Independent Analysis of Insurance Company Risk Trends. Selected Financial Metrics with % change since 12/31/2013. Company 2,062 24,615 40,490 3,038

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1 INSURANCE RESEARCH Voya Insurance and Annuity (VIAC) Performance Trend Outperform In-Line Underperform '09 '10 '11 '12 '13 9M14 51 Selected Financial Metrics with % change since 12/31/2013 9/30/2014 ($, MNS) Total Surplus Gen'l Acct. Inv. Sep. Acct. Inv. Assets Net Written* 2,062 24,615 40,490 3, % -2.2 % -5.9 % % 398,005 3,196,506 2,165, , % +3.1 % +2.6 % +3.9 % Rating Entity Moody's S&P Fitch Independent Analysis of Insurance Trends 200 Day Hill Road, Ste. 220, Windsor, CT Phone: (860) Current Insurer Financial Strength Ratings Rating Outlook Rank A N\A 6th Highest** A3 Executive Summary Continuum Low 51 Industry High Overview: VIAC's (formerly ING USA Annuity & ) rose three points (+6%) in the first nine months of 2014 (9M14), ending in-line with a declining industry average, on improved operating and group performance but stable investment performance. IP: VIAC has somewhat lower than average overall risk in its investment portfolio, and while the improved pure capital ratio remains lower than the industry, it is suitable for an annuity specialist. VIAC's net investment yield remained below average and large capital losses (due partly to investment hedges for VAs) continue to weigh heavily on the well below average net total return. OP: VIAC reported extremely strong profitability (likely due to VA guarantee related reserve releases which occur with rising equity markets), which offset a $216 million shareholder dividend to the parent and helped surplus grow 4% in 9M14, while reinsurance and separate account leverage remain very high, cash flow is strongly negative and historically volatile premiums were down sharply. GP: The parent s GAAP performance (now represented by VOYA Financial [see below]) is highlighted by strong revenue growth and cash flow, below average debtto-equity and a solid operating profit, partly offset by weak interest coverage. : VIAC s 9/30/2014 rose to 51 from 48 while the industry fell to 49 from 54. VIAC's performance was boosted by strong earnings but well below average investment returns continue to dampen company performance. About the : At 9/30/2014, VIAC was the 31st largest U.S. life insurer based on invest assets. VIAC was previously owned by ING Groep, N. V., (ING) a large international financial services organization which received $13.5 billion of funding from the Dutch government in 2008 to strengthen the group's capital base. Per the agreement, ING agreed to repay the Dutch government by 2015, and to divest its insurance and investment management operations but keep most of its banking operations. Pursuant to the accord, during 2013 and 2014 ING sold a substantial number of shares in its U.S. insurance operations (ING U.S.) reducing its ownership stake to 19%. In April 2014, ING U.S. was rebranded as VOYA Financial. Product Suite: Individual annuities (fixed and indexed) and variable annuities (in runoff since 2010). Model Leading Indicators of Financial Strength/Weakness Performance Trends Max. Weighting = 4 of Total Operational Performance Trends Max. Weighting = 35% of Total Performance Trends Max. Weighting = of Total Max. Weighting = 14% of Total '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 Performance Performance Tier Measurement 9/30/2014 Operational Performance Performance Results 3 Invest. 12.5% Market Interest Rate 22.5% Credit & Default 2 Business 37% Capital Growth & Earnings 31% Revenue Vitality & 2 as part of 18% Revenues & 46% Financial, Coverage & 36% Percentage = The metric's impact on performance. * Annualized. ** Out of Seven. = is Outperforming the industry = Performance is in-line with the industry = is Underperforming the industry Ratings 79% Size 21%

2 Performance Overview - * vs. Voya Insurance and Annuity Capital & Surplus 14% 12% 1 8% 6% 4% 2% vs. vs vs. vs. ( (2014* 9/30/2014 Surplus=$2.1 = $2.1 billion) billion) -3 Earnings vs. vs vs. vs. s Comparison of Exposures to Higher Assets vs % % 5 102% 198% 148% As a % of Surplus 94% 91% 96% 88% 86% 86% 55% 51% 54% - Breakout by Asset Class at 9/30/2014 Non-Inv. Grade Bonds 74.3% Sch. BA Assets 16.1% Unaffiliated Stocks 7.9% Non-Home Office Real Estate & Problem Mortgage Loans 1.8% *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the

3 Performance Overview - * vs. Voya Insurance and Annuity Results vs. vs vs. vs Annual % Change in Direct Written Annual % Change in Direct Written vs. vs. ( 2014* = = $3.0 billion) Annual % Change in Net Written Annual % Change in Net Written vs. vs. ( 2014* = $3.0 billion) M2014 By-Line Breakout of Direct Written 9M2014 By-Line Breakout of Direct Written vs. vs. ( 2014* = = $3.0 billion) Annu. Deposit Annu. Funds Health Health Credit Cash Flow vs. vs *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the

