August 12, 2024 Reinsurance

RELIASTAR LIFE INSURANCE COMPANY – 2nd QUARTER FINANCIALS 2024

U.S. Markets via PUBT

STATEMENT AS OF JUNE 30, 2024 OF THE RELIASTAR LIFE INSURANCE COMPANY

ASSETS

			Current Statement Date		4
		1	2		3	December 31
					Net Admitted Assets	Prior Year Net
		Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds	............ 6,903,755,499	.................................0	............	6,903,755,499	............ 6,948,978,886
2.	Stocks:
	2.1 Preferred stocks	60,493,106	0	.................	60,493,106	................. 53,359,231
	2.2 Common stocks	538,668,055	0	................	538,668,055	................544,383,242

3. Mortgage loans on real estate:

	3.1 First liens	..................................................................................................			1,019,663,497	0	1,019,663,497	1,061,531,986
	3.2 Other than first liens			0	0	0	0
4.	Real estate:
	4.1 Properties occupied by the company (less $	0
	encumbrances)			42,691,631	0	42,691,631	43,391,174
	4.2 Properties held for the production of income (less
	$	0	encumbrances)		.................................0	.................................0	.................................0	.................................0
	4.3 Properties held for sale (less $	0

	.......................................................................................encumbrances)				.................................0	.................................0	.................................0	.................................0
5.	Cash ($	87,264,762	), cash equivalents
	($	124,431,000	) and short-term
	investments ($	138,512,188 )	350,207,950	0	350,207,950	307,989,813
6.	Contract loans (including $	.................................	0	premium notes)	167,235,246	24,119	167,211,127	172,740,749
7.	Derivatives				67,814,105	0	67,814,105	93,284,858
8.	Other invested assets			663,778,734	0	663,778,734	648,118,989
9.	Receivables for securities			12,967,386	0	12,967,386	10,296,238
10.	Securities lending reinvested collateral assets	135,275,315	0	135,275,315	115,700,301
11.	Aggregate write-ins for invested assets	0	0	0	206,106
12.	Subtotals, cash and invested assets (Lines 1 to 11)	9,962,550,525	24,119	9,962,526,406	9,999,981,573
13.	Title plants less $	0 charged off (for Title insurers
	only)				0	0	0	0
14.	Investment income due and accrued	72,967,106	307,484	72,659,622	73,677,302

15. Premiums and considerations:

15.1	Uncollected premiums and agents' balances in the course of collection	(504,612,394)	7,662,643	(512,275,036)	(438,834,916)
15.2	Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	.................................0
	earned but unbilled premiums)	9,756,698	0	9,756,698	8,122,753
15.3	Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	.................................0 )	.................................0	0	0	0

16. Reinsurance:

	....................................................16.1 Amounts recoverable from reinsurers	................587,291,610	.................................0	................587,291,610	................601,391,943
	16.2 Funds held by or deposited with reinsured companies	................... 2,348,818	.................................0	................... 2,348,818	................... 2,348,818
	16.3 Other amounts receivable under reinsurance contracts	................254,733,219	.................................0	................254,733,219	................171,212,190
17.	Amounts receivable relating to uninsured plans	................... 2,712,616	.................................0	................... 2,712,616	................... 1,935,036
18.1	....Current federal and foreign income tax recoverable and interest thereon	................... 7,600,883	.................................0	................... 7,600,883	................. 13,780,592
18.2	Net deferred tax asset	................419,260,725	................215,331,308	................203,929,417	................188,677,369
19.	Guaranty funds receivable or on deposit	................... 1,652,708	.................................0	................... 1,652,708	................... 1,908,097
20.	Electronic data processing equipment and software	........................ 48,121	........................ 48,121	.................................0	.................................0
21.	Furniture and equipment, including health care delivery assets
	($	0 )	.................................0	.................................0	.................................0	.................................0
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	.................................0	.................................0	.................................0	.................................0
23.	Receivables from parent, subsidiaries and affiliates	...................2,660,814	.................................0	...................2,660,814	................. 26,207,522
24.	Health care ($	0 ) and other amounts receivable	...................... 269,487	...................... 269,487	.................................0	.................................0
25.	........................................Aggregate write-ins for other than invested assets	................. 64,097,465	................... 9,872,304	................. 54,225,161	................. 75,378,423
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	.......... 10,883,338,402	................233,515,465	.......... 10,649,822,937	.......... 10,725,786,702
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	............ 2,585,990,661	.................................0	............ 2,585,990,661	............ 2,398,225,157
28.	Total (Lines 26 and 27)		13,469,329,063	233,515,465	13,235,813,598	13,124,011,859
	DETAILS OF WRITE-INS
1101.	Derivative receivables
.................................0	.................................0	.................................0	...................... 206,106
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	Summary of remaining write-ins for Line 11 from overflow page	.................................0	.................................0	.................................0	.................................0
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)	0	0	0	206,106
2501.	Margin call collateral	................. 52,181,458	.................................0	................. 52,181,458	................. 74,150,636
2502.	Lifeline deposits receivable	.....................................................................	................... 1,983,734	.................................0	................... 1,983,734	...................1,121,181
2503.	Miscellaneous assets	................... 9,932,273	................... 9,872,304	........................ 59,968	...................... 106,605
2598.	...................Summary of remaining write-ins for Line 25 from overflow page	.................................0	.................................0	.................................0	.................................0
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	64,097,465	9,872,304	54,225,161	75,378,423

