VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY – 2ND QUARTER FINANCIALS 2024
STATEMENT AS OF
ASSETS
Current Statement Date |
4 |
|||||
1 |
2 |
3 |
|
|||
Net Admitted Assets |
Prior Year Net |
|||||
Assets |
Nonadmitted Assets |
(Cols. 1 - 2) |
Admitted Assets |
|||
1. |
Bonds |
.......... 20,997,385,079 |
.................................0 |
.......... |
20,997,385,079 |
.......... 21,668,334,606 |
2. |
Stocks: |
|||||
2.1 Preferred stocks |
128,052,138 |
0 |
................ |
128,052,138 |
................127,574,102 |
|
2.2 Common stocks |
111,729,451 |
0 |
................ |
111,729,451 |
................104,874,395 |
3. Mortgage loans on real estate:
3.1 First liens |
3,871,093,227 |
0 |
3,871,093,227 |
4,043,855,659 |
|||||
3.2 Other than first liens |
0 |
0 |
0 |
0 |
|||||
4. |
Real estate: |
||||||||
4.1 Properties occupied by the company (less $ |
0 |
||||||||
encumbrances) |
0 |
0 |
0 |
0 |
|||||
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) |
................. 22,850,398 |
.................................0 |
................. 22,850,398 |
................. 22,850,398 |
|||||
5. |
Cash ($ |
107,263,480 |
), cash equivalents |
||||||
($ |
67,667,908 |
) and short-term |
|||||||
investments ($ |
363,018,231 ) |
................537,949,618 |
.................................0 |
................537,949,618 |
................505,575,616 |
||||
6. |
Contract loans (including $ |
................................. |
0 |
premium notes) |
................205,638,639 |
................... 3,230,785 |
................202,407,854 |
................201,897,932 |
|
7. |
Derivatives |
................330,398,623 |
.................................0 |
................330,398,623 |
................290,381,000 |
||||
8. |
Other invested assets |
............ 1,427,966,279 |
................. 21,051,651 |
............ 1,406,914,628 |
............ 1,328,504,364 |
||||
9. |
Receivables for securities |
................. 49,963,874 |
.................................0 |
................. 49,963,874 |
................. 34,109,079 |
||||
10. |
Securities lending reinvested collateral assets |
................528,610,553 |
.................................0 |
................528,610,553 |
................491,364,752 |
||||
11. |
Aggregate write-ins for invested assets |
................... 6,354,007 |
.................................0 |
................... 6,354,007 |
................... 2,373,633 |
||||
12. |
Subtotals, cash and invested assets (Lines 1 to 11) |
.......... 28,217,991,887 |
................. 24,282,436 |
.......... 28,193,709,451 |
.......... 28,821,695,535 |
||||
13. |
Title plants less $ |
0 charged off (for Title insurers |
|||||||
only) |
.................................0 |
.................................0 |
.................................0 |
.................................0 |
|||||
14. |
Investment income due and accrued |
................246,326,449 |
...................... 200,288 |
............... 246,126,161 |
................263,883,338 |
||||
15. |
Premiums and considerations: |
||||||||
15.1 Uncollected premiums and agents' balances in the course of collection |
...................... 600,780 |
.................................0 |
...................... 600,780 |
.....................(187,407) |
|||||
15.2 Deferred premiums, agents' balances and installments booked but |
|||||||||
deferred and not yet due (including $ |
0 |
||||||||
............................................................earned but unbilled premiums) |
.................................0 |
.................................0 |
.................................0 |
.................................0 |
|||||
15.3 Accrued retrospective premiums ($ |
0 ) and |
||||||||
contracts subject to redetermination ($ |
0 ) |
.................................0 |
.................................0 |
.................................0 |
.................................0 |
||||
16. |
Reinsurance: |
||||||||
....................................................16.1 Amounts recoverable from reinsurers |
................. 64,627,847 |
.................................0 |
................. 64,627,847 |
................. 65,955,558 |
|||||
16.2 Funds held by or deposited with reinsured companies |
.................................0 |
.................................0 |
.................................0 |
.................................0 |
|||||
16.3 Other amounts receivable under reinsurance contracts |
................. 31,961,324 |
.................................0 |
................. 31,961,324 |
................. 44,827,070 |
|||||
17. |
Amounts receivable relating to uninsured plans |
.................................0 |
.................................0 |
.................................0 |
.................................0 |
||||
18.1 |
....Current federal and foreign income tax recoverable and interest thereon |
.................................0 |
.................................0 |
.................................0 |
.................................0 |
