Major Rating Factors: Fair current capitalization (3.8 on a scale of 0 to 10) based on mixed results -- excessive policy leverage mitigated by fair risk adjusted capital (moderate loss scenario), although results have slipped from the good range over the last two years. Fair quality investment portfolio (4.7) with significant exposure to mortgages . Mortgage default rate has been low. Good liquidity (5.7).
Other Rating Factors: Weak overall results on stability tests (2.4) including fair financial strength of affiliated Voya Financial Inc and weak results on operational trends. Weak profitability (2.0) with investment income below regulatory standards in relation to interest assumptions of reserves.
Stability Factors: A - Financial problems or weaknesses of a parent or affiliate company. C - Past results on our Risk-Adjusted Capital tests. T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business: --
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