Company Quick10K Filing
Voya Retirement Insurance & Annuity
Price-0.00 EPS5,527
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt-331 EBIT334
TEV-331 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-19
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-14
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-15
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-18
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-12
10-K 2014-12-31 Filed 2015-03-27
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-12
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-03-27
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-12
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-12-31 Filed 2013-03-27
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-27
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-31
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-04-01

VRIAC 10Q Quarterly Report

Part I. Financial Information (Unaudited)
Item 1. Financial Statements
Item 2. Management's Narrative Analysis of The Results of Operations and Financial Condition
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 vriac2020q110-qex311.htm
EX-31.2 vriac2020q110-qex312.htm
EX-32.1 vriac2020q110-qex321.htm
EX-32.2 vriac2020q110-qex322.htm

Voya Retirement Insurance & Annuity Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1159269462302012201420172020
Assets, Equity
1.10.90.60.40.1-0.12012201420172020
Rev, G Profit, Net Income
0.90.50.1-0.2-0.6-1.02012201420172020
Ops, Inv, Fin

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voyrfinrgbgrdpos1567a12.jpg
 
 
 
 
 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
——————————————————————
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020

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

Commission File Number: 033-23376

VOYA RETIREMENT INSURANCE & ANNUITY CO

(Exact name of registrant as specified in its charter)
Connecticut
71-0294708
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
One Orange Way
 
Windsor
Connecticut
06095-4774
(Address of principal executive offices)
(Zip Code)
(860) 580-4646
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.            ý Yes       o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            ý Yes       o No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer    
Non-accelerated filer
x
Smaller reporting company     
 
 
Emerging growth company     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).          Yes       ý No

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

APPLICABLE ONLY TO CORPORATE ISSUERS:
As of May 13, 2020, 55,000 shares of Common Stock, $50 par value were outstanding, all of which were directly owned by Voya Holdings Inc.

NOTE:  WHEREAS VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q, THIS FORM IS BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).
 
 
 
 
 

 
1
 


Voya Retirement Insurance and Annuity Company and Subsidiary
(A wholly owned subsidiary of Voya Holdings Inc.)
Form 10-Q for the period ended March 31, 2020

INDEX

 
 
PAGE
PART I.
FINANCIAL INFORMATION (UNAUDITED)
 
 
 
 
 
 
 
Item 1.
Financial Statements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 4.
 
 
 
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 6.
 
 
 
 
 
 
 
 


 
2
 


As used in this Quarterly Report on Form 10-Q, "VRIAC" refers to Voya Retirement Insurance and Annuity Company and the "Company," "we," "our" and "us" refer to VRIAC and its wholly owned subsidiary.

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events and specifically the current COVID-19 pandemic event, (v) mortality and morbidity levels, (vi) persistency and lapse levels, (vii) interest rates, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, including those relating to insurance regulatory reform initiatives applicable to captive reinsurance entities and those made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act or the U.S. Department of Labor's final rules and exemptions pertaining to the fiduciary status of providers of investment advice; and (xi) changes in the policies of governments and/or regulatory authorities; and (xii) our parent company, Voya Financial, Inc.'s ability to successfully manage the separation of the fixed and variable annuities business that it sold to VA Capital LLC on June 1, 2018, including the transition services on the expected timeline and economic terms or at all, (xiii) our parent company Voya Financial Inc.'s ability to successfully complete the Individual Life Transaction (as defined below) on the expected economic terms or at all. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" in the Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 033-23376) (the "Annual Report on Form 10-K") and "Risk Factors" in this Quarterly Report on Form 10-Q.