||||
18.2 |
...................................................................................Net deferred tax asset |
................419,600,314 |
................200,457,688 |
............... 219,142,626 |
................254,934,887 |
||||
19. |
......................................................Guaranty funds receivable or on deposit |
................... 8,105,733 |
.................................0 |
................... 8,105,733 |
................... 8,113,749 |
||||
20. |
Electronic data processing equipment and software |
........................ 13,803 |
........................ 13,803 |
.................................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 |
................... 5,194,543 |
..........................1,164 |
................... 5,193,379 |
................... 3,843,640 |
||||
24. |
Health care ($ |
0 ) and other amounts receivable |
........................ 43,571 |
........................ 43,571 |
.................................0 |
.................................0 |
|||
25. |
........................................Aggregate write-ins for other than invested assets |
................368,136,503 |
................... 7,283,359 |
................360,853,144 |
................389,707,701 |
||||
26. |
Total assets excluding Separate Accounts, Segregated Accounts and |
||||||||
Protected Cell Accounts (Lines 12 to 25) |
.......... 29,362,602,753 |
................232,282,309 |
.......... 29,130,320,444 |
.......... 29,852,774,072 |
|||||
27. |
From Separate Accounts, Segregated Accounts and Protected Cell |
||||||||
Accounts |
.......... 96,696,831,182 |
.................................0 |
.......... 96,696,831,182 |
.......... 90,874,447,988 |
|||||
28. |
Total (Lines 26 and 27) |
126,059,433,936 |
232,282,309 |
125,827,151,627 |
120,727,222,060 |
||||
DETAILS OF WRITE-INS |
|||||||||
1101. |
Derivative receivables |
||||||||
................... 6,354,007 |
.................................0 |
................... 6,354,007 |
................... 2,373,633 |
||||||
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) |
6,354,007 |
0 |
6,354,007 |
2,373,633 |
||||
2501. |
Margin call collateral |
................313,747,518 |
.................................0 |
................313,747,518 |
................351,053,417 |
||||
2502. |
...................................................................................Miscellaneous assets |
................. 45,149,983 |
................... 7,283,359 |
................. 37,866,624 |
................. 28,400,387 |
||||
2503. |
Admitted disallowed IMR |
................... 9,239,002 |
.................................0 |
................... 9,239,002 |
................. 10,253,897 |
||||
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) |
368,136,503 |
7,283,359 |
360,853,144 |
389,707,701 |
2
STATEMENT AS OF
LIABILITIES, SURPLUS AND OTHER FUNDS
1 |
2 |
|||||
Current |
|
|||||
Statement Date |
Prior Year |
|||||
1. |
Aggregate reserve for life contracts $ |
.......... 24,949,525,521 less $ |
.................................0 included in Line 6.3 |
|||
(including $ |
0 |
Modco Reserve) |
24,949,525,521 |
25,586,104,229 |
||
2. |
Aggregate reserve for accident and health contracts (including $ |
0 Modco Reserve) |
0 |
0 |
||
3. |
Liability for deposit-type contracts (including $ |
0 Modco Reserve) |
749,740,602 |
718,929,512 |
4. Contract claims:
4.1 |
Life |
................................. |
0 |
0 |
|||
4.2 |
Accident and health |
................................. |
0 |
0 |
|||
5. |
Policyholders' dividends/refunds to members $ |
0 |
and coupons $ |
0 |
due |
||
and unpaid |
................................. |
0 |
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 |
|||||
|
................................. |
0 |
0 |
||||
6.2 |
Policyholders' dividends and refunds to members not yet apportioned (including $ |
0 |
|
0 |
0 |
||
6.3 |
Coupons and similar benefits (including $ |
0 |
|
................................. |
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 |
......................... |
0 |
0 |
|
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 $ |
0 accident and health |
||||||
experience rating refunds of which $ |
0 is for medical loss ratio rebate per the Public Health |
|||||||
Service Act |
0 |
0 |
||||||
9.3 Other amounts payable on reinsurance, including $ |
0 |
assumed and $ |
10,634,602 |
|||||
ceded |
10,634,602 |
8,962,133 |
||||||
9.4 Interest Maintenance Reserve |
0 |
0 |
||||||
10. |
Commissions to agents due or accrued-life and annuity contracts $ |
2,026,646 , accident and health |
||||||
$ |
.................................0 and deposit-type contract funds $ |
................................. |
0 |
1,809,470 |
||||
2,026,646 |
||||||||
11. |
..............................................................................Commissions and expense allowances payable on reinsurance assumed |
.................................0 |
.................................0 |
|||||
12. |