4 INSURANCE RESEARCH ReliaStar Insurance, MN (RLIC) Performance Trend Outperform In-Line Underperform '09 '10 '11 '12 '13 9M14 46 Selected Financial Metrics with % change since 12/31/2013 2,068 18,429 2,230 9/30/2014 ($, MNS) Total Surplus Gen'l Acct. Inv. Sep. Acct. Inv. Assets Net Written* Rating Entity Moody's S&P Fitch Independent Analysis of Insurance Trends 200 Day Hill Road, Ste. 220, Windsor, CT Phone: (860) % -1.7 % -1.4 % % 398,005 3,196,500 2,165, , % +3.1 % +2.6 % +3.9 % Current Insurer Financial Strength Ratings Rating Outlook Rank A+ N\A 5th Highest** A3 Executive Summary Continuum Low 46 Industry High Overview: RLIC's Total declined by two points (-4%) in the first nine months of 2014 (9M14) as both investment and operating performance declined slightly will group performance improved. IP: RLIC's overall investment performance was a little better than average despite deteriorating investment results. While most investment risk metrics were near or better than industry metrics, we note that investment leverage continues to rise. OP: operating performance declined slightly in 9M14 and remained below average as premiums and cash flow were sharply negative (RLIC reinsured a large block of term life policies to RGA Re) and reinsurance leverage remained high, while operating earnings of $103 million generated a decent but below average return on equity and surplus declined 4% (mainly due to a $193 million shareholder dividend paid to the parent) after falling sharply in 2013 as RLIC returned $1.2 billion of capital to the parent, partly offset by a $619 million surplus benefit from a quasi-reorganization. GP: The parent s GAAP performance (now represented by VOYA Financial [see below]) is highlighted by strong revenue growth and cash flow, below average debtto-equity and a solid operating profit, partly offset by weak interest coverage. : RLIC's 9/30/2014 fell to 46 from 48 and was in-line with the industry average which declined five points to 49. RLIC had underperformed the industry in four of the pas t five years. About the : At 9/30/2014, RLIC ranked as the 41st largest U.S. life insurer based on invest assets. RLIC was previously owned by ING Groep, N.V., (ING) a large international financial services organization which received $13.5 billion of funding from the Dutch government in 2008 to strengthen the group's capital base. As part of the deal, ING agreed to repay the Dutch government by 2015, and agreed to divest its insurance and investment management operations but keep most of its banking operations. Pursuant to the agreement, during 2013 and 1Q14 ING sold a substantial number of shares in its U.S. insurance operations (ING U.S..) reducing its ownership stake to 19%. In April 2014, ING U.S. was rebranded as VOYA Financial. Product Suite: Individual annuities, group annuities, individual life insurance, and smaller amounts of group life and group A&H. Model Leading Indicators of Financial Strength/Weakness Performance Trends Max. Weighting = 4 of Total Operational Performance Trends Max. Weighting = 35% of Total Performance Trends Max. Weighting = of Total Max. Weighting = 14% of Total '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 Performance Performance Tier Measurement 9/30/2014 Operational Performance Performance Results 3 Invest. 12.5% Market Interest Rate 22.5% Credit & Default 2 Business 37% Capital Growth & Earnings 31% Revenue Vitality & 2 as part of 18% Revenues & 46% Financial, Coverage & 36% Percentage = The metric's impact on performance. * Annualized. ** Out of Seven. = is Outperforming the industry = Performance is in-line with the industry = is Underperforming the industry Ratings 79% Size 21%

5 Performance Overview - * vs. ReliaStar Insurance, MN Capital & Surplus 14% 13% 13% 12% 12% vs. vs % -5% -1 vs. vs. ( (2014* 9/30/2014 Surplus=$2.1 = $2.1 billion) billion) 1 - Earnings vs. vs. vs. vs s Comparison of Exposures to Higher Assets vs % 97% As a % of Surplus 94% 9 91% 84% 88% 86% 86% 59% 54% 64% - Breakout by Asset Class at 9/30/2014 Unaffiliated Stocks 4. Sch. BA Assets 31. Non-Home Office Real Estate & Problem Mortgage Loans 1.9% 2 Non-Inv. Grade Bonds 63.1% *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the

6 Performance Overview - * vs. ReliaStar Insurance, MN Results vs. vs vs. vs. 1 5% -5% -1 Annual % Change in Direct Written Annual % Change in Direct Written vs. vs. ( 2014* = = $-0.6 $2.8 billion) Annual % Change in Net Written Annual % Change in Net Written vs. vs. ( 2014* = $-0.6 $-584 billion) million) % 4 35% % 9M2014 By-Line Breakout of Direct Written 9M2014 By-Line Breakout of Direct Written vs. vs. ( 2014* = = $-0.6 $2.8 billion) Annu. Deposit Annu. Funds Health Health Credit Cash Flow vs. vs *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the