STATEMENT AS OF JUNE 30, 2024 OF THE RELIASTAR LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

							1	2
							Current	December 31
							Statement Date	Prior Year
1.	............Aggregate reserve for life contracts $	5,826,601,686 less $	0 included in Line 6.3
	(including $	261,763,032 Modco Reserve)		5,826,601,686	6,154,343,482
2.	Aggregate reserve for accident and health contracts (including $	0	Modco Reserve)	72,421,269	67,065,799
3.	Liability for deposit-type contracts (including $	................. 17,471,070	Modco Reserve)	996,691,303	1,016,832,571
4.	Contract claims:
	4.1 Life				182,127,382	171,835,178
	4.2 Accident and health				566,379,006	427,201,772
5.	Policyholders' dividends/refunds to members $	........................ 20,058	and coupons $	0	due
	and unpaid				20,058	0

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:


6.1	Policyholders' dividends and refunds to members apportioned for payment (including $	.................................0
	Modco)	.................	(3,508,638)	(3,835,102)
6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	0 Modco)	0	0
6.3	Coupons and similar benefits (including $	0 Modco)	0	0
7. Amount provisionally held for deferred dividend policies not included in Line 6	0	0

8. Premiums and annuity considerations for life and accident and health contracts received in advance less

	$	.................................0	discount; including $	0	accident and health premiums	.........................	56,853	157,507
9.	Contract liabilities not included elsewhere:
	9.1	Surrender values on canceled contracts			0	0
	9.2	Provision for experience rating refunds, including the liability of $	33,671,909 accident and health
		experience rating refunds of which $	0 is for medical loss ratio rebate per the Public Health
		Service Act				40,873,373	35,920,860
	9.3 Other amounts payable on reinsurance, including $	11,800,495 assumed and $	18,636,816
		ceded				30,437,311	94,894,319
	9.4 Interest Maintenance Reserve			19,008,208	2,400,024
10.	Commissions to agents due or accrued-life and annuity contracts $	15,725,625 , accident and health
	$	................. 32,538,414 and deposit-type contract funds $	0	48,264,039	................. 64,432,386
11.	..............................................................................Commissions and expense allowances payable on reinsurance assumed		................... 1,717,618	...................1,626,244
12.	............................................................................................................................................General expenses due or accrued			................. 23,525,430	................. 27,699,913
13.	Transfers to Separate Accounts due or accrued (net) (including $	(1,308,151) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)		................... 1,277,324	.......................949,772
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes		...................2,554,948	................. 11,349,728
15.1 Current federal and foreign income taxes, including $	0 on realized capital gains (losses)	.................................0	.................................0
15.2	Net deferred tax liability				.................................0	.................................0
16.	Unearned investment income			................... 7,683,605	................... 7,147,160
17.	.......................................................................................Amounts withheld or retained by reporting entity as agent or trustee		...................... 148,651	...................... 286,999
18.	...................Amounts held for agents' account, including $	...........................................1,714,465 agents' credit balances	................... 1,714,465	...................1,009,811
19.	........................................................................................................................................Remittances and items not allocated			................117,630,861	............... 105,082,202
20.	Net adjustment in assets and liabilities due to foreign exchange rates		.................................0	.................................0
21.	.......................................................................................Liability for benefits for employees and agents if not included above		...................... 414,547	...................... 408,498
22.	Borrowed money $	3,000,078 and interest thereon $	2,313	................... 3,002,390	.................................0
23.	Dividends to stockholders declared and unpaid			0	0

