N-VPFS 1 rlioaselectlifevariableacc.htm N-VPFS Document

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Report of Independent Registered Public Accounting Firm

The Board of Directors
ReliaStar Life Insurance Company and Contract Owners of Select*Life
Variable Account of ReliaStar Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Select*Life Variable Account of ReliaStar Life Insurance Company (the Separate Account), as of December 31, 2020, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2020, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.


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We have served as the Separate Accounts
Auditor since 2001.
April 20, 2021

A member firm of Ernst & Young Global Limited




Appendix
Subaccounts comprising Select*Life Variable Account of ReliaStar Life Insurance Company


Subaccounts

Statements of Operations
Statements of Changes in Net Assets
BlackRock Global Allocation V.I. Fund – Class III
For the year ended December 31, 2020
For each of the two years in the period ended December 31, 2020
Fidelity® VIP Contrafund® Portfolio – Initial Class
Fidelity® VIP Equity-Income Portfolio – Initial Class
Fidelity® VIP Index 500 Portfolio – Initial Class
Fidelity® VIP Investment Grade Bond Portfolio – Initial Class
Growth Fund – Class 2
Growth-Income Fund – Class 2
International Fund – Class 2
Neuberger Berman Advisers Management Trust® Sustainable Equity Portfolio – Class I Shares
Voya Balanced Portfolio – Class I
Voya Global Bond Portfolio – Service Class
Voya Global High Dividend Low Volatility Portfolio – Class I
Voya Global Perspectives® Portfolio – Class I
Voya Government Liquid Assets Portfolio – Class I
Voya Growth and Income Portfolio – Class I
Voya Index Plus LargeCap Portfolio – Class I
Voya Index Plus MidCap Portfolio – Class I
Voya Index Plus SmallCap Portfolio – Class I
Voya Intermediate Bond Portfolio – Class I
Voya International High Dividend Low Volatility Portfolio – Initial Class
Voya International Index Portfolio – Class S
Voya Large Cap Growth Portfolio – Institutional Class
Voya Large Cap Value Portfolio – Institutional Class
Voya Limited Maturity Bond Portfolio – Service Class
Voya MidCap Opportunities Portfolio – Class I
Voya Retirement Growth Portfolio – Institutional Class
Voya Retirement Moderate Growth Portfolio – Institutional Class
Voya Retirement Moderate Portfolio – Institutional Class
Voya Russell™ Large Cap Growth Index Portfolio – Class I
Voya Russell™ Large Cap Index Portfolio – Class I
Voya Russell™ Large Cap Value Index Portfolio – Class I

A member firm of Ernst & Young Global Limited




Appendix
Subaccounts comprising Select*Life Variable Account of ReliaStar Life Insurance Company (continued)



Subaccounts

Statements of Operations
Statements of Changes in Net Assets
Voya Russell™ Mid Cap Growth Index Portfolio - Class I
For the year ended December 31, 2020
For each of the two years in the period ended December 31, 2020
Voya Russell™ Small Cap Index Portfolio – Class I
Voya Small Company Portfolio – Class I
Voya SmallCap Opportunities Portfolio – Class I
Voya Solution Moderately Aggressive Portfolio – Initial Class
Voya Strategic Allocation Conservative Portfolio – Class I
Voya Strategic Allocation Growth Portfolio – Class I
Voya Strategic Allocation Moderate Portfolio – Class I
Voya U.S. Bond Index Portfolio – Class I
Voya U.S. Stock Index Portfolio – Institutional Class
VY® American Century Small-Mid Cap Value Portfolio – Initial Class
VY® Baron Growth Portfolio – Initial Class
VY® Clarion Global Real Estate Portfolio – Service Class
VY® Clarion Real Estate Portfolio – Institutional Class
VY® Columbia Small Cap Value II Portfolio – Initial Class
VY® Invesco Comstock Portfolio – Initial Class
VY® Invesco Equity and Income Portfolio – Initial Class
VY® Invesco Growth and Income Portfolio – Service Class
VY® Invesco Oppenheimer Global Portfolio – Initial Class
VY® JPMorgan Emerging Markets Equity Portfolio – Institutional Class
VY® JPMorgan Mid Cap Value Portfolio – Initial Class
VY® JPMorgan Small Cap Core Equity Portfolio – Institutional Class
VY® T. Rowe Price Capital Appreciation Portfolio – Institutional Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio – Initial Class
VY® T. Rowe Price Equity Income Portfolio – Institutional Class
VY® T. Rowe Price International Stock Portfolio – Institutional Class
Voya High Yield Portfolio – Institutional Class
For the year ended December 31, 2020
For the year ended December 31, 2020 and the period from May 29, 2019 (commencement of operations) through December 31, 2019

A member firm of Ernst & Young Global Limited
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

a
Growth Fund - Class 2Growth-Income Fund - Class 2International Fund - Class 2BlackRock Global Allocation V.I. Fund - Class IIIFidelity® VIP Contrafund® Portfolio - Initial Class
Assets
Investments in mutual funds
at fair value$84,330 $40,343 $27,790 $8,615 $117,452 
Total assets84,330 40,343 27,790 8,615 117,452 
Net assets$84,330 $40,343 $27,790 $8,615 $117,452 
Total number of mutual fund shares
(whole number)		707,641 738,072 1,180,530 528,822 2,438,271 
Cost of mutual fund shares$50,778 $34,605 $21,371 $7,408 $73,151 





























The accompanying notes are an integral part of these financial statements.
4
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

Fidelity® VIP Index 500 Portfolio - Initial ClassFidelity® VIP Investment Grade Bond Portfolio - Initial ClassFidelity® VIP Equity-Income Portfolio - Initial ClassNeuberger Berman Advisers Management Trust® Sustainable Equity Portfolio - Class I SharesVoya Balanced Portfolio - Class I
Assets
Investments in mutual funds
at fair value$1,565 $2,463 $69,919 $2,519 $7,595 
Total assets1,565 2,463 69,919 2,519 7,595 
Net assets$1,565 $2,463 $69,919 $2,519 $7,595 
Total number of mutual fund shares
(whole number)		4,211 174,820 2,925,497 82,072 462,260 
Cost of mutual fund shares$659 $2,232 $60,367 $1,807 $6,743 





























The accompanying notes are an integral part of these financial statements.
5
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

Voya Intermediate Bond Portfolio - Class IVoya Global Perspectives® Portfolio - Class IVoya Government Liquid Assets Portfolio - Class IVoya High Yield Portfolio - Institutional ClassVoya Large Cap Growth Portfolio - Institutional Class
Assets
Investments in mutual funds
at fair value$24,639 $239 $26,487 $12,472 $172,522 
Total assets24,639 239 26,487 12,472 172,522 
Net assets$24,639 $239 $26,487 $12,472 $172,522 
Total number of mutual fund shares
(whole number)		1,848,371 19,555 26,486,799 1,250,933 7,533,695 
Cost of mutual fund shares$24,033 $215 $26,487 $12,218 $134,984 





























The accompanying notes are an integral part of these financial statements.
6
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

Voya Large Cap Value Portfolio - Institutional ClassVoya Limited Maturity Bond Portfolio - Service ClassVoya Retirement Growth Portfolio - Institutional ClassVoya Retirement Moderate Growth Portfolio - Institutional ClassVoya Retirement Moderate Portfolio - Institutional Class
Assets
Investments in mutual funds
at fair value$10,326 $14,095 $16,843 $7,146 $10,299 
Total assets10,326 14,095 16,843 7,146 10,299 
Net assets$10,326 $14,095 $16,843 $7,146 $10,299 
Total number of mutual fund shares
(whole number)		901,855 1,367,102 1,213,440 564,000 830,537 
Cost of mutual fund shares$10,562 $13,882 $15,490 $6,918 $9,668 





























The accompanying notes are an integral part of these financial statements.
7
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

Voya U.S. Stock Index Portfolio - Institutional ClassVY® Clarion Global Real Estate Portfolio - Service ClassVY® Clarion Real Estate Portfolio - Institutional ClassVY® Invesco Growth and Income Portfolio - Service ClassVY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
Assets
Investments in mutual funds
at fair value$88,743 $4,010 $1,111 $8,999 $14,042 
Total assets88,743 4,010 1,111 8,999 14,042 
Net assets$88,743 $4,010 $1,111 $8,999 $14,042 
Total number of mutual fund shares
(whole number)		4,685,501 381,944 35,987 426,099 509,337 
Cost of mutual fund shares$66,128 $4,382 $829 $10,216 $10,216 




























The accompanying notes are an integral part of these financial statements.
8
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

VY® JPMorgan Small Cap Core Equity Portfolio - Institutional ClassVY® T. Rowe Price Capital Appreciation Portfolio - Institutional ClassVY® T. Rowe Price Equity Income Portfolio - Institutional ClassVY® T. Rowe Price International Stock Portfolio - Institutional ClassVoya Global Bond Portfolio - Service Class
Assets
Investments in mutual funds
at fair value$35,428 $86,907 $14,497 $16,505 $7,635 
Total assets35,428 86,907 14,497 16,505 7,635 
Net assets$35,428 $86,907 $14,497 $16,505 $7,635 
Total number of mutual fund shares
(whole number)		1,875,486 2,746,740 1,494,566 926,712 665,693 
Cost of mutual fund shares$34,158 $74,444 $17,113 $10,722 $7,203 



























The accompanying notes are an integral part of these financial statements.
9
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

a
Voya International High Dividend Low Volatility Portfolio - Initial ClassVoya Solution Moderately Aggressive Portfolio - Initial ClassVY® American Century Small-Mid Cap Value Portfolio - Initial ClassVY® Baron Growth Portfolio - Initial ClassVY® Columbia Small Cap Value II Portfolio - Initial Class
Assets
Investments in mutual funds
at fair value$6,049 $1,234 $49 $11,539 $5,670 
Total assets6,049 1,234 49 11,539 5,670 
Net assets$6,049 $1,234 $49 $11,539 $5,670 
Total number of mutual fund shares
(whole number)		634,106 92,849 4,045 366,421 348,516 
Cost of mutual fund shares$7,113 $1,121 $47 $9,898 $5,994 





























The accompanying notes are an integral part of these financial statements.
10
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

VY® Invesco Comstock Portfolio - Initial ClassVY® Invesco Equity and Income Portfolio - Initial ClassVY® Invesco Oppenheimer Global Portfolio - Initial ClassVY® JPMorgan Mid Cap Value Portfolio - Initial ClassVY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
Assets
Investments in mutual funds
at fair value$5,871 $6,666 $60,259 $5,690 $84,051 
Total assets5,871 6,666 60,259 5,690 84,051 
Net assets$5,871 $6,666 $60,259 $5,690 $84,051 
Total number of mutual fund shares
(whole number)		362,413 146,533 2,541,516 353,615 5,529,654 
Cost of mutual fund shares$6,438 $6,408 $42,459 $6,624 $60,339 





























The accompanying notes are an integral part of these financial statements.
11
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

Voya Strategic Allocation Conservative Portfolio - Class IVoya Strategic Allocation Growth Portfolio - Class IVoya Strategic Allocation Moderate Portfolio - Class IVoya Growth and Income Portfolio - Class IVoya Global High Dividend Low Volatility Portfolio - Class I
Assets
Investments in mutual funds
at fair value$7 $601 $54 $8,225 $9,143 
Total assets7 601 54 8,225 9,143 
Net assets$7 $601 $54 $8,225 $9,143 
Total number of mutual fund shares
(whole number)		556 38,032 3,552 275,083 875,771 
Cost of mutual fund shares$6 $416 $43 $7,858 $8,427 





























The accompanying notes are an integral part of these financial statements.
12
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

Voya Index Plus LargeCap Portfolio - Class IVoya Index Plus MidCap Portfolio - Class IVoya Index Plus SmallCap Portfolio - Class IVoya International Index Portfolio - Class SVoya Russell™ Large Cap Growth Index Portfolio - Class I
Assets
Investments in mutual funds
at fair value$4,030 $12,412 $7,244 $4,066 $181,264 
Total assets4,030 12,412 7,244 4,066 181,264 
Net assets$4,030 $12,412 $7,244 $4,066 $181,264 
Total number of mutual fund shares
(whole number)		136,918 598,146 338,678 369,299 3,222,466 
Cost of mutual fund shares$3,487 $11,842 $7,859 $3,492 $60,842 




























The accompanying notes are an integral part of these financial statements.
13
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

Voya Russell™ Large Cap Index Portfolio - Class IVoya Russell™ Large Cap Value Index Portfolio - Class IVoya Russell™ Mid Cap Growth Index Portfolio - Class IVoya Russell™ Small Cap Index Portfolio - Class IVoya Small Company Portfolio - Class I
Assets
Investments in mutual funds
at fair value$4,137 $26,730 $7,656 $2,156 $8,068 
Total assets4,137 26,730 7,656 2,156 8,068 
Net assets$4,137 $26,730 $7,656 $2,156 $8,068 
Total number of mutual fund shares
(whole number)		144,746 1,137,449 170,327 138,447 433,973 
Cost of mutual fund shares$3,494 $19,109 $6,150 $1,816 $8,004 



























The accompanying notes are an integral part of these financial statements.
14
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Assets and Liabilities
December 31, 2020
(Dollars in thousands)

a
Voya U.S. Bond Index Portfolio - Class IVoya MidCap Opportunities Portfolio - Class IVoya SmallCap Opportunities Portfolio - Class I
Assets
Investments in mutual funds
at fair value$8,495 $21,426 $23,730 
Total assets8,495 21,426 23,730 
Net assets$8,495 $21,426 $23,730 
Total number of mutual fund shares
(whole number)		750,472 1,155,651 833,522 
Cost of mutual fund shares$8,398 $15,445 $21,062 





























The accompanying notes are an integral part of these financial statements.
15
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

a
Growth Fund - Class 2Growth-Income Fund - Class 2International Fund - Class 2BlackRock Global Allocation V.I. Fund - Class IIIFidelity® VIP Contrafund® Portfolio - Initial Class
Net investment income (loss)
Investment income:
Dividends$212 $495 $156 $98 $256 
Expenses:
Mortality and expense risk charges10 8 5 4 29 
Total expenses10 8 5 4 29 
Net investment income (loss)202 487 151 94 227 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments2,036 498 646 (163)2,763 
Capital gains distributions1,578 963 — 482 529 
Total realized gain (loss) on investments
and capital gains distributions3,614 1,461 646 319 3,292 
Net unrealized appreciation
(depreciation) of investments25,844 2,716 2,332 1,009 24,400 
Net realized and unrealized gain (loss)
on investments29,458 4,177 2,978 1,328 27,692 
Net increase (decrease) in net assets
resulting from operations$29,660 $4,664 $3,129 $1,422 $27,919 


























The accompanying notes are an integral part of these financial statements.
16
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Fidelity® VIP Index 500 Portfolio - Initial ClassFidelity® VIP Investment Grade Bond Portfolio - Initial ClassFidelity® VIP Equity-Income Portfolio - Initial ClassNeuberger Berman Advisers Management Trust® Sustainable Equity Portfolio - Class I SharesVoya Balanced Portfolio - Class I
Net investment income (loss)
Investment income:
Dividends$25 $54 $1,145 $13 $159 
Expenses:
Mortality and expense risk charges12 2 113 — 11 
Total expenses12 2 113 — 11 
Net investment income (loss)13 52 1,032 13 148 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments232 35 (217)165 (55)
Capital gains distributions5 1 2,950 91 187 
Total realized gain (loss) on investments
and capital gains distributions237 36 2,733 256 132 
Net unrealized appreciation
(depreciation) of investments(12)134 79 144 334 
Net realized and unrealized gain (loss)
on investments225 170 2,812 400 466 
Net increase (decrease) in net assets
resulting from operations$238 $222 $3,844 $413 $614 

























The accompanying notes are an integral part of these financial statements.
17
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Voya Intermediate Bond Portfolio - Class IVoya Global Perspectives® Portfolio - Class IVoya Government Liquid Assets Portfolio - Class IVoya High Yield Portfolio - Institutional ClassVoya Large Cap Growth Portfolio - Institutional Class
Net investment income (loss)
Investment income:
Dividends$859 $57 $62 $657 $724 
Expenses:
Mortality and expense risk charges4 — 22 12 36 
Total expenses4 — 22 12 36 
Net investment income (loss)855 57 40 645 688 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments198 (5)— (39)6,561 
Capital gains distributions521 55 9 — 16,680 
Total realized gain (loss) on investments
and capital gains distributions719 50 9 (39)23,241 
Net unrealized appreciation
(depreciation) of investments238 43 — 83 17,479 
Net realized and unrealized gain (loss)
on investments957 93 9 44 40,720 
Net increase (decrease) in net assets
resulting from operations$1,812 $150 $49 $689 $41,408 



























The accompanying notes are an integral part of these financial statements.
18
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Voya Large Cap Value Portfolio - Institutional ClassVoya Limited Maturity Bond Portfolio - Service ClassVoya Retirement Growth Portfolio - Institutional ClassVoya Retirement Moderate Growth Portfolio - Institutional ClassVoya Retirement Moderate Portfolio - Institutional Class
Net investment income (loss)
Investment income:
Dividends$212 $275 $418 $166 $240 
Expenses:
Mortality and expense risk charges1 2 3 1 3 
Total expenses1 2 3 1 3 
Net investment income (loss)211 273 415 165 237 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments(190)(2)196 (61)(80)
Capital gains distributions866 — 625 274 329 
Total realized gain (loss) on investments
and capital gains distributions676 (2)821 213 249 
Net unrealized appreciation
(depreciation) of investments(341)157 843 467 666 
Net realized and unrealized gain (loss)
on investments335 155 1,664 680 915 
Net increase (decrease) in net assets
resulting from operations$546 $428 $2,079 $845 $1,152 


























The accompanying notes are an integral part of these financial statements.
19
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Voya U.S. Stock Index Portfolio - Institutional ClassVY® Clarion Global Real Estate Portfolio - Service ClassVY® Clarion Real Estate Portfolio - Institutional ClassVY® Invesco Growth and Income Portfolio - Service ClassVY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
Net investment income (loss)
Investment income:
Dividends$1,527 $218 $30 $170 $56 
Expenses:
Mortality and expense risk charges2 1 — 4 1 
Total expenses2 1 — 4 1 
Net investment income (loss)1,525 217 30 166 55 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments2,414 (167)48 (789)437 
Capital gains distributions3,002 320 117 694 607 
Total realized gain (loss) on investments
and capital gains distributions5,416 153 165 (95)1,044 
Net unrealized appreciation
(depreciation) of investments6,536 (636)(287)6 2,426 
Net realized and unrealized gain (loss)
on investments11,952 (483)(122)(89)3,470 
Net increase (decrease) in net assets
resulting from operations$13,477 $(266)$(92)$77 $3,525 

























The accompanying notes are an integral part of these financial statements.
20
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

VY® JPMorgan Small Cap Core Equity Portfolio - Institutional ClassVY® T. Rowe Price Capital Appreciation Portfolio - Institutional ClassVY® T. Rowe Price Equity Income Portfolio - Institutional ClassVY® T. Rowe Price International Stock Portfolio - Institutional ClassVoya Global Bond Portfolio - Service Class
Net investment income (loss)
Investment income:
Dividends$— $1,226 $700 $392 $198 
Expenses:
Mortality and expense risk charges10 30 4 5 1 
Total expenses10 30 4 5 1 
Net investment income (loss)(10)1,196 696 387 197 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments883 1,069 (2,180)803 54 
Capital gains distributions— 6,163 173 334 — 
Total realized gain (loss) on investments
and capital gains distributions883 7,232 (2,007)1,137 54 
Net unrealized appreciation
(depreciation) of investments4,027 5,387 1,302 563 398 
Net realized and unrealized gain (loss)
on investments4,910 12,619 (705)1,700 452 
Net increase (decrease) in net assets
resulting from operations$4,900 $13,815 $(9)$2,087 $649 
























The accompanying notes are an integral part of these financial statements.
21
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

a
Voya International High Dividend Low Volatility Portfolio - Initial ClassVoya Solution Moderately Aggressive Portfolio - Initial ClassVY® American Century Small-Mid Cap Value Portfolio - Initial ClassVY® Baron Growth Portfolio - Initial ClassVY® Columbia Small Cap Value II Portfolio - Initial Class
Net investment income (loss)
Investment income:
Dividends$206 $24 $1 $— $47 
Expenses:
Mortality and expense risk charges1 — — 1 — 
Total expenses1 — — 1 — 
Net investment income (loss)205 24 1 (1)47 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments23 6 (7)(723)(238)
Capital gains distributions700 79 — — 191 
Total realized gain (loss) on investments
and capital gains distributions723 85 (7)(723)(47)
Net unrealized appreciation
(depreciation) of investments(991)44 3 3,624 432 
Net realized and unrealized gain (loss)
on investments(268)129 (4)2,901 385 
Net increase (decrease) in net assets
resulting from operations$(63)$153 $(3)$2,900 $432 


























