Voya Financial : Retirement Insurance and Annuity Company – 1st Quarter Financials 2022

STATEMENT AS OF MARCH 31, 2022 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	23,392,224,900	0		23,392,224,900	23,307,034,734
2.	Stocks:
	2.1 Preferred stocks	252,017,720	0		252,017,720	260,683,048
	2.2 Common stocks	153,371,591	0		153,371,591	151,803,562

3. Mortgage loans on real estate:

	3.1 First liens					4,174,738,400	0	4,174,738,400	4,233,277,520
	3.2 Other than first liens				0	0	0	0
4.	Real estate:
	4.1 Properties occupied by the company (less $	0
	encumbrances)				55,775,084	0	55,775,084	56,324,073
	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 ($	47,670,333	), cash equivalents
	($	46,000,000	) and short-term
	investments ($	828,422,108 )		922,092,440	0	922,092,440	506,234,171
6.	Contract loans (including $		0	premium notes)	208,132,883	2,180,587	205,952,296	211,010,816
7.	Derivatives					305,642,337	0	305,642,337	298,039,348
8.	Other invested assets				1,342,412,830	10,676,263	1,331,736,567	1,321,675,005
9.	Receivables for securities				50,783,897	0	50,783,897	13,720,969
10.	Securities lending reinvested collateral assets		613,354,945	0	613,354,945	672,671,809
11.	Aggregate write-ins for invested assets		106,425,486	0	106,425,486	18,163
12.	Subtotals, cash and invested assets (Lines 1 to 11)		31,576,972,513	12,856,850	31,564,115,663	31,032,493,219
13.	Title plants less $		0 charged off (for Title insurers
	only)					0	0	0	0
14.	Investment income due and accrued		262,881,691	0	262,881,691	257,255,330
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	(1,027,228)	0	(1,027,228)	(2,559,080)
	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	70,914,831	0	70,914,831	77,074,274
	16.2	Funds held by or deposited with reinsured companies	0	0	0	0
	16.3	Other amounts receivable under reinsurance contracts	16,656,006	0	16,656,006	15,050,591
17.	Amounts receivable relating to uninsured plans	0	0	0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	10,906,341	0	10,906,341	0
18.2	Net deferred tax asset	349,133,367	51,746,494	297,386,873	291,132,748
19.	Guaranty funds receivable or on deposit	8,497,181	0	8,497,181	8,496,216
20.	Electronic data processing equipment and software	12,844	12,844	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	10,192,150	9,875	10,182,275	9,501,663
24.	Health care ($	0 ) and other amounts receivable	51,225	51,225	0	0
25.	Aggregate write-ins for other than invested assets	223,966,386	41,292,091	182,674,295	131,303,372

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

32,529,157,308

105,969,380

32,423,187,928

31,819,748,334

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	90,601,557,880	0	90,601,557,880	97,665,728,376
28.	Total (Lines 26 and 27)	123,130,715,187	105,969,380	123,024,745,807	129,485,476,709
	DETAILS OF WRITE-INS
1101.	Derivative receivables		0		106,425,486		18,163
106,425,486
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)	106,425,486	0		106,425,486		18,163
2501.	Margin call collateral	181,362,010	0		181,362,010		129,423,622
2502.	Miscellaneous assets	42,604,376	41,292,091		1,312,285		1,879,750
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)	223,966,386	41,292,091		182,674,295		131,303,372

2

STATEMENT AS OF MARCH 31, 2022 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 $	27,122,098,114 less $	0 included in Line 6.3
	(including $	0	Modco Reserve)		27,122,098,114	26,708,277,907
2.	Aggregate reserve for accident and health contracts (including $	0 Modco Reserve)	0	0
3.	Liability for deposit-type contracts (including $	0 Modco Reserve)	949,558,387	899,024,897

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 $	9,067,050
		ceded					9,067,050	9,479,921
	9.4 Interest Maintenance Reserve				42,813,406	55,538,001
10.	Commissions to agents due or accrued-life and annuity contracts $	2,043,834 , accident and health
	$		0 and deposit-type contract funds $		0		2,043,834	2,077,014
11.	Commissions and expense allowances payable on reinsurance assumed			0	0
12.	General expenses due or accrued				109,142,805	130,541,882
13.	Transfers to Separate Accounts due or accrued (net) (including $	(14,495,342) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)			(6,349,601)	(18,582,796)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes			4,504,515	4,503,705
15.1 Current federal and foreign income taxes, including $		0 on realized capital gains (losses)	0	41,922,989
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			49,624,081	54,308,488
18.	Amounts held for agents' account, including $	46,188 agents' credit balances		53,985	91,759
19.	Remittances and items not allocated				109,862,460	3,059,955
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 $	2,857,771 and interest thereon $	688		2,858,459	3,001,160
23.	Dividends to stockholders declared and unpaid				0	0