24. Miscellaneous liabilities:


	24.01	Asset valuation reserve			................161,462,078	................168,520,197
	.................................24.02 Reinsurance in unauthorized and certified ($	0 ) companies	................. 28,689,633	................. 21,364,560
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	0 ) reinsurers	................475,576,152	................521,419,570
	24.04	Payable to parent, subsidiaries and affiliates		................. 40,204,186	................. 36,137,076
	24.05	Drafts outstanding			.................................0	.................................0
	24.06	............................................................................................................Liability for amounts held under uninsured plans		.................................0	.................................0
	24.07	Funds held under coinsurance			.................................0	.................................0
	24.08	Derivatives			................. 47,892,589	................. 49,803,644
	24.09	Payable for securities			................. 95,289,939	................. 12,524,125
	24.10	Payable for securities lending			................135,275,315	................115,700,301
	24.11 Capital notes $	0 and interest thereon $	0	0	0
25.	Aggregate write-ins for liabilities			162,932,476	166,981,585
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)		9,086,364,056	9,279,260,183
27.	From Separate Accounts Statement			2,585,990,661	2,398,225,157
28.	Total liabilities (Lines 26 and 27)			11,672,354,717	11,677,485,340
29.	Common capital stock			2,500,000	2,500,000
30.	..............................................................................................................................................................Preferred capital stock			...................... 100,000	...................... 100,000
31.	..........................................................................................................Aggregate write-ins for other than special surplus funds		................394,971,273	............... 406,592,996
32.	............................................................................................................................................................................Surplus notes			.................................0	.................................0
33.	Gross paid in and contributed surplus			7,619,650	7,619,650
34.	Aggregate write-ins for special surplus funds		0	0
35.	Unassigned funds (surplus)			1,158,367,959	1,029,813,874

36. Less treasury stock, at cost:

	36.1	0	shares common (value included in Line 29	$	.................................0	)	.................................0	.................................0
	36.2	80,000	shares preferred (value included in Line 30	$	...................... 100,000	)	...................... 100,000	...................... 100,000
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $	0 in Separate Accounts Statement)	1,560,858,881	1,443,926,519
38.	Totals of Lines 29, 30 and 37				1,563,458,881	1,446,526,519
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				13,235,813,598	13,124,011,859
	DETAILS OF WRITE-INS
2501.	...........................................................................................................................................................Margin call collateral				................. 65,792,986	................. 93,871,752
2502.	Lifeline deposits payable				................. 42,073,097	................. 30,339,251
2503.	Unclaimed property					................. 40,599,086	................. 31,231,480
2598.	..............................................................................................Summary of remaining write-ins for Line 25 from overflow page			................. 14,467,306	................. 11,539,102
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)				162,932,476	166,981,585
3101.	Deferred gain on reinsurance	.................................................................................................................................................			394,971,273	406,592,996

3102	....................................	....................................
3103	....................................	....................................
3198.	Summary of remaining write-ins for Line 31 from overflow page	.................................0	.................................0
3199.	Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)	394,971,273	406,592,996
3401	....................................	....................................

3402	....................................	....................................
3403	....................................	....................................
3498.	Summary of remaining write-ins for Line 34 from overflow page	.................................0	.................................0
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)	0	0

