Voya Financial(VOYA) - 2020 Q4 - Annual Report

Workforce and Diversity - As of December 31, 2020, the company had approximately 6,000 employees, with 99% being full-time and US-based[117] - The company aims for approximately 35% of its workforce to be fully remote and 63% to be hybrid post-COVID[117] - Females or people of color represent 61% of the workforce, with the Board of Directors being 56% diverse[118] - The company maintains a robust Total Rewards offering to attract and retain a diverse workforce[121] Corporate Strategy and Transactions - The company completed the divestiture of its individual life business on January 4, 2021, as part of a strategic transaction[114] - The company disposed of substantially all of its CBVA and Fixed and Fixed Indexed Annuities businesses on June 1, 2018[115] Regulatory Environment - The company is subject to comprehensive regulation and supervision under U.S. state and federal laws, impacting its insurance subsidiaries[126] - The NAIC's "Solvency Modernization Initiative" focuses on capital requirements and risk management, requiring annual risk assessments[137] - The company does not anticipate any regulatory action based on its 2020 IRIS ratio results, as regulators have been satisfied in prior years[148] - The NAIC is reviewing asset factors for RBC requirements, which may lead to changes affecting capital requirements for certain securities[144] - The company expects cybersecurity risk management to remain a significant focus for regulatory bodies in 2021[150] - The SEC's Regulation Best Interest, effective June 30, 2020, imposes a heightened standard for broker-dealers, but the company does not foresee a material impact from compliance[152] - The Department of Labor's revised fiduciary interpretation and prohibited transaction exemption are expected to have no material impact on the company[153] - Insurance regulators have the authority to limit or prohibit new policy issuance if an insurer does not maintain a minimum surplus, but the company does not foresee such risks[142] - The company’s insurance subsidiaries are subject to annual analyses of statutory reserves to ensure they meet contractual obligations[141] Financial Management - The company relies on dividends and distributions from subsidiaries as the main source of cash to meet obligations, including debt repayments[139] - In 2020, the total adjusted capital of each insurance subsidiary exceeded statutory minimum Risk-Based Capital (RBC) levels, indicating no need for regulatory action[143] - The CARES Act allows retirement plan participants to withdraw up to $100,000 penalty-free due to COVID-19, but the company does not expect a material effect on its financial condition[166] Compliance and Risk Management - Voya Institutional Trust Company (VITC) and Voya Investment Trust Co. (VINTCO) are trust subsidiaries regulated by the Connecticut Department of Banking[167] - VITC is required to comply with FinCEN's Customer Due Diligence and Beneficial Ownership rules starting March 15, 2021[168] - The company must adhere to economic and trade sanctions programs administered by the Office of Foreign Asset Control[170] - U.S. federal and state laws, including the California Consumer Privacy Act, impose significant compliance costs related to data privacy[171] - Environmental assessments are routinely conducted prior to closing new commercial mortgage loans to mitigate unexpected liabilities[173]