The accompanying notes are an integral part of these financial statements.
22
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

VY® Invesco Comstock Portfolio - Initial ClassVY® Invesco Equity and Income Portfolio - Initial ClassVY® Invesco Oppenheimer Global Portfolio - Initial ClassVY® JPMorgan Mid Cap Value Portfolio - Initial ClassVY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
Net investment income (loss)
Investment income:
Dividends$143 $115 $585 $71 $70 
Expenses:
Mortality and expense risk charges— 2 16 1 29 
Total expenses— 2 16 1 29 
Net investment income (loss)143 113 569 70 41 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments41 (135)1,865 (248)4,581 
Capital gains distributions157 266 1,810 419 5,692 
Total realized gain (loss) on investments
and capital gains distributions198 131 3,675 171 10,273 
Net unrealized appreciation
(depreciation) of investments(502)295 8,824 (343)10,385 
Net realized and unrealized gain (loss)
on investments(304)426 12,499 (172)20,658 
Net increase (decrease) in net assets
resulting from operations$(161)$539 $13,068 $(102)$20,699 



























The accompanying notes are an integral part of these financial statements.
23
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Voya Strategic Allocation Conservative Portfolio - Class IVoya Strategic Allocation Growth Portfolio - Class IVoya Strategic Allocation Moderate Portfolio - Class IVoya Growth and Income Portfolio - Class IVoya Global High Dividend Low Volatility Portfolio - Class I
Net investment income (loss)
Investment income:
Dividends$— $11 $1 $102 $221 
Expenses:
Mortality and expense risk charges— — — 2 2 
Total expenses— — — 2 2 
Net investment income (loss)— 11 1 100 219 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments— 1 1 25 18 
Capital gains distributions— 43 2 720 — 
Total realized gain (loss) on investments
and capital gains distributions— 44 3 745 18 
Net unrealized appreciation
(depreciation) of investments— $21 1 349 (398)
Net realized and unrealized gain (loss)
on investments— 65 4 1,094 (380)
Net increase (decrease) in net assets
resulting from operations$— $76 $5 $1,194 $(161)



























The accompanying notes are an integral part of these financial statements.
24
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Voya Index Plus LargeCap Portfolio - Class IVoya Index Plus MidCap Portfolio - Class IVoya Index Plus SmallCap Portfolio - Class IVoya International Index Portfolio - Class SVoya Russell™ Large Cap Growth Index Portfolio - Class I
Net investment income (loss)
Investment income:
Dividends$57 $151 $71 $89 $912 
Expenses:
Mortality and expense risk charges1 2 1 4 243 
Total expenses1 2 1 4 243 
Net investment income (loss)56 149 70 85 669 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments135 (552)(398)11 10,916 
Capital gains distributions323 — 74 — 6,641 
Total realized gain (loss) on investments
and capital gains distributions458 (552)(324)11 17,557 
Net unrealized appreciation
(depreciation) of investments(19)1,239 459 164 33,341 
Net realized and unrealized gain (loss)
on investments439 687 135 175 50,898 
Net increase (decrease) in net assets
resulting from operations$495 $836 $205 $260 $51,567 


























The accompanying notes are an integral part of these financial statements.
25
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Voya Russell™ Large Cap Index Portfolio - Class IVoya Russell™ Large Cap Value Index Portfolio - Class IVoya Russell™ Mid Cap Growth Index Portfolio - Class IVoya Russell™ Small Cap Index Portfolio - Class IVoya Small Company Portfolio - Class I
Net investment income (loss)
Investment income:
Dividends$34 $270 $9 $24 $39 
Expenses:
Mortality and expense risk charges— 9 1 — — 
Total expenses— 9 1 — — 
Net investment income (loss)34 261 8 24 39 
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments80 916 162 (412)(461)
Capital gains distributions83 732 192 136 117 
Total realized gain (loss) on investments
and capital gains distributions163 1,648 354 (276)(344)
Net unrealized appreciation
(depreciation) of investments355 (1,741)1,251 460 1,123 
Net realized and unrealized gain (loss)
on investments518 (93)1,605 184 779 
Net increase (decrease) in net assets
resulting from operations$552 $168 $1,613 $208 $818 


























The accompanying notes are an integral part of these financial statements.
26
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Operations
For the Year Ended December 31, 2020
(Dollars in thousands)

Voya U.S. Bond Index Portfolio - Class IVoya MidCap Opportunities Portfolio - Class IVoya SmallCap Opportunities Portfolio - Class I
Net investment income (loss)
Investment income:
Dividends$230 $20 $— 
Expenses:
Mortality and expense risk charges2 3 5 
Total expenses2 3 5 
Net investment income (loss)228 17 (5)
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments470 235 (54)
Capital gains distributions39 900 89 
Total realized gain (loss) on investments
and capital gains distributions509 1,135 35 
Net unrealized appreciation
(depreciation) of investments(195)5,139 4,909 
Net realized and unrealized gain (loss)
on investments314 6,274 4,944 
Net increase (decrease) in net assets
resulting from operations$542 $6,291 $4,939 
























The accompanying notes are an integral part of these financial statements.
27
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




a
Growth Fund - Class 2Growth-Income Fund - Class 2International Fund - Class 2BlackRock Global Allocation V.I. Fund - Class III
Net assets at January 1, 2019$52,426 $34,926 $23,583 $9,501 
Increase (decrease) in net assets
Operations:
Net investment income (loss)419 615 361 99 
Total realized gain (loss) on investments
and capital gains distributions8,298 5,246 688 59 
Net unrealized appreciation (depreciation)
of investments6,621 4,991 2,848 4,151 1,304 
Net increase (decrease) in net assets resulting from operations15,338 8,709 5,200 1,462 
Changes from principal transactions:
Premiums1,390 934 901 217 
Death benefits(338)(335)(275)(36)
Surrenders and withdrawals(4,033)(3,192)(1,268)(604)
Policy loans(438)(257)(18)(1)
Contract charges(1,973)(1,310)(998)(324)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(1,333)(369)(258)(1,742)
Increase (decrease) in net assets derived from
principal transactions(6,725)(4,529)(1,916)(2,490)
Total increase (decrease) in net assets8,613 4,180 3,284 (1,028)
Net assets at December 31, 201961,039 39,106 26,867 8,473 
Increase (decrease) in net assets
Operations:
Net investment income (loss)202 487 151 94 
Total realized gain (loss) on investments
and capital gains distributions3,614 1,461 646 319 
Net unrealized appreciation (depreciation)
of investments25,844 2,716 2,332 1,009 
Net increase (decrease) in net assets resulting from operations29,660 4,664 3,129 1,422 
Changes from principal transactions:
Premiums1,244 835 825 170 
Death benefits(676)(503)(180)(58)
Surrenders and withdrawals(2,920)(1,574)(977)(264)
Policy loans(167)(6)(25)10 
Contract charges(2,055)(1,187)(875)(264)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(1,795)(992)(974)(874)
Increase (decrease) in net assets derived from
principal transactions(6,369)(3,427)(2,206)(1,280)
Total increase (decrease) in net assets23,291 1,237 923 142 
Net assets at December 31, 2020$84,330 $40,343 $27,790 $8,615 

The accompanying notes are an integral part of these financial statements.
28
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Fidelity® VIP Contrafund® Portfolio - Initial ClassFidelity® VIP Index 500 Portfolio - Initial ClassFidelity® VIP Investment Grade Bond Portfolio - Initial ClassFidelity® VIP Equity-Income Portfolio - Initial Class
Net assets at January 1, 2019$83,682 $1,385 $2,648 $59,718 
Increase (decrease) in net assets
Operations:
Net investment income (loss)395 18 66 1,192 
Total realized gain (loss) on investments
and capital gains distributions12,590 113 47 3,412 
Net unrealized appreciation (depreciation)
of investments12,205 273 123 11,089 
Net increase (decrease) in net assets resulting from operations25,190 404 236 15,693 
Changes from principal transactions:
Premiums2,888 — — 2,363 
Death benefits(894)(14)(36)(548)
Surrenders and withdrawals(5,804)(64)(133)(3,513)
Policy loans(410)(8)(12)116 
Contract charges(3,885)(62)(132)(3,146)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(2,957)(1)(85)530 
Increase (decrease) in net assets derived from
principal transactions(11,062)(149)(398)(4,198)
Total increase (decrease) in net assets14,128 255 (162)11,495 
Net assets at December 31, 201997,810 1,640 2,486 71,213 
Increase (decrease) in net assets
Operations:
Net investment income (loss)227 13 52 1,032 
Total realized gain (loss) on investments
and capital gains distributions3,292 237 36 2,733 
Net unrealized appreciation (depreciation)
of investments24,400 (12)134 79 
Net increase (decrease) in net assets resulting from operations27,919 238 222 3,844 
Changes from principal transactions:
Premiums2,610 — — 2,249 
Death benefits(835)(4)(14)(603)
Surrenders and withdrawals(4,790)(223)(89)(2,872)
Policy loans(237)(15)(9)(45)
Contract charges(3,937)(57)(122)(2,852)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(1,088)(14)(11)(1,015)
Increase (decrease) in net assets derived from
principal transactions(8,277)(313)(245)(5,138)
Total increase (decrease) in net assets19,642 (75)(23)(1,294)
Net assets at December 31, 2020$117,452 $1,565 $2,463 $69,919 

The accompanying notes are an integral part of these financial statements.
29
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Neuberger Berman Advisers Management Trust® Sustainable Equity Portfolio - Class I SharesVoya Balanced Portfolio - Class IVoya Intermediate Bond Portfolio - Class IVoya Global Perspectives® Portfolio - Class I
Net assets at January 1, 2019$2,233 $6,655 $23,461 $1,365 
Increase (decrease) in net assets
Operations:
Net investment income (loss)9 158 785 54 
Total realized gain (loss) on investments
and capital gains distributions284 305 16 62 
Net unrealized appreciation (depreciation)
of investments248 751 1,374 137 
Net increase (decrease) in net assets resulting from operations541 1,214 2,175 253 
Changes from principal transactions:
Premiums60 87 795 20 
Death benefits(44)(268)(175)— 
Surrenders and withdrawals(179)(118)(1,879)— 
Policy loans(30)(78)29 1 
Contract charges(93)(347)(1,213)(38)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(76)157 667 51 
Increase (decrease) in net assets derived from
principal transactions(362)(567)(1,776)34 
Total increase (decrease) in net assets179 647 399 287 
Net assets at December 31, 20192,412 7,302 23,860 1,652 
Increase (decrease) in net assets
Operations:
Net investment income (loss)13 148 855 57 
Total realized gain (loss) on investments
and capital gains distributions256 132 719 50 
Net unrealized appreciation (depreciation)
of investments144 334 238 43 
Net increase (decrease) in net assets resulting from operations413 614 1,812 150 
Changes from principal transactions:
Premiums60 85 759 17 
Death benefits(3)(50)(165)— 
Surrenders and withdrawals(53)(74)(1,612)(14)
Policy loans2 16 (63)(1)
Contract charges(88)(341)(1,231)(27)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(224)43 1,279 (1,538)
Increase (decrease) in net assets derived from
principal transactions(306)(321)(1,033)(1,563)
Total increase (decrease) in net assets107 293 779 (1,413)
Net assets at December 31, 2020$2,519 $7,595 $24,639 $239 

The accompanying notes are an integral part of these financial statements.
30
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Voya Government Liquid Assets Portfolio - Class IVoya High Yield Portfolio - Institutional ClassVoya Large Cap Growth Portfolio - Institutional ClassVoya Large Cap Value Portfolio - Institutional Class
Net assets at January 1, 2019$25,843 $— $117,712 $9,145 
Increase (decrease) in net assets
Operations:
Net investment income (loss)467 236 848 212 
Total realized gain (loss) on investments
and capital gains distributions18 3 26,627 645 
Net unrealized appreciation (depreciation)
of investments— 171 9,612 1,362 
Net increase (decrease) in net assets resulting from operations485 410 37,087 2,219 
Changes from principal transactions:
Premiums1,748 59 3,630 333 
Death benefits(104)(36)(840)(36)
Surrenders and withdrawals(7,409)(238)(7,623)(586)
Policy loans446 (10)(693)28 
Contract charges(2,260)(192)(5,194)(394)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net5,379 12,554 (1,173)(30)
Increase (decrease) in net assets derived from
principal transactions(2,200)12,137 (11,893)(685)
Total increase (decrease) in net assets(1,715)12,547 25,194 1,534 
Net assets at December 31, 201924,128 12,547 142,906 10,679 
Increase (decrease) in net assets
Operations:
Net investment income (loss)40 645 688 211 
Total realized gain (loss) on investments
and capital gains distributions9 (39)23,241 676 
Net unrealized appreciation (depreciation)
of investments— 83 17,479 (341)
Net increase (decrease) in net assets resulting from operations49 689 41,408 546 
Changes from principal transactions:
Premiums1,832 197 3,300 298 
Death benefits(85)(99)(928)(58)
Surrenders and withdrawals(6,463)(574)(6,295)(739)
Policy loans191 (49)(602)7 
Contract charges(2,230)(516)(5,212)(352)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net9,065 277 (2,055)(55)
Increase (decrease) in net assets derived from
principal transactions2,310 (764)(11,792)(899)
Total increase (decrease) in net assets2,359 (75)29,616 (353)
Net assets at December 31, 2020$26,487 $12,472 $172,522 $10,326 

The accompanying notes are an integral part of these financial statements.
31
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




a
Voya Limited Maturity Bond Portfolio - Service ClassVoya Retirement Growth Portfolio - Institutional ClassVoya Retirement Moderate Growth Portfolio - Institutional ClassVoya Retirement Moderate Portfolio - Institutional Class
Net assets at January 1, 2019$14,584 $15,027 $5,786 $7,293 
Increase (decrease) in net assets
Operations:
Net investment income (loss)224 367 145 176 
Total realized gain (loss) on investments
and capital gains distributions(24)1,795 419 300 
Net unrealized appreciation (depreciation)
of investments363 984 599 833 
Net increase (decrease) in net assets resulting from operations563 3,146 1,163 1,309 
Changes from principal transactions:
Premiums647 778 339 283 
Death benefits(391)(932)— (144)
Surrenders and withdrawals(968)(1,565)(340)(625)
Policy loans25 (97)(2)4 
Contract charges(688)(769)(416)(505)
Cost of insurance and administrative charges— 1 — — 
Transfers between Divisions (including fixed account), net390 45 (30)2,106 
Increase (decrease) in net assets derived from
principal transactions(985)(2,539)(449)1,119 
Total increase (decrease) in net assets(422)607 714 2,428 
Net assets at December 31, 201914,162 15,634 6,500 9,721 
Increase (decrease) in net assets
Operations:
Net investment income (loss)273 415 165 237 
Total realized gain (loss) on investments
and capital gains distributions(2)821 213 249 
Net unrealized appreciation (depreciation)
of investments157 843 467 666 
Net increase (decrease) in net assets resulting from operations428 2,079 845 1,152 
Changes from principal transactions:
Premiums539 761 253 244 
Death benefits(83)(170)(138)(25)
Surrenders and withdrawals(464)(471)(205)(339)
Policy loans(7)(54)(1)(47)
Contract charges(643)(694)(305)(514)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net163 (242)197 107 
Increase (decrease) in net assets derived from
principal transactions(495)(870)(199)(574)
Total increase (decrease) in net assets(67)1,209 646 578 
Net assets at December 31, 2020$14,095 $16,843 $7,146 $10,299 

The accompanying notes are an integral part of these financial statements.
32
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Voya U.S. Stock Index Portfolio - Institutional ClassVY® Clarion Global Real Estate Portfolio - Service ClassVY® Clarion Real Estate Portfolio - Institutional ClassVY® Invesco Growth and Income Portfolio - Service Class
Net assets at January 1, 2019$66,507 $3,819 $1,159 $9,543 
Increase (decrease) in net assets
Operations:
Net investment income (loss)1,203 122 30 242 
Total realized gain (loss) on investments
and capital gains distributions6,707 66 68 1,279 
Net unrealized appreciation (depreciation)
of investments12,071 753 221 717 
Net increase (decrease) in net assets resulting from operations19,981 941 319 2,238 
Changes from principal transactions:
Premiums2,582 111 — 425 
Death benefits(630)(43)— (114)
Surrenders and withdrawals(4,267)(264)(76)(561)
Policy loans(336)(43)(5)1 
Contract charges(3,397)(165)(54)(481)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net534 268 (2)(604)
Increase (decrease) in net assets derived from
principal transactions(5,514)(136)(137)(1,334)
Total increase (decrease) in net assets14,467 805 182 904 
Net assets at December 31, 201980,974 4,624 1,341 10,447 
Increase (decrease) in net assets
Operations:
Net investment income (loss)1,525 217 30 166 
Total realized gain (loss) on investments
and capital gains distributions5,416 153 165 (95)
Net unrealized appreciation (depreciation)
of investments6,536 (636)(287)6 
Net increase (decrease) in net assets resulting from operations13,477 (266)(92)77 
Changes from principal transactions:
Premiums2,530 95 — 362 
Death benefits(420)(9)(30)(24)
Surrenders and withdrawals(3,398)(219)(39)(549)
Policy loans80 (16)(2)(3)
Contract charges(3,358)(133)(39)(393)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(1,142)(66)(28)(918)
Increase (decrease) in net assets derived from
principal transactions(5,708)(348)(138)(1,525)
Total increase (decrease) in net assets7,769 (614)(230)(1,448)
Net assets at December 31, 2020$88,743 $4,010 $1,111 $8,999 

The accompanying notes are an integral part of these financial statements.
33
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




VY® JPMorgan Emerging Markets Equity Portfolio - Institutional ClassVY® JPMorgan Small Cap Core Equity Portfolio - Institutional ClassVY® T. Rowe Price Capital Appreciation Portfolio - Institutional ClassVY® T. Rowe Price Equity Income Portfolio - Institutional Class
Net assets at January 1, 2019$7,199 $28,239 $68,409 $12,875 
Increase (decrease) in net assets
Operations:
Net investment income (loss)9 348 1,266 383 
Total realized gain (loss) on investments
and capital gains distributions827 9,383 5,532 3,734 
Net unrealized appreciation (depreciation)
of investments1,381 (2,429)9,723 (812)
Net increase (decrease) in net assets resulting from operations2,217 7,302 16,521 3,305 
Changes from principal transactions:
Premiums264 1,162 1,669 403 
Death benefits(53)(387)(1,897)(120)
Surrenders and withdrawals(668)(1,584)(3,164)(797)
Policy loans(5)(63)(144)(13)
Contract charges(332)(1,276)(2,861)(636)
Cost of insurance and administrative charges— 9 — — 
Transfers between Divisions (including fixed account), net122 (276)323 100 
Increase (decrease) in net assets derived from
principal transactions(672)(2,415)(6,074)(1,063)
Total increase (decrease) in net assets1,545 4,887 10,447 2,242 
Net assets at December 31, 20198,744 33,126 78,856 15,117 
Increase (decrease) in net assets
Operations:
Net investment income (loss)55 (10)1,196 696 
Total realized gain (loss) on investments
and capital gains distributions1,044 883 7,232 (2,007)
Net unrealized appreciation (depreciation)
of investments2,426 4,027 5,387 1,302 
Net increase (decrease) in net assets resulting from operations3,525 4,900 13,815 (9)
Changes from principal transactions:
Premiums290 1,000 1,595 351 
Death benefits(27)(175)(634)(24)
Surrenders and withdrawals(495)(1,847)(3,402)(661)
Policy loans(54)(97)(360)(10)
Contract charges(365)(1,132)(2,717)(550)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net2,424 (347)(246)283 
Increase (decrease) in net assets derived from
principal transactions1,773 (2,598)(5,764)(611)
Total increase (decrease) in net assets5,298 2,302 8,051 (620)
Net assets at December 31, 2020$14,042 $35,428 $86,907 $14,497 

The accompanying notes are an integral part of these financial statements.
34
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