STATEMENT AS OF JUNE 30, 2024 OF THE RELIASTAR LIFE INSURANCE COMPANY

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	................691,676,166	................612,535,190	............ 1,206,152,072
2.	Considerations for supplementary contracts with life contingencies	................... 2,077,015	................... 3,566,930	...................6,529,042
3.	Net investment income	................247,435,505	................235,378,901	............... 501,851,688
4.	Amortization of Interest Maintenance Reserve (IMR)	................. (5,650,996)	................... 1,519,741	................... 3,185,692
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	.................................0	.................................0	.................................0
6.	Commissions and expense allowances on reinsurance ceded	................162,225,396	................221,646,217	................390,746,682
7.	Reserve adjustments on reinsurance ceded	................. 18,953,435	................(68,698,267)	..............(184,735,480)
8.	Miscellaneous Income:
	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	................. 30,116,266	................. 30,366,091	................. 60,649,683
	8.2 Charges and fees for deposit-type contracts	.................................0	.................................0	.................................0
	8.3 Aggregate write-ins for miscellaneous income	3,297,771	1,248,972	3,780,122
9.	Totals (Lines 1 to 8.3)	1,150,130,558	1,037,563,776	1,988,159,500
10.	Death benefits	61,245,632	................. 56,181,115	................103,270,595
11.	Matured endowments (excluding guaranteed annual pure endowments)	.................................0	.....................(117,211)	.................................0
12.	Annuity benefits	................. 28,702,798	................. 28,793,026	................. 63,129,176
13.	Disability benefits and benefits under accident and health contracts	................387,833,480	................217,219,676	................414,768,489
14.	Coupons, guaranteed annual pure endowments and similar benefits	.................................0	.................................0	.................................0
15.	Surrender benefits and withdrawals for life contracts	................447,852,237	................385,534,334	................795,955,694
16.	Group conversions	.................................0	.................................0	.................................0
17.	Interest and adjustments on contract or deposit-type contract funds	................. 16,661,365	................. 18,383,420	................. 34,030,267
18.	Payments on supplementary contracts with life contingencies	................... 3,649,785	...................2,984,202	................... 5,783,852
19.	Increase in aggregate reserves for life and accident and health contracts	(322,386,326)	(241,849,285)	(534,751,543)
20.	Totals (Lines 10 to 19)	................623,558,971	................467,129,276	............... 882,186,529
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)	................184,707,670	................167,264,612	................334,577,965
22.	Commissions and expense allowances on reinsurance assumed	................... 3,336,150	................... 3,287,842	................... 6,356,752
23.	General insurance expenses and fraternal expenses	................196,547,417	................187,202,436	................361,052,684
24.	Insurance taxes, licenses and fees, excluding federal income taxes	................. 47,931,673	................. 42,541,156	................. 84,371,193
25.	Increase in loading on deferred and uncollected premiums	................... 2,270,325	...................... (98,668)	................... 1,315,076
26.	Net transfers to or (from) Separate Accounts net of reinsurance	................(86,664,852)	................(62,858,634)	.............. (132,078,734)
27.	Aggregate write-ins for deductions
8,709,606	5,952,024	28,045,361
28.	Totals (Lines 20 to 27)	980,396,960	810,420,044	1,565,826,826
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)	................169,733,598	................227,143,732	................422,332,674
30.	Dividends to policyholders and refunds to members	477,002	778,791	1,277,182
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)	............... 169,256,595	................226,364,941	............... 421,055,492
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)	2,454,110	21,426,443	18,502,624
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income
	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)	............... 166,802,485	................204,938,498	............... 402,552,869

34. Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital

	gains tax of $	(3,091,870) (excluding taxes of $	1,879,442
	transferred to the IMR)		2,203,151	4,283,810	(1,959,499)
35.	Net income (Line 33 plus Line 34)	169,005,636	209,222,308	400,593,369
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year	1,446,526,519	1,784,318,536	1,784,318,536
37.	Net income (Line 35)		169,005,636	209,222,308	400,593,369
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	1,352,337	(1,130,498)	472,671	16,448,663
39.	Change in net unrealized foreign exchange capital gain (loss)	575,345	466,020	(344,577)
40.	Change in net deferred income tax	(14,784,334)	(25,264,415)	(18,495,693)
41.	............................................................................................................Change in nonadmitted assets	................. 32,209,717	................(60,462,425)	................(31,885,971)
42.	.......................................Change in liability for reinsurance in unauthorized and certified companies	................. (7,325,074)	................. (7,520,679)	................... 4,629,315
43.	..........................Change in reserve on account of change in valuation basis, (increase) or decrease	0	0	44,985,217
44.	Change in asset valuation reserve	7,058,119	2,909,700	26,891,405
45.	Change in treasury stock		0	0	0
46.	.........................................Surplus (contributed to) withdrawn from Separate Accounts during period	.................................0	.................................0	.................................0
47.	................................................................Other changes in surplus in Separate Accounts Statement	.................................0	.................................0	.................................0
48.	Change in surplus notes
	0	0	0
49.	Cumulative effect of changes in accounting principles	0	0	(8,706,479)
50.	Capital changes:
	50.1 Paid in		.................................0	.................................0	.................................0
	..................................................................................50.2 Transferred from surplus (Stock Dividend)	.................................0	.................................0	.................................0
	50.3 Transferred to surplus		0	0	0

51. Surplus adjustment:

	51.1 Paid in	0	0	0
	51.2 Transferred to capital (Stock Dividend)	0	.................................0	.................................0
	51.3 Transferred from capital	.................................0	.................................0	.................................0

	51.4 Change in surplus as a result of reinsurance	(11,621,724)	................(11,744,708)	................(23,488,431)
52.	Dividends to stockholders	................(57,000,000)	..............(746,500,000)	..............(746,500,000)
53.	Aggregate write-ins for gains and losses in surplus	(54,826)	(257,397)	(1,918,835)