............................................................................................................................................General expenses due or accrued |
................104,354,874 |
................114,293,717 |
|||||
13. |
Transfers to Separate Accounts due or accrued (net) (including $ |
(17,299,268) accrued for expense |
||||||
allowances recognized in reserves, net of reinsured allowances) |
................(44,718,940) |
................(35,492,681) |
||||||
14. |
Taxes, licenses and fees due or accrued, excluding federal income taxes |
................... 1,398,333 |
................... 1,328,661 |
|||||
15.1 |
Current federal and foreign income taxes, including $ |
(3,026,290) |
on realized capital gains (losses) |
................... 2,301,615 |
................. 16,155,974 |
|||
15.2 |
Net deferred tax liability |
.................................0 |
.................................0 |
|||||
16. |
Unearned investment income |
.................................0 |
.................................0 |
|||||
17. |
.......................................................................................Amounts withheld or retained by reporting entity as agent or trustee |
................... 3,526,615 |
...................4,469,205 |
|||||
18. |
........................Amounts held for agents' account, including $ |
...........................................50,736 agents' credit balances |
........................ 52,027 |
........................ 41,957 |
||||
19. |
........................................................................................................................................Remittances and items not allocated |
................... 9,310,191 |
................... 5,779,367 |
|||||
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 |
.................................0 |
.................................0 |
|||||
22. |
Borrowed money $ |
8,600,124 and interest thereon $ |
5,396 |
...................8,605,521 |
................... 1,871,922 |
|||
23. |
Dividends to stockholders declared and unpaid |
0 |
0 |
24. Miscellaneous liabilities:
24.01 |
Asset valuation reserve |
................269,342,294 |
................224,871,600 |
|||
.................................24.02 Reinsurance in unauthorized and certified ($ |
0 ) companies |
....................................................... |
.................................0 |
.................................0 |
||
24.03 Funds held under reinsurance treaties with unauthorized and certified ($ |
0 ) reinsurers |
.................................0 |
.................................0 |
|||
24.04 |
Payable to parent, subsidiaries and affiliates |
................. 56,664,767 |
................132,623,808 |
|||
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 |
................292,133,457 |
................263,911,900 |
|||
24.09 |
Payable for securities |
................138,352,190 |
................. 39,208,753 |
|||
24.10 |
Payable for securities lending |
................528,610,553 |
................491,364,752 |
|||
24.11 Capital notes $ |
0 and interest thereon $ |
0 |
0 |
0 |
||
25. |
Aggregate write-ins for liabilities |
368,366,118 |
322,038,992 |
|||
26. |
Total liabilities excluding Separate Accounts business (Lines 1 to 25) |
27,450,226,986 |
27,898,273,271 |
|||
27. |
From Separate Accounts Statement |
96,696,831,182 |
90,874,447,988 |
|||
28. |
Total liabilities (Lines 26 and 27) |
124,147,058,169 |
118,772,721,259 |
|||
29. |
Common capital stock |
2,750,000 |
2,750,000 |
|||
30. |
..............................................................................................................................................................Preferred capital stock |
.................................0 |
.................................0 |
|||
31. |
..........................................................................................................Aggregate write-ins for other than special surplus funds |
.................................0 |
.................................0 |
|||
32. |
............................................................................................................................................................................Surplus notes |
.................................0 |
.................................0 |
|||
33. |
Gross paid in and contributed surplus |
1,468,049,768 |
1,468,049,768 |
|||
34. |
Aggregate write-ins for special surplus funds |
9,239,002 |
10,253,897 |
|||
35. |
Unassigned funds (surplus) |
200,054,689 |
473,447,135 |
36. Less treasury stock, at cost:
36.1 |
0 |
shares common (value included in Line 29 |
$ |
.................................0 |
) |
.................................0 |
.................................0 |
|
36.2 |
0 |
shares preferred (value included in Line 30 |
$ |
.................................0 |
) |
.................................0 |
.................................0 |
|
37. |
Surplus (Total Lines 31+32+33+34+35-36) (including $ |
0 in Separate Accounts Statement) |