VY® T. Rowe Price International Stock Portfolio - Institutional ClassVoya Global Bond Portfolio - Service ClassVoya International High Dividend Low Volatility Portfolio - Initial ClassVoya Solution Moderately Aggressive Portfolio - Initial Class
Net assets at January 1, 2019$13,380 $7,625 $5,900 $1,068 
Increase (decrease) in net assets
Operations:
Net investment income (loss)139 202 132 29 
Total realized gain (loss) on investments
and capital gains distributions1,316 146 627 99 
Net unrealized appreciation (depreciation)
of investments2,084 211 190 107 
Net increase (decrease) in net assets resulting from operations3,539 559 949 235 
Changes from principal transactions:
Premiums610 242 292 36 
Death benefits(126)(138)(99)(27)
Surrenders and withdrawals(859)(509)(312)(3)
Policy loans(50)3 17 (8)
Contract charges(641)(357)(277)(75)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(699)109 (99)(73)
Increase (decrease) in net assets derived from
principal transactions(1,765)(650)(478)(150)
Total increase (decrease) in net assets1,774 (91)471 85 
Net assets at December 31, 201915,154 7,534 6,371 1,153 
Increase (decrease) in net assets
Operations:
Net investment income (loss)387 197 205 24 
Total realized gain (loss) on investments
and capital gains distributions1,137 54 723 85 
Net unrealized appreciation (depreciation)
of investments563 398 (991)44 
Net increase (decrease) in net assets resulting from operations2,087 649 (63)153 
Changes from principal transactions:
Premiums581 221 247 74 
Death benefits(44)(60)(33)— 
Surrenders and withdrawals(481)(133)(259)(12)
Policy loans(49)(5)26 (61)
Contract charges(605)(329)(242)(65)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(138)(242)2 (8)
Increase (decrease) in net assets derived from
principal transactions(736)(548)(259)(72)
Total increase (decrease) in net assets1,351 101 (322)81 
Net assets at December 31, 2020$16,505 $7,635 $6,049 $1,234 

The accompanying notes are an integral part of these financial statements.
35
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




a
VY® American Century Small-Mid Cap Value Portfolio - Initial ClassVY® Baron Growth Portfolio - Initial ClassVY® Columbia Small Cap Value II Portfolio - Initial ClassVY® Invesco Comstock Portfolio - Initial Class
Net assets at January 1, 2019$66 $8,803 $4,814 $6,280 
Increase (decrease) in net assets
Operations:
Net investment income (loss)1 (1)34 168 
Total realized gain (loss) on investments
and capital gains distributions8 4,254 621 1,830 
Net unrealized appreciation (depreciation)
of investments10 (1,106)332 (498)
Net increase (decrease) in net assets resulting from operations19 3,147 987 1,500 
Changes from principal transactions:
Premiums— 236 147 235 
Death benefits— (45)(61)(25)
Surrenders and withdrawals(12)(1,124)(384)(700)
Policy loans— 14 2 (217)
Contract charges(2)(377)(195)(235)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(1)(85)388 (42)
Increase (decrease) in net assets derived from
principal transactions(15)(1,381)(103)(984)
Total increase (decrease) in net assets4 1,766 884 516 
Net assets at December 31, 201970 10,569 5,698 6,796 
Increase (decrease) in net assets
Operations:
Net investment income (loss)1 (1)47 143 
Total realized gain (loss) on investments
and capital gains distributions(7)(723)(47)198 
Net unrealized appreciation (depreciation)
of investments3 3,624 432 (502)
Net increase (decrease) in net assets resulting from operations(3)2,900 432 (161)
Changes from principal transactions:
Premiums— 214 143 195 
Death benefits— (45)(17)(12)
Surrenders and withdrawals(16)(1,128)(277)(417)
Policy loans— 10 14 (78)
Contract charges(2)(377)(163)(180)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net— (604)(160)(272)
Increase (decrease) in net assets derived from
principal transactions(18)(1,930)(460)(764)
Total increase (decrease) in net assets(21)970 (28)(925)
Net assets at December 31, 2020$49 $11,539 $5,670 $5,871 

The accompanying notes are an integral part of these financial statements.
36
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




VY® Invesco Equity and Income Portfolio - Initial ClassVY® Invesco Oppenheimer Global Portfolio - Initial ClassVY® JPMorgan Mid Cap Value Portfolio - Initial ClassVY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
Net assets at January 1, 2019$6,494 $43,111 $5,844 $57,328 
Increase (decrease) in net assets
Operations:
Net investment income (loss)134 225 73 166 
Total realized gain (loss) on investments
and capital gains distributions270 9,273 676 9,343 
Net unrealized appreciation (depreciation)
of investments832 3,737 722 10,974 
Net increase (decrease) in net assets resulting from operations1,236 13,235 1,471 20,483 
Changes from principal transactions:
Premiums250 1,710 — 1,860 
Death benefits(59)(417)(56)(276)
Surrenders and withdrawals(348)(2,398)(386)(3,825)
Policy loans(41)(136)(56)(408)
Contract charges(316)(2,006)(229)(2,591)
Cost of insurance and administrative charges— 9 — 9 
Transfers between Divisions (including fixed account), net(287)(730)(145)(688)
Increase (decrease) in net assets derived from
principal transactions(801)(3,968)(872)(5,919)
Total increase (decrease) in net assets435 9,267 599 14,564 
Net assets at December 31, 20196,929 52,378 6,443 71,892 
Increase (decrease) in net assets
Operations:
Net investment income (loss)113 569 70 41 
Total realized gain (loss) on investments
and capital gains distributions131 3,675 171 10,273 
Net unrealized appreciation (depreciation)
of investments295 8,824 (343)10,385 
Net increase (decrease) in net assets resulting from operations539 13,068 (102)20,699 
Changes from principal transactions:
Premiums220 1,573 — 1,748 
Death benefits(43)(210)(4)(394)
Surrenders and withdrawals(206)(2,267)(352)(4,270)
Policy loans54 (44)(33)(310)
Contract charges(276)(1,941)(186)(2,526)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(551)(2,298)(76)(2,788)
Increase (decrease) in net assets derived from
principal transactions(802)(5,187)(651)(8,540)
Total increase (decrease) in net assets(263)7,881 (753)12,159 
Net assets at December 31, 2020$6,666 $60,259 $5,690 $84,051 

The accompanying notes are an integral part of these financial statements.
37
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Voya Strategic Allocation Conservative Portfolio - Class IVoya Strategic Allocation Growth Portfolio - Class IVoya Strategic Allocation Moderate Portfolio - Class IVoya Growth and Income Portfolio - Class I
Net assets at January 1, 2019$7 $446 $62 $6,616 
Increase (decrease) in net assets
Operations:
Net investment income (loss)— 13 1 115 
Total realized gain (loss) on investments
and capital gains distributions— 45 10 793 
Net unrealized appreciation (depreciation)
of investments— 43 (2)906 
Net increase (decrease) in net assets resulting from operations— 101 9 1,814 
Changes from principal transactions:
Premiums— — — 212 
Death benefits— — — (80)
Surrenders and withdrawals— — (18)(386)
Policy loans— — — (16)
Contract charges— (8)(2)(319)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net— (1)1 (308)
Increase (decrease) in net assets derived from
principal transactions— (9)(19)(897)
Total increase (decrease) in net assets— 92 (10)917 
Net assets at December 31, 20197 538 52 7,533 
Increase (decrease) in net assets
Operations:
Net investment income (loss)— 11 1 100 
Total realized gain (loss) on investments
and capital gains distributions— 44 3 745 
Net unrealized appreciation (depreciation)
of investments— 21 1 349 
Net increase (decrease) in net assets resulting from operations— 76 5 1,194 
Changes from principal transactions:
Premiums— — — 174 
Death benefits— — — (37)
Surrenders and withdrawals— (4)(3)(348)
Policy loans— — — (1)
Contract charges— (8)(2)(298)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net— (1)2 8 
Increase (decrease) in net assets derived from
principal transactions— (13)(3)(502)
Total increase (decrease) in net assets— 63 2 692 
Net assets at December 31, 2020$7 $601 $54 $8,225 

The accompanying notes are an integral part of these financial statements.
38
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Voya Global High Dividend Low Volatility Portfolio - Class IVoya Index Plus LargeCap Portfolio - Class IVoya Index Plus MidCap Portfolio - Class IVoya Index Plus SmallCap Portfolio - Class I
Net assets at January 1, 2019$9,535 $3,745 $10,223 $8,272 
Increase (decrease) in net assets
Operations:
Net investment income (loss)279 62 151 87 
Total realized gain (loss) on investments
and capital gains distributions626 513 827 1,057 
Net unrealized appreciation (depreciation)
of investments1,064 465 1,703 512 
Net increase (decrease) in net assets resulting from operations1,969 1,040 2,681 1,656 
Changes from principal transactions:
Premiums316 116 321 187 
Death benefits(112)(1)(44)(31)
Surrenders and withdrawals(555)(225)(669)(669)
Policy loans(142)(68)(77)(23)
Contract charges(449)(144)(423)(325)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(407)(266)37 (1,288)
Increase (decrease) in net assets derived from
principal transactions(1,349)(588)(855)(2,149)
Total increase (decrease) in net assets620 452 1,826 (493)
Net assets at December 31, 201910,155 4,197 12,049 7,779 
Increase (decrease) in net assets
Operations:
Net investment income (loss)219 56 149 70 
Total realized gain (loss) on investments
and capital gains distributions18 458 (552)(324)
Net unrealized appreciation (depreciation)
of investments(398)(19)1,239 459 
Net increase (decrease) in net assets resulting from operations(161)495 836 205 
Changes from principal transactions:
Premiums282 108 276 145 
Death benefits(29)(1)(49)(44)
Surrenders and withdrawals(257)(95)(443)(433)
Policy loans(12)(18)37 24 
Contract charges(373)(133)(381)(256)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(462)(523)87 (176)
Increase (decrease) in net assets derived from
principal transactions(851)(662)(473)(740)
Total increase (decrease) in net assets(1,012)(167)363 (535)
Net assets at December 31, 2020$9,143 $4,030 $12,412 $7,244 

The accompanying notes are an integral part of these financial statements.
39
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




a
Voya International Index Portfolio - Class SVoya Russell™ Large Cap Growth Index Portfolio - Class IVoya Russell™ Large Cap Index Portfolio - Class IVoya Russell™ Large Cap Value Index Portfolio - Class I
Net assets at January 1, 2019$3,640 $114,163 $1,920 $24,421 
Increase (decrease) in net assets
Operations:
Net investment income (loss)105 1,028 30 645 
Total realized gain (loss) on investments
and capital gains distributions41 14,962 148 2,315 
Net unrealized appreciation (depreciation)
of investments585 22,893 314 3,088 
Net increase (decrease) in net assets resulting from operations731 38,883 492 6,048 
Changes from principal transactions:
Premiums64 3,971 62 1,030 
Death benefits(14)(1,480)(2)(295)
Surrenders and withdrawals(272)(6,904)(121)(1,444)
Policy loans(6)(411)(6)(60)
Contract charges(176)(5,800)(117)(1,275)
Cost of insurance and administrative charges— 9 — — 
Transfers between Divisions (including fixed account), net85 (449)(290)(256)
Increase (decrease) in net assets derived from
principal transactions(319)(11,064)(474)(2,300)
Total increase (decrease) in net assets412 27,819 18 3,748 
Net assets at December 31, 20194,052 141,982 1,938 28,169 
Increase (decrease) in net assets
Operations:
Net investment income (loss)85 669 34 261 
Total realized gain (loss) on investments
and capital gains distributions11 17,557 163 1,648 
Net unrealized appreciation (depreciation)
of investments164 33,341 355 (1,741)
Net increase (decrease) in net assets resulting from operations260 51,567 552 168 
Changes from principal transactions:
Premiums59 3,776 93 1,010 
Death benefits(43)(1,076)(3)(121)
Surrenders and withdrawals(99)(6,580)(108)(845)
Policy loans(8)(294)34 (36)
Contract charges(163)(6,113)(145)(1,160)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net8 (1,998)1,776 (455)
Increase (decrease) in net assets derived from
principal transactions(246)(12,285)1,647 (1,607)
Total increase (decrease) in net assets14 39,282 2,199 (1,439)
Net assets at December 31, 2020$4,066 $181,264 $4,137 $26,730 

The accompanying notes are an integral part of these financial statements.
40
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Voya Russell™ Mid Cap Growth Index Portfolio - Class IVoya Russell™ Small Cap Index Portfolio - Class IVoya Small Company Portfolio - Class IVoya U.S. Bond Index Portfolio - Class I
Net assets at January 1, 2019$3,143 $1,951 $6,796 $6,844 
Increase (decrease) in net assets
Operations:
Net investment income (loss)28 24 31 174 
Total realized gain (loss) on investments
and capital gains distributions376 223 784 (32)
Net unrealized appreciation (depreciation)
of investments545 241 892 428 
Net increase (decrease) in net assets resulting from operations949 488 1,707 570 
Changes from principal transactions:
Premiums108 47 279 242 
Death benefits(18)(18)(201)(15)
Surrenders and withdrawals(404)(118)(417)(358)
Policy loans3 (6)(8)(16)
Contract charges(125)(70)(301)(393)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net(107)183 (163)622 
Increase (decrease) in net assets derived from
principal transactions(543)18 (811)82 
Total increase (decrease) in net assets406 506 896 652 
Net assets at December 31, 20193,549 2,457 7,692 7,496 
Increase (decrease) in net assets
Operations:
Net investment income (loss)8 24 39 228 
Total realized gain (loss) on investments
and capital gains distributions354 (276)(344)509 
Net unrealized appreciation (depreciation)
of investments1,251 460 1,123 (195)
Net increase (decrease) in net assets resulting from operations1,613 208 818 542 
Changes from principal transactions:
Premiums108 41 288 235 
Death benefits(18)(16)(67)(18)
Surrenders and withdrawals(119)(30)(273)(701)
Policy loans37 15 2 17 
Contract charges(136)(60)(264)(435)
Cost of insurance and administrative charges— — — — 
Transfers between Divisions (including fixed account), net2,622 (459)(128)1,359 
Increase (decrease) in net assets derived from
principal transactions2,494 (509)(442)457 
Total increase (decrease) in net assets4,107 (301)376 999 
Net assets at December 31, 2020$7,656 $2,156 $8,068 $8,495 

The accompanying notes are an integral part of these financial statements.
41
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Statements of Changes in Net Assets
For the Years Ended December 31, 2020 and 2019
(Dollars in thousands)




Voya MidCap Opportunities Portfolio - Class IVoya SmallCap Opportunities Portfolio - Class I
Net assets at January 1, 2019$14,600 $18,455 
Increase (decrease) in net assets
Operations:
Net investment income (loss)41 (5)
Total realized gain (loss) on investments
and capital gains distributions2,177 2,768 
Net unrealized appreciation (depreciation)
of investments1,873 1,833 
Net increase (decrease) in net assets resulting from operations4,091 4,596 
Changes from principal transactions:
Premiums260 722 
Death benefits(274)(111)
Surrenders and withdrawals(678)(1,024)
Policy loans(269)(139)
Contract charges(586)(794)
Cost of insurance and administrative charges— — 
Transfers between Divisions (including fixed account), net(715)(1,365)
Increase (decrease) in net assets derived from
principal transactions(2,262)(2,711)
Total increase (decrease) in net assets1,829 1,885 
Net assets at December 31, 201916,429 20,340 
Increase (decrease) in net assets
Operations:
Net investment income (loss)17 (5)
Total realized gain (loss) on investments
and capital gains distributions1,135 35 
Net unrealized appreciation (depreciation)
of investments5,139 4,909 
Net increase (decrease) in net assets resulting from operations6,291 4,939 
Changes from principal transactions:
Premiums237 643 
Death benefits(124)(153)
Surrenders and withdrawals(630)(829)
Policy loans(59)(92)
Contract charges(560)(715)
Cost of insurance and administrative charges— — 
Transfers between Divisions (including fixed account), net(158)(403)
Increase (decrease) in net assets derived from
principal transactions(1,294)(1,549)
Total increase (decrease) in net assets4,997 3,390 
Net assets at December 31, 2020$21,426 $23,730 

The accompanying notes are an integral part of these financial statements.
42
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


1.Organization
ReliaStar Life Insurance Company Select*Life Variable Account (the “Account”) was established by ReliaStar Life Insurance Company (“ReliaStar Life” or “the Company”) to support the operations of variable life policies (“Policies”). The Company is an indirect, wholly owned subsidiary of Voya Financial, Inc. (“Voya Financial”), a holding company domiciled in the State of Delaware.

Prior to May 2013, Voya Financial, which together with its subsidiaries, including the Company, was an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING. Between October 2013 and March 2015, ING completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings.

The Account is registered as a unit investment trust with the Securities Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended. The Policies consist of the Select*Life I product and Select*Life Series 2000 product, which incorporates Select*Life II, Select*Life III, Variable Estate Design, Flexdesign® VUL, Voya Protector Elite, Voya Investor Elite and Variable Accumulation DesignSM products. ReliaStar Life provides for variable accumulation and benefits under the Policies by crediting premium payments to one or more divisions within the Account or the fixed account (an investment option in the Company’s general account), as directed by the policyholders. The portion of the Account’s assets applicable to Policies will not be charged with liabilities arising out of any other business ReliaStar Life may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of ReliaStar Life. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of ReliaStar Life.

At December 31, 2020, the Account had 58 investment divisions (the “Divisions”), 9 of which invest in independently managed mutual funds and 49 of which invest in mutual funds managed by an affiliate, Voya Investments, LLC (“VIL”). The assets in each Division are invested in shares of a designated fund (“Fund”) of various investment trusts (“the Trusts”).

The Divisions with asset balances at December 31, 2020 and related Trusts are as follows:

American Funds® Insurance Series:Fidelity® Variable Insurance Products V:
Growth Fund - Class 2Fidelity® VIP Investment Grade Bond Portfolio - Initial Class
Growth-Income Fund - Class 2Fidelity® Variable Insurance Products:
International Fund - Class 2Fidelity® VIP Equity-Income Portfolio - Initial Class
BlackRock Variable Series Funds, Inc.:Neuberger Berman Advisers Management Trust®:
BlackRock Global Allocation V.I. Fund - Class IIINeuberger Berman Advisers Management Trust® Sustainable Equity Portfolio -Class I Shares
Fidelity® Variable Insurance Products II:Voya Balanced Portfolio, Inc.:
Fidelity® VIP Contrafund® Portfolio - Initial ClassVoya Balanced Portfolio - Class I
Fidelity® VIP Index 500 Portfolio - Initial Class

43
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


Voya Intermediate Bond Portfolio:Voya Partners, Inc.: (continued)
Voya Intermediate Bond Portfolio - Class IVY® Invesco Equity and Income Portfolio - Initial Class
Voya Investors Trust:VY® Invesco Oppenheimer Global Portfolio - Initial Class
Voya Global Perspectives® Portfolio - Class IVY® JPMorgan Mid Cap Value Portfolio - Initial Class
Voya Government Liquid Assets Portfolio - Class IVY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
Voya High Yield Portfolio - Institutional ClassVoya Strategic Allocation Portfolios, Inc.:
Voya Large Cap Growth Portfolio - Institutional ClassVoya Strategic Allocation Conservative Portfolio - Class I
Voya Large Cap Value Portfolio - Institutional ClassVoya Strategic Allocation Growth Portfolio - Class I
Voya Limited Maturity Bond Portfolio - Service ClassVoya Strategic Allocation Moderate Portfolio - Class I
Voya Retirement Growth Portfolio - Institutional ClassVoya Variable Funds:
Voya Retirement Moderate Growth Portfolio - Institutional ClassVoya Growth and Income Portfolio - Class I
Voya Retirement Moderate Portfolio - Institutional ClassVoya Variable Portfolios, Inc.:
Voya U.S. Stock Index Portfolio - Institutional ClassVoya Global High Dividend Low Volatility Portfolio - Class I
VY® Clarion Global Real Estate Portfolio - Service ClassVoya Index Plus LargeCap Portfolio - Class I
VY® Clarion Real Estate Portfolio - Institutional ClassVoya Index Plus MidCap Portfolio - Class I
VY® Invesco Growth and Income Portfolio - Service ClassVoya Index Plus SmallCap Portfolio - Class I
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional ClassVoya International Index Portfolio - Class S
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional ClassVoya Russell™ Large Cap Growth Index Portfolio - Class I
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional ClassVoya Russell™ Large Cap Index Portfolio - Class I
VY® T. Rowe Price Equity Income Portfolio - Institutional ClassVoya Russell™ Large Cap Value Index Portfolio - Class I
VY® T. Rowe Price International Stock Portfolio - Institutional ClassVoya Russell™ Mid Cap Growth Index Portfolio - Class I
Voya Partners, Inc.:Voya Russell™ Small Cap Index Portfolio - Class I
Voya Global Bond Portfolio - Service ClassVoya Small Company Portfolio - Class I
Voya International High Dividend Low Volatility Portfolio - Initial ClassVoya U.S. Bond Index Portfolio - Class I
Voya Solution Moderately Aggressive Portfolio - Initial ClassVoya Variable Products Trust:
VY® American Century Small-Mid Cap Value Portfolio - Initial ClassVoya MidCap Opportunities Portfolio - Class I
VY® Baron Growth Portfolio - Initial ClassVoya SmallCap Opportunities Portfolio - Class I
VY® Columbia Small Cap Value II Portfolio - Initial Class
VY® Invesco Comstock Portfolio - Initial Class

The names of certain Trusts and Divisions were changed during 2020. The following is a summary of current and former names for those Trust and Divisions:

Current NameFormer Name
Voya Variable Portfolios, Inc.:Voya Variable Portfolios, Inc.:
Voya Global High Dividend Low Volatility Portfolio - Class IVoya Global Equity Portfolio - Class I

During 2020, there were no Divisions closed to policyholders.




