaction loss on sale, net of tax excluding costs to sell made in the prior period.

The decrease was partially offset by:

•a decrease in Net results from discontinued operations as business ceased at the close of the Individual Life Transaction.

Adjustments from Income (Loss) from Continuing Operations before Income Taxes to Adjusted Operating Earnings (Loss) before Income Taxes

Net investment gains and related charges and adjustments decreased $13 million from $42 million to $29 million primarily due to:
•unfavorable market-to-market adjustments on securities subject to fair value option accounting primarily driven by a general market re-pricing of prepayment risk.

The decrease was partially offset by:

•a realized gain driven by the sale of our stake in a limited partnership interest; and
•a favorable change in the allowance for losses on commercial mortgage loans.

Net guaranteed benefit hedging gains (losses) and related charges and adjustments changed $43 million from a gain of $38 million to a loss of $5 million primarily due to:

•unfavorable changes in derivative valuations due to interest rate movements.

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Income (loss) related to businesses exited or to be exited through reinsurance or divestment changed $302 million from a loss of $55 million to a gain of $247 million primarily due to:

•A gain related to the sale of the independent financial planning channel of VFA net of transaction-related costs to sell; and
•net losses, including unfavorable alternative investment performance, in the prior period related to the Individual Life and the Non-Wealth Solution Annuities businesses in RLI, VRIAC, and RLNY that were ceded to SLD at the close of the Individual Life Transaction.

The change was partially offset by:

•amortization of intangibles related to the businesses ceded to SLD at the close of the Individual Life Transaction.

Other adjustments to operating earnings increased $37 million from a loss of $9 million to a loss of $46 million primarily due to:
•higher costs recorded in the current period related to restructuring. See the Restructuring Note in Part I, Item 1. of this Quarterly Report on Form 10-Q for further description.

Consolidated - Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020

Net Income (Loss)

Total revenues decreased $2,808 million from $3,354 million to $546 million. The following items contributed to the overall decrease.

Net investment income increased $86 million from $1,284 million to $1,370 million primarily due to:

•higher alternative investment and prepayment fee income in the current period primarily driven by the impact of equity market performance.

The increase was partially offset by:

•transfer of assets to a comfort trust pursuant to the reinsurance agreements entered into concurrent with the closing of the Individual Life Transaction.
Fee income decreased $75 million from $969 million to $894 million primarily due to:

•lower fee income compared to the prior period due to the close of the Individual Life Transaction in both businesses exited and Investment Management.

The decrease was partially offset by:

•an increase in average separate account, institutional/mutual fund and external client AUM in Wealth Solutions and Investment Management driven by market performance and positive net flows.

Premiums decreased $5,686 million from $1,215 million to $(4,471) million primarily due to:

•the close of the Individual Life Transaction, at which point RLI, VRIAC, and RLNY ceded substantially all of their Individual Life and Non-Wealth Solution Annuities businesses to SLD, which are fully offset by a corresponding amount in Interest credited and other benefits to contract owners/policyholders.

    The decrease was partially offset by:

•higher premiums driven by growth in the Stop Loss and Voluntary blocks of business in Health Solutions.

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Net realized capital gains (losses) changed $1,939 million from a loss of $234 million to a gain of $1,705 million primarily due to:

•realized gains on the transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the Individual Life Transaction;
•a favorable change in the fair value of guaranteed benefit derivatives excluding nonperformance risk as a result of interest rate movements;
•a realized gain driven by the sale of our stake in a limited partnership interest; and
•a favorable change in the allowance for losses on commercial mortgage loans.

    The change was partially offset by:

•unfavorable market-to-market adjustments on securities subject to fair value option accounting primarily driven by a general market re-pricing of prepayment risk; and
•losses from market value changes associated with a reinsured business, which are fully offset by a corresponding amount in Interest credited and other benefits to contract owners/policyholders.

Other revenue increased $311 million from $173 million to $484 million primarily due to:

•a net gain related to the sale of the independent financial planning channel of VFA; and
•revenue from transition services agreements resulting from the close of the Individual Life Transaction.

Income (loss) related to consolidated investment entities increased $617 million from loss of $53 million to income of $564 million primarily due to:

•increase in investments in limited partnerships;
•equity market impacts to limited partnership valuations; and
•new funds launched during the current period.
Total benefits and expenses decreased $4,872 million from $3,352 million to $(1,520) million. The following items contributed to the overall decrease.

Interest credited and other benefits to contract owners/policyholders decreased $5,383 million from $1,879 million to $(3,504) million primarily due to:

•the close of the Individual Life Transaction, at which point RLI, VRIAC, and RLNY ceded substantially all of their Individual Life and Non-Wealth Solutions Annuities businesses to SLD, which are fully offset by a corresponding amount in Premiums; and
•market value impacts and changes in the reinsurance deposit asset associated with a reinsured business, which are fully offset by a corresponding amount in Net realized capital gains (losses).

    The decrease was partially offset by:

•amortization and loss recognition driven by the realized gains on the transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the Individual Life Transaction;
•higher claims in Group Life, primarily related to COVID-19, and growth in Stop Loss and Voluntary blocks of business, partially offset by lower Voluntary loss ratios in Health Solutions;
•an increase in the allowance for losses on reinsurance recoverables; and
•actual versus expected mortality in the current period for the businesses ceded to SLD related to claims prior to the close of the Individual Life Transaction.
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Operating expenses increased $25 million from $1,283 million to $1,308 million primarily due to:

•an increase in growth-based expenses in Wealth Solutions and Health Solutions;
•higher incentive compensation in Corporate due to stronger performance in the current period;
•higher compensation related expenses in our Investment Management segment primarily associated with higher earnings in the current period; and
•higher restructuring charges in the current period.

    The increase was partially offset by:

•a ceding commission paid as part of the close of the Individual Life Transaction at which point RLI, VRIAC and RLNY ceded substantially all of the Individual Life and Non-Wealth Solution Annuities businesses to SLD;
•lower expenses due to direct operating expenses in the prior period reported in businesses exited or to be exited through reinsurance or divestment that ceased upon the closing of the Individual Life Transaction;
•a litigation reserve in Wealth Solutions during the prior year;
•lower amortization of intangible assets in Corporate related to a prior acquisition that became fully amortized; and
•a favorable change in quarterly pension costs.

Net amortization of DAC/VOBA increased $470 million from $95 million to $565 million primarily due to:

•amortization and loss recognition driven by the realized gains on the transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the close of the Individual Life Transaction;
•higher amortization on our business reinsured; and
•higher amortization on higher gross profits in Wealth Solutions.

    The increase was partially offset by:

•a favorable change in unlocking in Wealth Solutions primarily driven by separate account market performance in the current period.

Income Tax Expense

Income tax expense increased $64 million from $0 million to $64 million primarily due to:

•an increase in income before income taxes.

    The increase was partially offset by:

•the release of a stranded tax benefit in Other Comprehensive Income;
•an increase in noncontrolling interest; and
•an increase in the DRD.
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Income (Loss) from Discontinued Operations, net of Tax

Income (loss) from discontinued operations, net of tax changed $229 million from a loss of $223 million to a gain of $8 million primarily due to:

•unfavorable adjustments to the Individual Life Transaction loss on sale, net of tax excluding costs to sell made in the prior period.

The change was partially offset by:

•a decrease in Net results from discontinued operations as business ceased at the close of the Individual Life Transaction.

Adjustments from Income (Loss) from Continuing Operations before Income Taxes to Adjusted Operating Earnings (Loss) before Income Taxes

Net investment gains and related charges and adjustments increased $33 million from $34 million to $67 million primarily due to:

•a realized gain driven by the sale of our stake in a limited partnership interest; and
•a favorable change in the allowance for losses on commercial mortgage loans.

    The increase was partially offset by:

•unfavorable market-to-market adjustments on securities subject to fair value option accounting primarily driven by a general market re-pricing of prepayment risk.

Net guaranteed benefit hedging gains and related charges and adjustments changed $56 million from a loss of $51 million to a gain of $5 million primarily due to:

•favorable changes in derivative valuations due to interest rate movements.

Income (loss) related to businesses exited through reinsurance or divestment changed $1,017 million from a loss of $46 million to a gain of $971 million primarily due to:

•realized gains net of related intangible amortization and loss recognition due to transfer of assets to a comfort trust pursuant to reinsurance agreements entered into concurrent with the close of the Individual Life Transaction;
•a gain related to the sale of the independent financial planning channel of VFA net of transaction-related costs to sell; and
•net losses, including unfavorable alternative investment performance, in the prior period related to the Individual Life and the Non-Wealth Solution Annuities businesses in RLI, VRIAC, and RLNY that were ceded to SLD at the close of the Individual Life Transaction.

    The change was partially offset by:

•amortization of intangibles related to the businesses ceded to SLD at the close of the Individual Life Transaction; and
•actual versus expected mortality in the current period for the businesses ceded to SLD related to claims prior to the close of the Individual Life Transaction.

Loss related to early extinguishment of debt increased $10 million primarily due to:

•Losses in connection with repurchased debt during the current period.

Other adjustments to operating earnings increased $26 million from a loss of $31 million to a loss of $57 million primarily due to:

•higher costs recorded in the current period related to restructuring. See the Restructuring Note in Part I, Item 1. of this Quarterly Report on Form 10-Q for further description.
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Results of Operations - Segment by Segment

Adjusted operating earnings is the measure of segment profit or loss management uses to evaluate segment performance. Adjusted operating earnings should not be viewed as a substitute for GAAP pretax income. We believe the presentation of segment adjusted operating earnings as we measure it for management purposes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitating a more meaningful trend analysis. Refer to the Segments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on the presentation of segment results and our definition of adjusted operating earnings.