1,677,343,458 |
1,951,750,800 |
||||
38. |
Totals of Lines 29, 30 and 37 |
................................................................................................................................................... |
1,680,093,458 |
1,954,500,800 |
||||
39. |
Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3) |
125,827,151,627 |
120,727,222,060 |
|||||
DETAILS OF WRITE-INS |
||||||||
2501. |
Margin call collateral |
................350,958,232 |
................306,377,578 |
|||||
2502. |
Derivative payable |
................... 8,643,774 |
................... 7,271,579 |
|||||
2503. |
Unclaimed property |
................... 7,501,454 |
...................8,041,985 |
|||||
2598. |
..............................................................................................Summary of remaining write-ins for Line 25 from overflow page |
................... 1,262,657 |
.......................347,851 |
|||||
2599. |
Totals (Lines 2501 through 2503 plus 2598)(Line 25 above) |
368,366,118 |
322,038,992 |
|||||
3101 |
.................................... |
.................................... |
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) |
0 |
0 |
3401. |
Admitted disallowed IMR |
9,239,002 |
10,253,897 |
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) |
9,239,002 |
10,253,897 |
3
STATEMENT AS OF
SUMMARY OF OPERATIONS
1 |
2 |
3 |
||
Current Year |
Prior Year |
Prior Year Ended |
||
To Date |
To Date |
|
||
1. |
Premiums and annuity considerations for life and accident and health contracts |
............ 6,611,753,895 |
............ 6,732,838,467 |
.......... 13,188,056,485 |
2. |
Considerations for supplementary contracts with life contingencies |
...................2,401,988 |
................... 4,212,714 |
................... 6,950,078 |
3. |
Net investment income |
................744,543,225 |
................743,880,463 |
............ 1,529,991,695 |
4. |
Amortization of Interest Maintenance Reserve (IMR) |
................(14,573,639) |
.......................393,760 |
................. 20,400,355 |
5. |
Separate Accounts net gain from operations excluding unrealized gains or losses |
.................................0 |
.................................0 |
.................................0 |
6. |
Commissions and expense allowances on reinsurance ceded |
...................2,295,995 |
................... 1,017,459 |
................... 2,523,076 |
7. |
Reserve adjustments on reinsurance ceded |
..............(122,615,031) |
................(92,588,029) |
..............(199,225,860) |
8. |
Miscellaneous Income: |
|||
8.1 Income from fees associated with investment management, administration and contract |
||||
guarantees from Separate Accounts |
................236,642,932 |
................208,172,677 |
................431,323,070 |
|
8.2 Charges and fees for deposit-type contracts |
.................................0 |
.................................0 |
.................................0 |
|
8.3 Aggregate write-ins for miscellaneous income |
171,237,236 |
150,966,196 |
304,460,220 |
|
9. |
Totals (Lines 1 to 8.3) |
7,631,686,602 |
7,748,893,709 |
15,284,479,120 |
10. |
Death benefits |
0 |
.................................0 |
.................................0 |
11. |
Matured endowments (excluding guaranteed annual pure endowments) |
.................................0 |
.................................0 |
.................................0 |
12. |
Annuity benefits |
................190,319,855 |
................177,439,979 |
................374,120,131 |
13. |
Disability benefits and benefits under accident and health contracts |
.................................0 |
.................................0 |
.................................0 |
14. |
Coupons, guaranteed annual pure endowments and similar benefits |
.................................0 |
.................................0 |
.................................0 |
15. |
Surrender benefits and withdrawals for life contracts |
............ 9,281,683,687 |
............ 7,572,407,862 |
.......... 15,914,651,695 |
16. |
Group conversions |
.................................0 |
.................................0 |
.................................0 |
17. |
Interest and adjustments on contract or deposit-type contract funds |
................. 10,851,946 |
................. 10,537,898 |
................. 20,670,877 |
18. |
Payments on supplementary contracts with life contingencies |
...................6,426,004 |
................... 3,962,863 |
................... 8,136,849 |
19. |
Increase in aggregate reserves for life and accident and health contracts |
(636,578,708) |
(885,137,990) |
(1,889,686,009) |
20. |
Totals (Lines 10 to 19) |
............ 8,852,702,784 |
............ 6,879,210,612 |
.......... 14,427,893,543 |
21. |
Commissions on premiums, annuity considerations, and deposit-type contract funds (direct |
|||
business only) |
............... 141,614,181 |
................127,420,910 |
............... 260,562,104 |
|
22. |
