Voya Financial : Retirement Insurance and Annuity Company - 1st Quarter Financials 2021

STATEMENT AS OF MARCH 31, 2021 OF THE VOYA RETIREMENT INSURANCE AND ANNUITY 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	23,187,793,049	0		23,187,793,049	25,416,393,821
2.	Stocks:
	2.1 Preferred stocks	261,774,444	0		261,774,444	193,516,478
	2.2 Common stocks	137,187,978	79,840,000		57,347,978	62,797,443

3. Mortgage loans on real estate:

	3.1 First liens						4,197,841,133	0	4,197,841,133	4,693,657,994
	3.2 Other than first liens					0	0	0	0
4.	Real estate:
	4.1 Properties occupied by the company (less $	0
	encumbrances)						57,260,363	0	57,260,363	57,817,820
	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 ($	247,303,556	), cash equivalents
	($		0	) and short-term
	investments ($			185,759,997 )		433,063,553	0	433,063,553	1,007,576,114
6.	Contract loans (including $		0	premium notes)	221,199,270	2,209,970	218,989,300	227,898,902
7.	Derivatives						349,754,154	0	349,754,154	339,850,365
8.	Other invested assets					1,230,708,846	5,419,589	1,225,289,257	1,146,024,717
9.	Receivables for securities					4,427,436	0	4,427,436	9,808,240
10.	Securities lending reinvested collateral assets		441,995,598	0	441,995,598	73,922,898
11.	Aggregate write-ins for invested assets		102,050	0	102,050	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)		30,523,107,874	87,469,559	30,435,638,315	33,229,264,791
13.	Title plants less $				0 charged off (for Title insurers
	only)						0	0	0	0
14.	Investment income due and accrued		279,281,380	1,124,178	278,157,202	275,795,450
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	(5,156,417)	0	(5,156,417)	98
	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	86,777,285	0	86,777,285	1,127,072
	16.2	Funds held by or deposited with reinsured companies	0	0	0	0
	16.3	Other amounts receivable under reinsurance contracts	25,718,286	0	25,718,286	119,439
17.	Amounts receivable relating to uninsured plans	0	0	0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	111,791,164	0	111,791,164	7,755,116
18.2	Net deferred tax asset	446,448,115	168,102,298	278,345,817	234,159,235
19.	Guaranty funds receivable or on deposit	8,596,250	0	8,596,250	8,596,250
20.	Electronic data processing equipment and software	5,091	5,091	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	58,259,504	4,102	58,255,401	59,185,158
24.	Health care ($	0 ) and other amounts receivable	79,238	79,238	0	0
25.	Aggregate write-ins for other than invested assets	219,424,255	32,149,388	187,274,867	207,969,009

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

31,754,332,025

288,933,854

31,465,398,171

34,023,971,619

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	90,800,905,022	0	90,800,905,022	88,216,411,336
28.	Total (Lines 26 and 27)	122,555,237,047	288,933,854	122,266,303,193	122,240,382,954
	DETAILS OF WRITE-INS
1101.	Derivative receivables		0		102,050		0
102,050
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)	102,050	0		102,050		0
2501.	Margin call collateral	186,652,054	0		186,652,054		207,256,019
2502.	Miscellaneous assets	32,772,202	32,149,388		622,813		712,989
2503.
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)	219,424,255	32,149,388		187,274,867		207,969,008

2

STATEMENT AS OF MARCH 31, 2021 OF THE VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current	December 31
					Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	26,497,679,324 less $	0 included in Line 6.3
	(including $	0	Modco Reserve)		26,497,679,324	29,609,894,404
2.	Aggregate reserve for accident and health contracts (including $	0 Modco Reserve)	0	0
3.	Liability for deposit-type contracts (including $	0 Modco Reserve)	831,750,161	1,005,625,988

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
	Modco)			0	0
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

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 $	8,090,769
		ceded					8,090,769	134,946
	9.4 Interest Maintenance Reserve				36,473,849	72,721,604
10.	Commissions to agents due or accrued-life and annuity contracts $	2,082,466 , accident and health
	$		0 and deposit-type contract funds $		0		2,082,466	1,864,907
11.	Commissions and expense allowances payable on reinsurance assumed			0	0
12.	General expenses due or accrued				110,226,681	127,380,305
13.	Transfers to Separate Accounts due or accrued (net) (including $	6,731,902 accrued for expense
	allowances recognized in reserves, net of reinsured allowances)			(12,671,092)	(11,035,139)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes			5,910,914	5,743,730
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				0	0
17.	Amounts withheld or retained by reporting entity as agent or trustee			47,802,085	45,073,047
18.	Amounts held for agents' account, including $	42,693 agents' credit balances		43,537	57,913
19.	Remittances and items not allocated				34,995,806	5,260,397
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 $	3,393,000 and interest thereon $	4,896		3,397,896	3,529,481
23.	Dividends to stockholders declared and unpaid				0	0