Wealth Solutions

The following table presents Adjusted operating earnings before income taxes of our Wealth Solutions segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Adjusted operating revenues:
Net investment income and net realized gains (losses)
$525 $336 $1,034 $773 
Fee income262 197 514 413 
Premiums— 6 — 8 
Other revenue20 20 41 42 
Total adjusted operating revenues
807 559 1,589 1,236 
Operating benefits and expenses:
Interest credited and other benefits to contract owners/policyholders223 241 440 476 
Operating expenses277 269 560 551 
Net amortization of DAC/VOBA12 12 41 48 
Total operating benefits and expenses512 522 1,040 1,075 
Adjusted operating earnings before income taxes (1)
$295 $37 $550 $160 
(1) See DAC/VOBA and Other Intangibles Unlocking in Part I, Item 2. of this Quarterly Report on Form 10-Q for further information.

The following tables present AUM and AUA for our Wealth Solutions segment as of the dates indicated:
As of June 30,
($ in millions)20212020
Corporate markets$95,336 $72,658 
Tax-exempt markets85,179 68,926 
Total full service plans
180,515 141,584 
Stable value(1) and pension risk transfer
10,442 11,705 
Retail wealth management13,061 10,507 
Total AUM(1)
204,017 163,796 
AUA(2)
323,818 273,494 
Total AUM and AUA(1)(2)
$527,835 $437,290 
(1) Where Voya is the Investment Manager. Stable Value assets move from AUM to AUA when Voya no longer serves as Investment Manager but continues to provide a book value guarantee.
(2) Assets Under Advisement, presented in AUA, includes recordkeeping, stable value investment-only wrap, brokerage and investment advisory assets.

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As of June 30,
($ in millions)20212020
General Account$33,212 $33,616 
Separate Account92,471 74,298 
Mutual Fund/Institutional Funds78,334 55,882 
AUA(1)
323,818 273,494 
Total AUM and AUA(1)
$527,835 $437,290 
(1) Assets Under Advisement, presented in AUA, includes recordkeeping, stable value investment-only wrap, brokerage and investment advisory assets.

The following table presents a rollforward of AUM for our Wealth Solutions segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Balance as of beginning of period$194,209 $145,762 $189,579 $164,747 
Deposits12,136 4,695 19,038 11,167 
Surrenders, benefits and product charges(11,430)(4,598)(17,640)(9,787)
Net flows707 97 1,399 1,380 
Interest credited and investment performance9,101 17,937 13,039 (2,331)
Balance as of end of period$204,017 $163,796 $204,017 $163,796 

Wealth Solutions - Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020

Adjusted operating earnings before income taxes increased $258 million from $37 million to $295 million primarily due to:

•higher alternative asset income;
•higher fee revenue primarily driven by higher average equity markets and positive net flows;
•a favorable change in DAC unlocking primarily due to equity market performance; and
•higher investment margin.

The increase was partially offset by:

•higher amortization of DAC driven by higher gross profits; and
•higher expenses primarily driven by business growth, partially offset by a prior year legal accrual.

Wealth Solutions - Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020

Adjusted operating earnings before income taxes increased $390 million from $160 million to $550 million primarily due to:

•higher alternative asset income;
•higher fee revenue primarily driven by higher average equity markets and positive net flows;
•a favorable change in DAC unlocking primarily due to equity market performance; and
•higher investment margin.

The increase was partially offset by:

•higher amortization of DAC driven by higher gross profits; and
•higher expenses primarily driven by business growth, partially offset by a prior year legal accrual.


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Investment Management

The following table presents Adjusted operating earnings before income taxes of our Investment Management segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Adjusted operating revenues:
Net investment income and net realized gains (losses)
$27 $(22)$55 $(19)
Fee income163 148 321 305 
Other revenue3 3 6 8 
Total adjusted operating revenues193 129 382 294 
Operating benefits and expenses:
Operating expenses127 109 264 235 
Total operating benefits and expenses127 109 264 235 
Adjusted operating earnings before income taxes
$66 $20 $118 $59 

Our Investment Management segment operating revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees.
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Investment Management intersegment revenues$22 $27 $45 $53 

The following table presents AUM and AUA for our Investment Management segment as of the dates indicated:
As of June 30,
($ in millions)20212020
External clients:
Institutional(1)
$138,005 $105,573 
Retail(1)
77,007 67,359 
Total external clients215,013 172,932 
General account38,425 56,997 
Total AUM(1)
253,438 229,929 
AUA(2)
61,893 51,971 
Total AUM and AUA(1)(2)
$315,331 $281,900 
(1) Includes assets associated with the divested businesses.
(2) Includes assets sourced by other segments and also reported as AUA or AUM by such other segments. Assets Under Advisement, presented in AUA, includes advisory assets, mutual fund, general account and stable value assets.

The following table presents net flows for our Investment Management segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Net Flows:
Institutional(1)
$440 $7,327 $312 $9,161 
Retail(191)(288)(443)(1,197)
Divested businesses
(710)(520)(1,505)(1,222)
Total(1)
$(461)$6,519 $(1,636)$6,742 
(1) Starting Q1 2021, amounts exclude liquidity related cash flow activities. Historical periods presented have been revised to conform with this presentational change.

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Investment Management - Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020

Adjusted operating earnings before income taxes increased $46 million from $20 million to $66 million primarily due to:

•higher investment capital returns; and
•higher fee revenue primarily driven by higher average equity markets and positive net flows, partially offset by a decline in fees earned as a result of the Individual Life Transaction.

The increase was partially offset by:

•higher operating expenses primarily driven by variable compensation due to higher earnings.

Investment Management - Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020

Adjusted operating earnings before income taxes increased $59 million from $59 million to $118 million primarily due to:

•higher investment capital returns; and
•higher fee revenue primarily driven by higher average equity markets and positive net flows, partially offset by a decline in fees earned as a result of the Individual Life Transaction.

The increase was partially offset by:

•higher operating expenses primarily driven by variable compensation due to higher earnings.
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Health Solutions

The following table presents Adjusted operating earnings before income taxes of the Health Solutions segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Adjusted operating revenues:
Net investment income and net realized gains (losses)
$42 $17 $77 $47 
Fee income15 16 31 31 
Premiums535 500 1,085 1,000 
Other revenue(2)(3)(3)(4)
Total adjusted operating revenues591 530 1,190 1,074 
Operating benefits and expenses:
Interest credited and other benefits to contract owners/policyholders403 383 841 747 
Operating expenses117 107 236 220 
Net amortization of DAC/VOBA6 4 13 9 
Total operating benefits and expenses527 494 1,090 976 
Adjusted operating earnings before income taxes$63 $36 $100 $98 

The following table presents sales, gross premiums and in-force for our Health Solutions segment for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Sales by Product Line:
Group life and Disability$21 $21 $81 $102 
Stop loss20 17 317 258 
Total group products41 38 398 360 
Voluntary products29 41 110 121 
Total sales by product line$70 $79 $508 $481 
Total gross premiums and deposits$602 $563 $1,209 $1,123 
Group life and Disability$749 $716 $749 $716 
Stop loss1,191 1,075 1,191 1,075 
Voluntary550 477 550 477 
Total annualized in-force premiums$2,490 $2,268 $2,490 $2,268 
Loss Ratios:
Group life (interest adjusted)88.2 %83.8 %94.5 %81.0 %
Stop loss78.2 %78.1 %76.9 %75.7 %
Total Loss Ratio(1)
71.6 %69.3 %71.6 %69.3 %
(1) Total Loss Ratio is presented on a trailing twelve month basis.

Health Solutions - Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020

Adjusted Operating earnings before income taxes increased $27 million from $36 million to $63 million primarily due to:

•higher premiums driven by growth of the Voluntary blocks and Stop Loss blocks of business; and
•higher alternative asset income.

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The increase was partially offset by:

•higher benefits incurred due to growth in business and COVID-19 impacts, partially offset by a lower Voluntary loss ratio; and
•higher distribution expenses and commissions to support business growth.

Health Solutions - Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020

Adjusted Operating earnings before income taxes increased $2 million from $98 million to $100 million primarily due to:

•higher premiums driven by growth of the Stop Loss and Voluntary blocks of business; and
•higher alternative asset income.

The increase was partially offset by:

•higher benefits incurred due to growth in business and COVID-19 impacts, partially offset by a lower Voluntary loss ratio; and
•higher distribution expenses and commissions to support business growth.

Corporate

The following table presents Adjusted operating earnings before income taxes of Corporate for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Adjusted operating revenues:
Net investment income and net realized gains (losses)$2 $5 $3 $15 
Premiums— — — — 
Other revenue22 2 45 3 
Total adjusted operating revenues24 7 48 18 
Operating benefits and expenses:
Interest credited and other benefits to contract owners/policyholders— 5 — 13 
Operating expenses(1)
49 29 89 66 
Interest expense(2)
45 48 101 105 
Total operating benefits and expenses95 82 190 184 
Adjusted operating earnings before income taxes$(71)$(75)$(142)$(166)
(1) Includes expenses from corporate activities, and expenses not allocated to our segments. Three months and six months ended June 30, 2021 and 2020 primarily include stranded costs related to the divested businesses and amortization of intangibles.
(2) Includes dividend payments made to preferred shareholders.
Corporate - Three Months Ended June 30, 2021 Compared to Three Months Ended June 30, 2020

Adjusted operating earnings before income taxes improved $4 million from a loss of $75 million to a loss of $71 million primarily due to:

•revenue resulting from transition services agreements associated with the Individual Life Transaction; and
•lower amortization associated with intangibles that became fully amortized in the third quarter of 2020.

The improvement was partially offset by:

•higher incentive compensation expense in the current period driven by an increase in adjusted operating earnings before taxes.

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Corporate - Six Months Ended June 30, 2021 Compared to Six Months Ended June 30, 2020

Adjusted operating earnings before income taxes improved $24 million from a loss of $166 million to a loss of $142 million primarily due to:

•revenue resulting from transition services agreements associated with the Individual Life Transaction; and
•lower amortization associated with intangibles that became fully amortized in the third quarter of 2020.

The improvement was partially offset by:

•higher incentive compensation expense in the current period driven by an increase in adjusted operating earnings before taxes.

