...Improved Operating Earnings: Voya Financial, Inc.'s (Voya) ongoing adjusted operating earnings have shown consistent improvement over the past five years. The company aims to further improve operating earnings by continuing to focus on higher margin and less capital- intensive products in its three core business lines, expanding its distribution strategy and investing in technology initiatives. Ample Debt-Servicing Capacity: GAAP-adjusted operating earnings-based interest coverage was 7.9x in 2014 and statutory interest coverage was 4.5x. Cash at the holding company was $682 million at year-end 2014, in excess of management's target of 24 months liquidity, or roughly $450 million. Strong Statutory Capital: The statutory capitalization of the primary life insurance operating companies remains supportive of the ratings. Fitch Ratings expects reported RBC to remain in a range of 425%-450% over the intermediate term, driven by improved statutory operating performance offset by distributions...