54.	Net change in capital and surplus for the year (Lines 37 through 53)	116,932,362	(638,678,924)	(337,792,017)
55.	Capital and surplus, as of statement date (Lines 36 + 54)	1,563,458,881	1,145,639,612	1,446,526,519
	DETAILS OF WRITE-INS
...........................................................................................................................................08.301. Fee income	................... 3,270,739	................... 1,070,592	................... 3,636,158
..........................................................................................................................08.302. Miscellaneous income	........................ 27,032	.......................178,380	...................... 143,964
08.303.	..............................................................................................................................................................	....................................	....................................	....................................
........................................................08.398. Summary of remaining write-ins for Line 8.3 from overflow page	.................................0	.................................0	.................................0
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)	3,297,771	1,248,972	3,780,122
2701.	Funds withheld interest expense	5,780,663	7,773,939	11,514,755
2702.	Gains released from IMR	................... 3,886,905	................... 3,550,306	................... 9,900,143
2703.	Miscellaneous expense	210,091	.......................470,736	...................... 916,226
2798.	Summary of remaining write-ins for Line 27 from overflow page	................. (1,168,052)	................. (5,842,957)	................... 5,714,237
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	8,709,606	5,952,024	28,045,361
5301.	Amortization of pension	112,940	0	(1,414,632)
5302.	Amortization of otherpost-employmentbenefits	(167,765)	(257,397)	(504,203)
5303	....................................	....................................	....................................
5398.	Summary of remaining write-ins for Line 53 from overflow page	.................................0	.................................0	.................................0
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	(54,826)	(257,397)	(1,918,835)

STATEMENT AS OF JUNE 30, 2024 OF THE RELIASTAR LIFE INSURANCE COMPANY

CASH FLOW

Cash from Operations

Current Year

To Date

Prior Year

To Date

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	................756,487,855	................674,244,102	............ 1,247,540,490
2.	Net investment income	................257,676,340	................254,848,349	................513,021,819
3.	Miscellaneous income	89,840,750	207,341,002	435,276,491
4.	Total (Lines 1 to 3)	1,104,004,945	1,136,433,453	2,195,838,800
5.	Benefit and loss related payments	................827,879,100	................725,722,292	............ 1,652,492,720
6.	.................Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	................(86,992,404)	................(62,975,002)	..............(131,329,689)
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	................446,368,606	................458,795,872	................805,757,804
8.	Dividends paid to policyholders	...................... 130,481	.......................336,885	................... 1,075,976
9.	Federal and foreign income taxes paid (recovered) net of $	74,372 tax on capital
	gains (losses)	(4,938,027)	11,406,818	25,006,778
10.	Total (Lines 5 through 9)	1,182,447,756	1,133,286,866	2,353,003,589
11.	Net cash from operations (Line 4 minus Line 10)	(78,442,812)	3,146,587	(157,164,789)

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	............... 544,296,502	............ 1,221,118,220	............ 1,902,136,174
	12.2	Stocks	...................1,048,915	................... 2,700,000	................. 91,217,041
	12.3	Mortgage loans	................. 73,257,726	................. 83,559,324	................135,153,129
	12.4	Real estate	.................................0	.................................0	.................................0
	12.5	Other invested assets	................. 15,543,424	................. 35,597,503	..................83,313,735
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	.......................(10,003)	........................ 18,362	........................ 18,079
	12.7	Miscellaneous proceeds	108,442,672	57,906,460	32,131,603
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	................742,579,236	............ 1,400,899,869	............ 2,243,969,761
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	............... 522,289,685	................680,072,999	............ 1,015,658,006
	13.2	Stocks	................... 9,003,646	...................1,000,414	................... 4,061,764
	13.3	Mortgage loans	................. 36,260,844	................. 72,625,640	................. 95,787,026
	13.4	Real estate	.................................0	.................................0	.................................0
	13.5	Other invested assets	................. 30,203,591	................. 19,523,720	................. 41,042,486
	13.6	Miscellaneous applications	22,246,162	34,816,003	7,001,454
	13.7	Total investments acquired (Lines 13.1 to 13.6)	620,003,927	808,038,776	1,163,550,736
14.	Net increase (or decrease) in contract loans and premium notes	(5,530,326)	(4,549,174)	(10,399,536)
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	128,105,635	597,410,267	1,090,818,562
		Cash from Financing and Miscellaneous Sources

16.	Cash provided (applied):
	16.1	Surplus notes, capital notes
	.................................0	.................................0	.................................0
	16.2	Capital and paid in surplus, less treasury stock	.................................0	.................................0	.................................0
	16.3	Borrowed funds	................... 3,002,390	.................................0	.................................0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	................(20,141,269)	................(59,970,287)	..............(116,988,194)
	..........................................................................................................16.5 Dividends to stockholders	................. 57,000,000	............... 401,500,000	................746,500,000
	....................................................................................................16.6 Other cash provided (applied)	66,694,193	(45,792,455)	(134,497,896)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	(7,444,686)	(507,262,742)	(997,986,090)
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	................. 42,218,137	................. 93,294,113	................(64,332,318)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	................307,989,813	................372,322,131	................372,322,131
	19.2 End of period (Line 18 plus Line 19.1)	350,207,950	465,616,243	307,989,813