Alternative Investment Income

Investment income on certain alternative investments can be volatile due to changes in market conditions. The following table presents the amount of investment income (loss) on certain alternative investments that is included in segment Adjusted operating earnings before income taxes and the average level of assets in each segment, prior to intercompany eliminations, which excludes alternative investments and income that are a component of Assets held for sale, Income (loss) related to businesses exited or to be exited through reinsurance or divestment and Income (loss) from discontinued operations, net of tax, respectively. These alternative investments are carried at fair value, which is estimated based on the net asset value ("NAV") of these funds.

While investment income on these assets can be volatile, based on current plans, we expect to earn 9.0% on these assets over the long term.

The following table presents alternative investment income and average assets of alternative investments for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Wealth Solutions:
Alternative investment income$122 $(66)$229 $(35)
Average alternative investment1,366 897 1,246 890 
Investment Management:
Alternative investment income27 (22)55 (19)
Average alternative investment307 214 285 222 
Health Solutions:
Alternative investment income14 (7)22 (4)
Average alternative investment152 100 119 97 

DAC/VOBA and Other Intangibles Unlocking

Changes in Adjusted operating earnings before income taxes and Net income (loss) are influenced by increases and decreases in amortization of DAC, VOBA, deferred sales inducements ("DSI") and unearned revenue ("URR"), collectively, "DAC/VOBA and other intangibles." Unlocking, described below, related to DAC, VOBA, DSI and URR, as well as amortization of net cost of reinsurance and reserve adjustments associated with universal life-type and variable universal life-type secondary guarantees, are referred to as "DAC/VOBA and other intangibles unlocking."

We amortize DAC/VOBA and other intangibles related to universal life-type contracts and fixed and variable deferred annuity contracts over the estimated lives of the contracts in relation to the emergence of estimated gross profits. Assumptions as to mortality, persistency, interest crediting rates, 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 our experience and our overall short-term and long-term future expectations for returns available in the 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
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retroactively to the date of the contract issuance, which is referred to as unlocking. As a result of this process, the cumulative balances of DAC/VOBA and other intangibles are adjusted with an offsetting benefit or charge to income to reflect changes in the period of the revision. An unlocking event that results in a benefit to income ("favorable unlocking") generally occurs as a result of actual experience or future expectations being favorable compared to previous estimates. Changes in DAC/VOBA and other intangibles due to contract changes or contract terminations higher than estimated are also included in "unlocking." At each valuation date, we evaluate these assumptions and, if actual experience or other evidence suggests that earlier assumptions should be revised, we adjust the reserve balance, with a related charge or credit to Policyholder benefits. These reserve adjustments are included in unlocking associated with all our segments. An unlocking event that results in a charge to income ("unfavorable unlocking") generally occurs as a result of actual experience or future expectations being unfavorable compared to previous estimates. As a result of unlocking, the amortization schedules for future periods are also adjusted.

The following table presents the amount of DAC/VOBA and other intangibles unlocking included in segment Adjusted operating earnings before income taxes for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Wealth Solutions$18 $9 $21 $(8)
Total DAC/VOBA and other intangibles unlocking$18 $9 $21 $(8)

Liquidity and Capital Resources
Liquidity refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities. Capital refers to our long-term financial resources available to support business operations and future growth. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the businesses, timing of cash flows on investments and products, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.

Consolidated Sources and Uses of Liquidity and Capital

Our principal available sources of liquidity are product charges, investment income, proceeds from the maturity and sale of investments, proceeds from debt issuance and borrowing facilities, equity securities issuance, repurchase agreements, contract deposits and securities lending. Primary uses of these funds are payments of policyholder benefits, commissions and operating expenses, interest credits, share repurchases, investment purchases and contract maturities, withdrawals and surrenders.

Parent Company Sources and Uses of Liquidity

Voya Financial, Inc. is largely dependent on cash flows from its operating subsidiaries to meet its obligations. The principal sources of funds available to Voya Financial, Inc. include dividends and returns of capital from its operating subsidiaries, as well as cash and short-term investments, and proceeds from debt issuances, borrowing facilities and equity securities issuances. These sources of funds include the $500 million revolving credit sublimit of our Third Amended and Restated Credit Agreement and reciprocal borrowing facilities maintained with Voya Financial, Inc.'s subsidiaries as well as alternate sources of liquidity described below.

Business divestitures have also provided an important source of liquidity in recent periods, including through a significant increase in excess capital levels as a result of the completion of the Individual Life transaction in January 2021. We estimate that our excess capital (which we define as the amount of capital and surplus in our insurance subsidiaries above our 400% RBC target, plus the amount of holding company liquidity above our $200 million target) as of June 30, 2021, was approximately $1.5 billion. Depending on the outcome of certain business contingencies affecting SLD, the ultimate contribution of the transaction to our excess capital could vary by approximately $100 million (positively or negatively) over an approximately five-year period between 2021 and 2025. In addition, as described above, the purchase price received in the Individual Life Transaction is subject to a post-close true-up mechanism based on SLD’s adjusted book value on the closing date. The true up is expected to be completed by the end of 2021.

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Voya Financial, Inc.'s primary sources and uses of cash for the periods indicated are presented in the following table:
Six Months Ended June 30,
($ in millions)20212020
Beginning cash and cash equivalents balance$229 $212 
Sources:
Proceeds from loans from subsidiaries, net of repayments— 185 
Dividends and returns of capital from subsidiaries1,435 294 
Proceeds from Resolution sale572 — 
Collateral received, net— 23 
Amounts received from subsidiaries under tax sharing agreements, net— 6 
Refund of income taxes, net— 112 
Sale of interest in wholly owned subsidiary80 — 
Collateral received, net11 — 
Asset maturities and investment income, net32 — 
Other, net53 — 
Total sources2,183 620 
Uses:
Repurchase of Senior Notes76 — 
Premium paid and other fees related to debt extinguishment9 — 
Payment of interest expense64 66 
Capital provided to subsidiaries40 — 
Repayments of loans from subsidiaries, net of repayments653 — 
New issuances of loans to subsidiaries, net of repayments49 82 
Amounts paid to subsidiaries under tax sharing agreements, net275 — 
Common stock acquired - Share repurchase392 366 
Share-based compensation41 15 
Dividends paid on preferred stock18 18 
Dividends paid on common stock40 39 
Other, net— 3 
Total uses1,657 589 
Net increase in cash and cash equivalents526 31 
Ending cash and cash equivalents balance$755 $243 

Share Repurchase Program and Dividends to Common Shareholders

See the Shareholders' Equity Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information relating to authorizations by the Board of Directors to repurchase our shares and amounts of common stock repurchased pursuant to such authorizations during the six months ended June 30, 2021. As of June 30, 2021, we were authorized to repurchase shares up to an aggregate purchase price of $332 million.

On January 28, 2021, 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 $1 billion. The additional share repurchase authorization expires on March 31, 2022 (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 February 11, 2021, we entered into a share repurchase agreement with a third-party financial institution to repurchase $250 million of the Company's common stock. Pursuant to the agreement, we received initial delivery of 3,617,291 shares based on the closing market price of the Company's stock on February 11, 2021 of $55.29. This arrangement closed on May 14, 2021 and an additional 330,852 shares were delivered based on the daily volume-weighted average of the Company's common stock.

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On June 30, 2021, we entered into a share repurchase agreement with a third-party financial institution to repurchase $400 million of the Company's common stock, for which a payable is included in Other liabilities on the Condensed Consolidated Balance Sheet as of June 30, 2021. Pursuant to the agreement, we received initial delivery of 5,203,252 shares based on the closing market price of the Company's stock on June 30, 2021 of $61.50. This agreement is scheduled to terminate no later than the end of third quarter in 2021, at which time we will settle any positive or negative share balances based on the daily volume-weighted average price of the Company's common stock.

The following table summarizes our payment of common dividends and repurchases of common shares for the periods indicated:
Six Months Ended June 30,
($ in millions)20212020
Dividends paid on common shares$40 $39 
Repurchases of common shares (at cost)753 406 
Total$793 $445 

Liquidity

We manage liquidity through access to substantial investment portfolios as well as a variety of other sources of liquidity including committed credit facilities, securities lending and repurchase agreements. Our asset-liability management ("ALM") process takes into account the expected maturity of investments and expected benefit payments as well as the specific nature and risk profile of the liabilities. As part of our liquidity management process, we model different scenarios to determine whether existing assets are adequate to meet projected cash flows.

Capitalization

The primary components of our capital structure consist of debt and equity securities. Our capital position is supported by cash flows within our operating subsidiaries, the availability of borrowed funds under liquidity facilities, and any additional capital we raise to invest in the growth of the business and for general corporate purposes. We manage our capital position based on a variety of factors including, but not limited to, our financial strength, the credit rating of Voya Financial, Inc. and of its insurance company subsidiaries and general macroeconomic conditions.

As of June 30, 2021, we had $1 million of short-term debt borrowings outstanding consisting entirely of the current portion of long-term debt. The following table summarizes our borrowing activities for the three months ended June 30, 2021:
($ in millions)Beginning BalanceIssuanceMaturities and RepaymentOther ChangesEnding Balance
Debt securities$3,041 $— $(76)$1 $2,966 
Windsor property loan4 — — — 4 
Subtotal3,045 — (76)1 2,970 
Less: Current portion of long-term debt1 — — — 1 
Total long-term debt$3,044 $— $(76)$1 $2,969 

See the Financing Agreements and Shareholders’ Equity Notes to our Consolidated Financial Statements in Part I, Item 1. of this Form 10-Q for additional details over changes in debt and equity during the year and impacting capitalization.

Senior Unsecured Credit Facility

See the Financing Agreements Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for information on the senior unsecured credit facility.