Commissions and expense allowances on reinsurance assumed |
..........................5,585 |
..........................5,132 |
........................ 10,569 |
23. |
General insurance expenses and fraternal expenses |
................283,897,176 |
................294,815,638 |
................571,257,948 |
24. |
Insurance taxes, licenses and fees, excluding federal income taxes |
................. 15,462,655 |
................. 15,803,502 |
................. 22,842,225 |
25. |
Increase in loading on deferred and uncollected premiums |
.................................0 |
.................................0 |
.................................0 |
26. |
Net transfers to or (from) Separate Accounts net of reinsurance |
.......... (1,983,520,187) |
................154,886,077 |
..............(610,748,736) |
27. |
Aggregate write-ins for deductions |
|||
5,000,147 |
3,681,539 |
6,582,322 |
||
28. |
Totals (Lines 20 to 27) |
7,315,162,341 |
7,475,823,410 |
14,678,399,974 |
29. |
Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus |
|||
Line 28) |
................316,524,261 |
................273,070,299 |
................606,079,147 |
|
30. |
Dividends to policyholders and refunds to members |
0 |
0 |
0 |
31. |
Net gain from operations after dividends to policyholders, refunds to members and before federal |
|||
income taxes (Line 29 minus Line 30) |
................316,524,261 |
................273,070,299 |
................606,079,147 |
|
32. |
Federal and foreign income taxes incurred (excluding tax on capital gains) |
22,782,269 |
595,410 |
(4,722,927) |
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) |
................293,741,992 |
................272,474,889 |
................610,802,074 |
34. Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
gains tax of $ |
577,933 (excluding taxes of $ |
(3,604,223) |
||||
transferred to the IMR) |
(6,129,967) |
(7,039,529) |
(33,992,211) |
|||
35. |
Net income (Line 33 plus Line 34) |
287,612,025 |
265,435,359 |
576,809,863 |
||
CAPITAL AND SURPLUS ACCOUNT |
||||||
36. |
Capital and surplus, |
1,954,500,800 |
1,842,075,764 |
1,842,075,764 |
||
37. |
Net income (Line 35) |
287,612,025 |
265,435,359 |
576,809,863 |
||
38. |
Change in net unrealized capital gains (losses) less capital gains tax of $ |
................3,844,390 |
(13,954,728) |
(62,147,458) |
(202,462,958) |
|
39. |
Change in net unrealized foreign exchange capital gain (loss) |
2,036,247 |
988,556 |
(1,881,722) |
||
40. |
Change in net deferred income tax |
262,352 |
(18,452,006) |
(7,539,505) |
||
41. |
............................................................................................................Change in nonadmitted assets |
................(32,682,922) |
................(11,402,827) |
................(14,293,796) |
||
42. |
.......................................Change in liability for reinsurance in unauthorized and certified companies |
.................................0 |
.................................0 |
.................................0 |
||
43. |
..........................Change in reserve on account of change in valuation basis, (increase) or decrease |
0 |
0 |
0 |
||
44. |
Change in asset valuation reserve |
(44,470,694) |
9,657,987 |
73,214,809 |
||
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 |
0 |
||
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 |
0 |
.................................0 |
.................................0 |
|
52. |
Dividends to stockholders |
..............(473,000,000) |
..............(310,000,000) |
..............(310,000,000) |
53. |
Aggregate write-ins for gains and losses in surplus |
(209,622) |
(227,894) |
(1,421,655) |
54. |
Net change in capital and surplus for the year (Lines 37 through 53) |
(274,407,343) |
(126,148,281) |
112,425,036 |
55. |
Capital and surplus, as of statement date (Lines 36 + 54) |
1,680,093,458 |
1,715,927,483 |
1,954,500,800 |
DETAILS OF WRITE-INS |
||||
..........................................................................................................................08.301. Miscellaneous income |
................117,554,846 |
................. 87,247,115 |
................181,207,090 |
|
08.302. Recordkeeping fees |
53,682,390 |
................. 63,719,080 |
................123,253,130 |
|
...............................................................................................................................................................08.303. Reinsurance income |
0 |
.................................1 |
.................................0 |
|
........................................................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) |
171,237,236 |
150,966,196 |
304,460,220 |
|
2701. |
Reinsurance expense |
3,555,617 |
1,579,302 |
2,429,374 |
2702. |
Miscellaneous expense |
1,444,530 |
................... 2,102,237 |
...................4,152,948 |
2703 |
.................................... |
.................................... |
.................................... |
|
2798. |