24. Miscellaneous liabilities:

	24.01	Asset valuation reserve				426,942,716	492,199,508
	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			64,704,386	60,189,762
	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				201,774,695	107,059,996
	24.09	Payable for securities				95,899,348	26,146
	24.10	Payable for securities lending				613,354,945	672,671,809
	24.11 Capital notes $	0 and interest thereon $		0	0	0
25.	Aggregate write-ins for liabilities				345,269,219	362,339,398
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			30,143,222,801	29,587,731,500
27.	From Separate Accounts Statement				90,601,557,880	97,665,728,376
28.	Total liabilities (Lines 26 and 27)				120,744,780,680	127,253,459,875
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	1,641,049,768
34.	Aggregate write-ins for special surplus funds			0	0
35.	Unassigned funds (surplus)				636,165,359	588,217,066

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)	2,277,215,127	2,229,266,834
38.	Totals of Lines 29, 30 and 37					2,279,965,127	2,232,016,834
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				123,024,745,807	129,485,476,709
	DETAILS OF WRITE-INS
2501.	Margin call collateral						312,271,691	307,836,618
2502.	Liability of pension benefits				16,043,869	16,043,869
2503.	Unclaimed property						9,174,991	9,750,139
2598.	Summary of remaining write-ins for Line 25 from overflow page				7,778,668	28,708,772
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)
			345,269,219	362,339,398
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, 2022 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	3,765,200,154	(1,492,760,312)	7,984,348,397
2.	Considerations for supplementary contracts with life contingencies	1,584,583	(74,035,949)	(69,878,298)
3.	Net investment income	366,272,379	361,909,397	1,564,927,696
4.	Amortization of Interest Maintenance Reserve (IMR)	(4,986,408)	(9,696,921)	(41,346,179)
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	0	0	0
6.	Commissions and expense allowances on reinsurance ceded	698,206	10,744,863	13,327,828
7.	Reserve adjustments on reinsurance ceded	(51,224,606)	1,525,845,867	1,357,530,063

8. Miscellaneous Income:

	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts		116,227,478	114,590,373	490,493,281
	8.2 Charges and fees for deposit-type contracts		0	0	0
	8.3 Aggregate write-ins for miscellaneous income		86,014,178	79,236,630	347,234,396
9.	Totals (Lines 1 to 8.3)			4,279,785,965	515,833,947	11,646,637,184
10.	Death benefits			0	0	0
11.	Matured endowments (excluding guaranteed annual pure endowments)		0	0	0
12.	Annuity benefits			84,507,750	87,158,066	338,095,862
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		3,782,080,911	4,159,117,053	16,093,699,634
16.	Group conversions			0	0	0
17.	Interest and adjustments on contract or deposit-type contract funds		43,411,643	21,655,115	10,703,213
18.	Payments on supplementary contracts with life contingencies		2,139,947	1,927,273	7,984,456
19.	Increase in aggregate reserves for life and accident and health contracts		413,820,205	(3,112,215,080)	(2,901,616,497)
20.	Totals (Lines 10 to 19)			4,325,960,456	1,157,642,427	13,548,866,668
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)			71,741,659	71,037,933	293,823,787
22.	Commissions and expense allowances on reinsurance assumed		3,629	3,703	15,147
23.	General insurance expenses and fraternal expenses		145,951,716	142,689,771	606,600,726
24.	Insurance taxes, licenses and fees, excluding federal income taxes		10,385,883	9,944,631	26,361,317
25.	Increase in loading on deferred and uncollected premiums		0	0	0
26.	Net transfers to or (from) Separate Accounts net of reinsurance		(417,732,026)	(477,033,367)	(2,961,686,892)
27.	Aggregate write-ins for deductions		(389,977)	(428,288,726)	(405,025,938)
28.	Totals (Lines 20 to 27)			4,135,921,341	475,996,373	11,108,954,814
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)			143,864,624	39,837,574	537,682,370
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)		143,864,624	39,837,574	537,682,370
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)		3,153,815	(231,713,583)	(230,734,036)
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)		140,710,809	271,551,157	768,416,406
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
	gains tax of $	(9,347,688) (excluding taxes of $	(4,707,988)
	transferred to the IMR)			(29,008,658)	3,114,531	25,724,722
35.	Net income (Line 33 plus Line 34)		111,702,151	274,665,688	794,141,128
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year		2,232,016,834	2,040,325,249	2,040,325,249
37.	Net income (Line 35)			111,702,151	274,665,688	794,141,128
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	(13,969,265)	(65,642,597)	(28,004,107)	(10,770,573)
39.	Change in net unrealized foreign exchange capital gain (loss)		(92,253)	1,013,360	395,802
40.	Change in net deferred income tax		(19,978,654)	(101,478,020)	(154,681,263)
41.	Change in nonadmitted assets		4,325,518	(46,006,789)	117,064,788
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		65,257,071	(41,124,547)	(97,549,725)
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	122,902,422	122,902,422
	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	(48,000,000)	(78,000,000)	(552,000,000)
53.	Aggregate write-ins for gains and losses in surplus	377,056	320,929	(27,810,993)
54.	Net change in capital and surplus for the year (Lines 37 through 53)	47,948,292	104,288,935	191,691,586
55.	Capital and surplus, as of statement date (Lines 36 + 54)	2,279,965,127	2,144,614,184	2,232,016,834
	DETAILS OF WRITE-INS
08.301. Miscellaneous income
48,663,765	28,972,362	163,803,770
08.302. Recordkeeping fees	36,341,056	50,263,843	183,428,196
08.303. Reinsurance income	1,009,357	425	2,430
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)	86,014,178	79,236,630	347,234,396
2701.	Reinsurance expense	0	3,942,647	0
2702.	Other contingency expense	0	0	18,000,000
2703.	Gains released from IMR	0	(435,572,935)	(435,644,035)
2798.	Summary of remaining write-ins for Line 27 from overflow page	(389,977)	3,341,563	12,618,097
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	(389,977)	(428,288,726)	(405,025,938)
5301.	Amortization of pension	447,336	595,230	5,135,580
5302.	Share based payments	0	11,907	40,825
5303.	Prior Period Adjustments	0	0	(31,729,357)
5398.	Summary of remaining write-ins for Line 53 from overflow page	(70,280)	(286,209)	(1,258,041)
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	377,056	320,929	(27,810,993)