Other Credit Facilities

We have historically used credit facilities to provide collateral for affiliated reinsurance transactions with captive insurance subsidiaries. These arrangements, which facilitated the financing of statutory reserve requirements, primarily related to our divested businesses.
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The following table summarizes our credit facilities as of June 30, 2021:
($ in millions)
Obligor / ApplicantBusiness SupportedSecured / UnsecuredCommitted / UncommittedExpirationCapacityUtilizationUnused Commitment
Voya Financial, Inc.OtherUnsecuredCommitted11/01/2024$500 $— $500 
Voya Financial, Inc.OtherSecuredUncommittedVarious10 1 — 
Voya Financial, Inc.OtherUnsecuredCommitted04/04/2025200 163 37 
Total
$710 $164 $537 

As a result of the sale of SLD and SLDI to Resolution, many of the Company’s credit facilities transferred to Resolution while others were terminated. Total fees associated with the remaining credit facilities were immaterial for the six months ended June 30, 2021 and 2020.

Voya Financial, Inc. Credit Support of Subsidiaries

Voya Financial, Inc. provide guarantees to certain of our subsidiaries to support various business requirements:
•Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 million principal amount Equitable Notes maturing in 2027, and provides a back-to-back guarantee to ING Group in respect of its guarantee of $358 million combined principal amount of Aetna Notes.

We did not recognize any asset or liability as of June 30, 2021 in relation to intercompany indemnifications, guarantees or support agreements. As of June 30, 2021, no guarantees existed in which we were required to currently perform under these arrangements.

Borrowings from Subsidiaries

We maintain revolving reciprocal loan agreements with a number of our life and non-life insurance subsidiaries that are used to fund short-term cash requirements that arise in the ordinary course of business. Under these agreements, either party may borrow up to the maximum allowable under the agreement for a term not more than 270 days. For life insurance subsidiaries, the amounts that either party may borrow from the other under the agreement vary and are between 2% and 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. As of June 30, 2021, the aggregate amount that may be borrowed or lent under agreements with life insurance subsidiaries was $1.5 billion. For non-life insurance subsidiaries, the maximum allowable under the agreement is based on the assets of the subsidiaries and their particular cash requirements. As of June 30, 2021, Voya Financial, Inc. had no outstanding borrowings from subsidiaries and had loaned $228 million to its subsidiaries.

Ratings

Our access to funding and our related cost of borrowing, collateral requirements for derivative instruments and the attractiveness of certain of our products to customers are affected by our credit ratings and insurance financial strength ratings, which are periodically reviewed by the rating agencies. Financial strength ratings and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. Credit ratings are also important to our ability to raise capital through the issuance of debt and for the cost of such financing.

A downgrade in our credit ratings or the credit or financial strength ratings of our rated subsidiaries could have a material adverse effect on our results of operations and financial condition. See Risk Factors- A downgrade or a potential downgrade in our financial strength or credit ratings could result in a loss of business and adversely affect our results of operations and financial condition in Part I, Item 1A. of our Annual Report on Form 10-K for additional information.

Financial strength ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy. Credit ratings represent the opinions of rating agencies regarding an entity's ability to repay its indebtedness. These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

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The financial strength and credit ratings of Voya Financial, Inc. and its principal subsidiaries as of the date of this Quarterly Report on Form 10-Q are summarized in the following table.
Rating Agency
A.M. BestFitch, Inc.Moody's Investors Service, Inc.Standard & Poor's
("A.M. Best")(1)
("Fitch")(2)
("Moody's")(3)
("S&P")(4)
Long-term Issuer Credit Rating/Outlook:
Voya Financial, Inc.
(5)
BBB+/stableBaa2/stableBBB+/Stable
Financial Strength Rating/Outlook:
Voya Retirement Insurance and Annuity Company
(5)
A/stableA2/stableA+/Stable
ReliaStar Life Insurance Company
A/stableA/stableA2/stableA+/Stable
ReliaStar Life Insurance Company of New YorkA/stableA/stableA2/stableA+/Stable
(1) A.M. Best's financial strength ratings for insurance companies range from "A++ (superior)" to "s (suspended)." Long-term credit ratings range from "aaa (exceptional)" to "s (suspended)."   
(2) Fitch's financial strength ratings for insurance companies range from "AAA (exceptionally strong)" to "C (distressed)." Long-term credit ratings range from "AAA (highest credit quality)," which denotes exceptionally strong capacity for timely payment of financial commitments, to "D (default)."
(3) Moody’s financial strength ratings for insurance companies range from "Aaa (exceptional)" to "C (lowest)." Numeric modifiers are used to refer to the ranking within the group- with 1 being the highest and 3 being the lowest. These modifiers are used to indicate relative strength within a category. Long-term credit ratings range from "Aaa (highest)" to "C (default)."
(4) S&P's financial strength ratings for insurance companies range from "AAA (extremely strong)" to "D (default)." Long-term credit ratings range from "AAA (extremely strong)" to "D (default)."
(5) Effective April 11, 2019, A.M. Best withdrew, at the Company’s request, its financial strength ratings with respect to Voya Financial, Inc. and Voya Retirement Insurance Annuity Company.

Rating agencies use an "outlook" statement for both industry sectors and individual companies. For an industry sector, a stable outlook generally implies that over the next 12 to 18 months the rating agency expects ratings to remain unchanged among companies in the sector. For a particular company, an outlook generally indicates a medium- or long-term trend in credit fundamentals, which if continued, may lead to a rating change. In April 2019, Moody’s changed its outlook for the U.S. life insurance sector to negative from stable. In March of 2020, Fitch revised its rating outlook for the U.S. life insurance sector to negative from stable. Also in March 2020, A.M. Best revised its outlook on the U.S. life insurance sector to negative from stable.

Restrictions on Dividends and Returns of Capital from Subsidiaries

Our business is conducted through operating subsidiaries. U.S. insurance laws and regulations regulate the payment of dividends and other distributions by our U.S. insurance subsidiaries to their respective parents. 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. In addition, under the insurance laws of our principal insurance subsidiaries domiciled in Connecticut and Minnesota (these insurance subsidiaries are referred to collectively as our "Principal Insurance Subsidiaries"), no dividend or other distribution exceeding an amount equal to an insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval.

Our Principal Insurance Subsidiary domiciled in Connecticut has ordinary dividend capacity for 2021. However, as a result of the extraordinary dividends it paid in 2015, 2016 and 2017, together with statutory losses incurred in connection with the recapture and cession to one of our Arizona captives of certain term life business in the fourth quarter of 2016, our Principal Insurance Subsidiary domiciled in Minnesota currently has negative earned surplus and cannot make ordinary dividend payments. Any extraordinary dividend payment would be subject to domiciliary insurance regulatory approval, which can be granted or withheld at the discretion of the regulator.

We may receive dividends from or contribute capital to our wholly owned non-life insurance subsidiaries such as broker-dealers, investment management entities and intermediate holding companies.

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Insurance Subsidiaries - Dividends, Returns of Capital, and Capital Contributions

The following table summarizes dividends by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:
Dividends PaidExtraordinary Distributions Paid
Six Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Subsidiary Name (State of domicile):
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)$78 $294 $474 $— 
ReliaStar Life Insurance Company ("RLI") (MN)— — 358 — 

Off-Balance Sheet Arrangements

We have obligations for the return of non-cash collateral under an amendment to our securities lending program. Non-cash collateral received in connection with the securities lending program may not be sold or re-pledged by our lending agent, except in the event of default, and is not reflected on our Condensed Consolidated Balance Sheets. For information regarding obligations under this program, see the Investments (excluding Consolidated Investment Entities) Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

For changes in commitments related to the acquisition of mortgage loans and the purchase of limited partnerships and private placement investments related to consolidated investment entities, see the Commitments and Contingencies Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Impact of New Accounting Pronouncements

For information regarding the impact of new accounting pronouncements, see the Business, Basis of Presentation and Significant Accounting Policies Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Critical Accounting Judgments and Estimates

The preparation of financial statements in conformity with U.S. GAAP requires us 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates and assumptions are evaluated on an on-going basis based on historical developments, market conditions, industry trends and other information that is reasonable under the circumstances. There can be no assurance that actual results will conform to estimates and assumptions and that reported results of operations will not be materially affected by the need to make future accounting adjustments to reflect changes in these estimates and assumptions from time to time. The inputs into our estimates and assumptions consider the economic implications of COVID-19 on our critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the accompanying Condensed Consolidated Financial Statements.

We have identified the following accounting judgments and estimates as critical in that they involve a higher degree of judgment and are subject to a significant degree of variability:
•Estimated loss on businesses held for sale;
•Reserves for future policy benefits;
•DAC, VOBA and other intangibles (collectively, "DAC/VOBA and other intangibles");
•Valuation of investments and derivatives;
•Impairments;
•Income taxes;
•Contingencies; and
•Employee benefit plans.

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In developing these accounting estimates, we make subjective and complex judgments that are inherently uncertain and subject to material changes as facts and circumstances develop. Although variability is inherent in these estimates, we believe the amounts provided are appropriate based on the facts available upon preparation of the Condensed Consolidated Financial Statements.

The above critical accounting estimates are described in the Business, Basis of Presentation and Significant Accounting Policies Note and the Business Held for Sale and Discontinued Operations Note in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K.

Estimated loss on businesses held for sale

On January 4, 2021, we completed a series of transactions pursuant to the Resolution MTA with Resolution Life US pursuant to which Resolution Life US acquired all of the shares of the capital stock of SLD and SLDI, including the capital stock of several subsidiaries of SLD and SLDI. This transaction resulted in the sale of a significant portion of our Individual Life business as well as the fixed and variable Annuities business associated with the subsidiaries sold. In connection with this transaction, as of December 31, 2020, we recorded an estimated loss on sale, net of tax, of $1,466 million to write down the carrying value of the businesses sold to estimated fair value, which was based on the estimated sales price of the Individual Life Transaction as of December 31, 2020, less cost to sell and other adjustments in accordance with the Resolution MTA. In addition, Income (loss) from discontinued operations, net of tax, for the six months ended June 30, 2021, includes a reduction to the estimated loss on sale, net of tax of $8 million. The estimated loss on sale is subject to a true up mechanism that is expected to be completed in the second half of 2021 which may result in changes to the purchase price and may impact the final loss on sale related to the Individual Life Transaction which could result in changes to be recorded in the Company's Condensed Statement of Operations in future periods. For additional information on the Individual Life Transaction and the related estimated loss on sale, net of tax, see Overview in Part II, Item 7. of our Annual Report on Form 10-K and the Business Held for Sale and Discontinued Operations Note to our accompanying Condensed Consolidated Financial Statements.