44
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


2. Significant Accounting Policies
The following is a summary of the significant accounting policies of the Account:

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investments

Investments are made in shares of a Division and are recorded at fair value, determined by the net asset value per share of the respective Division. Investment transactions in each Division are recorded on the trade date. Distributions of net investment income and capital gains from each Division are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Division are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

Federal Income Taxes

Operations of the Account form a part of, and are taxed with, the total operations of ReliaStar Life, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to policyholders. Accordingly, earnings and realized capital gains of the Account attributable to the policyholders are excluded in the determination of the federal income tax liability of ReliaStar Life, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes. Uncertain tax positions are assessed at the parent level on a consolidated basis, including taxes of the operations of the Separate Account.

Policyholder Reserves

Policyholder reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the policyholders invested in the Account Divisions. To the extent that benefits to be paid to the policyholders exceed their account values, ReliaStar Life will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to ReliaStar Life.



45
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


Changes from Principal Transactions

Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to policyholder activity, including premiums, death benefits, surrenders and withdrawals, policy loans, contract charges, cost of insurance and administrative charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, and transfers to (from) ReliaStar Life related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by ReliaStar Life). Any net unsettled transactions as of the reporting date are included in payable to receivable from related parties on the Statements of Assets and Liabilities.

Subsequent Events

The Account has evaluated all events through the date the financial statements were issued to determine whether any event required either recognition or disclosure in the financial statements. The Account is not aware of any subsequent events that would have a material effect on the financial statements of the Account except as follows:

On January 4, 2021, Voya Financial, Inc. (“Voya Financial”) consummated a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of several subsidiaries of Voya Financial including Security Life of Denver Company ("SLD").

Concurrently with the sale, SLD entered into reinsurance agreements with Reliastar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York ("RLNY"), and Voya Retirement Insurance and Annuity Company ("VRIAC"), each of which is a direct or indirect wholly owned subsidiary of Voya Financial. Pursuant to these agreements, RLI and VRIAC reinsured to SLD a 100% quota share, and RLNY reinsured to SLD a 75% quota share, of their respective individual life insurance and annuities businesses. RLI, RLNY, and VRIAC remain subsidiaries of Voya Financial and remain liable to the underlying policyholders, even if SLD defaults on its obligations with respect to the ceded business.

3. Financial Instruments
    The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values (“NAV”). The fair value of the Account’s assets is based on the NAVs of mutual funds, which are obtained from the transfer agents or fund companies and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.
The Account’s assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2020 based on the priority of the inputs to the valuation technique below. There were no transfers among the levels for the year ended December 31, 2020. The Account had no liabilities as of December 31, 2020.

46
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.
▪Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Account defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
▪Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
a.Quoted prices for similar assets or liabilities in active markets;
b.Quoted prices for identical or similar assets or liabilities in non-active markets;
c.Inputs other than quoted market prices that are observable; and
d.Inputs that are derived principally from or corroborated by observable market data through correlation or other means.
▪Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

4.    Charges and Fees
Under the terms of the Policies, certain charges and fees are incurred by the Policies to cover ReliaStar Life’s expenses in connection with the issuance and administration of the Policies. Following is a summary of these charges and fees:

Premium Expense Charge

ReliaStar Life deducts a premium charge ranging from 3.00% to 8.00% of each premium payment as defined in the Policies. These charges are assessed through the redemption of units.

Mortality and Expense Risk Charges

ReliaStar Life assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Policies, deducts a mortality and expense risk charge from the assets of the Account. Monthly charges are deducted at annual rates of up to 0.90% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Policies. These charges are assessed through a reduction in unit values.



47
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


Other Policy Charges

The cost of insurance charge varies based on the insured’s sex, issue age, policy year, rate class, and the face amount of the Policies. The monthly amount charged and charges for optional insurance benefits vary based on a number of factors and are defined in the Policies. These charges are assessed through the redemption of units.

The monthly administrative charge currently ranges from $8.25 to $19.00 per month. Monthly administrative charges for Select*Life II (policies with policy dates before February 17, 2004), Select*Life III, Flexdesign® VUL, Variable Estate Design and Variable Accumulation Design products are guaranteed not to exceed $12.00 per month. Monthly administrative charges for Select*Life II policies with policy dates on or after February 17, 2004 are guaranteed not to exceed $10.00 per month. These charges are assessed through the redemption of units.

Surrender and Lapse Charges

As defined in the Policies, ReliaStar Life assesses a surrender charge if the Policies lapse or are surrendered before a specified period. These charges are assessed through the redemption of units.

Fees Waived by ReliaStar Life

Certain charges and fees for various types of Policies may be waived by ReliaStar Life. ReliaStar Life reserves the right to discontinue these waivers at its discretion or to conform with changes in the law.

5.    Related Party Transactions
Management fees were paid to VIL, an affiliate of the Company, in its capacity as investment adviser to Voya Balanced Portfolio, Inc., Voya Intermediate Bond Portfolio, Voya Investors Trust, Voya Partners, Inc., Voya Strategic Allocation Portfolios, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., and Voya Variable Products Trust. The Trusts’ advisory agreements provide for fees at annual rates ranging from 0.20% to 1.25% of the average net assets of each respective Fund.

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Notes to Financial Statements


6. Purchases and Sales of Investment Securities
The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2020 follow:
PurchasesSales
(Dollars in thousands)
American Funds Insurance Series®:
Growth Fund - Class 2$3,415 $8,005 
Growth-Income Fund - Class 22,510 4,487 
International Fund - Class 2825 2,879 
BlackRock Variable Series Funds, Inc.:
BlackRock Global Allocation V.I. Fund - Class III946 1,650 
Fidelity® Variable Insurance Products II:
Fidelity® VIP Contrafund® Portfolio - Initial Class2,110 9,633 
Fidelity® VIP Index 500 Portfolio - Initial Class30 324 
Fidelity® Variable Insurance Products V:
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class55 247 
Fidelity® Variable Insurance Products:
Fidelity® VIP Equity-Income Portfolio - Initial Class5,442 6,597 
Neuberger Berman Advisers Management Trust®:
Neuberger Berman Advisers Management Trust® Sustainable Equity Portfolio - Class I Shares145 347 
Voya Balanced Portfolio, Inc.:
Voya Balanced Portfolio - Class I875 861 
Voya Intermediate Bond Portfolio:
Voya Intermediate Bond Portfolio - Class I6,042 5,699 
Voya Investors Trust:
Voya Global Perspectives® Portfolio - Class I136 1,587 
Voya Government Liquid Assets Portfolio - Class I15,335 12,976 
Voya High Yield Portfolio - Institutional Class1,534 1,653 
Voya Large Cap Growth Portfolio - Institutional Class18,472 12,897 
Voya Large Cap Value Portfolio - Institutional Class1,307 1,128 
Voya Limited Maturity Bond Portfolio - Service Class1,659 1,881 
Voya Retirement Growth Portfolio - Institutional Class1,420 1,251 
Voya Retirement Moderate Growth Portfolio - Institutional Class837 597 
Voya Retirement Moderate Portfolio - Institutional Class939 947 
Voya U.S. Stock Index Portfolio - Institutional Class6,580 7,761 
VY® Clarion Global Real Estate Portfolio - Service Class1,063 874 
VY® Clarion Real Estate Portfolio - Institutional Class146 138 
VY® Invesco Growth and Income Portfolio - Service Class1,025 1,689 
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class4,168 1,732 
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class825 3,433 
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class11,540 9,945 
VY® T. Rowe Price Equity Income Portfolio - Institutional Class2,912 2,654 
VY® T. Rowe Price International Stock Portfolio - Institutional Class1,373 1,389 
Voya Partners, Inc.:
Voya Global Bond Portfolio - Service Class1,735 2,085 
Voya International High Dividend Low Volatility Portfolio - Initial Class1,312 666 
Voya Solution Moderately Aggressive Portfolio - Initial Class231 199 
VY® American Century Small-Mid Cap Value Portfolio - Initial Class1 18 
VY® Baron Growth Portfolio - Initial Class1,041 2,972 

49
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SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


PurchasesSales
(Dollars in thousands)
Voya Partners, Inc. (continued):
VY® Columbia Small Cap Value II Portfolio - Initial Class$571 $793 
VY® Invesco Comstock Portfolio - Initial Class383 846 
VY® Invesco Equity and Income Portfolio - Initial Class529 952 
VY® Invesco Oppenheimer Global Portfolio - Initial Class3,246 6,054 
VY® JPMorgan Mid Cap Value Portfolio - Initial Class502 664 
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class7,097 9,905 
Voya Strategic Allocation Portfolios, Inc.:
Voya Strategic Allocation Conservative Portfolio - Class I— — 
Voya Strategic Allocation Growth Portfolio - Class I53 12 
Voya Strategic Allocation Moderate Portfolio - Class I4 4 
Voya Variable Funds:
Voya Growth and Income Portfolio - Class I1,021 702 
Voya Variable Portfolios, Inc.:
Voya Global High Dividend Low Volatility Portfolio - Class I312 944 
Voya Index Plus LargeCap Portfolio - Class I720 1,004 
Voya Index Plus MidCap Portfolio - Class I987 1,312 
Voya Index Plus SmallCap Portfolio - Class I418 1,014 
Voya International Index Portfolio - Class S251 412 
Voya Russell™ Large Cap Growth Index Portfolio - Class I9,231 14,206 
Voya Russell™ Large Cap Index Portfolio - Class I2,398 633 
Voya Russell™ Large Cap Value Index Portfolio - Class I1,255 1,869 
Voya Russell™ Mid Cap Growth Index Portfolio - Class I4,487 1,794 
Voya Russell™ Small Cap Index Portfolio - Class I895 1,245 
Voya Small Company Portfolio - Class I602 888 
Voya U.S. Bond Index Portfolio - Class I6,610 5,885 
Voya Variable Products Trust:
Voya MidCap Opportunities Portfolio - Class I1,591 1,968 
Voya SmallCap Opportunities Portfolio - Class I325 1,790 



50
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


7.    Changes in Units
The net changes in units outstanding follow:
Year ended December 31
2020
2019
Units IssuedUnits RedeemedNet Increase (Decrease)Units IssuedUnits RedeemedNet Increase (Decrease)
American Funds Insurance Series®:
Growth Fund - Class 254,254 150,044 (95,790)44,909 175,672 (130,763)
Growth-Income Fund - Class 247,619 123,056 (75,437)37,782 144,640 (106,858)
International Fund - Class 242,058 102,039 (59,981)39,834 90,901 (51,067)
BlackRock Variable Series Funds, Inc.:
BlackRock Global Allocation V.I. Fund - Class III29,516 94,142 (64,626)19,762 148,045 (128,283)
Fidelity® Variable Insurance Products II:
Fidelity® VIP Contrafund® Portfolio - Initial Class35,394 105,388 (69,994)35,000 141,480 (106,480)
Fidelity® VIP Index 500 Portfolio - Initial Class— 3,179 (3,179)— 1,721 (1,721)
Fidelity® Variable Insurance Products V:
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class— 6,164 (6,164)— 10,970 (10,970)
Fidelity® Variable Insurance Products:
Fidelity® VIP Equity-Income Portfolio - Initial Class50,187 110,576 (60,389)64,547 115,352 (50,805)
Neuberger Berman Advisers Management Trust®:
Neuberger Berman Advisers Management Trust® Sustainable Equity Portfolio - Class I Shares1,725 8,909 (7,184)2,128 11,545 (9,417)
Voya Balanced Portfolio, Inc.:
Voya Balanced Portfolio - Class I31,352 53,625 (22,273)16,708 47,695 (30,987)
Voya Intermediate Bond Portfolio:
Voya Intermediate Bond Portfolio - Class I240,826 283,327 (42,501)120,260 209,421 (89,161)
Voya Investors Trust:
Voya Global Perspectives® Portfolio - Class I2,003 102,893 (100,890)5,438 2,890 2,548 
Voya Government Liquid Assets Portfolio - Class I1,505,056 1,319,764 185,292 857,306 1,038,045 (180,739)
Voya High Yield Portfolio - Institutional Class108,040 180,866 (72,826)1,247,979 60,725 1,187,254 
Voya Large Cap Growth Portfolio - Institutional Class91,918 295,719 (203,801)101,432 345,762 (244,330)
Voya Large Cap Value Portfolio - Institutional Class25,196 65,167 (39,971)28,112 59,811 (31,699)
Voya Limited Maturity Bond Portfolio - Service Class132,555 167,611 (35,056)149,234 220,383 (71,149)
Voya Retirement Growth Portfolio - Institutional Class46,173 87,664 (41,491)49,424 177,725 (128,301)
Voya Retirement Moderate Growth Portfolio - Institutional Class25,816 36,061 (10,245)29,078 51,704 (22,626)
Voya Retirement Moderate Portfolio - Institutional Class31,444 61,030 (29,586)158,006 97,673 60,333 
Voya U.S. Stock Index Portfolio - Institutional Class128,687 279,994 (151,307)143,276 304,184 (160,908)

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SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


Year ended December 31
2020
2019
Units IssuedUnits RedeemedNet Increase (Decrease)Units IssuedUnits RedeemedNet Increase (Decrease)
Voya Investors Trust: (continued)
VY® Clarion Global Real Estate Portfolio - Service Class53,730 79,622 (25,892)65,339 73,638 (8,299)
VY® Clarion Real Estate Portfolio - Institutional Class— 2,627 (2,627)— 2,497 (2,497)
VY® Invesco Growth and Income Portfolio - Service Class19,244 76,231 (56,987)20,469 69,224 (48,755)
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class167,136 90,636 76,500 46,185 79,891 (33,706)
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class51,746 111,813 (60,067)46,519 105,422 (58,903)
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class118,091 205,160 (87,069)98,983 208,489 (109,506)
VY® T. Rowe Price Equity Income Portfolio - Institutional Class70,742 92,775 (22,033)28,603 58,700 (30,097)
VY® T. Rowe Price International Stock Portfolio - Institutional Class51,473 81,401 (29,928)33,453 110,592 (77,139)
Voya Partners, Inc.:
Voya Global Bond Portfolio - Service Class102,397 131,823 (29,426)87,432 125,716 (38,284)
Voya International High Dividend Low Volatility Portfolio - Initial Class46,621 65,141 (18,520)38,648 72,811 (34,163)
Voya Solution Moderately Aggressive Portfolio - Initial Class9,754 15,073 (5,319)3,036 14,778 (11,742)
VY® American Century Small-Mid Cap Value Portfolio - Initial Class— 548 (548)— 399 (399)
VY® Baron Growth Portfolio - Initial Class29,878 73,971 (44,093)29,331 67,350 (38,019)
VY® Columbia Small Cap Value II Portfolio - Initial Class24,357 46,958 (22,601)29,067 33,232 (4,165)
VY® Invesco Comstock Portfolio - Initial Class8,336 34,237 (25,901)9,085 42,012 (32,927)
VY® Invesco Equity and Income Portfolio - Initial Class12,121 42,145 (30,024)11,669 39,513 (27,844)
VY® Invesco Oppenheimer Global Portfolio - Initial Class74,368 224,373 (150,005)79,040 207,141 (128,101)
VY® JPMorgan Mid Cap Value Portfolio - Initial Class— 14,457 (14,457)154 17,673 (17,519)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class75,033 246,322 (171,289)76,210 217,736 (141,526)
Voya Strategic Allocation Conservative Portfolio - Class I— 22 (22)— 22 (22)
Voya Strategic Allocation Portfolios, Inc.:
Voya Strategic Allocation Growth Portfolio - Class I— 484 (484)— 379 (379)
Voya Strategic Allocation Moderate Portfolio - Class I— 190 (190)— 920 (920)
Voya Growth and Income Portfolio - Class I11,044 31,924 (20,880)20,017 60,617 (40,600)
Voya Variable Funds:
Voya Global High Dividend Low Volatility Portfolio - Class I31,167 99,134 (67,967)35,002 140,607 (105,605)
Voya Variable Portfolios, Inc.:
Voya Index Plus LargeCap Portfolio - Class I11,318 30,831 (19,513)12,263 30,257 (17,994)
Voya Index Plus MidCap Portfolio - Class I36,435 51,261 (14,826)18,595 42,273 (23,678)
Voya Index Plus SmallCap Portfolio - Class I14,735 39,173 (24,438)11,434 73,117 (61,683)
Voya International Index Portfolio - Class S11,558 23,998 (12,440)10,886 26,919 (16,033)

52
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


Year ended December 31
2020
2019
Units IssuedUnits RedeemedNet Increase (Decrease)Units IssuedUnits RedeemedNet Increase (Decrease)
Voya Variable Portfolios, Inc.(continued):
Voya Russell™ Large Cap Growth Index Portfolio - Class I115,048 326,968 (211,920)139,663 389,685 (250,022)
Voya Russell™ Large Cap Index Portfolio - Class I49,108 16,668 32,440 4,124 17,135 (13,011)
Voya Russell™ Large Cap Value Index Portfolio - Class I41,085 91,180 (50,095)41,564 112,311 (70,747)
Voya Russell™ Mid Cap Growth Index Portfolio - Class I81,133 36,950 44,183 19,485 33,841 (14,356)
Voya Russell™ Small Cap Index Portfolio - Class I29,536 53,972 (24,436)18,886 18,301 585 
Voya Small Company Portfolio - Class I33,586 53,307 (19,721)15,352 49,829 (34,477)
Voya U.S. Bond Index Portfolio - Class I410,852 381,973 28,879 139,534 134,080 5,454 
Voya Variable Products Trust:
Voya MidCap Opportunities Portfolio - Class I27,638 67,278 (39,640)15,390 90,449 (75,059)
Voya SmallCap Opportunities Portfolio - Class I9,357 24,881 (15,524)11,543 40,449 (28,906)


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SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


8.    Financial Highlights
A summary of unit values, units outstanding, and net assets for variable annuity Policies, expense ratios, excluding expenses of underlying Funds, investment income ratios, and total return for the years ended December 31, 2020, 2019, 2018, 2017, and 2016, follows:
FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Growth Fund - Class 2
2020949$58.65to$89.67$84,3300.29%0.00%to0.80%50.85%to52.06%
20191,045$38.88to$58.97$61,0390.75%0.00%to0.80%29.73%to30.78%
20181,176$29.97to$45.09$52,4260.46%0.00%to0.80%-1.06%to-0.24%
20171,278$30.28to$45.20$57,1210.50%0.00%to0.80%27.27%to28.30%
20161,414$23.80to$35.23$49,2780.74%0.00%to0.80%8.63%to9.48%
Growth-Income Fund - Class 2
2020759$35.92to$53.91$40,3431.25%0.00%to0.80%12.64%to13.54%
2019835$31.89to$47.48$39,1061.69%0.00%to0.80%25.11%to26.14%
2018942$25.49to$37.64$34,9261.47%0.00%to0.80%-2.56%to-1.80%
20171,032$26.16to$38.33$38,9981.39%0.00%to0.80%21.39%to22.38%
20161,112$21.55to$31.32$34,4061.39%0.00%to0.80%10.63%to11.54%
International Fund - Class 2
2020596$26.63to$47.55$27,7900.57%0.00%to0.80%13.08%to13.97%
2019657$23.55to$41.72$26,8671.45%0.00%to0.80%21.89%to22.89%
2018708$19.32to$33.95$23,5831.73%0.00%to0.80%-13.83%to-13.15%
2017766$22.42to$39.09$29,3891.30%0.00%to0.80%31.11%to32.15%
2016797$17.10to$29.58$23,1241.36%0.00%to0.80%2.70%to3.54%
BlackRock Global Allocation V.I. Fund - Class III
2020339$23.23to$25.52$8,6151.15%0.00%to0.80%19.74%to20.72%
2019404$19.40to$21.14$8,4731.16%0.00%to0.80%16.80%to17.77%
2018532$16.61to$17.95$9,4990.84%0.00%to0.80%-8.33%to-7.57%
2017535$18.12to$19.42$10,3501.30%0.00%to0.80%12.83%to13.70%
2016558$16.06to$17.08$9,4991.17%0.00%to0.80%2.95%to3.77%