Summary of remaining write-ins for Line 27 from overflow page |
.................................0 |
.................................0 |
.................................0 |
2799. |
Totals (Lines 2701 through 2703 plus 2798)(Line 27 above) |
5,000,147 |
3,681,539 |
6,582,322 |
5301. |
Amortization of pension |
40,500 |
36,000 |
(1,069,311) |
5302. |
Amortization of otherpost-employmentbenefits |
(250,122) |
(263,894) |
(352,344) |
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) |
(209,622) |
(227,894) |
(1,421,655) |
4
STATEMENT AS OF
CASH FLOW
Cash from Operations
1
Current Year
To Date
2
Prior Year
To Date
3
Prior Year Ended
1. |
Premiums collected net of reinsurance |
............ 6,613,367,695 |
............ 6,738,315,510 |
.......... 13,194,000,764 |
|
2. |
Net investment income |
................816,439,064 |
................795,616,972 |
............ 1,647,990,253 |
|
3. |
Miscellaneous income |
422,189,753 |
363,566,889 |
745,122,439 |
|
4. |
Total (Lines 1 to 3) |
7,851,996,512 |
7,897,499,370 |
15,587,113,455 |
|
5. |
Benefit and loss related payments |
............ 9,608,896,341 |
............ 7,852,126,103 |
.......... 16,512,184,199 |
|
6. |
.................Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts |
.......... (1,974,293,929) |
................158,540,803 |
..............(586,205,372) |
|
7. |
...............................................Commissions, expenses paid and aggregate write-ins for deductions |
................454,771,566 |
................450,660,304 |
................872,004,345 |
|
8. |
Dividends paid to policyholders |
.................................0 |
.................................0 |
.................................0 |
|
9. |
Federal and foreign income taxes paid (recovered) net of $ |
1,530,114 tax on capital |
|||
gains (losses) |
33,610,338 |
(4,643,256) |
(6,007,087) |
||
10. |
Total (Lines 5 through 9) |
8,122,984,317 |
8,456,683,954 |
16,791,976,085 |
|
11. |
Net cash from operations (Line 4 minus Line 10) |
(270,987,804) |
(559,184,583) |
(1,204,862,630) |
|
Cash from Investments
12. Proceeds from investments sold, matured or repaid:
12.1 |
Bonds |
............ 1,716,558,336 |
............ 2,924,028,287 |
............ 4,613,916,554 |
|
12.2 |
Stocks |
...................4,100,000 |
................. 35,547,264 |
................157,887,655 |
|
12.3 |
Mortgage loans |
................295,009,597 |
............... 264,120,020 |
................451,112,413 |
|
12.4 |
Real estate |
.................................0 |
.................................0 |
.................................0 |
|
12.5 |
Other invested assets |
................. 33,846,798 |
................. 46,468,175 |
................131,862,626 |
|
12.6 |
Net gains or (losses) on cash, cash equivalents and short-term investments |
...................... 172,422 |
.......................(57,568) |
.....................(111,479) |
|
12.7 |
Miscellaneous proceeds |
99,143,437 |
147,951,403 |
303,714,849 |
|
12.8 Total investment proceeds (Lines 12.1 to 12.7) |
............ 2,148,830,590 |
............ 3,418,057,582 |
............ 5,658,382,617 |
||
13. |
Cost of investments acquired (long-term only): |
||||
13.1 |
Bonds |
............ 1,129,017,097 |
............ 2,198,284,989 |
............ 3,185,433,224 |
|
13.2 |
Stocks |
...................6,246,000 |
................... 6,174,000 |
................... 6,174,128 |
|
13.3 |
Mortgage loans |
................136,265,335 |
............... 199,416,165 |
................295,829,031 |
|
13.4 |
Real estate |
.................................0 |
.................................0 |
.................................0 |
|
13.5 |
Other invested assets |
................126,150,007 |
................102,320,069 |
................229,567,838 |
|
13.6 |
Miscellaneous applications |
97,098,593 |
9,157,380 |
0 |
|
13.7 |
Total investments acquired (Lines 13.1 to 13.6) |
1,494,777,032 |
2,515,352,603 |
3,717,004,221 |
|
14. |
Net increase (or decrease) in contract loans and premium notes |
648,101 |
71,064 |
2,229,910 |
|
15. |
Net cash from investments (Line 12.8 minus Line 13.7 and Line 14) |
653,405,457 |
902,633,914 |
1,939,148,486 |
|
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 |
................... 6,733,599 |
.....................(267,756) |
.....................(538,383) |
|
16.4 |
Net deposits on deposit-type contracts and other insurance liabilities |
................. 30,811,090 |
................. 33,818,116 |
................(55,093,761) |
|
..........................................................................................................16.5 Dividends to stockholders |
................473,000,000 |
................310,000,000 |
................310,000,000 |
||
....................................................................................................16.6 Other cash provided (applied) |
85,411,661 |
(44,536,471) |
(276,200,210) |
||
17. |
Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5 |
||||
plus Line 16.6) |
(350,043,651) |
(320,986,111) |
(641,832,354) |
||