Assumptions and Periodic Review

Changes in assumptions can have a significant impact on DAC/VOBA and other intangibles balances, amortization rates, reserve levels and results of operations. Assumptions are management's best estimates of future outcome. We periodically review these assumptions against actual experience and, based on additional information that becomes available, update our assumptions. Deviation of emerging experience from our assumptions could have a significant effect on our DAC/VOBA and other intangibles, reserves and the related results of operations.

During Q1 2021 and as a result of the close of the Individual Life transaction, we reviewed our blocks of business to determine recoverability of DAC, VOBA and other intangibles. This review, referred to as loss recognition testing, resulted in the write down of DAC/VOBA of $302 million and the establishment of premium deficiency reserves of $215 million in our divested businesses. The loss recognition was recorded in the Condensed Consolidated Statements of Operations and excluded from Adjusted operating earnings for the six months ended June 30, 2021.

Sensitivity

We perform sensitivity analyses to assess the impact that certain assumptions have on DAC/VOBA and other intangibles, as well as certain reserves. As of June 30, 2021, there have been no material changes to the sensitivities disclosed in Critical Accounting Judgements and Estimates in Part II. Item 7 of our Annual Report on Form 10-K..

Income Taxes

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred.

See the Income Taxes Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information.

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Investments (excluding Consolidated Investment Entities)

Investments for our general account are managed by our wholly owned asset manager, Voya Investment Management LLC, pursuant to investment advisory agreements with affiliates. In addition, our internal treasury group manages our holding company liquidity investments, primarily money market funds.

See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K for information on our investment strategy.

See the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on investments.

Portfolio Composition

The following table presents the investment portfolio as of the dates indicated:
June 30, 2021December 31, 2020
($ in millions)Carrying
Value		% of TotalCarrying
Value		% of Total
Fixed maturities, available-for-sale, excluding securities pledged
$33,983 74.0 %$43,569 76.6 %
Fixed maturities, at fair value option2,562 5.6 %3,011 5.3 %
Fixed maturities, trading, at fair value
45 0.1 %— — %
Equity securities, at fair value354 0.8 %242 0.4 %
Short-term investments(1)
190 0.4 %111 0.2 %
Mortgage loans on real estate5,579 12.1 %6,741 11.9 %
Policy loans413 0.9 %718 1.3 %
Limited partnerships/corporations
1,543 3.2 %1,476 2.5 %
Derivatives157 0.3 %215 0.4 %
Other investments75 0.2 %319 0.6 %
Securities pledged
1,094 2.4 %449 0.8 %
Total investments$45,995 100.0 %$56,851 100.0 %
(1) Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase.

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Fixed Maturities

The following tables present total fixed maturities, including securities pledged, by market sector as of the dates indicated:
June 30, 2021
($ in millions)Amortized Cost% of TotalFair Value% of Total
Fixed maturities:
U.S. Treasuries
$754 2.2 %$998 2.7 %
U.S. Government agencies and authorities
62 0.2 %75 0.2 %
State, municipalities and political subdivisions915 2.7 %1,031 2.7 %
U.S. corporate public securities
10,416 30.8 %12,149 32.3 %
U.S. corporate private securities4,828 14.2 %5,338 14.2 %
Foreign corporate public securities and foreign governments(1)
3,296 9.7 %3,714 9.9 %
Foreign corporate private securities(1)
3,456 10.2 %3,739 9.9 %
Residential mortgage-backed securities
4,499 13.3 %4,675 12.4 %
Commercial mortgage-backed securities3,666 10.8 %3,879 10.3 %
Other asset-backed securities2,011 5.9 %2,041 5.4 %
Total fixed maturities, including securities pledged$33,903 100.0 %$37,639 100.0 %
(1) Primarily U.S. dollar denominated.
December 31, 2020
($ in millions)Amortized Cost% of TotalFair Value% of Total
Fixed maturities:
U.S. Treasuries$1,033 2.5 %$1,471 3.1 %
U.S. Government agencies and authorities74 0.2 %102 0.2 %
State, municipalities and political subdivisions1,166 2.9 %1,346 2.9 %
U.S. corporate public securities13,366 32.7 %16,387 34.9 %
U.S. corporate private securities5,653 13.8 %6,446 13.7 %
Foreign corporate public securities and foreign governments(1)
4,023 9.8 %4,736 10.0 %
Foreign corporate private securities(1)
4,220 10.3 %4,646 9.9 %
Residential mortgage-backed securities5,370 13.1 %5,626 12.0 %
Commercial mortgage-backed securities3,882 9.5 %4,131 8.8 %
Other asset-backed securities2,110 5.2 %2,138 4.5 %
Total fixed maturities, including securities pledged$40,897 100.0 %$47,029 100.0 %
(1)Primarily U.S. dollar denominated.

As of June 30, 2021, the average duration of our fixed maturities portfolio, including securities pledged, is between 7.0 and 7.5 years.

Fixed Maturities Credit Quality - Ratings

For information regarding our fixed maturities credit quality ratings, see the Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Consolidated Financial Statements in Part II, Item 7. of our Annual Report on Form 10-K.




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The following tables present credit quality of fixed maturities, including securities pledged, using NAIC designations as of the dates indicated:
($ in millions)June 30, 2021
NAIC Quality Designation123456Total Fair Value
U.S. Treasuries$998 $— $— $— $— $— $998 
U.S. Government agencies and authorities75 — — — — — 75 
State, municipalities and political subdivisions918 110 3 — — — 1,031 
U.S. corporate public securities4,256 7,247 565 62 19 — 12,149 
U.S. corporate private securities1,677 3,122 432 103 4 — 5,338 
Foreign corporate public securities and foreign governments(1)
1,174 2,308 207 25 — — 3,714 
Foreign corporate private securities(1)
291 3,056 200 170 — 22 3,739 
Residential mortgage-backed securities4,313 279 42 1 19 21 4,675 
Commercial mortgage-backed securities3,384 409 72 13 1 — 3,879 
Other asset-backed securities1,758 223 9 13 38 — 2,041 
Total fixed maturities$18,844 $16,754 $1,530 $387 $81 $43 $37,639 
% of Fair Value
50.1%44.5%4.1%1.0%0.2%0.1%100.0%
(1) Primarily U.S. dollar denominated.
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The following tables present credit quality of fixed maturities, including securities pledged, using NAIC acceptable rating organizations ("ARO") ratings as of the dates indicated:
($ in millions)December 31, 2020
NAIC Quality Designation123456Total Fair Value
U.S. Treasuries$1,471 $— $— $— $— $— $1,471 
U.S. Government agencies and authorities102 — — — — — 102 
State, municipalities and political subdivisions1,214 128 4 — — — 1,346 
U.S. corporate public securities6,275 9,258 757 84 13 — 16,387 
U.S. corporate private securities2,296 3,627 390 119 14 — 6,446 
Foreign corporate public securities and foreign governments(1)
1,707 2,759 235 35 — — 4,736 
Foreign corporate private securities(1)
418 3,863 145 220 — — 4,646 
Residential mortgage-backed securities5,265 236 78 1 22 24 5,626 
Commercial mortgage-backed securities3,712 346 63 10 — — 4,131 
Other asset-backed securities1,843 227 12 13 41 2 2,138 
Total fixed maturities$24,303 $20,444 $1,684 $482 $90 $26 $47,029 
% of Fair Value51.7%43.4%3.6%1.0%0.2%0.1%100.0%
(1)Primarily U.S. dollar denominated.

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($ in millions)June 30, 2021
ARO Quality RatingsAAAAAABBBBB and BelowTotal Fair Value
U.S. Treasuries$998 $— $— $— $— $998 
U.S. Government agencies and authorities64 — 11 — — 75 
State, municipalities and political subdivisions54 585 274 115 3 1,031 
U.S. corporate public securities77 755 3,904 6,800 613 12,149 
U.S. corporate private securities105 109 1,437 3,254 433 5,338 
Foreign corporate public securities and foreign governments(1)
9 262 1,006 2,235 202 3,714 
Foreign corporate private securities(1)
— 49 283 3,113 294 3,739 
Residential mortgage-backed securities3,180 245 111 373 766 4,675 
Commercial mortgage-backed securities1,532 438 773 997 139 3,879 
Other asset-backed securities349 468 922 216 86 2,041 
Total fixed maturities$6,368 $2,911 $8,721 $17,103 $2,536 $37,639 
% of Fair Value16.9%7.7%23.3%45.4%6.7%100.0%
(1)Primarily U.S. dollar denominated.
($ in millions)December 31, 2020
ARO Quality RatingsAAAAAABBBBB and BelowTotal Fair Value
U.S. Treasuries$1,471 $— $— $— $— $1,471 
U.S. Government agencies and authorities95 7 — — — 102 
State, municipalities and political subdivisions84 769 354 135 4 1,346 
U.S. corporate public securities168 933 5,928 8,575 783 16,387 
U.S. corporate private securities109 156 2,011 3,685 485 6,446 
Foreign corporate public securities and foreign governments(1)
14 386 1,430 2,601 305 4,736 
Foreign corporate private securities(1)
— 49 390 3,868 339 4,646 
Residential mortgage-backed securities3,976 340 143 299 868 5,626 
Commercial mortgage-backed securities1,543 484 845 1,098 161 4,131 
Other asset-backed securities414 490 913 223 98 2,138 
Total fixed maturities$7,874 $3,614 $12,014 $20,484 $3,043 $47,029 
% of Fair Value16.7 %7.7 %25.5 %43.6 %6.5 %100.0 %
(1)Primarily U.S. dollar denominated.