54
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Fidelity® VIP Contrafund® Portfolio - Initial Class
2020747$76.12to$163.48$117,4520.24%0.00%to0.80%29.52%to30.58%
2019817$58.77to$125.20$97,8100.47%0.00%to0.80%30.51%to31.57%
2018924$45.03to$95.16$83,6820.74%0.00%to0.80%-7.12%to-6.38%
20171,008$48.48to$101.64$97,7691.01%0.00%to0.80%20.90%to21.89%
20161,069$40.10to$83.39$85,1420.78%0.00%to0.80%7.13%to8.00%
Fidelity® VIP Index 500 Portfolio - Initial Class
202014$112.66$1,5651.56%0.80%17.29%
201917$96.05$1,6401.98%0.80%30.29%
201819$73.72$1,3851.89%0.80%-5.26%
201722$77.81$1,6811.78%0.80%20.75%
201624$64.44$1,5231.38%0.80%10.97%
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class
202060$41.06to$42.62$2,4632.18%0.00%to0.80%8.53%to9.38%
201966$37.54to$39.27$2,4862.65%0.00%to0.80%8.78%to9.67%
201877$34.23to$36.10$2,6482.33%0.00%to0.80%-1.34%to-0.52%
201789$34.41to$36.59$3,0972.35%0.00%to0.80%3.39%to4.21%
2016101$33.02to$35.39$3,3532.26%0.00%to0.80%3.90%to4.76%
Fidelity® VIP Equity-Income Portfolio - Initial Class
2020721$91.04to$125.86$69,9191.62%0.00%to0.80%5.84%to6.70%
2019781$85.32to$118.91$71,2132.01%0.00%to0.80%26.42%to27.44%
2018832$66.95to$94.06$59,7182.30%0.00%to0.80%-9.03%to-8.29%
2017912$73.00to$103.39$71,5041.67%0.00%to0.80%12.00%to12.88%
2016995$64.67to$92.32$69,2682.24%0.00%to0.80%17.07%to18.03%
Neuberger Berman Advisers Management Trust® Sustainable Equity Portfolio - Class I Shares
202050$36.21to$50.82$2,5190.53%0.00%to0.80%18.60%to19.55%
201957$30.53to$42.51$2,4120.39%0.00%to0.80%24.87%to25.88%
201866$24.45to$33.77$2,2330.50%0.00%to0.80%-6.47%to-5.72%
201771$26.14to$35.82$2,5580.51%0.00%to0.80%17.48%to18.45%
201680$22.25to$30.24$2,4250.64%0.00%to0.80%8.96%to9.84%




55
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Voya Balanced Portfolio - Class I
2020342$20.21to$22.74$7,5952.13%0.00%to0.80%9.96%to10.82%
2019364$18.38to$20.52$7,3022.44%0.00%to0.80%18.12%to19.09%
2018395$15.56to$17.23$6,6551.64%0.00%to0.80%-7.55%to-6.81%
2017357$16.83to$18.49$6,4172.82%0.00%to0.80%13.79%to14.70%
2016306$14.79to$16.12$4,7732.31%0.00%to0.80%6.94%to7.83%
Voya Intermediate Bond Portfolio - Class I
2020998$18.14to$24.90$24,6393.54%0.00%to0.80%6.89%to7.84%
20191,041$16.97to$23.09$23,8603.33%0.00%to0.80%8.99%to9.85%
20181,130$15.57to$21.02$23,4610.03680.00%to0.80%-1.33%to-0.57%
20171,344$15.78to$21.14$28,0823.29%0.00%to0.80%4.23%to5.07%
20161,555$15.14to$20.12$30,9470.02260.00%to0.80%3.49%to4.30%
Voya Global Perspectives® Portfolio - Class I
202014$15.64to$16.64$2396.03%0.00%to0.80%16.12%to20.12%
2019115$14.33$1,6523.58%—18.33%
2018113$12.11$1,3655.76%—-7.20%
201710$13.05$1293.11%—14.98%
201611$11.02to$11.35$1203.75%0.00%to0.80%5.96%to6.77%
Voya Government Liquid Assets Portfolio - Class I
20202,160$10.81to$12.46$26,4870.24%0.00%to0.80%-0.55%to0.32%
20191,975$10.87to$12.42$24,1281.96%0.00%to0.80%1.21%to1.97%
20182,155$10.74to$12.18$25,8431.56%0.00%to0.80%0.85%to1.67%
20172,042$10.65to$11.98$24,0910.60%0.00%to0.80%-0.19%to0.67%
20162,445$10.67to$11.90$28,7680.14%0.00%to0.80%-0.56%to0.17%
Voya High Yield Portfolio - Institutional Class
20201,114$11.06to$11.21$12,4725.25%0.00%to0.80%5.13%to5.95%
20195/29/20191,187$10.52to$10.58$12,547(d)0.00%to0.80%(d)
2018(d)(d)(d)(d)(d)(d)
2017(d)(d)(d)(d)(d)(d)
2016(d)(d)(d)(d)(d)(d)



56
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Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Voya Large Cap Growth Portfolio - Institutional Class
20202,417$63.16to$71.66$172,5220.46%0.00%to0.80%29.83%to30.89%
20192,621$48.65to$54.75$142,9060.68%0.00%to0.80%31.70%to32.76%
20182,865$36.94to$41.24$117,7120.67%0.00%to0.80%-2.28%to-1.48%
20173,132$37.79to$41.86$130,6480.64%0.00%to0.80%28.75%to29.76%
20163,386$29.36to$32.26$108,9020.55%0.00%to0.80%3.13%to3.96%
Voya Large Cap Value Portfolio - Institutional Class
2020405$23.59to$25.56$10,3262.02%0.00%to0.80%5.41%to6.28%
2019445$22.38to$24.05$10,6792.15%0.00%to0.80%24.13%to25.13%
2018476$18.03to$19.22$9,1452.05%0.00%to0.80%-8.57%to-7.82%
2017528$19.72to$20.85$11,0072.37%0.00%to0.80%12.62%to13.56%
2016617$17.50to$18.36$11,3172.38%0.00%to0.80%12.98%to13.90%
Voya Limited Maturity Bond Portfolio - Service Class
2020960$12.59to$14.72$14,0951.95%0.00%to0.80%2.36%to3.15%
2019995$12.30to$14.27$14,1621.57%0.00%to0.80%3.27%to4.08%
20181,066$11.91to$13.71$14,5841.46%0.00%to0.80%0.25%to1.03%
20171,094$11.88to$13.57$14,8171.67%0.00%to0.80%0.34%to1.19%
20161,198$11.83to$13.41$16,0311.23%0.00%to0.80%0.42%to1.28%
Voya Retirement Growth Portfolio - Institutional Class
2020700$22.03to$24.10$16,8432.57%0.00%to0.80%13.21%to14.11%
2019742$19.46to$21.12$15,6342.41%0.00%to0.80%21.10%to22.08%
2018870$16.07to$17.30$15,0272.20%0.00%to0.80%-7.80%to-7.04%
2017917$17.43to$18.61$17,0442.15%0.00%to0.80%16.20%to17.12%
2016969$15.00to$15.89$15,3732.87%0.00%to0.80%6.91%to7.80%
Voya Retirement Moderate Growth Portfolio - Institutional Class
2020307$21.29to$23.29$7,1462.43%0.00%to0.80%12.71%to13.61%
2019317$18.89to$20.50$6,5002.38%0.00%to0.80%19.41%to20.38%
2018340$15.82to$17.03$5,7862.29%0.00%to0.80%-6.61%to-5.91%
2017385$16.94to$18.10$6,9692.17%0.00%to0.80%14.07%to15.07%
2016407$14.85to$15.73$6,4052.58%0.00%to0.80%6.45%to7.23%




57
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Voya Retirement Moderate Portfolio - Institutional Class
2020482$19.60to$21.45$10,2992.40%0.00%to0.80%11.62%to12.54%
2019512$17.56to$19.06$9,7212.10%0.00%to0.80%16.60%to17.51%
2018451$15.06to$16.22$7,2932.33%0.00%to0.80%-5.52%to-4.70%
2017540$15.94to$17.02$9,1681.95%0.00%to0.80%11.31%to12.20%
2016567$14.32to$15.17$8,5892.25%0.00%to0.80%5.29%to6.16%
Voya U.S. Stock Index Portfolio - Institutional Class
20201,941$38.54to$45.76$88,7431.80%0.00%to0.80%17.18%to18.12%
20192,092$32.89to$38.74$80,9741.63%0.00%to0.80%30.05%to31.14%
20182,253$25.29to$29.54$66,5071.79%0.00%to0.80%-5.39%to-4.65%
20172,453$26.73to$30.98$75,9241.78%0.00%to0.80%20.51%to21.49%
20162,557$22.18to$25.50$65,1641.97%0.00%to0.80%10.73%to11.65%
VY® Clarion Global Real Estate Portfolio - Service Class
2020274$13.28to$14.70$4,0105.05%0.00%to0.80%-5.75%to-5.04%
2019300$14.09to$15.48$4,6242.91%0.00%to0.80%23.27%to24.34%
2018308$11.43to$12.45$3,8195.18%0.00%to0.80%-9.43%to-8.72%
2017361$12.62to$13.64$4,9103.50%0.00%to0.80%9.55%to10.45%
2016437$11.51to$12.35$5,3781.20%0.00%to0.80%-0.26%to0.65%
VY® Clarion Real Estate Portfolio - Institutional Class
202020$55.28$1,1112.45%—-6.32%
201923$59.01$1,3412.40%—28.48%
201825$45.93$1,1592.98%—-7.42%
201729$49.61$1,4622.38%—5.46%
201635$47.04$1,6321.80%—4.46%
VY® Invesco Growth and Income Portfolio - Service Class
2020295$27.13to$30.78$8,9991.75%0.00%to0.80%2.07%to2.91%
2019352$26.58to$29.91$10,4472.47%0.00%to0.80%23.74%to24.73%
2018401$21.48to$23.98$9,5431.42%0.00%to0.80%-14.29%to-13.59%
2017450$25.06to$27.75$12,4102.06%0.00%to0.80%12.98%to13.87%
2016431$22.18to$24.37$10,4532.09%0.00%to0.80%18.93%to19.93%




58
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
2020461$27.14to$30.54$14,0420.49%0.00%to0.80%32.65%to33.71%
2019384$20.46to$22.84$8,7440.14%0.00%to0.80%31.07%to32.10%
2018418$15.61to$17.29$7,1990.89%0.00%to0.80%-17.28%to-16.55%
2017493$18.87to$20.72$10,1940.65%0.00%to0.80%42.20%to43.39%
2016532$13.27to$14.45$7,6631.29%0.00%to0.80%12.36%to13.24%
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class
2020675$43.20to$53.04$35,428—0.00%to0.80%15.60%to16.52%
2019735$37.37to$45.52$33,1261.17%0.00%to0.80%25.74%to26.76%
2018794$29.72to$35.91$28,2390.69%0.00%to0.80%-11.07%to-10.34%
2017886$33.41to$40.05$35,1600.69%0.00%to0.80%14.96%to15.85%
2016959$29.07to$34.57$32,8620.73%0.00%to0.80%20.92%to21.94%
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class
20201,300$41.89to$69.08$86,9071.48%0.00%to0.80%17.34%to18.27%
20191,387$35.70to$58.41$78,8561.75%0.00%to0.80%23.70%to24.73%
20181,497$28.86to$46.83$68,4092.41%0.00%to0.80%-0.07%to0.73%
20171,620$28.88to$46.49$73,5861.47%0.00%to0.80%14.47%to15.39%
20161,745$25.23to$40.29$68,6811.55%0.00%to0.80%7.45%to8.31%
VY® T. Rowe Price Equity Income Portfolio - Institutional Class
2020355$27.00to$41.61$14,4974.73%0.00%to0.80%0.45%to1.29%
2019377$26.88to$41.08$15,1172.77%0.00%to0.80%25.67%to26.63%
2018407$21.39to$32.44$12,8752.42%0.00%to0.80%-9.82%to-9.08%
2017448$23.72to$35.68$15,6052.30%0.00%to0.80%15.54%to16.49%
2016495$20.53to$30.63$14,7982.53%0.00%to0.80%18.12%to19.04%
VY® T. Rowe Price International Stock Portfolio - Institutional Class
2020565$25.91to$29.38$16,5052.48%0.00%to0.80%13.84%to14.72%
2019595$22.76to$25.61$15,1541.01%0.00%to0.80%27.01%to28.05%
2018672$17.92to$20.00$13,3802.00%0.00%to0.80%-14.67%to-13.98%
2017734$20.99to$23.25$16,9801.41%0.00%to0.80%27.20%to28.24%
2016773$16.51to$18.13$13,9581.70%0.00%to0.80%1.35%to2.20%



59
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Voya Global Bond Portfolio - Service Class
2020399$16.91to$19.18$7,6352.61%0.00%to0.80%7.98%to8.85%
2019429$15.66to$17.62$7,5342.68%0.00%to0.80%6.82%to7.64%
2018467$14.66to$16.37$7,6253.49%0.00%to0.80%-2.98%to-2.15%
2017586$15.11to$16.73$9,7872.31%0.00%to0.80%8.47%to9.27%
2016558$13.93to$15.31$8,5171.50%0.00%to0.80%5.13%to6.02%
Voya International High Dividend Low Volatility Portfolio - Initial Class
2020404$13.98to$14.99$6,0493.32%0.00%to0.80%-1.55%to-0.73%
2019422$14.20to$15.10$6,3712.17%0.00%to0.80%15.82%to16.69%
2018456$12.26to$12.94$5,9002.25%0.00%to0.80%-15.62%to-14.92%
2017471$14.53to$15.21$7,1542.02%0.00%to0.80%21.39%to22.37%
2016511$11.97to$12.43$6,3543.40%0.00%to0.80%1.01%to1.80%
Voya Solution Moderately Aggressive Portfolio - Initial Class
202080$14.89to$15.55$1,2342.01%0.00%to0.80%13.32%to14.25%
201985$13.14to$13.61$1,1532.61%0.00%to0.80%22.01%to22.94%
201897$10.77to$11.07$1,0682.09%0.00%to0.80%-9.72%to-8.96%
2017101$11.93to$12.16$1,2241.64%0.00%to0.80%17.54%to18.52%
2016109$10.15to$10.26$1,1191.34%0.00%to0.80%5.62%to6.32%
VY® American Century Small-Mid Cap Value Portfolio - Initial Class
20201$37.39to$42.42$491.68%0.00%to0.80%3.00%to3.84%
20192$36.30to$40.85$701.47%0.00%to0.80%29.92%to30.97%
20182$27.94to$31.19$661.36%0.00%to0.80%-14.84%to-14.17%
20172$32.81to$36.34$811.38%0.00%to0.80%10.55%to11.47%
20163$29.68to$32.60$941.53%0.00%to0.80%23.41%to24.38%
VY® Baron Growth Portfolio - Initial Class
2020198$51.54to$58.48$11,539—0.00%to0.80%32.46%to33.55%
2019242$38.91to$43.79$10,569—0.00%to0.80%37.88%to38.97%
2018280$28.22to$31.51$8,803—0.00%to0.80%-2.49%to-1.68%
2017277$28.94to$32.05$8,8591.05%0.00%to0.80%27.49%to28.51%
2016305$22.70to$24.94$7,598—0.00%to0.80%4.75%to5.59%




60
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
VY® Columbia Small Cap Value II Portfolio - Initial Class
2020217$23.25to$26.16$5,6700.83%0.00%to0.80%9.00%to9.87%
2019239$21.33to$23.81$5,6980.65%0.00%to0.80%19.43%to20.44%
2018244$17.86to$19.77$4,8140.57%0.00%to0.80%-18.19%to-17.52%
2017308$21.82to$23.97$7,3850.52%0.00%to0.80%10.36%to11.18%
2016397$19.78to$21.56$8,5410.44%0.00%to0.80%23.01%to24.05%
VY® Invesco Comstock Portfolio - Initial Class
2020165$25.43to$35.61$5,8712.26%0.00%to0.80%-1.01%to-0.22%
2019191$25.69to$35.69$6,7962.58%0.00%to0.80%24.53%to25.54%
2018224$20.63to$28.43$6,2801.54%0.00%to0.80%-12.88%to-12.17%
2017272$23.68to$32.37$8,6901.46%0.00%to0.80%17.00%to17.97%
2016260$20.24to$27.44$7,0472.63%0.00%to0.80%17.20%to18.12%
VY® Invesco Equity and Income Portfolio - Initial Class
2020194$27.16to$34.77$6,6661.69%0.00%to0.80%9.12%to9.96%
2019224$24.89to$31.62$6,9292.06%0.00%to0.80%19.09%to20.09%
2018252$20.90to$26.33$6,4942.02%0.00%to0.80%-10.18%to-9.46%
2017276$23.27to$29.08$7,8852.16%0.00%to0.80%10.02%to10.91%
2016313$21.15to$26.22$8,0772.00%0.00%to0.80%14.39%to15.25%
VY® Invesco Oppenheimer Global Portfolio - Initial Class
20201,361$39.25to$44.53$60,2591.04%0.00%to0.80%26.78%to27.78%
20191,510$30.96to$34.85$52,3780.50%0.00%to0.80%30.74%to31.81%
20181,639$23.68to$26.44$43,1111.64%0.00%to0.80%-13.89%to-13.20%
20171,748$27.50to$30.46$52,9881.12%0.00%to0.80%35.40%to36.53%
20161,805$20.31to$22.31$40,1071.17%0.00%to0.80%-0.59%to0.22%
VY® JPMorgan Mid Cap Value Portfolio - Initial Class
2020105$32.45to$54.69$5,6901.17%0.00%to0.80%-0.25%to0.55%
2019120$32.53to$54.39$6,4431.20%0.00%to0.80%25.45%to26.46%
2018137$25.93to$43.01$5,8441.29%0.00%to0.80%-12.69%to-11.95%
2017175$29.69to$48.85$8,4530.82%0.00%to0.80%13.14%to14.03%
2016206$26.25to$42.84$8,7700.85%0.00%to0.80%14.03%to14.94%




61
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
20201,339$55.72to$63.22$84,0510.09%0.00%to0.80%30.80%to31.85%
20191,510$42.60to$47.95$71,8920.30%0.00%to0.80%36.10%to37.20%
20181,652$31.30to$34.95$57,3280.19%0.00%to0.80%-4.02%to-3.24%
20171,756$32.61to$36.12$63,0010.63%0.00%to0.80%23.80%to24.81%
20161,875$26.34to$28.94$53,9330.30%0.00%to0.80%6.55%to7.42%
Voya Strategic Allocation Conservative Portfolio - Class I
2020—$24.25$7——10.43%
2019—$21.96$7——14.85%
2018—$19.12$72.72%—-4.06%
2017—$19.93$72.54%—10.54%
2016—$18.03$72.97%—5.69%
Voya Strategic Allocation Growth Portfolio - Class I
202020$24.56to$29.38$6011.93%0.00%to0.80%13.49%to14.41%
201921$21.64to$25.68$5382.64%0.00%to0.80%21.85%to22.81%
201821$17.76to$20.91$4462.24%0.00%to0.80%-9.06%to-8.33%
201724$19.53to$22.81$5371.74%0.00%to0.80%16.95%to17.88%
201624$16.70to$19.35$4702.61%0.00%to0.80%6.10%to6.97%
Voya Strategic Allocation Moderate Portfolio - Class I
20202$22.84to$27.02$541.89%0.00%to0.80%11.80%to12.72%
20192$20.43to$23.97$521.75%0.00%to0.80%18.30%to19.25%
20183$17.27to$20.10$622.99%0.00%to0.80%-6.80%to-6.03%
20173$18.53to$21.39$722.53%0.00%to0.80%13.61%to14.45%
20167$16.31to$18.69$1222.96%0.00%to0.80%5.77%to6.68%
Voya Growth and Income Portfolio - Class I
2020284$26.15to$29.06$8,2251.29%0.00%to0.80%16.33%to17.27%
2019305$22.48to$24.78$7,5331.65%0.00%to0.80%27.87%to28.86%
2018346$17.58to$19.23$6,6161.85%0.00%to0.80%-5.23%to-4.42%
2017382$18.55to$20.12$7,6611.85%0.00%to0.80%19.37%to20.33%
2016409$15.54to$16.72$6,8221.93%0.00%to0.80%8.90%to9.78%