Note: Supplemental disclosures of cash flow information for non-cash transactions:

STATEMENT AS OF JUNE 30, 2024 OF THE RELIASTAR LIFE INSURANCE COMPANY

EXHIBIT 1

DIRECT PREMIUMS AND DEPOSIT-TYPE CONTRACTS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Individual life	................355,991,243	................383,534,780	................739,751,138
2.	Group life	334,185,627	................307,448,950	............... 602,004,622
3.	Individual annuities	36,249,874	42,662,679	79,228,578
4.	Group annuities	9,216,041	11,432,718	23,395,639
5.	Accident & health	1,383,416,618	1,134,417,247	2,269,177,380
6.	Fraternal	0	0	0
7.	Other lines of business	0	0	0
8.	Subtotal (Lines 1 through 7)	2,119,059,404	1,879,496,374	3,713,557,357
9.	Deposit-type contracts	................235,343,579	................. 35,168,897	................335,338,334
10.	Total (Lines 8 and 9)	2,354,402,983	1,914,665,272	4,048,895,691

STATEMENT AS OF JUNE 30, 2024 OF THE ReliaStar Life Insurance Company

NOTES TO FINANCIAL STATEMENTS

____________________________________________________________________________________________________

1. Summary of Significant Accounting Policies and Going Concern

Accounting Practices
The financial statements of ReliaStar Life Insurance Company (the "Company" or "RLI") are presented on the basis of accounting practices prescribed or permitted by the Minnesota Department of Commerce.
The Minnesota Department of Commerce recognizes only statutory accounting practices prescribed or permitted by the State of Minnesota for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Minnesota Insurance Law. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by the State of Minnesota. The Commissioner of the Minnesota Department of Commerce has the right to permit other specific practices that deviate from prescribed practices.
The Company, with the explicit permission of the Minnesota Department of Commerce - Insurance Division, utilizes a straight-line amortization method over the estimated life of the reinsured business of 25 years to calculate the quarterly amortization on the deferred gain resulting from the January 4, 2021 reinsurance treaty with Security Life of Denver Colorado ("SLD"), to determine the amount to be recognized as income, instead of on a net tax basis as earnings emerge as required by NAIC Statement of Statutory Accounting Principles ("SSAP") No. 61R, Life,Deposit-Typeand Accident and Health Reinsurance ("SSAP No. 61R"). There is no impact to the Company's total capital and surplus as a result of this permitted practice. The Company's net income was decreased by an estimated $10,041,637 and $8,539,263 as of June 30, 2024 and December 31, 2023 respectively as a result of the permitted practice. The Company's risk-based capital would not have triggered a regulatory event had the Company not used this permitted practice.
In the third quarter of 2022, the Company, with permission of the Minnesota Department of Commerce - Insurance Division, reclassified $2,321,217,500 from "Aggregate write-ins for other than special surplus funds" to "Unassigned funds" to defer on a prospective basis the net gain resulted from recapture and contemporaneous ceding of in-force business, as part of the January 4, 2021, Individual Life Transaction. The net deferred gain is calculated based on SSAP 61R. The permitted practice had no impact on the Company's net income or total capital and surplus. The Company's risk-based capital would not have triggered a regulatory event had the Company not used this permitted practice.

				F/S	F/S
		SSAP#		Page	Line #			2024			2023
Net Income:
(1)	RLI State basis (Page 4, Line 35, Columns 1 & 3)	XXX		XXX	XXX	$	169,005,636	$	400,593,369
(2)	State prescribed practices that are an increase/(decrease) from NAIC SAP:
	None							-			-
(3)	State permitted practices that are an increase/(decrease) from NAIC SAP:
	Deferred gain amortization	61R	4	6			(10,041,637)			(8,539,263)
(4)	NAIC SAP (1-2-3=4)	XXX		XXX	XXX	$	179,047,273	$	409,132,632
Surplus:

(5)	RLI State basis (Page 3, Line 38, Columns 1 & 2)	XXX		XXX	XXX	$	1,563,458,881	$	1,446,526,519
(6)	State prescribed practices that are an increase/(decrease) from NAIC SAP:
	None							-			-
(7)	State permitted practices that are an increase/(decrease) from NAIC SAP:
	None							-			-
(8)	NAIC SAP (5-6-7=8)	XXX		XXX	XXX	$	1,563,458,881	$	1,446,526,519

Accounting Policy
1. Bonds not backed by other loans are stated at either amortized cost using the yield to worst method or the lower of cost or fair market value. The Company does not have any SVO-Identified investments as defined in SSAP No. 26R, Bonds-Revised.