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Fixed maturities rated BB and below may have speculative characteristics and changes in economic conditions or other circumstances that are more likely to lead to a weakened capacity of the issuer to make principal and interest payments than is the case with higher rated fixed maturities.

Potential Credit Related COVID-19 Exposures

The following table presents our fixed maturities portfolio exposure to sectors that we believe may be particularly affected by the economic consequences of COVID-19:
($ in millions)June 30, 2021
NAIC Rating (%)
Fair ValueFair Value %Unrealized Capital Gain/Loss%
Public		%
Private		1234-6
Energy $2,275 6.1 %$330 71 %29 %20.2 %61.1 %15.0 %3.8 %
Midstream
999 2.7 %150 65 %35 %7.0 %79.2 %12.4 %1.5 %
Independent Energy450 1.2 %61 73 %27 %28.0 %24.6 %31.8 %15.6 %
Integrated Energy463 1.2 %63 78 %22 %52.6 %34.9 %12.5 %0.1 %
Refining179 0.5 %37 85 %15 %— %95.0 %4.9 %0.1 %
Oil Field Services184 0.5 %19 64 %36 %10.5 %84.9 %4.0 %0.7 %
Metals587 1.6 %108 66 %34 %10.9 %83.4 %5.7 %0.1 %
Airlines/Aircraft Leasing318 0.8 %(3)48 %52 %19.6 %46.6 %12.7 %21.1 %
Restaurants282 0.7 %19 89 %11 %1.2 %93.1 %0.1 %5.7 %
Airports153 0.4 %12 43 %57 %20.6 %35.5 %43.9 %0.1 %
Lodging203 0.5 %3 94 %6 %85.0 %5.4 %9.5 %0.2 %
Automotive309 0.8 %31 52 %48 %16.1 %67.8 %15.1 %1.1 %
Retailers853 2.3 %111 91 %9 %42.1 %54.4 %2.9 %0.7 %
COVID-19 Subtotal4,980 13.2 %611 73 %27 %27.5 %60.6 %8.6 %3.4 %
Remaining Portfolio32,659 86.8 %3,128 76 %24 %54.0 %42.0 %2.9 %1.1 %
Grand Total
$37,639100.0%$3,73976%24%50.0%44.5%4.1%1.5%

To the extent that issuers of these securities suffer economic distress, impairments among our portfolio assets may increase, perhaps significantly, which would reduce the carrying value of these assets for statutory purposes and decrease our admitted statutory capital. Such distress, or a further general deterioration in credit markets, could also result in ratings downgrades across our portfolio, which would require our insurance subsidiaries to hold additional amounts of risk-based capital.  In both cases, the amount of our excess capital above our targets would decline, and if the reductions were significant enough, we might be required to use available sources of liquidity to fund additional statutory capital requirements.

In April 2020, we first analyzed the potential impact of two hypothetical stress scenarios on our excess capital levels out through the second quarter 2021. “Stress Case One” was determined to reduce our excess capital levels by approximately $300 million. “Stress Case Two”, a more severe hypothetical stress scenario, would reduce our excess capital levels by approximately $600 million. Based on a review of those scenarios and credit events through third quarter, including certain downgrades in our securities portfolio in the second and third quarters of 2020, we have revised our hypothetical stress cases to $300 million for “Stress Case One” and $450 million for “Stress Case Two”. In addition, the timeframe was extended out through the end of 2021. To date, results are generally consistent with “Stress Case One”. Although we believe that these scenarios reflect the range of adverse conditions that we might reasonably experience due to COVID-19, it is possible the outcomes are worse, perhaps materially so. The effects on our capital in such scenarios reflect only the impact from impairments or ratings downgrades on our asset portfolio, and not from declines in our earnings (including from increased claims) that might also result from COVID-19.

Unrealized Capital Losses

Gross unrealized capital losses on fixed maturities, including securities pledged, decreased $9 million from $139 million to $130 million for the six months ended June 30, 2021. The modest decrease in unrealized losses was driven by tightening credit spreads. See section "Overview - Trends and Uncertainties" in this Management’s Discussion and Analysis.
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As of June 30, 2021 and December 31, 2020, we held two and three fixed maturities with unrealized capital losses in excess of $10 million. As of June 30, 2021 and December 31, 2020, the unrealized capital losses on these fixed maturities equaled $26 million or 20.0% and $45 million or 32.3% of the total unrealized losses, respectively.

As of June 30, 2021, we held $2.3 billion of energy sector fixed maturity securities, constituting 6.1% of the total fixed maturities portfolio, with gross unrealized capital losses of $19 million, including one energy sector fixed maturity security with unrealized capital losses in excess of $10 million. The unrealized capital losses on these fixed maturity securities equaled $13 million. As of June 30, 2021, our fixed maturity exposure to the energy sector is comprised of 81.2% investment grade securities.

As of December 31, 2020, we held $3.0 billion of energy sector fixed maturity securities, constituting 6.5% of the total fixed maturities portfolio, with gross unrealized capital losses of $28 million, including one energy sector fixed maturity security with unrealized capital losses in excess of $10 million. The unrealized capital losses on this fixed maturity security equaled $16 million. As of December 31, 2020, our fixed maturity exposure to the energy sector is comprised of 84.0% investment grade securities.
See the Investments (excluding Consolidated Investment Entities) Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on unrealized capital losses.

CMO-B Portfolio

The following table presents fixed maturities balances held in the CMO-B portfolio by NAIC quality rating as of the dates indicated:
($ in millions)June 30, 2021December 31, 2020
NAIC Quality DesignationAmortized CostFair Value% Fair ValueAmortized CostFair Value% Fair Value
1$2,599 $2,699 88.4 %$3,182 $3,333 90.4 %
2268 274 9.0 %232 235 6.4 %
337 40 1.3 %72 75 2.0 %
4— — — %— — — %
510 19 0.6 %11 22 0.6 %
617 21 0.7 %17 23 0.6 %
Total$2,931 $3,053 100.0 %$3,514 $3,688 100.0 %

For CMO securities where we elected the FVO, amortized cost represents the market values. For details on the NAIC designation methodology, see "Fixed Maturities Credit Quality-Ratings" in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K.

The following table presents the notional amounts and fair values of interest rate derivatives used in our CMO-B portfolio as of the dates indicated:
June 30, 2021December 31, 2020
($ in millions)Notional
Amount  		Asset
Fair
Value  
Liability
Fair
Value  
Notional
Amount  		Asset
Fair
Value 		Liability
Fair
Value  
Derivatives non-qualifying for hedge accounting:
Interest Rate Contracts$12,438 $65 $195 $12,381 $60 $214 

The Company utilizes interest rate futures and interest rate swaps as a part of the CMO-B portfolio to hedge interest rate risk.

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The following table presents our CMO-B fixed maturity securities balances and tranche type as of the dates indicated:
($ in millions)June 30, 2021December 31, 2020
Tranche TypeAmortized CostFair Value% Fair ValueAmortized CostFair Value% Fair Value
Inverse Floater$103 $154 5.0 %$204 $282 7.7 %
Interest Only (IO)349 352 11.6 %358 362 9.8 %
Inverse IO1,351 1,400 45.9 %1,741 1,819 49.3 %
Principal Only (PO)132 138 4.5 %185 193 5.2 %
Floater7 7 0.2 %9 9 0.2 %
Agency Credit Risk Transfer940 952 31.2 %968 973 26.4 %
Other49 50 1.6 %49 50 1.4 %
Total$2,931 $3,053 100.0 %$3,514 $3,688 100.0 %

During the six months ended June 30, 2021, the market value of our CMO-B securities portfolio declined due to some assets moving to reinsured blocks and as a result of lower valuations due to higher rate levels.
The following table presents returns for our CMO-B portfolio for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Net investment income (loss)$151 $169 $314 $306 
Net realized capital gains (losses)(1)
(189)(58)(339)(96)
Income (loss) from continuing operations before income taxes$(38)$111 $(25)$210 
(1)Net realized capital gains (losses) also include derivatives interest settlements, mark to market adjustments and realized gains (losses) on standalone derivatives contracts that are in the CMO-B portfolio.

In defining the Adjusted operating earnings before income taxes for our CMO-B portfolio (including CMO-B portfolio income
(loss) related to businesses to be exited through reinsurance or divestment) certain recharacterizations are recognized. The net coupon settlement on interest rate swaps hedging CMO-B securities that is included in Net realized capital gains (losses) is reflected. In addition, the premium amortization and change in fair value for securities designated under the FVO are included in Net realized capital gains (losses), whereas the coupon for these securities is included in Net investment income. In order to present the economics of these fair value securities in a similar manner to those of an available for sale security, the premium amortization is reclassified from Net realized capital gains (losses).

After adjusting for the two items referenced immediately above, the following table presents a reconciliation of Income (loss) from operations before income taxes from our CMO-B portfolio to Adjusted operating earnings before income taxes from our CMO-B portfolio for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2021202020212020
Income (loss) from operations before income taxes$(38)$111 $(25)$210 
Realized gains (losses) including impairment— 5 (27)6 
Fair value adjustments81 (74)136 (126)
Total adjustments to income (loss) from operations81 (69)109 (120)
Adjusted operating earnings before income taxes$43 $42 $84 $90 

See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of our Annual Report on Form 10-K for information on our CMO-B portfolio.





103
Structured Securities

Residential mortgage-backed securities

The following tables present our residential mortgage-backed securities as of June 30, 2021 and December 31, 2020:
June 30, 2021
($ in millions)Amortized CostGross Unrealized Capital GainsGross Unrealized Capital LossesEmbedded DerivativesFair Value
Prime Agency$2,321 $113 $6 $7 $2,435 
Prime Non-Agency2,066 59 13 1 2,113 
Alt-A95 9 1 7 110 
Sub-Prime(1)
41 5 — — 46 
Total RMBS$4,523 $186 $20 $15 $4,704 
(1) Includes subprime other asset backed securities.
December 31, 2020
($ in millions)Amortized CostGross Unrealized Capital GainsGross Unrealized Capital LossesEmbedded DerivativesFair Value
Prime Agency$2,966 $168 $2 $10 $3,142 
Prime Non-Agency2,271 75 13 2 2,335 
Alt-A114 10 2 8 130 
Sub-Prime(1)
47 6 — — 53 
Total RMBS$5,398 $259 $17 $20 $5,660 
(1) Includes subprime other asset backed securities.