62
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Voya Global High Dividend Low Volatility Portfolio - Class I
2020671$13.01to$13.64$9,1432.29%0.00%to0.80%-1.66%to-0.80%
2019739$13.23to$13.75$10,1552.86%0.00%to0.80%20.71%to21.68%
2018845$10.96to$11.30$9,5355.33%0.00%to0.80%-9.57%to-8.87%
2017971$12.12to$12.40$12,0322.38%0.00%to0.80%22.80%to23.75%
20161,068$9.87to$10.02$10,7012.69%0.00%to0.80%5.11%to6.03%
Voya Index Plus LargeCap Portfolio - Class I
202094$34.95to$43.33$4,0301.39%0.00%to0.80%14.97%to15.92%
2019113$30.40to$37.38$4,1971.59%0.00%to0.80%29.03%to30.06%
2018131$23.56to$28.74$3,7451.48%0.00%to0.80%-7.57%to-6.81%
2017116$25.49to$30.84$3,5581.57%0.00%to0.80%23.68%to24.61%
2016121$20.61to$24.75$2,9641.65%0.00%to0.80%9.39%to10.29%
Voya Index Plus MidCap Portfolio - Class I
2020289$31.83to$43.23$12,4121.23%0.00%to0.80%7.39%to8.26%
2019304$29.64to$39.93$12,0491.37%0.00%to0.80%26.07%to27.08%
2018328$23.51to$31.42$10,2231.10%0.00%to0.80%-15.07%to-14.34%
2017359$27.67to$36.68$13,0811.32%0.00%to0.80%12.70%to13.56%
2016412$24.56to$32.30$13,2100.95%0.00%to0.80%17.18%to18.14%
Voya Index Plus SmallCap Portfolio - Class I
2020186$28.47to$39.24$7,2440.95%0.00%to0.80%4.55%to5.40%
2019211$27.23to$37.23$7,7791.10%0.00%to0.80%20.81%to21.83%
2018272$22.54to$30.56$8,2720.89%0.00%to0.80%-13.11%to-12.41%
2017250$25.94to$34.89$8,6700.91%0.00%to0.80%9.04%to9.92%
2016293$23.79to$31.74$9,2620.76%0.00%to0.80%26.34%to27.32%
Voya International Index Portfolio - Class S
2020173$21.68to$23.81$4,0662.19%0.00%to0.80%6.75%to7.64%
2019186$20.31to$22.12$4,0522.86%0.00%to0.80%20.11%to21.01%
2018202$16.91to$18.28$3,6402.58%0.00%to0.80%-14.55%to-13.85%
2017230$19.79to$21.22$4,8122.26%0.00%to0.80%23.53%to24.53%
2016234$16.02to$17.04$3,9352.86%0.00%to0.80%-0.31%to0.53%




63
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Voya Russell™ Large Cap Growth Index Portfolio - Class I
20202,554$65.86to$72.33$181,2640.56%0.00%to0.80%37.35%to38.46%
20192,766$47.95to$52.24$141,9820.96%0.00%to0.80%34.77%to35.83%
20183,016$35.58to$38.46$114,1631.11%0.00%to0.80%-1.77%to-0.95%
20173,256$36.22to$38.83$124,6351.13%0.00%to0.80%30.19%to31.27%
20163,519$27.82to$29.58$102,7701.28%0.00%to0.80%5.74%to6.56%
Voya Russell™ Large Cap Index Portfolio - Class I
202076$49.86to$54.76$4,1371.12%0.00%to0.80%20.90%to21.88%
201943$41.24to$44.93$1,9381.56%0.00%to0.80%30.26%to31.34%
201856$31.66to$34.21$1,9201.27%0.00%to0.80%-4.23%to-3.47%
201761$33.05to$35.44$2,1741.22%0.00%to0.80%21.63%to22.59%
201671$27.18to$28.91$2,0611.49%0.00%to0.80%10.04%to10.94%
Voya Russell™ Large Cap Value Index Portfolio - Class I
2020726$33.67to$36.98$26,7300.98%0.00%to0.80%0.66%to1.48%
2019776$33.45to$36.44$28,1692.49%0.00%to0.80%24.91%to25.92%
2018847$26.78to$28.94$24,4212.37%0.00%to0.80%-7.37%to-6.62%
2017919$28.91to$30.99$28,3922.06%0.00%to0.80%12.58%to13.43%
20161,009$25.68to$27.32$27,4881.59%0.00%to0.80%14.69%to15.66%
Voya Russell™ Mid Cap Growth Index Portfolio - Class I
2020118$59.10to$64.91$7,6560.16%0.00%to0.80%33.74%to34.84%
201974$44.19to$48.14$3,5490.87%0.00%to0.80%33.79%to34.88%
201888$33.03to$35.69$3,1430.72%0.00%to0.80%-5.90%to-5.16%
2017146$35.10to$37.63$5,4990.81%0.00%to0.80%23.68%to24.69%
201696$28.38to$30.18$2,8840.79%0.00%to0.80%6.25%to7.10%
Voya Russell™ Small Cap Index Portfolio - Class I
202067$28.93to$32.03$2,1561.04%0.00%to0.80%18.61%to19.56%
201992$24.39to$26.79$2,4571.09%0.00%to0.80%24.19%to25.19%
201891$19.64to$21.40$1,9510.84%0.00%to0.80%-12.01%to-11.28%
201788$22.32to$24.12$2,1100.68%0.00%to0.80%13.36%to14.26%
2016142$19.69to$21.11$2,9900.58%0.00%to0.80%20.13%to21.11%




64
RELIASTAR LIFE INSURANCE COMPANY
SELECT*LIFE VARIABLE ACCOUNT
Notes to Financial Statements


FundInvestment
InceptionUnitsUnit Fair ValueNet AssetsIncome
Expense RatioC
Total ReturnD
DateA
(000's)(lowest to highest)(000's)
RatioB
(lowest to highest)(lowest to highest)
Voya Small Company Portfolio - Class I
2020280$26.48to$28.86$8,0680.49%0.00%to0.80%11.35%to12.30%
2019299$23.78to$25.70$7,6920.43%0.00%to0.80%25.22%to26.23%
2018334$18.99to$20.36$6,7960.59%0.00%to0.80%-16.53%to-15.87%
2017375$22.75to$24.20$9,0850.34%0.00%to0.80%10.38%to11.32%
2016392$20.61to$21.74$8,5130.41%0.00%to0.80%23.49%to24.44%
Voya U.S. Bond Index Portfolio - Class I
2020521$14.77to$16.36$8,4952.88%0.00%to0.80%6.34%to7.21%
2019492$13.89to$15.26$7,4962.44%0.00%to0.80%7.42%to8.30%
2018487$12.93to$14.09$6,8442.14%0.00%to0.80%-1.15%to-0.35%
2017417$13.08to$14.14$5,8772.37%0.00%to0.80%2.35%to3.21%
2016472$12.78to$13.70$6,4532.86%0.00%to0.80%1.51%to2.32%
Voya MidCap Opportunities Portfolio - Class I
2020484$43.93to$74.42$21,4260.11%0.00%to0.80%40.02%to41.12%
2019523$31.13to$53.15$16,4290.28%0.00%to0.80%28.29%to29.33%
2018598$24.07to$41.43$14,600—0.00%to0.80%-8.22%to-7.46%
2017650$26.01to$45.14$17,1470.09%0.00%to0.80%24.08%to25.05%
2016365$20.80to$36.38$7,675—0.00%to0.80%6.41%to7.27%
Voya SmallCap Opportunities Portfolio - Class I
2020187$70.32to$130.65$23,730—0.00%to0.80%25.35%to26.35%
2019202$56.10to$103.40$20,340—0.00%to0.80%24.69%to25.71%
2018231$44.99to$82.25$18,455—0.00%to0.80%-16.55%to-15.87%
2017245$53.91to$97.77$23,1660.08%0.00%to0.80%17.78%to18.72%
2016275$45.77to$82.35$21,898—0.00%to0.80%12.48%to13.40%
a
(d)
As investment Division had no investments until 2019, this data is not meaningful and is therefore not presented.
AThe Fund Inception Date represents the first date the fund received money.
BThe Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets. The recognition of investment income is determined by the timing of the declaration of dividends by the underlying fund in which the Division invests.
CThe Expense Ratio considers only the annualized contract expenses borne directly by the Account, excluding expenses charged through the redemption of units, and is equal to the mortality and expense, administrative, and other charges, as defined in the Charges and Fees note. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.
DTotal Return is calculated as the change in unit value for each Policy presented in the Statements of Assets and Liabilities. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.


65

Report of Independent Auditors


The Board of Directors and Stockholder
ReliaStar Life Insurance Company


We have audited the accompanying statutory-basis financial statements of ReliaStar Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2020 and 2019, and the related statements of operations, changes in capital and surplus and cash flows for each of the three years in the period ended December 31, 2020, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in conformity with accounting practices prescribed or permitted by the Minnesota Department of Commerce, Division of Insurance. Management also is responsible for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.




Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 1 to the statutory-basis financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Minnesota Department of Commerce, Division of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. The effects on the financial statements of the variances between these statutory accounting practices and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the statutory-basis financial statements referred to above do not present fairly, in conformity with U.S. generally accepted accounting principles, the financial position of the Company at December 31, 2020 and 2019, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2020.

Opinion on Statutory-Basis of Accounting

In our opinion, the statutory-basis financial statements referred to above present fairly, in all material respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020, on the basis of accounting described in Note 1.



/s/ Ernst & Young LLP

Boston, Massachusetts
April 5, 2021











RELIASTAR LIFE INSURANCE COMPANY
Balance Sheets - Statutory Basis
December 31
20202019
(In Thousands)
Admitted Assets
Cash and invested assets:
Bonds$12,199,075 $12,133,711 
Bonds - securities loaned and pledged82,256 380,419 
Mortgage loans1,946,419 2,020,813 
Contract loans484,588 523,256 
Cash and short term investments392,244 224,835 
Other invested assets853,318 836,948 
Subsidiaries242,761 303,362 
Securities lending collateral21,594 336,624 
Derivatives17,274 22,759 
Preferred stocks73,875 80,899 
Common stocks20,880 21,094 
Land and Real estate:
Properties occupied by the Company39,530 40,830 
Properties held for sale162 162 
Total cash and invested assets16,373,976 16,925,712 
Deferred and uncollected premiums, less loading (2020-$(13,784); 2019-$(15,698))(283,917)(168,068)
Accrued investment income136,284 144,692 
Reinsurance balances recoverable439,975 320,196 
Federal income tax recoverable (including $0 and $12,622 on realized capital losses at December 31, 2020 and 2019, respectively)— 11,078 
Indebtedness from related parties10,866 5,934 
Net deferred tax asset202,752 182,871 
Other assets130,179 76,116 
Separate account assets2,604,754 2,331,634 
Total admitted assets$19,614,869 $19,830,165 

The accompanying notes are an integral part of these financial statements.
3
RELIASTAR LIFE INSURANCE COMPANY
Balance Sheets - Statutory Basis
December 31
20202019
(In Thousands, except share amounts)
Liabilities and Capital and Surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves$11,097,931 $11,386,766 
Accident and health reserves66,904 82,859 
Deposit type contracts794,319 787,095 
Policyholders’ funds1,834 2,052 
Dividends payable14,902 16,245 
Policy and contract claims520,612 207,806 
Total policy and contract liabilities12,496,502 12,482,823 
Interest maintenance reserve147,956 113,133 
Accounts payable and accrued expenses115,308 109,003 
Reinsurance balances2,068,598 2,416,590 
Current federal income taxes payable (including $2,907 and $0 on realized capital losses at December 31, 2020 and 2019, respectively)5,868 — 
Indebtedness to related parties41,193 46,165 
Contingency reserve— 405 
Asset valuation reserve188,414 223,368 
Net transfers from separate accounts due or accrued(2,955)(7,295)
Derivatives90,580 40,589 
Payable for securities lending21,594 336,624 
Other liabilities240,833 200,845 
Separate account liabilities2,604,754 2,331,634 
Total liabilities18,018,645 18,293,884 
Capital and surplus:
Common stock: authorized 25,000,000 shares of $1.25 par value; 2,000,000 shares issued and outstanding2,500 2,500 
Preferred capital stock100 100 
Special surplus funds1,387 2,081 
Surplus note100,000 100,000 
Paid-in and contributed surplus497,410 497,410 
Unassigned surplus994,927 934,290 
Preferred capital stock, held in treasury(100)(100)
Total capital and surplus1,596,224 1,536,281 
Total liabilities and capital and surplus$19,614,869 $19,830,165 

The accompanying notes are an integral part of these financial statements.
4
RELIASTAR LIFE INSURANCE COMPANY
Statements of Operations – Statutory Basis
Year ended December 31
202020192018
(In Thousands)
Premiums and other revenues:
Life, annuity, and accident and health premiums$1,124,486 $666,820 $1,122,540 
Considerations for supplementary contracts with life contingencies7,795 5,591 4,564 
Net investment income793,969 786,438 820,127 
Amortization of interest maintenance reserve(5,224)(2,402)(2,281)
Commissions, expense allowances and reserve adjustments on reinsurance ceded493,698 395,039 1,629,052 
Other revenue92,891 81,008 93,148 
Total premiums and other revenues2,507,615 1,932,494 3,667,150 
Benefits paid or provided:
Death benefits478,539 419,907 540,273 
Annuity benefits50,868 52,222 65,761 
Surrender benefits and withdrawals684,495 902,382 1,006,545 
Interest and adjustments on contract or deposit-type contract funds10,422 5,044 72,657 
Accident and health benefits590,572 116,652 88,977 
Other benefits7,051 6,786 8,005 
(Decrease) increase in life, annuity and accident and health reserves(303,787)(650,787)659,875 
Net transfers from separate accounts(123,694)(142,968)(135,106)
Total benefits paid or provided1,394,466 709,238 2,306,987 
Insurance expenses and other deductions:
Commissions256,865 266,959 294,372 
General expenses398,447 380,625 334,567 
Insurance taxes, licenses and fees64,935 61,963 57,968 
Other deductions92,238 399,602 462,291 
Total insurance expenses and other deductions812,485 1,109,149 1,149,198 
Gain from operations before policyholder dividends, federal income taxes and net realized capital gains (losses)300,664 114,107 210,965 
Dividends to policyholders8,960 9,401 24,591 
Gain from operations before federal income taxes and net realized capital gains (losses)
  
291,705 104,706 186,374 
Federal income tax expense42,668 62,132 86,359 
Gain from operations before net realized capital gains (losses)249,037 42,574 100,015 
Net realized capital (losses) gains(43,633)(7,109)621 
Net income$205,404 $35,465 $100,636 

The accompanying notes are an integral part of these financial statements.
5
RELIASTAR LIFE INSURANCE COMPANY
Statements of Changes in Capital and Surplus—Statutory Basis
Year ended December 31
202020192018
(In Thousands)
Common stock:
Balance at beginning and end of year$2,500 $2,500 $2,500 
Preferred stock:
Balance at beginning and end of year100 100 100 
Special surplus funds:
Balance at beginning of year2,081 2,773 3,466 
Release of gain on sale/leaseback of home property from unassigned surplus(694)(692)(693)
Balance at end of year1,387 2,081 2,773 
Surplus note:
Balance at beginning and end of year100,000 100,000 100,000 
Paid-in and contributed surplus:
Balance at beginning of year497,410 857,410 857,410 
Capital contributions returned - extraordinary distribution— (360,000)— 
Balance at end of year497,410 497,410 857,410 
Unassigned surplus:
Balance at beginning of year934,290 670,253 519,700 
Net income205,404 35,465 100,636 
Change in net unrealized capital gains(96,220)29,857 30,373 
Change in nonadmitted assets(16,742)27,720 23,050 
Change in liability for reinsurance in unauthorized companies69 1,635 462 
Change in reserve due to change in valuation basis1,003 — (1,241)
Change in asset valuation reserve34,954 (20,434)(23,681)
Tax on change in valuation basis75 — — 
Change in net deferred income tax12,141 264 42,333 
Deferred gain on reinsurance of existing business— 267,613 40,322 
Amortization of gain on reinsurance(83,827)(77,516)(65,563)
Release of gain on sale/leaseback of home property to special surplus694 692 693 
Amortization of pension and other post-employment benefits381 (1,259)3,169 
Separate Account valuation basis change2,705 — — 
Balance at end of year994,927 934,290 670,253 
Preferred capital stock held in treasury balance at beginning and end of year(100)(100)(100)
Total capital and surplus$1,596,224 $1,536,281 $1,632,936 

The accompanying notes are an integral part of these financial statements.
6
RELIASTAR LIFE INSURANCE COMPANY
Statements of Cash Flows—Statutory Basis
Year ended December 31
202020192018
(In Thousands)
Operations
Premiums, policy proceeds, and other considerations received, net of reinsurance paid$1,408,038 $617,860 $1,025,561 
Net investment income received918,136 853,212 874,498 
Commissions and expenses paid(909,268)(860,350)(772,487)
Benefits paid(1,612,421)(1,532,421)(1,847,502)
Net transfers from separate accounts130,238 144,295 141,907 
Dividends paid to policyholders(10,303)(12,467)(14,513)
Federal income taxes paid(33,366)(56,620)(87,850)
Miscellaneous income164,745 521,824 383,421 
Net cash provided by (used in) operations55,799 (324,667)(296,965)
Investment Activities
Proceeds from sales, maturities, or repayments of investments:
Bonds1,791,492 2,167,352 2,169,339 
Stocks50,503 7,469 51 
Mortgage loans156,855 326,905 275,220 
Real estate600 1,655 17,389 
Other invested assets91,892 49,169 247,772 
Net gains or (losses) on cash and short term investments23 11 (10)
Miscellaneous proceeds29,559 13,834 10,516 
Total investment proceeds2,120,924 2,566,395 2,720,277 
Cost of investments acquired:
Bonds1,605,200 1,523,373 1,827,057 
Stocks44,933 27,206 21,864 
Mortgage loans83,599 191,226 268,714 
Real estate69 2,680 39,735 
Other invested assets114,705 142,467 355,410 
Miscellaneous applications18,939 29,113 12,807 
Total cost of investments acquired1,867,445 1,916,065 2,525,587 
Net decrease (increase) in contract loans38,675 29,598 (26,615)
Net cash provided by investment activities292,154 679,928 168,075 
Financing and Miscellaneous Activities
Other cash (applied) provided:
Capital and surplus paid-out— (360,000)— 
Net deposits (withdrawals) on deposit type contracts7,224 (51,795)157,243 
Dividends paid to stockholder— — — 
Funds withheld under reinsurance treaty(38,635)(71,538)(55,559)
Other cash (applied) provided(149,133)162,720 (74,513)
Net cash (used in) provided by financing and miscellaneous activities(180,544)(320,613)27,172 
Net increase (decrease) in cash and short term investments167,409 34,648 (101,718)
Cash and short term investments:
Beginning of year224,835 190,187 291,905 
End of year$392,244 $224,835 $190,187 
The accompanying notes are an integral part of these financial statements.
7
RELIASTAR LIFE INSURANCE COMPANY
Statements of Cash Flows—Statutory Basis
Note: Supplemental disclosures of cash flow information for non-cash transactions:
Reinsurance on Venerable Transaction$— $— $926,320 

The accompanying notes are an integral part of these financial statements.
8
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
1.Organization and Significant Accounting Policies
ReliaStar Life Insurance Company (the “Company”) is domiciled in Minnesota and is a wholly owned subsidiary of Voya Holdings Inc. (“Voya Holdings”), a Connecticut holding and management company. Voya Holdings is a wholly owned subsidiary of Voya Financial, Inc., a publicly traded corporation with its common stock listed on the New York Stock Exchange, under the symbol "VOYA."

