...Improved Earnings Profile: Voya Financial, Inc.'s (Voya) ongoing adjusted operating earnings improved over the past several 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 7.0x in 2015 and the statutory interest coverage was 5.8x. Cash and short-term investments at the holding company were $674 million at year-end 2015, 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 expects reported RBC to remain in the 425%-450% range over the intermediate term, driven by improved statutory operating performance offset by distributions...