Commercial Mortgage-backed securities

The following tables present our commercial mortgage-backed securities as of June 30, 2021 and December 31, 2020:
June 30, 2021
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
2014 and prior$554 $628 $60 $62 $158 $166 $117 $119 $40 $37 $929 $1,012 
2015169 189 156 164 83 87 115 117 22 23 545 580 
201650 55 21 22 28 31 52 53 — — 151 161 
201785 93 24 25 70 72 79 81 40 41 298 312 
201882 93 20 21 96 101 65 67 2 2 265 284 
2019178 201 40 41 139 143 309 318 8 9 674 712 
202098 100 37 39 82 85 166 171 — — 383 395 
2021172 173 64 64 88 88 70 71 26 27 420 423 
Total CMBS$1,388 $1,532 $422 $438 $744 $773 $973 $997 $138 $139 $3,665 $3,879 
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December 31, 2020
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
2014 and prior$587 $691 $125 $128 $162 $168 $143 $141 $47 $45 $1,064 $1,173 
2015204 234 171 181 98 100 141 142 30 31 644 688 
201660 68 23 24 36 39 50 50 — — 169 181 
2017107 122 37 38 85 86 93 92 51 51 373 389 
2018100 117 27 27 170 174 122 123 20 21 439 462 
2019178 207 46 47 182 180 372 381 12 13 790 828 
2020102 104 38 39 96 98 167 169 — — 403 410 
Total CMBS$1,338 $1,543 $467 $484 $829 $845 $1,088 $1,098 $160 $161 $3,882 $4,131 
As of June 30, 2021, 87.2% and 10.5% of CMBS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2020, 89.9% and 8.4% of CMBS investments were designated as NAIC-1 and NAIC-2, respectively.

Other Asset-backed Securities

The following tables present our other asset-backed securities as of June 30, 2021 and December 31, 2020:
June 30, 2021
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Collateralized Obligation$267 $269 $327 $328 $769 $771 $25 $24 $62 $59 $1,450 $1,451 
Auto-Loans2 2 — 1 8 9 — — — — 10 12 
Student Loans26 26 124 128 15 15 1 2 — — 166 171 
Credit Card loans— — — — 4 4 — — — — 4 4 
Other Loans47 50 11 11 118 123 181 190 — — 357 374 
Total Other ABS(1)
$342 $347 $462 $468 $914 $922 $207 $216 $62 $59 $1,987 $2,012 
(1) Excludes subprime other asset backed securities.
December 31, 2020
($ in millions)AAAAAABBBBB and BelowTotal
Amortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair ValueAmortized CostFair Value
Collateralized Obligation$312 $315 $332 $333 $729 $726 $28 $28 $75 $66 $1,476 $1,468 
Auto-Loans3 3 10 10 10 11 — — — — 23 24 
Student Loans39 40 127 133 40 41 2 2 — — 208 216 
Credit Card loans— — — — — — — — — — — — 
Other Loans50 56 14 14 126 132 183 194 — — 373 396 
Total Other ABS(1)
$404 $414 $483 $490 $905 $910 $213 $224 $75 $66 $2,080 $2,104 
(1) Excludes subprime other asset backed securities.

105
As of June 30, 2021, 86.1% and 10.7% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2020, 86.0% and 10.8% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively.

Mortgage Loans on Real Estate

As of June 30, 2021, our mortgage loans on real estate portfolio had a weighted average DSC of 2.2 times and a weighted average LTV ratio of 43.0%. As of December 31, 2020, our mortgage loans on real estate portfolio had a weighted average DSC of 2.2 times, and a weighted average LTV ratio of 45.2%. See the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on mortgage loans on real estate.
Impairments

We evaluate available-for-sale fixed maturities for impairment on a regular basis. The assessment of whether impairments have occurred is based on a case-by-case evaluation of the underlying reasons for the decline in estimated fair value. See the Business, Basis of Presentation and Significant Accounting Policies Note in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K for the policy used to evaluate whether the investments are impaired.

See the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on impairment.

Derivatives
We use derivatives for a variety of hedging purposes. We also have embedded derivatives within fixed maturities instruments and certain product features. See the Business, Basis of Presentation and Significant Accounting Policies Note in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K for further information.

European Exposures

We quantify and allocate our exposure to the region by attempting to identify aspects of the region or country risk to which we are exposed. Among the factors we consider are the nationality of the issuer, the nationality of the issuer's ultimate parent, the corporate and economic relationship between the issuer and its parent, as well as the political, legal and economic environment in which each functions. By undertaking this assessment, we believe that we develop a more accurate assessment of the actual geographic risk, with a more integrated understanding of contributing factors to the full risk profile of the issuer.

In the normal course of our ongoing risk and portfolio management process, we closely monitor compliance with a credit limit hierarchy designed to minimize overly concentrated risk exposures by geography, sector and issuer. This framework takes into account various factors such as internal and external ratings, capital efficiency and liquidity and is overseen by a combination of Investment and Corporate Risk Management, as well as insurance portfolio managers focused specifically on managing the investment risk embedded in our portfolio.

While financial conditions in Europe have broadly improved, the possibility of capital market volatility spreading through a highly integrated and interdependent banking system remains. Despite signs of continuous improvement in the region, we continue to closely monitor our exposure to the region.

As of June 30, 2021, our total European exposure had an amortized cost and fair value of $3,367 million and $3,698 million, respectively. European exposure with a primary focus on Greece, Ireland, Italy, Portugal and Spain (which we refer to as "peripheral Europe") amounts to $389 million, which includes non-financial institutions exposure in Ireland of $144 million, in Italy of $113 million, and in Spain of $97 million. We also had financial institutions exposure in Italy of $10 million and in Spain of $25 million. We did not have any exposure to Portugal, Ireland and Greece.

Among the remaining $3,309 million of total non-peripheral European exposure, we had a portfolio of credit-related assets similarly diversified by country and sector across developed and developing Europe. As of June 30, 2021, our non-peripheral sovereign exposure was $95 million, which consisted of fixed maturities and derivative assets. We also had $567 million in net exposure to non-peripheral financial institutions, with a concentration in Switzerland of $105 million and the United Kingdom of $282 million. The balance of $2,647 million was invested across non-peripheral, non-financial institutions.

106
Some of the major country level exposures were in the United Kingdom of $1,750 million, in The Netherlands of $272 million, in Belgium of $171 million, in France of $330 million, in Germany of $216 million, in Switzerland of $259 million, and in Russia of $56 million. We believe the primary risk results from market value fluctuations resulting from spread volatility and the secondary risk is default risk, dependent upon the strength of continued recovery of economic conditions in Europe.

Consolidated and Nonconsolidated Investment Entities

We use many forms of entities to achieve our business objectives and we have participated in varying degrees in the design and
formation of these entities. These entities are considered to be VIEs or VOEs (collectively, "Consolidated Investment Entities"),
or nonconsolidated VIEs, and we evaluate our involvement with each entity to determine whether consolidation is required.

See Consolidation and Noncontrolling Interests and Fair Value Measurements in the Business, Basis of Presentation and Significant Accounting Policies Note to our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K. Additionally, see the Consolidated and Nonconsolidated Investment Entities Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information.

Securitizations

We invest in various tranches of securitization entities, including RMBS, CMBS and ABS. Refer to the Consolidated and Nonconsolidated Investment Entities Note and Fair Value Measurements (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for an understanding over the Company's Securitizations. Refer to the Investments (excluding Consolidated Investment Entities) Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for details regarding the carrying amounts and classifications of these assets.

Guarantors and Issuers of Guaranteed Securities 

Voya Financial, Inc. (the “Parent Issuer”) has issued certain notes pursuant to transactions registered under the Securities Act of 1933. Such securities consist of (i) the 5.7% senior notes due 2043, the 3.65% senior notes due 2026, the 4.8% senior notes due 2046, and the 3.125% senior notes due 2024, with an aggregate principal amount of $1.5 billion as of June 30, 2021 and December 31, 2020 (collectively, the “Senior Notes”) and (ii) the 5.65% fixed-to-floating rate junior subordinated notes due 2053 and the 4.7% fixed-to-floating junior subordinated notes due 2048, with an aggregate principal amount of $1.1 billion as of June 30, 2021 and December 31, 2020 (collectively, the “Junior Subordinated Notes” and, together with the Senior Notes, the “Registered Notes”).

Voya Holdings (the “Subsidiary Guarantor”), a wholly owned subsidiary of the Parent Issuer, has guaranteed each of the Registered Notes on a full and unconditional basis. No other subsidiary of the Parent Issuer has guaranteed any of the Registered Notes. The Parent Issuer and the Subsidiary Guarantor are hereby referred to below as the “Obligor Group.”

The full and unconditional guarantees require the Subsidiary Guarantor to satisfy the obligations of the guaranteed security immediately, if and when the Parent Issuer has failed to make a scheduled payment thereunder. If the Subsidiary Guarantor does not make such payment, any holder of the guaranteed security may immediately bring suit directly against the Subsidiary Guarantor for payment of amounts due and payable.

Set forth below is summarized financial information of the Obligor Group, as presented on a combined basis. Inter-combination transactions and balances within the Obligor Group have been eliminated. In addition, financial information of any non-issuer or non-guarantor subsidiaries, which would normally be consolidated by either the Parent Issuer or the Subsidiary Guarantor under U.S. generally accepted accounting principles, has been excluded from such presentation. 