The Company has two wholly owned insurance subsidiaries, ReliaStar Life Insurance Company of New York (“RNY”) and Roaring River, LLC (“RR”).

Prior to May 2013, Voya Financial, Inc., together with its subsidiaries including the Company, was an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING.  Between October 2013 and March 2015, ING completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings.

On January 4, 2021, the Company's ultimate parent, Voya Financial, Inc., consummated a series of transactions (collectively, the “Individual Life Transaction”) pursuant to a Master Transaction Agreement dated December 18, 2019 (the "Resolution MTA") with Resolution Life U.S. Holdings Inc. ("Resolution Life US"), pursuant to which Resolution Life US acquired all of the shares of the capital stock of Security Life of Denver Insurance Company ("SLD" and Security Life of Denver International Limited ("SLDI") as well as several subsidiaries of SLD and a subsidiary of SLDI. The Company reinsured to SLD a 100% quota share, of their respective in-scope individual life insurance and annuities business. The Company remains a subsidiary of Voya Financial, Inc. This transaction resulted in the disposition of substantially all of the Voya Financial, Inc.’s life insurance and legacy non-retirement annuity businesses and related assets. As of January 4, 2021, SLD and SLDI as well as several subsidiaries of SLD and one subsidiary of SLDI are no longer affiliates of the Company.


Description of Business

The Company is principally engaged in the business of providing individual life insurance and annuities, employee benefit products and services, retirement plans, and life and health reinsurance. The Company is presently licensed in all states (approved for reinsurance only in New York), the District of Columbia, Guam, and Puerto Rico.


9
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Use of Estimates

The preparation of the financial statements of the Company requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Recently Adopted Accounting Principles and Actuarial Guidelines

The Company prospectively adopted Valuation Manual 20: Requirements for Principle-Based Reserves for Life Products ("VM-20") effective January 1, 2020 for new sales of certain employee benefits life insurance policies, as required by the valuation manual.

    Commissioners Annuity Reserve Valuation Method ("CARVM") for variable annuities is interpreted in Actuarial Guidance 43 ("AG43") which first became effective on December 31, 2009 for all variable annuity contracts issued on or after January 1, 1981.  AG43 was subsequently incorporated in Valuation Manual 21: Requirements for Principle-Based Reserves for Variable Annuities ("VM-21"). VM-21, which was initially very similar to AG 43, is effective for all variable annuity contracts issued on or after January 1, 2017. AG43 was revised in 2019, effective January 1, 1020.  As a result of the revisions, AG43 reserve guidance is essentially identical to the VM-21 reserve guidance as to its provisions, but still applies to the same respective eras of contracts.  The Company adopted the revisions effective January 1, 2020.  The 2020 revisions include provision for an optional phase-in.  The Company has not elected the phase-in.  The 2020 revisions include a new standard projection amount.  Of the two options available for calculation of the standard projection amount, the company has elected the CTE with prescribed assumptions (CTEPA) method.  The net impact of the revisions to surplus is an increase of $1.1 including the tax impact of the valuation basis change. The impact to the separate account change in valuation basis is $2.7.


Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Minnesota Department of Commerce-Insurance Division, which practices differ from United States Generally Accepted Accounting Principles (“U.S. GAAP”). The more significant variances from U.S. GAAP are:

Investments: Investments in bonds and mandatorily redeemable preferred stocks are reported at amortized cost or fair value based on a designation assigned by the National Association of Insurance Commissioners ("NAIC").

RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The Company periodically reviews the value of its investments in bonds and mandatorily redeemable preferred stocks. If the fair value of any investment falls below its cost basis, the decline is analyzed to determine whether it is an other-than-temporary decline. To make this determination for each security, the following are some of the factors considered:

•The length of time and the extent to which the fair value has been below cost.
•The financial condition and near-term prospects of the issuer of the security, including any specific events that may affect its operations or earnings potential.
•The Company's intent to sell the security prior to its maturity at an amount below its carrying value.
•The Company's intent and ability to hold the security long enough for it to recover its fair value.

Based on the analysis, the Company makes a judgment as to whether the decline in fair value is other–than-temporary. When an OTTI is recorded because there is intent to sell or the Company does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis, the security is written down to fair value. The interest related OTTI is deferred through the interest maintenance reserve (“IMR”) and the non-interest related OTTI is included in the asset valuation reserve (“AVR”) in the period that the OTTI is considered to have occurred as prescribed by the NAIC.  Losses resulting from OTTI charges, net of transfers to IMR, are recorded within net realized capital gains (losses) in the statements of operations.

The Company invests in structured securities, including residential mortgage backed securities/ collateralized mortgage obligations ("CMO"), asset backed securities, collateralized debt obligations, and commercial mortgage backed securities. Structured securities are reported at amortized cost or fair value based on a designation assigned by the NAIC. They are amortized using the interest method over the period which repayment of principal is expected to occur. For structured securities in unrealized loss positions, the Company determines whether it has the intent to sell or the intent and ability to hold the security for a period of time sufficient to recover the amortized cost. If the Company has the intent and ability to hold the security to recovery, the Company must compare the present value of the expected future cash flows for this security to its carrying value. If the present value of the expected future cash flows for the security is lower than its carrying value, the security is written down to its present value of the expected future cash flows.

Net realized gains and losses on disposed investments are reported in the statements of operations, net of federal income tax and transfers to the IMR.

Under U.S. GAAP, fixed maturities are designated at purchase as held to maturity, trading or available-for-sale, except for those accounted for using the fair value option ("FVO"). Held to maturity investments are reported at amortized cost and the remaining fixed maturity investments are reported at fair value. For those designated as trading, changes in fair value
11
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
are reported in the statements of operations. Available-for-sale securities are reported at fair value with changes in fair value reported as a separate component of other comprehensive income (loss) in shareholder’s equity. Using the FVO, securities are reported at fair value with changes in fair value reported in the statements of operations.

When an intent impairment is determined, the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in net realized capital gains (losses) in the statements of operations as an impairment. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that a credit loss, the impairment is bifurcated into the amount representing the present value of the decrease in cash flows expected not to be collected (“credit impairment”) and the amount related to other factors (“noncredit impairment”). The credit impairment is recorded in net realized capital gains (losses) in the statements of operations. The noncredit impairment is recorded in other comprehensive income (loss) in shareholder’s equity.

Asset Valuation Reserve: The AVR is intended to establish a reserve to offset potential credit related investment losses on most invested asset categories. AVR is determined by an NAIC prescribed formula and is reported as a liability rather than as a valuation allowance or an appropriation of surplus. The change in AVR is reported directly to unassigned surplus.

Interest Maintenance Reserve: Under a formula prescribed by the NAIC, the Company defers the portion of realized gains and losses on sales of fixed income investments, principally bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity based on groupings of individual securities sold in five year bands. The Company reports the net deferral of IMR as a liability on the accompanying balance sheets. When the net deferral of IMR is negative, the amount is reported as a component of other assets and nonadmitted.

Cash and Short-term Investments: Cash and short term investments represent cash balances, demand deposits, and short term fixed maturity investments with initial maturities of one year or less at the date of acquisition.

Under U.S. GAAP, the corresponding caption of cash and cash equivalents includes cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase.

Derivatives: The Company follows the hedge accounting guidance in SSAP No. 86, Derivatives (“SSAP No. 86”) for derivative transactions. Under SSAP No. 86, derivatives that are deemed effective hedges are accounted for entirely in a manner which is consistent with the underlying hedged item. Derivatives used in hedging transactions that do not meet
12
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
the requirements of SSAP No. 86 as an effective hedge are carried at fair value with the change in value recorded in surplus as unrealized gains or losses. Embedded derivatives are not accounted for separately from the host contract.

Under U.S. GAAP, the effective and ineffective portions of a cash flow hedge are accounted for separately. The effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in other net realized capital gains (losses). For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in other net realized capital gains (losses). An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risk of the host contract is reported with the host contract on the balance sheets at fair value, and the change in fair value is recorded in income.

Mortgage Loans: Mortgage loans are reported at amortized cost, less write downs for impairments. If the value of any mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lesser of either the present value of expected cash flows from the loan, discounted at the loan’s original purchase yield or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in net realized capital gains (losses).

Under U.S. GAAP, the Company reports mortgage loans at amortized cost, net of allowance for credit losses. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The change in the allowance for credit losses is recorded in net realized capital gains (losses) in the statements of operations. Loans are written off against the allowance when management believes the uncollectability of a loan balance is confirmed.

Deferred Income Taxes: Deferred tax assets and liabilities represent the future tax recoveries or obligations associated with the accumulation of temporary differences between the tax and financial statement bases of the Company’s assets and liabilities. Deferred tax assets are provided for and admitted to an amount determined under a standard formula in accordance with SSAP No. 101, Income Taxes ("SSAP No. 101"). A valuation allowance is required if
13
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
based on the available evidence; it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the gross deferred tax assets will not be realized. This assessment is determined on a separate reporting entity basis.

After reduction for any valuation allowance, the Company follows the admissibility formula prescribed under SSAP No. 101. These provisions limit the amount of gross deferred tax assets that can be admitted to surplus to those for which ultimate recoverability can be demonstrated. This limitation is based on availability of taxes paid in prior years that could be recovered through carrybacks, the expected timing of reversals for accumulated temporary differences over the next three years to offset future taxes, surplus limits, and the amount of gross deferred tax liabilities available for offset. Any deferred tax assets not covered under the formula are nonadmitted.

SSAP No. 101 requires all changes in deferred tax balances to be included as surplus adjustments; under U.S. GAAP, however, most changes in deferred tax balances are recorded in the income statement (with the exception of certain items that are recorded through Other Comprehensive Income or directly to the equity section of the balance sheet) as a component of the total income tax provision.

U.S. GAAP also requires that deferred taxes be included for all jurisdictions that determine taxes based on income. Thus deferred state income taxes must be recorded under U.S. GAAP. SSAP No. 101, however, specifically prohibits establishing deferred state income tax assets and liabilities.

Investments in Real Estate: Investments in real estate are reported net of related obligations rather than on a gross basis. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company’s occupancy of those properties. Changes between depreciated cost and admitted asset investment amounts are credited or charged directly to unassigned surplus. Properties held for sale are reported at the lower of depreciated cost or fair value, less encumbrances and estimated costs to sell the property. Any real estate not meeting the appraisal requirements established in SSAP No. 40R, Real Estate Investments ("SSAP No. 40R"), shall be nonadmitted until the required appraisals are obtained.

Under U.S. GAAP, property is carried at cost, less accumulated depreciation, and is reported gross of related obligations in other assets on the balance sheets.

Policy Acquisition Costs: The costs of acquiring and renewing business are expensed when incurred.

Under U.S. GAAP, incremental, direct costs of contract acquisition and certain costs related directly to successful acquisition activities are capitalized. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to
14
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
expense as incurred. In addition, the outstanding value of in force business acquired is capitalized. For certain traditional life insurance, to the extent recoverable from future gross profits, acquisition costs are amortized over the premium payment period in proportion to the present value of expected gross premium. For universal life insurance and investment products, to the extent recoverable from future gross profits, acquisition costs are amortized over the estimated lives of the contracts in relation to the emergence of estimated gross profits.

Premiums: Life premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

Under U.S. GAAP, premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized as revenue when due. Amounts received for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and fixed-indexed annuity contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges.

Benefits Paid or Provided: Benefits incurred for universal life and annuity policies represent the total of death benefits paid and the change in policy reserves.

Under U.S. GAAP, benefits and expenses for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and fixed-indexed annuity contracts include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

Benefit and Contract Reserves: Life policy and contract reserves under statutory accounting practices are calculated based upon both the net level premium method and Commissioners’ Reserve Valuation Method (“CRVM”) using statutory rates for mortality and interest. Annuity policy and contract reserves under statutory accounting practices are calculated based upon the Commissioners’ Annuity Reserve Valuation Method (“CARVM”) using statutory rates for mortality and interest.

Under U. S. GAAP policy reserves for traditional products are based upon the net level premium method utilizing best estimates of mortality, interest, and withdrawals prevailing when the policies were sold. For interest sensitive products, the U.S. GAAP policy reserve is equal to the policy fund balance plus an unearned revenue reserve which reflects the unamortized balance of early year policy loads over renewal year policy loads.

15
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Reinsurance: Commissions allowed by reinsurers on business ceded are reported as income when received. Losses generated in certain reinsurance transactions are recognized immediately in income, with gains reported as a separate component of surplus and amortized over the remaining life of the business. For business ceded to unauthorized reinsurers, statutory accounting practices require that reinsurance credits permitted by the treaty be recorded as an offsetting liability and charged against unassigned surplus.

Under U.S. GAAP, ceded future policy benefits and contract owner liabilities are reported gross on the balance sheets. Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on the balance sheets and are stated net of allowances for credit losses, which are charged to earnings. Gains and losses on reinsurance, including commission and expense allowances, are deferred and amortized over the remaining life of the business.

Nonadmitted Assets: Certain assets designated as “nonadmitted,” principally disallowed interest maintenance reserves, non-operating system software, past due agents’ balances, furniture and equipment, intangible assets, and other assets not specifically identified as an admitted asset within the NAIC Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to unassigned surplus. In addition, non-admitted assets include deferred tax assets that are not admissible under SSAP No. 101.  See Deferred Income Taxes above.

Subsidiaries: The accounts and operations of the Company’s subsidiaries are not consolidated. Certain affiliated investments for which audited U.S. GAAP statements are not available, or expected to be available, are nonadmitted.

Under U.S. GAAP, the accounts and operations of the Company’s wholly owned subsidiaries are consolidated. Intercompany transactions and balances are eliminated.
Policyholder Dividends: Policyholder dividends are recognized when declared.

Surplus Notes: Surplus notes issued are reported as a component of surplus on the balance sheets.  Under statutory accounting practices, no interest is recorded on the surplus notes until payment has been approved by the Minnesota Department of Commerce-Insurance Division. 

Under U.S. GAAP, surplus notes are reported as long-term debt, and the related interest is reported as a change to earnings over the term of the notes.

Participation Fund Account: On January 3, 1989, the Minnesota Department of Commerce-Insurance Division approved a Plan of Conversion and Reorganization ("the Plan"), which provided, among other things, for the conversion of the Company from a combined stock and mutual life insurance company to a stock life insurance company.
16
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

The Plan provided for the establishment of a Participation Fund Account ("PFA") for the benefit of certain participating individual life insurance policies and annuities issued by the Company prior to the effective date of the Plan. Under the terms of the PFA, the insurance liabilities and assets (approximately $39.7 and $45.7 as of December 31, 2020 and 2019, respectively) with respect to such policies are included in the Company's financial statements, but are segregated in the accounting records of the Company to assure the continuation of policyholder dividend practices.

Reconciliation to U.S. GAAP: The effects of the preceding variances from U.S. GAAP on the accompanying statutory basis financial statements have not been determined, but are presumed to be material.

Other significant accounting practices are as follows:

Certain reclassifications may be made to prior year amounts to maintain comparability of the years presented.


Investments: Investments are stated at values prescribed by the NAIC, as follows:

Bonds not backed by other loans are stated at either amortized cost or the lower of amortized cost or fair value. Amortized cost is determined using the constant yield or yield to worst method.

The Company does not have any SVO-Identified investments as defined in SSAP No. 26R, Bonds-Revised.

Loan-backed securities are stated at either amortized cost or the lower of amortized cost or fair value. Amortized cost is determined using the effective interest method and includes anticipated prepayments. The prospective adjustment method is used to determine the amortized cost for the majority of loan–backed and structured securities as well as securities that have experienced an OTTI. For certain securities, including Agency-backed securities, the retrospective adjustment method is used to determine amortized cost.

Redeemable preferred stocks rated as high quality or better are reported at cost or amortized cost. All other redeemable preferred stocks are reported at the lower of cost, amortized cost, or fair value and nonredeemable preferred stocks are reported at fair value or the lower of cost or fair value.

Common stocks are reported at fair value and the related unrealized capital gains/losses are reported in unassigned surplus along with adjustment for federal income taxes. Federal Home Loan Bank ("FHLB") common stock is priced at par value.
17
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial cash and/or non-cash collateral is required at a rate of 102% of the market value of the loaned securities. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty’s ability to return securities pledged where collateral is insufficient to cover the loss. Under the securities lending program, the Company also accepts non-cash collateral in the form of securities. The securities retained as collateral may not be sold or re-pledged, except in the event of default, and are not reflected in the Company’s Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and Mortgage-Backed Securities pools.

Short term investments are reported at amortized cost which approximates fair value.

Partnership interests, which are included in other invested assets, are reported at the underlying audited U.S. GAAP equity of the investee. Changes in surplus from distributions are reported in investment income.

Residual collateralized mortgage obligations, which are included in other invested assets on the balance sheet, are reported at amortized cost using the effective interest method.

Surplus notes acquired, which are included in other invested assets on the balance sheets, are reported at amortized cost using the effective interest method. See Note 3 for additional information related to an affiliate surplus note.

Realized capital gains and losses are generally determined using the first in first out method.


The Company’s use of derivatives is primarily for economic hedging purposes to reduce the Company’s exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, and market risk. For those derivatives in effective hedging relationships, the Company values all derivative instruments on a consistent basis with the hedged item. Upon termination, gains and losses on instruments are included in the carrying values of the underlying hedged items and are amortized over the remaining lives of the hedged items as adjustments to investment income or benefits from the hedged items. Any unamortized gains or losses are recognized when the underlying hedged items are sold. The unrealized gains and losses from derivatives not designated as accounting hedges are reported at fair value through surplus. Upon termination, interest related gains and losses on asset hedges are included in IMR and are amortized over the remaining lives of the derivatives; other gains and losses are added to the AVR.
18
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

The Company enters into the following derivatives:

Credit Contracts:

Credit default swaps: Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns, or to assume credit exposure on certain assets that the Company does not own. Payments are made to or received from the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. The Company utilizes these contracts in replication and non qualifying hedging relationships.

Equity Contracts:

Options: The Company may use equity options to hedge against an increase in various equity indices, and interest rate options to hedge against an increase in the interest rate benchmarking crediting strategies within Fixed Indexed Annuities ("FIA") contracts. Such increases may result in increased payments to the holders of the FIA contracts. The Company pays an upfront premium to purchase these options. The Company utilizes these options in non-qualifying hedging relationships.

Foreign Exchange Contracts:

Currency forwards: The Company uses currency forward contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships.

Interest Rate Contracts:

Futures: The Company uses interest rate futures contracts to hedge interest rate risks associated with the CMO-B portfolio.  Changes in the general level of interest rates can result in the potential for adverse changes in the portfolio. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The
19
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Company also posts initial and variation margin with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Swaptions: A swaption is an option to enter into a swap with a forward starting effective date. The Company uses swaptions to hedge against an increase in the interest rate benchmarked crediting strategies within FIA contracts. Such increases may result in increased payments to contract holders of FIA contracts and the interest rate swaptions offset this increased exposure. The Company pays a premium when it purchases the swaption. The Company utilizes these contracts in non-qualifying hedging relationships.

Forwards: The Company uses forward contracts to hedge certain invested assets against movement in interest rates, particularly mortgage rates. The Company uses To Be Announced mortgage-backed securities as an economic hedge against rate movements. The Company utilizes forward contracts in non- qualifying hedging relationships.

Investments in Subsidiary: SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities (“SSAP No. 97”), applies to the Company’s subsidiaries, and controlled and affiliated entities (“SCA”). The Company’s insurance subsidiaries are reported at their underlying statutory basis net assets, and the Company’s non-insurance subsidiaries are reported at the underlying audited U.S. GAAP equity amount adjusted to a limited statutory accounting basis as promulgated by the NAIC Accounting Practices and Procedures Manual. Dividends from subsidiaries are included in net investment income. The remaining net change in the subsidiaries’ equity is included in the change in net unrealized capital gains or losses. SCA entities for which audited statements are not available or expected to be available are nonadmitted. Management regularly reviews its SCAs to determine if an OTTI has occurred. During this review, management makes a judgment as to whether it is probable that the reporting entity will be unable to recover the carrying amount of the investment or there is evidence indicating inability of the investee to sustain earnings.