24. Miscellaneous liabilities:

	24.01	Asset valuation reserve				435,774,609	394,650,062
	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			77,865,478	114,620,784
	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				169,974,709	121,190,154
	24.09	Payable for securities				236,122,251	19,735,807
	24.10	Payable for securities lending				441,995,598	73,922,898
	24.11 Capital notes $	0 and interest thereon $		0	0	0
25.	Aggregate write-ins for liabilities				393,268,947	393,275,082
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			29,320,783,987	31,983,646,369
27.	From Separate Accounts Statement				90,800,905,022	88,216,411,336
28.	Total liabilities (Lines 26 and 27)				120,121,689,009	120,200,057,705
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				1,641,049,768	1,518,147,346
34.	Aggregate write-ins for special surplus funds			0	0
35.	Unassigned funds (surplus)				500,814,416	519,427,903

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)	2,141,864,184	2,037,575,249
38.	Totals of Lines 29, 30 and 37					2,144,614,184	2,040,325,249
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				122,266,303,193	122,240,382,954
	DETAILS OF WRITE-INS
2501.	Margin call collateral						355,027,853	351,115,390
2502.	Liability of pension benefits				20,445,449	20,445,449
2503.	Unclaimed property						10,678,256	10,293,065
2598.	Summary of remaining write-ins for Line 25 from overflow page				7,117,388	11,421,178
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)				393,268,947	393,275,082
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.
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

3

STATEMENT AS OF MARCH 31, 2021 OF THE VOYA RETIREMENT INSURANCE AND ANNUITY 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	(1,492,760,312)	6,473,290,723	16,099,901,828
2.	Considerations for supplementary contracts with life contingencies	(74,035,949)	918,313	4,495,383
3.	Net investment income	361,909,397	372,670,536	1,577,063,022
4.	Amortization of Interest Maintenance Reserve (IMR)	(9,696,921)	(3,984,844)	(41,437,595)
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	0	0	0
6.	Commissions and expense allowances on reinsurance ceded	10,744,863	42,371,334	42,592,256
7.	Reserve adjustments on reinsurance ceded	1,525,845,867	(1,010,588,274)	(1,023,463,445)

8. Miscellaneous Income:

	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts		114,590,373	97,200,329	399,645,993
	8.2 Charges and fees for deposit-type contracts		0	0	0
	8.3 Aggregate write-ins for miscellaneous income		79,236,630	64,011,142	261,942,103
9.	Totals (Lines 1 to 8.3)			515,833,947	6,035,889,258	17,320,739,544
10.	Death benefits			0	0	0
11.	Matured endowments (excluding guaranteed annual pure endowments)		0	0	0
12.	Annuity benefits			87,158,066	124,572,629	530,252,096
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		4,159,117,053	3,868,514,470	16,600,601,921
16.	Group conversions			0	0	0
17.	Interest and adjustments on contract or deposit-type contract funds		21,655,115	13,830,759	21,230,546
18.	Payments on supplementary contracts with life contingencies		1,927,273	2,037,658	8,776,284
19.	Increase in aggregate reserves for life and accident and health contracts		(3,112,215,080)	2,030,315,936	2,835,164,064
20.	Totals (Lines 10 to 19)			1,157,642,427	6,039,271,452	19,996,024,911
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)			71,037,933	62,380,963	255,193,320
22.	Commissions and expense allowances on reinsurance assumed		3,703	3,605	15,011
23.	General insurance expenses and fraternal expenses		142,689,771	136,674,153	540,433,617
24.	Insurance taxes, licenses and fees, excluding federal income taxes		9,944,631	9,060,275	23,228,300
25.	Increase in loading on deferred and uncollected premiums		0	0	0
26.	Net transfers to or (from) Separate Accounts net of reinsurance		(477,033,367)	(133,889,587)	(3,877,214,468)
27.	Aggregate write-ins for deductions		(428,288,726)	(4,007,810)	13,228,934
28.	Totals (Lines 20 to 27)			475,996,373	6,109,493,051	16,950,909,625
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)			39,837,574	(73,603,792)	369,829,919
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)		39,837,574	(73,603,792)	369,829,919
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)		(231,713,583)	(35,535,835)	(2,419,159)
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)	271,551,157	(38,067,957)	372,249,077
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
	gains tax of $	18,809,321 (excluding taxes of $	103,572,069
	transferred to the IMR)			3,114,531	(24,616,403)	(72,929,773)
35.	Net income (Line 33 plus Line 34)		274,665,688	(62,684,360)	299,319,304
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year		2,040,325,249	2,004,872,181	2,004,872,181
37.	Net income (Line 35)			274,665,688	(62,684,360)	299,319,304
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	386,210	(28,004,107)	125,669,477	24,206,232
39.	Change in net unrealized foreign exchange capital gain (loss)		1,013,360	290,443	489,351
40.	Change in net deferred income tax		(101,478,020)	27,251,227	31,869,098
41.	Change in nonadmitted assets		(46,006,789)	(14,473,157)	(9,512,726)
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	167,221,535	167,221,535
44.	Change in asset valuation reserve		(41,124,547)	(43,978,051)	(39,350,236)
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	2,454,491	2,454,491