107
Refer to the Summarized Financial Information of the Obligor Group as of and for the six months ended June 30, 2021 and as of and for the year ended December 31, 2020 below:
As of and for the
($ in millions)
Six Months Ended June 30, 2020Year Ended December 31, 2020
Summarized Statement of Operations Information:
Total revenues$25 $32 
Total benefits and expenses95 173 
Income (loss) from continuing operations, net of tax530 (100)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates530 (100)
Net income (loss) available to Obligor Group530 (100)
Summarized Balance Sheet Information
Total investments161 60 
Cash and cash equivalents764 229 
Current income tax assets102 — 
Deferred income tax assets702 869 
Loans to non-obligated subsidiaries229 180 
Due from non-obligated subsidiaries3 2 
Total assets2,071 1,356 
Short-term debt with non-obligated subsidiaries— 653 
Long-term debt2,968 3,041 
Total liabilities$3,991 $4,120 

Item 3.        Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk that our consolidated financial position and results of operations will be affected by fluctuations in the value of financial instruments. We have significant holdings in financial instruments and are naturally exposed to a variety of market risks. The main market risks we are exposed to include interest rate risk, equity market price risk and credit risk. We do not have material market risk exposure to "trading" activities in our Condensed Consolidated Financial Statements. For further details on these market risks, see Quantitative and Qualitative Disclosures About Market Risk in Part II, Item 7A. in our Annual Report on Form 10-K.

Market Risk Related to Interest Rates

We assess interest rate exposures for financial assets, liabilities and derivatives using hypothetical test scenarios that assume either increasing or decreasing 100 basis point parallel shifts in the yield curve. In calculating these amounts, we exclude gains and losses on separate account fixed income securities related to products for which the investment risk is borne primarily by the separate account contract holder rather than by us. While the test scenarios are for illustrative purposes only and do not reflect our expectations regarding future interest rates or the performance of fixed-income markets, they are a near-term, reasonably possible hypothetical change that illustrates the potential impact of such events. These tests do not measure the change in value that could result from non-parallel shifts in the yield curve. As a result, the actual change in fair value from a 100 basis point change in interest rates could be different from that indicated by these calculations.

108
The following table summarizes the net estimated potential change in fair value from hypothetical 100 basis point upward and downward shifts in interest rates as of June 30, 2021:
As of June 30, 2021
Hypothetical Change in
Fair Value(2)
($ in millions)Notional
Fair Value(1)
+ 100 Basis Points Yield Curve Shift- 100 Basis Points Yield Curve Shift
Financial assets with interest rate risk:
Fixed maturity securities, including securities pledged$— $37,684 $(2,639)$2,653 
Commercial mortgage and other loans— 6,018 (273)255 
Financial liabilities with interest rate risk:
Investment contracts:
Funding agreements without fixed maturities and deferred annuities(4)
— 43,834 (3,203)4,031 
Funding agreements with fixed maturities— 1,301 (51)39 
Supplementary contracts and immediate annuities— 791 (35)41 
Derivatives:
Interest rate contracts18,028 121 113 (153)
Long-term debt— 3,460 (214)246 
Embedded derivatives on reinsurance— 237 79 (92)
Guaranteed benefit derivatives(3):
Other(4)
— 45 (16)51 
(1)    Separate account assets and liabilities which are interest sensitive are not included herein as any interest rate risk is borne by the holder of separate account.
(2)    (Decreases) in assets or (decreases) in liabilities are presented in parentheses. Increases in assets or increases in liabilities are presented without parentheses.
(3)    Certain amounts included in Funding agreements without fixed maturities and deferred annuities section are also reflected within the Guaranteed benefit derivatives section of the tables above.
(4)    Includes GMWBL, GMWB, FIA, Stabilizer and MCG.


Market Risk Related to Equity Market Prices

We assess equity risk exposures for financial assets, liabilities and derivatives using hypothetical test scenarios that assume either an increase or decrease of 10% in all equity market benchmark levels. The following table summarizes the net estimated potential change in fair value from an instantaneous increase and decrease in all equity market benchmark levels of 10% as of June 30, 2021. In calculating these amounts, we exclude gains and losses on separate account equity securities related to products for which the investment risk is borne primarily by the separate account contract holder rather than by us. While the test scenarios are for illustrative purposes only and do not reflect our expectations regarding the future performance of equity markets, they are near-term, reasonably possible hypothetical changes that illustrate the potential impact of such events. These scenarios consider only the direct effect on fair value of declines in equity benchmark market levels and not changes in asset-based fees recognized as revenue, changes in our estimates of total gross profits used as a basis for amortizing DAC/VOBA, other intangibles and other costs, or changes in any other assumptions such as market volatility or mortality, utilization or persistency rates in variable contracts that could also impact the fair value of our living benefits features. In addition, these scenarios do not reflect the effect of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the equity market benchmark we use as a basis for developing our hedging strategy. The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the related living benefit features, in comparison to the hypothetical test scenarios.
109
As of June 30, 2021
Hypothetical Change in
Fair Value(1)
($ in millions)NotionalFair Value+ 10%
Equity Shock		-10%
Equity Shock
Financial assets with equity market risk:
Equity securities, at fair value$— $354 $28 $(28)
Limited liability partnerships/corporations— 1,543 95 (95)
Derivatives:
Equity futures and total return swaps244 10 14 (14)
Equity options42 1 — — 
Financial liabilities with equity market risk:
Guaranteed benefit derivatives:
Other(2)
— 45 — 1 
(1) (Decreases) in assets or (decreases) in liabilities are presented in parentheses. Increases in assets or increases in liabilities are presented without parentheses.
(2)    Includes GMWBL, GMWB, FIA, Stabilizer and MCG.

Market Risk Related to Credit Risk

In connection with the Individual Life Transaction, we entered into large reinsurance agreements with SLD, our former insurance subsidiary, with respect to the portion of the Individual Life and other legacy businesses that have been written by our insurance subsidiaries domiciled in Minnesota, Connecticut, and New York. As a result, SLD became our largest reinsurer during the first quarter. While SLD's reinsurance obligations to us are collateralized through assets held in trust, in the event of any default by SLD of its reinsurance obligations to us, or any loss of credit for such reinsurance, there can be no assurance that such assets will be sufficient to support the reserves that we would be required to establish or pay claims. There were no other material changes in our credit risk.

See the Discontinued Operations Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Item 4.        Controls and Procedures

Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act")) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company's current disclosure controls and procedures are effective in ensuring that material information relating to the Company required to be disclosed in the Company's periodic SEC filings is made known to them in a timely manner.

Changes in Internal Control Over Financial Reporting

There were no changes to the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended June 30, 2021 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II.     OTHER INFORMATION

Item 1.        Legal Proceedings

See the Commitments and Contingencies Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.


110
Item 1A.    Risk Factors

For a discussion of the Company’s potential risks and uncertainties, see Risk Factors in Part I, Item IA. of our Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report on Form 10-K") (File No. 001-35897) filed with the SEC and Management’s Discussion and Analysis of Financial Condition and Results of Operations-Trends and Uncertainties in Part I, Item 2. of this Quarterly Report on Form 10-Q.

Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer

The following table summarizes Voya Financial, Inc.’s repurchases of its common stock for the three months ended June 30, 2021:
Period
Total Number of Shares Purchased(1)
Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2)(4)
(in millions)
April 1, 2021 - April 30,202116,988 $68.39 — $879 
May 1, 2021- May 31, 20211,029,941 65.26 (3)1,018,362 834 
June 1, 2021 - June 30, 20216,824,692 61.85 (4)6,821,142 332 
Total7,871,621 $62.31 7,839,504 N/A
(1) In connection with the exercise or vesting of equity-based compensation awards, employees may remit to Voya Financial, Inc., or Voya Financial, Inc. may withhold into treasury stock, shares of common stock in respect to tax withholding obligations and option exercise cost associated with such exercise or vesting. For the three months ended June 30, 2021, there was an increase of 32,117 Treasury shares in connection with such withholding activities.
(2) On January 28, 2021, 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 $1 billion. The additional share repurchase authorization expires on March 31, 2022 (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.
(3) On February 11, 2021, the Company entered into a share repurchase agreement with a third-party financial institution to repurchase $250 million of the Company's common stock. Pursuant to the agreement, the Company received initial delivery of 3,617,291 shares based on the closing market price of the Company's stock on February 11, 2021 of $55.29. This arrangement closed on May 14, 2021 and an additional 330,852 shares were delivered based on the daily volume-weighted average of the Company's common stock.
(4) On June 30, 2021, the Company entered into a share repurchase agreement with a third-party financial institution to repurchase $400 million of the Company's common stock, for which a payable is included in Other liabilities on the Condensed Consolidated Balance Sheet as of June 30, 2021. Pursuant to the agreement, the Company received initial delivery of 5,203,252 shares based on the closing market price of the Company's stock on June 30, 2021 of $61.50. This agreement is scheduled to terminate no later than the end of third quarter in 2021, at which time the Company will settle any positive or negative share balances based on the daily volume-weighted average price of the Company's common stock.

Item 6.        Exhibits

See Exhibit Index on the following page.
111
Table of Contents
Voya Financial, Inc.
Exhibit Index
Exhibit No. Description of Exhibit
31.1+
Rule 13a-14(a)/15d-14(a) Certification of Rodney O. Martin, Jr. Chief Executive Officer (included as Exhibit 31.1 to Form 10-Q)
31.2+
Rule 13a-14(a)/15d-14(a) Certification of Michael S. Smith, Chief Financial Officer (included as Exhibit 31.2 to Form 10-Q)
32.1+
Section 1350 Certification of Rodney O. Martin, Jr. Chief Executive Officer (included as Exhibit 32.1 to Form 10-Q)
32.2+
Section 1350 Certification of Michael S. Smith, Chief Financial Officer (included as Exhibit 32.2 to Form 10-Q)
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+Inline XBRL Taxonomy Extension Schema
101.CAL+Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF+Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB+Inline XBRL Taxonomy Extension Label Linkbase
101.PRE+Inline XBRL Taxonomy Extension Presentation Linkbase
104+Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
+ Filed herewith.
112
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


August 6, 2021Voya Financial, Inc.
(Date)(Registrant)
By: /s/Michael S. Smith
Michael S. Smith
Vice Chairman and
Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
113

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