7 INSURANCE RESEARCH Security of Denver Insurance (SLD) Performance Trend Outperform In-Line Underperform '09 '10 '11 '12 '13 9M14 43 Selected Financial Metrics with % change since 12/31/2013 1,215 11,954 1,432 9/30/2014 ($, MNS) Total Surplus Gen'l Acct. Inv. Sep. Acct. Inv. Assets Net Written* Rating Entity Moody's S&P Fitch Independent Analysis of Insurance Trends 200 Day Hill Road, Ste. 220, Windsor, CT Phone: (860) % -7.3 % -0.7 % % 398,005 3,196,506 2,165, , % +3.1 % +2.6 % +3.9 % Current Insurer Financial Strength Ratings Rating Outlook Rank A N\A 6th Highest** A3 Model Leading Indicators of Financial Strength/Weakness Executive Summary Continuum Low Industry High Overview: SLD's Total fell two points (-4%) in the first nine months of 2014 (9M14) as investment and operating performance deteriorated but group performance improved. IP: This performance area deteriorated somewhat in 9M14, but was inline with the industry as company investment results declined sharply (lower than average investment yield, and modest net capital gains caused the net total return to lag the industry total return as well), while investment risks remain roughly in-line with the industry, and surplus showed solid growth. OP: SLD s operating performance declined modestly in 9M14 and lagged industry performance. SLD turned a small operating profit of $23 million which generated a well below average return on equity (compared to a loss in 2013), cash flow and premiums were strongly negative (SLD reinsured a large block of term life policies to RGA Re) and reinsurance leverage remained a multiple of the industry average. GP: The parent s GAAP performance (now represented by VOYA Financial [see below]) is highlighted by strong revenue growth and cash flow, below average debt-to-equity and a solid operating profit, partly offset by weak interest coverage. : SLD's lagged the industry for several years, and at 9/30/2014 the company's of 43 (down two points) continued to underperform the industry of 49 which fell five points. About the : At 9/30/2014, SLD was the 62nd largest U.S. life insurer ranked by invest assets. SLD RLIC was previously owned by ING Groep, N.V., (ING) a large international financial services organization which received $13.5 billion of funding from the Dutch government in 2008 to strengthen the group's capital base. As part of the deal, ING agreed to repay the Dutch government by 2015, and agreed to divest its insurance and investment management operations but keep most of its banking operations. Pursuant to the agreement, during 2013 and 1Q14 ING sold a substantial number of shares in its U.S. insurance operations (ING U.S.) reducing its ownership stake to 19%. In April 2014, ING U.S. was rebranded as VOYA Financial. Product Suite: Predominantly group annuities and individual life (variable and fixed universal life, term life, whole life) and some group A&H. Performance Trends Max. Weighting = 4 of Total Operational Performance Trends Max. Weighting = 35% of Total Performance Trends Max. Weighting = of Total Max. Weighting = 14% of Total '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 '09 '10 '11 '12 '13 9M14 Performance Performance Tier Measurement 9/30/2014 Operational Performance Performance Results 3 Invest. 12.5% Market Interest Rate 22.5% Credit & Default 2 Business 37% Capital Growth & Earnings 31% Revenue Vitality & 2 as part of 18% Revenues & 46% Financial, Coverage & 36% Percentage = The metric's impact on performance. * Annualized. ** Out of Seven. = is Outperforming the industry = Performance is in-line with the industry = is Underperforming the industry Ratings 79% Size 21%

8 Performance Overview - * vs. Security of Denver Insurance Capital & Surplus vs. vs. 14% 12% 1 8% 6% 4% 2% 2 1 5% -5% vs. vs. ( (2014* 9/30/2014 Surplus=$1.2 = $1.2 billion) billion) Earnings vs. vs. vs. vs s Comparison of Exposures to Higher Assets vs % 158% 133% As a % of Surplus 94% 98% 91% 88% 86% 86% 63% 57% 65% - Breakout by Asset Class at 9/30/2014 Sch. BA Assets 58.9% Unaffiliated Stocks 2.9% Non-Home Office Real Estate & Problem Mortgage Loans 0.5% Non-Inv. Grade Bonds 37.8% *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the

9 Performance Overview - * vs. Security of Denver Insurance Results vs. vs vs. vs % % Annual % Change in Direct Written Annual % Change in Direct Written vs. vs. ( 2014* = $-0.1 $754 billion) million) 10 75% % Annual % Change in Net Written Annual % Change in Net Written vs. vs. ( 2014* = $-0.1 $-109 billion) million) M2014 By-Line Breakout of Direct Written 9M2014 By-Line Breakout of Direct Written vs. vs. ( 2014* = $-0.1 $754 billion) million) Annu. Deposit Annu. Funds Health Health Credit Cash Flow % % vs. vs. *The consists of the 100 largest U.S. insurers, and represents 85% of total industry invested assets. yield, total return, premiums and returns on equity are annualized for the