The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

 
3
 


PART I.    FINANCIAL INFORMATION (UNAUDITED)

Item 1.     Financial Statements
Voya Retirement Insurance and Annuity Company and Subsidiary
(A wholly owned subsidiary of Voya Holdings Inc.)
Condensed Consolidated Balance Sheets
March 31, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)

 
March 31,
2020
 
December 31,
2019
Assets
 
 
 
Investments:
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $23,345 as of 2020 and $23,107 as of 2019; allowance for credit losses of $4 as of 2020)
$
23,909

 
$
25,153

Fixed maturities, at fair value using the fair value option
1,644

 
1,479

Equity securities, at fair value (cost of $73 as of 2020 and 2019)
73

 
80

Mortgage loans on real estate, net of valuation allowance of $0 as of 2019
4,774

 
4,664

Less: Allowance for credit losses
17

 

Mortgage loans on real estate, net
4,757

 
4,664

Policy loans
201

 
205

Limited partnerships/corporations
784

 
738

Derivatives
719

 
224

Securities pledged (amortized cost of $848 as of 2020 and $749 as of 2019)
919

 
828

Other investments
44

 
43

Total investments
33,050

 
33,414

Cash and cash equivalents
480

 
512

Short-term investments under securities loan agreements, including collateral delivered
1,572

 
917

Accrued investment income
319

 
293

Premiums receivable and reinsurance recoverable
1,287

 
1,304

Less: Allowance for credit losses

 

Premiums receivable and reinsurance recoverable, net
1,287

 
1,304

Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners
941

 
608

Short-term loan to affiliate
626

 
69

Current income tax recoverable
36

 
9

Due from affiliates
63

 
67

Property and equipment
59

 
60

Other assets
239

 
255

Assets held in separate accounts
66,562

 
78,713

Total assets
$
105,234

 
$
116,221



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
 
 
 
 
4
 


Voya Retirement Insurance and Annuity Company and Subsidiary
(A wholly owned subsidiary of Voya Holdings Inc.)
Condensed Consolidated Balance Sheets
March 31, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)

 
March 31,
2020
 
December 31,
2019
Liabilities and Shareholder's Equity
 
 
 
Future policy benefits and contract owner account balances
$
32,117

 
$
31,142

Payable for securities purchased
59

 
5

Payables under securities loan agreements, including collateral held
1,503

 
865

Due to affiliates
90

 
95

Derivatives
795

 
285

Deferred income taxes
128

 
304

Other liabilities
270

 
369

Liabilities related to separate accounts
66,562

 
78,713

Total liabilities
101,524

 
111,778

 
 
 
 
Commitments and Contingencies (Note 9)


 


 
 
 
 
Shareholder's equity:
 
 
 
Common stock (100,000 shares authorized, 55,000 issued and outstanding as of 2020 and 2019; $50 par value per share)
3

 
3

Additional paid-in capital
2,873

 
2,873

Accumulated other comprehensive income (loss)
533

 
1,292

Retained earnings (deficit)
301

 
275

Total shareholder's equity
3,710

 
4,443

Total liabilities and shareholder's equity
$
105,234

 
$
116,221




The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
 
 
 
 
5
 


Voya Retirement Insurance and Annuity Company and Subsidiary
(A wholly owned subsidiary of Voya Holdings Inc.)
Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)


Three Months Ended March 31,

2020

2019
 
 
 
(As Adjusted)
Revenues:
 
 
 
Net investment income
$
439


$
394

Fee income
222


205

Premiums
5


9

Broker-dealer commission revenue
1


1

Net realized capital gains (losses):





Total impairments
(7
)

(20
)
Other net realized capital gains (losses)
(85
)

(4
)
Total net realized capital gains (losses)
(92
)

(24
)
Other revenue
(1
)

6

Total revenues
574


591

Benefits and expenses:





Interest credited and other benefits to contract owners/policyholders
209


255

Operating expenses
298


285

Broker-dealer commission expense
1


1

Net amortization of Deferred policy acquisition costs and Value of business acquired
37


6

Total benefits and expenses
545


547

Income (loss) before income taxes
29


44

Income tax expense (benefit)
(5
)

(1
)
Net income (loss)
$
34