4

STATEMENT AS OF MARCH 31, 2022 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		3,763,668,303	3,844,981,425	12,975,735,858
2.	Net investment income		513,530,831	457,253,391	1,977,616,371
3.	Miscellaneous income		161,964,371	126,689,417	714,180,666
4.	Total (Lines 1 to 3)		4,439,163,505	4,428,924,233	15,667,532,895
5.	Benefit and loss related payments		3,901,350,124	4,406,897,951	16,317,633,121
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	(410,596,862)	(468,024,332)	(2,937,232,685)
7.	Commissions, expenses paid and aggregate write-ins for deductions		306,083,088	245,267,710	966,144,084
8.	Dividends paid to policyholders		0	0	0
9.	Federal and foreign income taxes paid (recovered) net of $	65,689,231 tax on capital
	gains (losses)		41,927,470	(5,296,145)	(92,026,044)
10.	Total (Lines 5 through 9)		3,838,763,820	4,178,845,184	14,254,518,476
11.	Net cash from operations (Line 4 minus Line 10)		600,399,685	250,079,049	1,413,014,419

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

12.1	Bonds	1,215,014,153	1,071,750,908	4,396,798,409
12.2	Stocks	2,102,031	19,551,126	80,358,657
12.3	Mortgage loans	144,253,553	113,643,158	605,662,400
12.4	Real estate	0	0	0
12.5	Other invested assets	45,952,864	17,493,786	311,808,846
12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	(86,254)	2,277	749,167
12.7	Miscellaneous proceeds	214,831,751	226,573,841	22,132,507
12.8 Total investment proceeds (Lines 12.1 to 12.7)	1,622,068,098	1,449,015,096	5,417,509,986
13. Cost of investments acquired (long-term only):
13.1	Bonds	1,547,992,689	1,751,337,900	5,464,786,462
13.2	Stocks	0	3,854,295	47,672,241
13.3	Mortgage loans	85,612,708	159,728,880	689,796,976
13.4	Real estate	2,306	0	748,110
13.5	Other invested assets	46,908,662	36,936,984	325,521,254
13.6	Miscellaneous applications	165,007,072	369,676,924	126,855,657
13.7	Total investments acquired (Lines 13.1 to 13.6)	1,845,523,437	2,321,534,983	6,655,380,700
14. Net increase (or decrease) in contract loans and premium notes	(4,853,673)	(9,970,451)	(18,183,165)
15. Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(218,601,666)	(862,549,436)	(1,219,687,549)

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	20,000,000	19,999,999
	16.3	Borrowed funds	(138,936)	(131,599)	(527,892)
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	50,533,490	(173,875,827)	(106,601,091)
	16.5 Dividends to stockholders	48,000,000	78,000,000	552,000,000
	16.6 Other cash provided (applied)	31,665,696	269,965,252	(55,539,829)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	34,060,250	37,957,826	(694,668,813)
	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)	415,858,269	(574,512,561)	(501,341,943)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	506,234,171	1,007,576,114	1,007,576,114
	19.2 End of period (Line 18 plus Line 19.1)	922,092,440	433,063,553	506,234,171

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

20.0001.	Reinsurance asset	transfer	0	3,755,090,512	3,755,090,512
20.0002.	Stocks and surplus	note acquired through transfer of securities	0	230,255,188	230,255,188
20.0003.	Gross deferred tax asset from liquidation	0	0	298,277,873

5