EX-12.1 4 q12018voyaex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
Voya Financial, Inc.
Ratio of Earnings to Fixed Charges
 
 
Three Months Ended March 31,
 
Years Ended December 31,
 
 
 
2018
 
2017
 
2016
 
2015
 
2014
2013
($ in millions)
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
21

 
$
528

 
$
10

 
$
476

 
$
635

$
1,559

Less: Undistributed income (loss) from investees
 
25

 
62

 
19

 
2

 
8

25

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

 
37

 
6

 
91

 
132

64

Adjusted earnings before fixed charges(1)
 
(4
)
 
429

 
(15
)
 
383

 
495

1,470

Add: Fixed charges
 
 
 
 
 
 
 
 
 
 
 
Interest and debt issuance costs(2)(3)
 
52

 
260

 
285

 
459

 
400

366

Estimated interest component of rent expense
 
2

 
9

 
9

 
9

 
10

12

Total fixed charges excluding interest credited to contract owner account balances
 
54

 
269

 
294

 
468

 
410

378

Interest credited to contract owner account balances
 
382

 
1,606

 
1,604

 
1,537

 
1,570

1,625

Total fixed charges
 
$
436

 
$
1,875

 
$
1,898

 
$
2,005

 
$
1,980

$
2,003

Total earnings and fixed charges
 
$
432

 
$
2,304

 
$
1,883

 
$
2,388

 
$
2,475

$
3,473

Ratio of earnings to fixed charges(1)
 
NM

 
1.23

 
NM

 
1.19

 
1.25

1.73

Total earnings and fixed charges excluding interest credited to contract owner account balances
 
$
50

 
$
698

 
$
279

 
$
851

 
$
905

$
1,848

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

 
2.59

 
NM

 
1.82

 
2.21

4.89


(1) Earnings were insufficient to cover fixed charges at a 1:1 ratio by $4 million for the three months ended March 31, 2018 and $15 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 $6 million for the three months ended March 31, 2018 and $80 million, $102 million, $272 million, $210 million and $181 million for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, 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 NM for the three months ended March 31, 2018 and 1.15, NM, 1.20, 1.22 and 1.74 for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, 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 NM for the three months ended March 31, 2018 and 2.41, NM, 2.75, 2.94 and 7.83 for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.
(3) 
Interest and debt issuance costs exclude loss related to the early extinguishment of debt of $3 million for the three months ended March 31, 2018 and $4 million , $105 million and $10 million for the years ended December 31, 2017, 2016 and 2015, respectively.