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) |
................. 32,374,002 |
................. 22,463,220 |
................. 92,453,502 |
|
19. |
Cash, cash equivalents and short-term investments: |
||||
19.1 |
Beginning of year |
................505,575,617 |
................413,122,115 |
................413,122,115 |
|
19.2 End of period (Line 18 plus Line 19.1) |
537,949,619 |
435,585,335 |
505,575,617 |
Note: Supplemental disclosures of cash flow information for non-cash transactions:
5
STATEMENT AS OF
EXHIBIT 1
DIRECT PREMIUMS AND DEPOSIT-TYPE CONTRACTS
1 |
2 |
3 |
||
Current Year |
Prior Year |
Prior Year Ended |
||
To Date |
To Date |
|
||
1. |
Individual life |
................. 32,824,419 |
................. 32,502,508 |
................. 65,509,274 |
2. |
Group life |
2,390,865 |
................... 2,534,427 |
................... 5,057,111 |
3. |
Individual annuities |
4,668,456 |
7,190,734 |
11,803,536 |
4. |
Group annuities |
6,608,490,780 |
6,729,303,140 |
13,180,999,067 |
5. |
Accident & health |
13,706 |
18,120 |
27,166 |
6. |
Fraternal |
0 |
0 |
0 |
7. |
Other lines of business |
0 |
0 |
0 |
8. |
Subtotal (Lines 1 through 7) |
6,648,388,224 |
6,771,548,929 |
13,263,396,154 |
9. |
Deposit-type contracts |
................130,093,372 |
................. 86,052,338 |
................147,408,833 |
10. |
Total (Lines 8 and 9) |
6,778,481,596 |
6,857,601,267 |
13,410,804,987 |
6
STATEMENT AS OF
NOTES TO FINANCIAL STATEMENTS
____________________________________________________________________________________________________
1. Summary of Significant Accounting Policies and Going Concern
- Accounting Practices
The financial statements ofVoya Retirement Insurance and Annuity Company (the "Company" or "VRIAC") are presented on the basis of accounting practices prescribed or permitted by theConnecticut Insurance Department .
The Connecticut Insurance Department recognizes only statutory accounting practices prescribed or permitted by theState of Connecticut for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under the Connecticut Insurance Law. TheNational Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by theState of Connecticut . The Commissioner of theConnecticut Insurance Department has the right to permit other specific practices that deviate from prescribed practices.
The Company did not have any prescribed or permitted practices as ofJune 30, 2024 orDecember 31, 2023 .
F/S |
F/S |
||||||||
SSAP# |
Page |
Line # |
2024 |
2023 |
|||||
Net Income: |
|||||||||
(1) VRIAC State basis (Page 4, Line 35, Columns 1 & 3) |
XXX |
XXX |
XXX |
|
|
- State prescribed practices that are an increase/(decrease) from
NAIC SAP:
None |
- |
- |
- State permitted practices that are an increase/(decrease) from
NAIC SAP:
None |
- |
- |
|||||||
(4) |
NAIC SAP (1-2-3=4) |
XXX |
XXX |
XXX |
$ |
287,612,025 |
$ |
576,809,863 |
|
Surplus: |
|||||||||
(5) |
VRIAC State basis (Page 3, Line 38, Columns 1 & 2) |
XXX |
XXX |
XXX |
$ |
1,680,093,458 |
$ |
1,954,500,800 |
- State prescribed practices that are an increase/(decrease) from
NAIC SAP:
None |
- |
- |
- State permitted practices that are an increase/(decrease) from
NAIC SAP:
None |
- |
- |
|||
(8) NAIC SAP (5-6-7=8) |
XXX |
XXX XXX |
|
||
- Accounting Policy
-
- 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
Certain amounts in the Company's statutory basis financial statements have been reclassified to conform to the 2024 financial statement presentation.
-
- Going ConceNone
- Accounting Changes and Corrections of ErrorsNo significant change
- Business Combinations and
Goodwill
None
4. Discontinued Operations None
7
STATEMENT AS OF
NOTES TO FINANCIAL STATEMENTS
____________________________________________________________________________________________________
5. Investments
D.
- Prepayment assumptions for loan-backed and structured securities are obtained from third party services, broker dealer survey values or internal estimates.
- 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 ofJune 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 Impairment |
||||||||||
Basis Before |
Recognized in Loss |
||||||||||
Other-than- |
|||||||||||
(2a) |
(2b) |
||||||||||
Temporary |
Fair Value |
||||||||||
Impairment |
Interest |
Non-interest |
|||||||||
OTTI recognized 1st Quarter |
|||||||||||
a. Intent to sell |
$ |
5,529,876 |
$ |
721,526 |
$ |
- |
$ |
4,808,350 |
- 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) |
$ |
5,529,876 |
$ |
721,526 |
$ |
- |
$ |
4,808,350 |
|||
OTTI recognized 2nd Quarter |
||||||||||||
d. |
Intent to sell |
$ |
11,565,939 |
$ |
4,575,566 |
$ |
- |
$ |
6,990,373 |
- 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) |
$ |
11,565,939 |
$ |
4,575,566 |
$ |
- $ |
6,990,373 |
||||
m. |
Annual Aggregate Total (c+f+i+l) |
$ |
5,297,092 |
$ |
- |
|||||||
- The following table discloses in detail the OTTI's recognized by the Company in accordance with structured securities subject to SSAP No. 43R for the reporting period
April 1, 2024 toJune 30, 2024 .
