EX-12.1 3 q32017voyaex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
Voya Financial, Inc.
Ratio of Earnings to Fixed Charges
 
 
Nine Months Ended September 30,
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
($ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
309.8

 
$
(613.4
)
 
$
584.5

 
$
801.2

 
$
756.1

 
$
623.0

Less: Undistributed income (loss) from investees
 
57.2

 
23.7

 
(1.8
)
 
7.7

 
23.7

 
9.0

Less: Net income (loss) attributed to noncontrolling interest that have not incurred fixed charges
 
19.8

 
5.6

 
91.1

 
131.5

 
64.1

 
95.9

Adjusted earnings before fixed charges(1)
 
232.8

 
(642.7
)
 
495.2

 
662.0

 
668.3

 
518.1

Add: Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt issuance costs(2)(3)
 
197.4

 
285.3

 
458.6

 
399.2

 
365.4

 
260.1

Estimated interest component of rent expense
 
7.1

 
8.7

 
9.2

 
10.2

 
11.9

 
9.3

Total fixed charges excluding interest credited to contract owner account balances
 
204.5

 
294.0

 
467.8

 
409.4

 
377.3

 
269.4

Interest credited to contract owner account balances
 
1,535.2

 
2,042.5

 
1,973.2

 
1,991.2

 
2,088.4

 
2,248.1

Total fixed charges
 
$
1,739.7

 
$
2,336.5

 
$
2,441.0

 
$
2,400.6

 
$
2,465.7

 
$
2,517.5

Total earnings and fixed charges
 
$
1,972.5

 
$
1,693.8

 
$
2,936.2

 
$
3,062.6

 
$
3,134.0

 
$
3,035.6

Ratio of earnings to fixed charges(1)
 
1.13

 
NM

 
1.20

 
1.28

 
1.27

 
1.21

Total earnings and fixed charges excluding interest credited to contract owner account balances
 
$
437.3

 
$
(348.7
)
 
$
963.0

 
$
1,071.4

 
$
1,045.6

 
$
787.5

Ratio of earnings to fixed charges excluding interest credited to contract owner account balances(1)
 
2.14

 
NM

 
2.06

 
2.62

 
2.77

 
2.92


(1) Earnings were insufficient to cover fixed charges at a 1:1 ratio by $642.7 million for the year ended December 31, 2016. These ratios are presented as "NM" or not meaningful.
(2) Interest and debt issuance costs include interest costs related to variable interest entities of $62.0 million for the nine months ended September 30, 2017 and $101.9 million, $272.2 million, $209.5 million, $180.6 million and $106.4 million for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively. Excluding these costs, as well as the earnings of the variable interest entities, would result in a ratio of earnings to fixed charges of 1.08 for the nine months ended September 30, 2017 and 1.21, 1.25, 1.24 and 1.20 for the years ended December 31, 2015, 2014, 2013 and 2012, respectively. Excluding these costs as well as the earnings of the variable interest entities would result in a ratio of earnings to fixed charges excluding interest credited to contract owner account balances of 1.94 for the nine months ended September 30, 2017 and 3.33, 3.78, 3.76 and 3.92 for the years ended December 31, 2015, 2014, 2013 and 2012, respectively.
(3) 
Interest and debt issuance costs exclude loss related to the early extinguishment of debt of $4.3 million for the nine months ended September 30, 2017 and $104.6 million and $10.1 million for the years ended December 31, 2016 and 2015, respectively.