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	122,902,422	(2,200,256)	(2,200,256)
	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	(124,544,100)	(124,544,100)
52.	Dividends to stockholders	(78,000,000)	0	(294,000,000)
53.	Aggregate write-ins for gains and losses in surplus	320,929	(15,771,897)	(20,499,627)
54.	Net change in capital and surplus for the year (Lines 37 through 53)	104,288,935	59,235,354	35,453,068
55.	Capital and surplus, as of statement date (Lines 36 + 54)	2,144,614,184	2,064,107,534	2,040,325,249
	DETAILS OF WRITE-INS
08.301. Recordkeeping fees	50,263,843
49,968,344	199,855,001
08.302. Miscellaneous income	28,972,362	14,042,109	62,086,707
08.303. Reinsurance income	425	689	394
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)	79,236,630	64,011,142	261,942,103
2701.	Reinsurance expense	3,942,647	0	0
2702.	Miscellaneous expense	3,341,563	(4,009,343)	13,226,784
2703.	Letter of credit fees	0	1,533	2,150
2798.	Summary of remaining write-ins for Line 27 from overflow page	(435,572,935)	0	0
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	(428,288,726)	(4,007,810)	13,228,934
5301.	Amortization of pension	595,230	493,678	(3,298,075)
5302.	Share based payments	11,907	38,891	74,523
5303.	SA Valuation basiss chg	0	(16,020,407)	(16,020,407)
5398.	Summary of remaining write-ins for Line 53 from overflow page	(286,208)	(284,059)	(1,255,668)
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	320,929	(15,771,897)	(20,499,627)

4

STATEMENT AS OF MARCH 31, 2021 OF THE VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

CASH FLOW

			1	2	3
			Current Year	Prior Year	Prior Year Ended
			To Date	To Date	December 31
	Cash from Operations
1.	Premiums collected net of reinsurance		3,844,981,425	4,458,041,668	14,084,630,160
2.	Net investment income		457,253,391	426,385,818	1,931,617,799
3.	Miscellaneous income		126,689,417	114,599,322	644,113,775
4.	Total (Lines 1 to 3)		4,428,924,233	4,999,026,808	16,660,361,734
5.	Benefit and loss related payments		4,406,897,951	4,008,440,314	17,160,106,930
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	(468,024,332)	(215,669,229)	(3,881,901,711)
7.	Commissions, expenses paid and aggregate write-ins for deductions		245,267,710	166,325,025	826,405,713
8.	Dividends paid to policyholders		0	0	0
9.	Federal and foreign income taxes paid (recovered) net of $	(31,830,729) tax on capital
	gains (losses)		(5,296,145)	(6,639,619)	1,933,707
10.	Total (Lines 5 through 9)		4,178,845,184	3,952,456,491	14,106,544,640
11.	Net cash from operations (Line 4 minus Line 10)		250,079,049	1,046,570,317	2,553,817,094

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

12.1	Bonds	1,071,750,908	684,746,695	3,478,389,954
12.2	Stocks	19,551,126	3,271,400	182,955,074
12.3	Mortgage loans	113,643,158	91,239,831	403,417,211
12.4	Real estate	0	0	0
12.5	Other invested assets	17,493,786	23,175,554	104,148,062
12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	2,277	16,789	(213,578)
12.7	Miscellaneous proceeds	226,573,841	98,005,723	147,506,850
12.8 Total investment proceeds (Lines 12.1 to 12.7)	1,449,015,096	900,455,992	4,316,203,573
13. Cost of investments acquired (long-term only):
13.1	Bonds	1,751,337,900	1,140,904,611	4,982,092,658
13.2	Stocks	3,854,295	10,771,400	198,831,578
13.3	Mortgage loans	159,728,880	200,565,996	432,649,019
13.4	Real estate	0	0	0
13.5	Other invested assets	36,936,984	53,826,762	269,416,486
13.6	Miscellaneous applications	369,676,924	11,761,180	174,645,937
13.7	Total investments acquired (Lines 13.1 to 13.6)	2,321,534,983	1,417,829,949	6,057,635,678
14. Net increase (or decrease) in contract loans and premium notes	(9,970,451)	(4,011,295)	(15,952,129)
15. Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(862,549,436)	(513,362,662)	(1,725,479,975)

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	20,000,000	0	0
	16.3	Borrowed funds	(131,599)	(130,211)	(522,621)
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	(173,875,827)	(20,946,737)	(92,273,915)
	16.5 Dividends to stockholders	78,000,000	0	294,000,000
	16.6 Other cash provided (applied)	269,965,252	14,858,666	35,352,518
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	37,957,826	(6,218,282)	(351,444,019)
	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)	(574,512,561)	526,989,373	476,893,100
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	1,007,576,114	530,683,014	530,683,014
	19.2 End of period (Line 18 plus Line 19.1)	433,063,553	1,057,672,387	1,007,576,114

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

20.0001.	Capital contribution from Parent	0	(2,200,256)	(2,200,256)
20.0002.	Reinsurance asset transfer	3,755,090,512	0	0
20.0003.	Stocks and surplus note acquired through transfer of securities	230,255,188	0	0

5