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
|||||||||||
Book/Adjusted |
Recognized |
Amortized Cost |
Date of |
||||||||||||||
Carrying Value |
Present Value |
After Other- |
Financial |
||||||||||||||
Amortized Cost |
Other-Than- |
Than- |
Fair Value at |
Statement |
|||||||||||||
CUSIP |
Before Current |
of Projected |
Temporary |
Temporary |
Where |
||||||||||||
Period OTTI |
Cash Flows |
Impairment |
Impairment |
Time of OTTI |
Reported |
||||||||||||
05493AAL4 $ |
723,227 |
$ |
240,185 |
$ |
483,042 |
$ |
240,185 |
$ |
240,185 |
|
|||||||
36255WAG0 |
2,252,878 |
133,750 |
2,119,128 |
133,750 |
133,750 |
|
|||||||||||
61768FAL4 |
652,903 |
368,000 |
284,903 |
368,000 |
368,000 |
|
|||||||||||
92913BAJ7 |
87,876 |
79,882 |
7,994 |
79,882 |
79,882 |
|
|||||||||||
92914QAJ3 |
191,611 |
158,357 |
33,254 |
158,357 |
158,357 |
|
|||||||||||
92917EAC2 |
277,884 |
172,436 |
105,448 |
172,436 |
172,436 |
|
|||||||||||
Total |
$ |
3,033,769 |
|||||||||||||||
- 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: -
- Aggregate amount of unrealized losses:
1. |
Less than 12 Months |
$ |
17,403,280 |
2. |
12 Months or Longer |
$ |
546,944,899 |
b. The aggregate related fair value of securities with unrealized losses:
1. |
Less than 12 Months |
$ |
472,958,524 |
2. |
12 Months or Longer |
$ |
3,182,672,610 |
- 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.
7. 1
STATEMENT AS OF
NOTES TO FINANCIAL STATEMENTS
____________________________________________________________________________________________________
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:
-
- 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.
- 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 Securities Lending Transactions
-
- Collateral Sold or Received
Fair Value |
||
b) The fair value of that collateral and of |
||
the portion of that collateral that it has |
$ |
528,610,553 |
sold or repledged |
- Repurchase Agreements Transactions Accounted for as Secured Borrowing None
- Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing
-
- 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
NOTES TO FINANCIAL STATEMENTS
____________________________________________________________________________________________________
- 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 |
- |
7,000,313 |
||
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 |
- |
7,000,313 |
||
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 |
$ |
- |
$ |
7,000,313 |
b. Ending Balance |
- |
$ |
7,000,313 |
- Securities Acquired Under Repo - Secured Borrowing by NAIC Designation
ENDING BALANCE
1 |
2 |
3 |
4 |
|||||
NONE |
NAIC 1 |
NAIC 2 |
NAIC 3 |
|||||
a. Bonds - FV |
$ |
- |
$ |
7,000,313 |
$ |
- |
$ |
- |
b. LB & SS - FV |
- |
- |
- |
- |
||||
c. Preferred Stock - FV |
- |
- |
- |
- |
||||
d. Common Stock |
- |
- |
- |
- |
||||
e. Mortgage Loans - FV |
- |
- |
- |
- |
||||
f. Real Estate - FV |
- |
- |
- |
- |
||||
g. Derivatives - FV |
- |
- |
- |
- |
||||
h. Other Invested Assets - FV |
- |
- |
- |
- |
||||
Total Assets - FV |
$ |
- |
$ |
7,000,313 |
$ |
- |
$ |
- |
i. (Sum of a through h) |
||||||||
ENDING BALANCE |
||||||||
8 |
||||||||
5 |
6 |
7 |
DOES NOT |
|||||
QUALIFY AS |
||||||||
NAIC 4 |
NAIC 5 |
NAIC 6 |
ADMITTED |
|||||
a. Bonds - FV |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
b. LB & SS - FV |
- |
- |
- |
- |
||||
c. Preferred Stock - FV |
- |
- |
- |
- |
||||
d. Common Stock |
- |
- |
- |
- |
||||
e. Mortgage Loans - FV |
- |
- |
- |
- |
||||
f. Real Estate - FV |
- |
- |
- |
- |
||||
g. Derivatives - FV |
- |
- |
- |
- |
||||
h. Other Invested Assets - FV |
- |
- |
- |
- |
||||
Total Assets - FV |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
i. (Sum of a through h) |
7. 3
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