Loan-backedsecurities are stated at either amortized cost or the lower of amortized cost or fair market value. Amortized cost is determined using the interest method and includes anticipated prepayments. The prospective adjustment method is used to determine the amortized cost for the majority of loan-backed and structured securities. For certain securities, the retrospective adjustments methodology is utilized, including agency and non-agency pools.

The Company made no significant changes to its accounting policies or practices as of June 30, 2024.

Certain amounts in the Company's statutory basis financial statements have been reclassified to conform to the 2024 financial statement presentation.

Going ConceNone

STATEMENT AS OF JUNE 30, 2024 OF THE ReliaStar Life Insurance Company

NOTES TO FINANCIAL STATEMENTS

____________________________________________________________________________________________________

Accounting Changes and Corrections of ErrorsNone
Business Combinations and Goodwill

None

Discontinued OperationsNone
Investments
D. Loan-Backed Securities
1. Prepayment assumptions for loan-backed and structured securities are obtained from third party services, broker dealer survey values or internal estimates.
2. The following table discloses in aggregate the Other than Temporary Impairment ("OTTI") recognized in accordance with structured securities subject to SSAP No. 43R,Loan-backedand Structured Securities ("SSAP No. 43R"), as of June 30, 2024 due to intent to sell or inability or lack of intent to hold to recovery.

		(1)			(2)			(3)
	Amortized Cost		Other-than-Temporary
		Basis Before	Impairment Recognized in Loss
		Other-than-
			(2a)	(2b)
		Temporary				Fair Value
		Impairment		Interest	Non-interest
OTTI recognized 1st Quarter
a. Intent to sell	$	2,016,153		$	77,072		$	-	$ 1,939,081

Inability or lack of intent to retain the investment in the security for a period of time sufficient

	to recover the amortized cost basis		-			-			-	-
c.	Total 1st Quarter (a+b)	$	2,016,153	$	77,072	$	-	$	1,939,081
OTTI recognized 2nd Quarter

d.	Intent to sell	$	3,273,035	$	1,315,759	$	-	$	1,957,276

Inability or lack of intent to retain the investment in the security for a period of time sufficient

	to recover the amortized cost basis		-			-			-		-
f.	Total 2nd Quarter (d+e)	$	3,273,035		$	1,315,759		$	-	$	1,957,276

m.	Annual Aggregate Total (c+f+i+l)			$	1,392,831	$	-

The following table discloses in detail the OTTI's recognized by the Company in accordance with structured securities subject to SSAP No. 43R for reporting period April 1, 2024 to June 30, 2024.

(1)			(2)			(3)			(4)			(5)		(6)	(7)
			Book/Adjusted		Present Value			Recognized		Amortized Cost				Date of Financial
			Carrying Value			Other-Than-			After Other-			Fair Value at
CUSIP		Amortized Cost Before			of Projected			Temporary		Than-Temporary			Statement Where
	Current Period OTTI			Cash Flows			Impairment			Impairment		Time of OTTI	Reported
92913BAJ7	$	124,325	$	113,015	$	11,310	$	113,015	$	113,015	6/30/2024
92914QAJ3			48,729			40,272			8,457			40,272		40,272	6/30/2024
92917EAC2			137,929			84,728			53,201			84,728		84,729	6/30/2024
Total							$	72,968

The following table shows all impaired securities at June 30, 2024 in the aggregate for which an OTTI has not been recognized in earnings as a realized loss, including securities with a recognized OTTI for non-interest related declines when a non-recognized interest related impairment remains:

a. Aggregate amount of unrealized losses:

1.	Less than 12 Months	$	2,655,850
2.	12 Months or Longer	$	319,380,314

b. The aggregate related fair value

of securities with unrealized losses:

1.	Less than 12 Months	$	185,468,705
2.	12 Months or Longer	$	1,477,031,961

7. 1

STATEMENT AS OF JUNE 30, 2024 OF THE ReliaStar Life Insurance Company

NOTES TO FINANCIAL STATEMENTS

____________________________________________________________________________________________________

If the fair value of a loan-backed or structured security is less than its amortized cost basis at the balance sheet date, the Company determines whether the impairment is other-than-temporary. Amortized cost basis includes adjustments made to the cost of an investment for accretion, amortization, collection of cash and previous OTTI recognized as a realized loss.
The general categories of information that the Company considers in reaching the conclusion that an impairment is other-than-temporary are as follows:
Intent to Sell - if the Company intends to sell the loan-backed or structured security (that is, it has decided to sell the security), an OTTI is considered to have occurred.
Intent and Ability to Hold - if the Company does not intend to sell the loan-backed or structured security, the Company determines whether it has the intent and ability to retain the investment in the security for a period of time sufficient to recover the amortized cost basis. If the Company does not have the intent and ability to retain the investment for the time sufficient to recover the amortized cost basis, an OTTI shall be considered to have occurred.
Recovery of the Amortized Cost Basis - if the Company does not expect to recover the entire amortized cost basis of the security, the Company would be unable to assert that it will recover its amortized cost basis even if it does not intend to sell the security and the entity has the intent and ability to hold. Therefore, in those situations, an OTTI shall be considered to have occurred. In assessing whether the entire amortized cost basis of the security will be recovered, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If present value of cash flows expected to be collected is less than the amortized cost basis of the security, the entire amortized cost basis of the security will not be recovered (that is, a non-interest related decline exists), and an OTTI shall be considered to have occurred.
The Company conducts a thorough quarterly review of all loan-backed and structured security holdings to conclude if the amortized cost basis of those securities is recoverable. This review is documented at a detailed level and encompasses numerous factors and assumptions. The overall credit tracking process yields a variety of key data that supports the impairment decision making process. The review process and related assumptions are updated quarterly based on trends in the marketplace.

As part of the quarterly review, the Company identifies securities whose ratio of credit enhancement to serious delinquency does not exhibit ample protection against principal loss. Those securities are put through a more detailed analysis which covers, among other factors, (a) an analysis of the underlying collateral characteristics;

a review of the historical performance of the collateral in the deal; (c) structural analysis of the security; and

cash flow scenario analysis.

The prospective adjustment method is used to determine the amortized cost for the majority of loan-backed and structured securities as well as securities that have experienced an OTTI. For certain securities, including Agency-backed securities, the retrospective adjustment method is used to determine amortize cost.

The market values for loan-backed and structured securities are obtained as follows:

1. For securities that are considered marketable - market values are received from third party pricing services or by obtaining a bid price from brokerage firms engaged in the business of trading those securities.
2. For securities that were privately placed and for which no ready market exists - the Company establishes fair market values using a matrix pricing system which considers key factors such as credit quality, industry sector, size of the issuer and transaction structure. A limited portion of the private placement portfolio is priced independently of the matrix system as described above.
Dollar Repurchase Agreements and/or Securities Lending Transactions
1. Collateral Received

	Fair Value
b) The fair value of that collateral and of the portion	$ 135,275,315
of that collateral that it has sold or repledged

Repurchase Agreements Transactions Accounted for as Secured Borrowing None
Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing
1. The Company may periodically enter into a reverse repurchase secured borrowing agreement as a temporary bridge liquidity facility to better match operational cash flow needs. In such cases, the Company will pledge investment grade corporate bonds to an approved dealer counterparty. As part of the agreement, the dealer will apply haircuts depending on specific collateral characteristics, and only advance funds against the lendable value (i.e., over- collateralized loan) of the collateral. The effective reverse repurchase borrowing rate will be market dependent, but in line with similar short-term collateralized lending rates.

7. 2

STATEMENT AS OF JUNE 30, 2024 OF THE ReliaStar Life Insurance Company

NOTES TO FINANCIAL STATEMENTS

____________________________________________________________________________________________________

(2)	Type of Repo Trades Used
		FIRST		SECOND
		QUARTER		QUARTER
	a. Bilateral (YES/NO)	NO	YES
	b. Tri-Party (YES/NO)	NO	NO

Original (Flow) & Residual Maturity

		FIRST			SECOND
		QUARTER			QUARTER
a. Maximum Amount
1. Open - No Maturity	$	-	$	-
2. Overnight		-		-
3.	2 Days to 1 Week		-		-
4.	> 1 Week to 1 Month		-		3,000,078
5.	> 1 Month to 3 Months		-		-
6.	> 3 Months to 1 Year		-		-
7.	> 1 Year		-		-
b. Ending Balance
1. Open - No Maturity	$	-	$	-
2. Overnight		-		-
3.	2 Days to 1 Week		-		-
4.	> 1 Week to 1 Month		-		3,000,078
5.	> 1 Month to 3 Months		-		-
6.	> 3 Months to 1 Year		-		-
7.	> 1 Year		-		-

No securities sold and/or acquired resulted in default.
Fair Value of Securities Acquired Under Repo - Secured Borrowing

	FIRST			SECOND
	QUARTER			QUARTER
a. Maximum Amount	$	-	$	3,000,078
b. Ending Balance		-		3,000,078

7. 3

Attachments

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Voya Financial Inc. published this content on 12 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2024 14:46:58 UTC.

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