Contract Loans: Contract loans are reported at unpaid principal balances but not in excess of the cash surrender value.
20
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Aggregate Reserve for Life Policies and Contracts: Life, annuity, and accident and health reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash value or the amounts required by law. Interest rates range from 2.00% to 13.25% for 2020.

The Company waives the deduction of deferred fractional premiums upon the death of the insured. It is the Company’s practice to return a pro rata portion of any premium paid beyond the policy month of death, although it is not contractually required to do so for certain issues. A reserve has been established of $97.1 and $102.1 for any surrender value promised in excess of the reserves as otherwise legally computed reserves at December 31, 2020 and 2019.

The methods used in valuation of substandard policies are as follows:

For life, endowment and term policies issued substandard, the standard reserve during the premium paying period is increased by 50% of the gross annual extra premium. Standard reserves are held on Paid-Up Limited Pay contracts.

For reinsurance accepted with table rating, the reserve established is a multiple of the standard reserve corresponding to the table rating.

For reinsurance with flat extra premiums, the standard reserve is increased by 50% of the flat extra.

The amount of insurance in force for which the gross premiums are less than the net premiums, according to the standard of valuation required by the Minnesota Department of Commerce-Insurance Division, is $5.6 billion and $5.6 billion at December 31, 2020 and 2019, respectively. The amount of premium deficiency reserves for policies on which gross premiums are less than the net premiums is $410.9 and $402.7 at December 31, 2020 and 2019, respectively.

The Company anticipates investment income as a factor in the premium deficiency calculation, in accordance with SSAP No. 54R, Individual and Group Accident and Health Contracts.

The tabular interest has been determined from the basic data for the calculation of policy reserves for all direct ordinary life insurance and for the portion of group life insurance classified as group under Internal Revenue Code ("IRC") Section 79. The method of determination of tabular interest of funds not involving life contingencies is as follows: one hundredth of the product of such valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the year of valuation.
21
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

Reinsurance: Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Reserves are based on the terms of the reinsurance contracts and are consistent with the risks assumed. Premiums and benefits ceded to other companies have been reported as a reduction of premium revenue and benefits expense. Amounts applicable to reinsurance ceded for reserves and unpaid claim liabilities have been reported as reductions of these items, and expense allowances received in connection with reinsurance ceded have been reflected in operations. The Company establishes a receivable for amounts due from reinsurers for claims paid and other amounts recoverable under the terms of the reinsurance contracts.

Electronic Data Processing Equipment: Electronic data processing equipment is carried at cost less accumulated depreciation. Depreciation for major classes of such assets is calculated on a straight line basis over the estimated useful life of the asset, not to exceed three years.

Participating Insurance: Participating business approximates less than 1% of the Company's life insurance in force and less than 2% of premium income. The amount of dividends to be paid to participating policyholders is determined annually by the Board of Directors. Amounts allocable to participating policyholders are based on published dividend projections or expected dividend scales.

Benefit Plans: The Company provides noncontributory retirement plans for substantially all employees and certain agents. Pension costs are charged to operations as contributions are made to the plans. The Company also provides a contributory retirement plan for substantially all employees.






Nonadmitted Assets: Nonadmitted assets are summarized as follows:
December 31
20202019
(In Thousands)
Deferred and uncollected premium$7,297 $8,838 
Reinsurance recoverable18,546 — 
Health care and other amounts receivable517 934 
Other - suspense and clearing4,966 4,812 
Total nonadmitted assets$31,326 $14,584 
22
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

Changes in nonadmitted assets are reported directly in unassigned surplus as an increase or decrease in nonadmitted assets.

Claims and Claims Adjustment Expenses: Claims and claims adjustment expenses represent the estimated ultimate net cost of all reported and unreported claims incurred through December 31, 2020. The Company does not discount claims and claims adjustment expense reserves. Such estimates are based on actuarial projections applied to historical claim payment data. Such liabilities are considered to be reasonable and adequate to discharge the Company’s obligations for claims incurred but unpaid as of December 31, 2020.
Guaranteed Benefits: For variable annuity guarantees, Valuation Manual 21 ("VM-21") is followed. This guideline interprets how to apply the NAIC Commissioners’ Annuity Reserve Valuation Method to Variable Annuities. Both reinsurance and hedging are also reflected. Taxes are not incorporated. All assumptions for the Standard Project Amount are prescribed. Stochastic scenarios, are generated from a prescribed scenario generator ("VM-20"). All other assumptions are set by the actuary using prudent estimates except for prescribed asset defaults and spreads.

Separate Accounts: Most separate account assets and liabilities held by the Company represent funds held for the benefit of the Company’s variable life and annuity policy and contract holders who bear all of the investment risk associated with the policies. Such policies are of a non-guaranteed nature. All net investment experience, positive or negative, is attributed to the policy and contract holders’ account values. The assets and liabilities of these accounts are carried at fair value and are legally segregated and are not subject to claims that arise out of any other business of the Company. There are no product classification differences under U.S. GAAP.


2.    Permitted Statutory Basis Accounting Practices
The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Minnesota Department of Commerce-Insurance Division. The Minnesota Department of Commerce-Insurance Division recognizes only statutory accounting practices prescribed or permitted by the State of Minnesota for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Minnesota Insurance Laws. The NAIC Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Minnesota. The Minnesota Commissioner of Commerce has the right to permit other specific practices that deviate from prescribed practices.
The Company is required to identify those significant accounting practices that are permitted, and obtain written approval of the practices from the Minnesota Department of Commerce-Insurance Division.
23
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
On May 8, 2013, the Company, with the permission of the Minnesota Department of Commerce-Insurance Division, reallocated the gross paid-in and contributed surplus and the unassigned funds components of surplus, computed as of December 31, 2012, similar to the restatement of surplus that occurs pursuant to the prescribed accounting guidance for a quasi-reorganization under SSAP No. 72, Surplus and Quasi-Reorganizations (“SSAP No. 72”). The reallocation resulted in a decrease to gross paid-in and contributed surplus and an increase in unassigned surplus of $618.7. This permitted practice had no impact on net income, total capital and surplus or risk-based capital.

For the years ended December 31, 2020, 2019, and 2018, the Company had no such permitted accounting practices.
24
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
3.    Investments
Bonds and Equity Securities
The cost or amortized cost and fair value of bonds and equity securities are as follows:
Cost or Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(In Thousands)
At December 31, 2020
U.S. Treasury securities and obligations of U.S. government, corporations and agencies$590,193 $171,212 $4 $761,401 
States, municipalities, and political subdivisions454,768 70,133 22 524,879 
Foreign other (par value - $2,104,150 )2,098,885 312,428 3,136 2,408,177 
Foreign government (par value - $265,134)263,209 45,214 — 308,423 
Corporate securities6,372,899 1,431,450 4,689 7,799,660 
Residential mortgage backed securities1,157,340 148,521 8,269 1,297,592 
Commercial mortgage backed securities907,973 71,190 7,212 971,951 
Other asset backed securities436,063 21,175 2,870 454,368 
Total bonds12,281,330 2,271,323 26,202 14,526,451 
Preferred stocks73,875 20,318 — 94,193 
Common stocks16,273 4,607 — 20,880 
Total equity securities90,148 24,925 — 115,073 
Total$12,371,478 $2,296,248 $26,202 $14,641,524 
At December 31, 2019
U.S. Treasury securities and obligations of U.S. government, corporations and agencies$599,559 $95,793 $10 $695,342 
States, municipalities, and political subdivisions463,008 39,156 72 502,092 
Foreign other (par value - $2,210,480)2,219,459 203,148 3,132 2,419,475 
Foreign government (par value - $278,772)277,296 30,346 — 307,642 
Corporate securities6,529,946 895,092 7,318 7,417,720 
Residential mortgage backed securities1,187,919 129,473 6,284 1,311,108 
Commercial mortgage backed securities772,444 44,100 1,037 815,507 
Other asset backed securities464,499 12,856 4,409 472,946 
Total bonds12,514,130 1,449,964 22,262 13,941,832 
Preferred stocks80,899 11,804 — 92,703 
Common stocks17,521 3,573 — 21,094 
Total equity securities98,420 15,377 — 113,797 
Total$12,612,550 $1,465,341 $22,262 $14,055,629 


25
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The aggregate fair value of debt securities with unrealized losses and the time period that amortized cost exceeded fair value are as follows:
Less than 6 Months Below CostMore than 6 Months and Less than 12 Months Below CostMore than 12 Months Below CostTotal
(In Thousands)
At December 31, 2020
Fair value$252,592 $343,124 $159,659 $755,375 
Unrealized loss7,033 13,481 5,687 26,201 
At December 31, 2019
Fair value$423,250 $74,136 $317,303 $814,689 
Unrealized loss6,153 1,479 14,631 22,263 
The amortized cost and fair value of investments in bonds at December 31, 2020, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized CostFair Value
(In Thousands)
Maturity:
Due in 1 year or less$365,935 $372,351 
Due after 1 year through 5 years1,359,020 1,467,832 
Due after 5 years through 10 years1,859,080 2,131,601 
Due after 10 years6,195,920 7,830,757 
9,779,955 11,802,541 
Residential mortgage-backed securities1,157,340 1,297,592 
Commercial mortgage-backed securities907,973 971,950 
Other asset-backed securities436,063 454,368 
Total$12,281,331 $14,526,451 

While the Company actively invests in and continues to manage a portfolio of such exposures in the form of securitized investments, the Company does not originate or purchase subprime or Alt-A whole-loan mortgages. Subprime lending is the origination of loans to customers with weaker credit profiles. The Company defines Alt-A mortgages to include the following: residential mortgage loans to customers who have strong credit profiles but lack some element(s), such as documentation to substantiate income; residential mortgage loans to borrowers that would otherwise be classified as prime but for which loan structure provides repayment options to the borrower that increase the risk of default; and any securities backed by residential mortgage collateral not clearly identifiable as prime or subprime.
26
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Pre-2008 vintage subprime and Alt-A mortgage collateral continues to reflect a housing market entrenched in recovery. While collateral losses continue to be realized, the pace and magnitude at which losses are being realized are steadily decreasing. Serious delinquencies and other measures of performance, like prepayments and loan defaults, have also displayed sustained periods of improvement. Reflecting these fundamental improvements, related bond prices and sector liquidity have increased substantially since the credit crisis. More broadly, home prices have moved steadily higher, further supporting bond payment performance. Year-over-year home price measures, while at a lower magnitude than experienced in the years following the trough in home prices, have stabilized at sustainable levels, when measured on a nationwide basis. While certain geographies began to show signs of slowing in the fourth quarter, this backdrop overall remains supportive of continued improvement in overall borrower payment behavior. In managing our risk exposure to subprime and Alt-A mortgages, we take into account collateral performance and structural characteristics associated with our various positions.
The following table summarizes the Company’s exposure to subprime mortgage backed securities and Alt-A mortgage backed securities through other investments:
Actual CostBook/Adjusted Carrying Value (excluding interest)Fair ValueOther Than Temporary Impairment Losses Recognized
(In Thousands)
December 31, 2020
Residential mortgage-backed securities$80,903 $77,451 $88,234 $334 
Structured securities13,875 13,580 15,310 1 
Total$94,778 $91,031 $103,544 $335 
December 31, 2019
Residential mortgage-backed securities$92,008 $88,135 $103,293 $92 
Structured securities16,331 16,429 18,398 — 
Total$108,339 $104,564 $121,691 $92 
December 31, 2018
Residential mortgage-backed securities$101,533 $98,069 $111,908 $169 
Structured securities23,422 23,784 25,974 — 
Total$124,955 $121,853 $137,882 $169 

The Company did not have underwriting exposure to subprime mortgage risk through investments in subprime mortgage loans, mortgage guaranty or financial guaranty insurance coverage as of December 31, 2020 or 2019.

27
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table shows prepayment penalty and acceleration fees at December 31, 2020, 2019, and 2018:
General AccountSeparate Account
(In Thousands)
2020
Number of CUSIPs75 — 
Aggregate Amount of Investment Income$10,941 $— 
2019
Number of CUSIPs89 — 
Aggregate Amount of Investment Income$8,697 $— 
2018
Number of CUSIPs73 — 
Aggregate Amount of Investment Income$8,612 $— 


The following table shows 5GI securities at December 31, 2020 and 2019:
InvestmentNumber of 5* SecuritiesAggregate BACVAggregate Fair Value
(In Thousands)
202020192020201920202019
Bonds - AC13 13 $167 $164 $190 $176 
LB&SS- AC18 18 3,289 6,298 9,734 8,796 
Preferred Stock-AC— — — — — — 
Preferred Stock- FV— — — — — — 
Total31 31 $3,455 $6,462 $9,924 $8,972 
AC- Amortized Cost FV- Fair Value LB- Loan-backed Securities SS- Structured Securities

Mortgage Loans and Real Estate
All mortgage loans are evaluated by seasoned underwriters, including an appraisal of loan-specific credit quality, property characteristics, and market trends, and assigned a quality rating using the Company’s internally developed quality rating system. The Company's mortgage loans on real estate are all commercial mortgage loans, held for investment.

The maximum and minimum lending rates for long-term mortgage loans acquired or made during 2020 were 5.5% and 3.0%.

There were no taxes, assessments or any amounts advanced and not included in the mortgage loan total as of December 31, 2020 and 2019.    
28
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

Property insurance is required on all collateral securing commercial real estate mortgage loans. Generally the coverage is “all risk” at a level equal to the replacement cost of the improvements. Additional coverage may be required to cover flood, windstorm and other risks associated with collateral type, use and location. 

During 2020, the maximum percentage of any loan to the value of collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages was 78.1% on commercial properties.

The following table shows an age analysis of mortgage loans by type and mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement as of December 31, 2020 and 2019:

29
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
ResidentialCommercial
FarmInsuredAll OtherInsuredAll OtherMezzanineTotal
(In Thousands)
December 31, 2020
Recorded investment (all)
Current$— $— $— $— $1,944,417 $— $1,944,417 
30-59 Days Past Due— — — — — — — 
60-89 Days Past Due— — — — — — — 
90-179 Days Past Due— — — — — — — 
180+ Days Past Due— — — — 2,001 — 2,001 
Accruing Interest 90-179 Days Past Due
Recorded Investment$— $— $— $— $— $— $— 
Interest Accrued— — — — — — — 
Accruing Interest 180+ Days Past Due
Recorded Investment$— $— $— $— $— $— $— 
Interest Accrued— — — — — — — 
Interest Reduced
Recorded Investment$— $— $— $— $— $— $— 
Number of Loans— — — — — — — 
Percent Reduced— — — — — — — 
Participant or Co-lender in a Mortgage Loan Agreement
Recorded Investment$— $— $— $— $1,902,081 $— $1,902,081 
December 31, 2019
Recorded investment (all)
Current$— $— $— $— $2,020,813 $— $2,020,813 
30-59 Days Past Due— — — — — — — 
60-89 Days Past Due— — — — — — — 
90-179 Days Past Due— — — — — — — 
180+ Days Past Due— — — — — — — 
Accruing Interest 90-179 Days Past Due
Recorded Investment$— $— $— $— $— $— $— 
Interest Accrued— — — — — — — 
Accruing Interest 180+ Days Past Due
Recorded Investment$— $— $— $— $— $— $— 
Interest Accrued———————
Interest Reduced
Recorded Investment$— $— $— $— $— $— $— 
Number of Loans— — — — — — — 
Percent Reduced— — — — — — — 
Participant or Co-lender in a Mortgage Loan Agreement
Recorded Investment$— $— $— $— $1,765,739 $— $1,765,739 
30
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The Company had no investments in impaired mortgage loans with or without an allowance for credit losses or in any impaired loans subject to a participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loan as of December 31, 2020 and 2019.
The following table shows investments in impaired mortgage loans held by the Company and the related average recorded investment, the interest income recognized and the investments on nonaccrual status pursuant to SSAP No. 34, Investment Income Due and Accrued as of December 31, 2020, 2019 and 2018:
ResidentialCommercial
FarmInsuredAll OtherInsuredAll OtherMezzanineTotal
(In Thousands)
December 31, 2020
Average recorded investment$— $— $— $— $20,875 $— $20,875 
Interest income recognized— — — — 771 — 771 
Recorded Investments on nonaccrual status— — — — 2,001 — 2,001 
Amount of interest income recognized using a cash-basis method of accounting— — — — 777 — 777 
December 31, 2019
Average recorded investment$— $— $— $— $1,161 $— $1,161 
Interest income recognized— — — — 58 — 58 
Recorded Investments on nonaccrual status— — — — — — — 
Amount of interest income recognized using a cash-basis method of accounting— — — — 65 — 65 
December 31, 2018
Average recorded investment$— $— $— $— $— $— $— 
Interest income recognized— — — — — — — 
Recorded Investments on nonaccrual status— — — — — — — 
Amount of interest income recognized using a cash-basis method of accounting— — — — — — — 

The Company recognizes interest income on its impaired loans upon receipt.
31
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

The Company has no allowances for credit losses as of December 31, 2020 and 2019.

The Company had no mortgage loans derecognized as a result of foreclosure as of December 31, 2020.

The following table shows mortgage loans derecognized as a result of foreclosure as of December 31, 2019:
2019
Aggregate amount of mortgage loans derecognized$1,185 
Real estate collateral recognized— 
Other collateral recognized1,185 
Receivables recognized from a government guarantee of the foreclosed mortgage loan— 

In connection with the closing of the Transaction, the Company purchased certain real property used as Voya Financial, Inc. Atlanta Campus from its then affiliate, VIAC. The cost of the property at time of acquisition was $39.7. As of December 31, 2018, the property is classified as Properties occupied by the company in accordance with SSAP No. 40R.

The Company owned a portion of land (1.47 acres) of a whole block (4.28 acres) located at 680 West Peachtree Street in Midtown Atlanta. It was part of a block bounded by Spring Street, Ponce de Leon, West Peachtree Street and Third Street consisting of three other owners of land. Cousins Properties executed a Purchase and Sale Agreement with the owners of the whole block (4.28 acres). On November 13, 2018, the Company sold its portion of the block (1.47 acres) to Cousins 3WPL and LLC, a Georgia Limited Liability Company. The Company received $17.4 net of closing costs. The Company recognized a gain of $12.4. An additional amount of $1.6 was received and recognized as a gain in 2019 as a result of this sale.

The Company owned 2.102 acres located at 5780 Powers Ferry Road in Sandy Springs, Georgia. The Company was contacted by The Georgia Department of Transportation (GDOT) in September 2018 requesting a Permanent Easement and Right of Way for the upcoming widening of an exit ramp on Interstate 285. The Company engaged a local land planner to provide guidance on the potential use of the entire parcel (2.102 acres). The City of Sandy Springs had changed the zoning classification of the land to include the development of town homes. Based on the change in zoning, the land planner determined that 12 town homes could be developed on the parcel and a local appraiser (CBRE) subsequently provided a land value of $0.6 for such a development. In November 2019, the Company replied to GDOT’s proposal by offering the entire 2.102 acre parcel for $0.6. On June 17, 2020 GDOT confirmed that they would accept the $0.6 offer. On October 9, 2020, the Company sold the entire parcel to GDOT. The Company recognized a gain of $0.3.
32
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Net Realized Capital Gains and Losses
Realized capital (losses) gains are reported net of federal income taxes and amounts transferred to the IMR are as follows:
December 31
202020192018
(In Thousands)
Realized capital (losses)$(55)$(10,080)$(6,614)
Amount transferred to IMR (net of related taxes of
$9,532 in 2020, $196 in 2019 and $(2,077) in 2018)(35,860)(736)7,815 
Federal income tax (expense) benefit(7,718)3,707 (580)
Net realized capital (losses) gains$(43,633)$(7,109)$621 

Realized capital (losses)gains include losses of $64.1, $18.0 and $14.7 related to securities that have experienced an other than temporary decline in value during 2020, 2019 and 2018, respectively.

Proceeds from sales of investments in bonds and other fixed maturity interest securities were $1.2 billion, $1.4 billion and $1.5 billion in 2020, 2019 and 2018, respectively. Gross gains of $89.3, $52.0 and $28.4 and gross losses of $25.6, $20.9 and $32.7 during 2020, 2019 and 2018, respectively, were realized on those sales. A portion of the gains and losses realized in 2020, 2019 and 2018 has been deferred to future periods in the IMR.

33
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table discloses, in aggregate, the OTTI’s recognized by the Company in accordance with structured securities subject to SSAP No. 43R, Loan-backed and Structured Securities (“SSAP No. 43R”) due to intent to sell or inability or lack of intent to hold to recovery in 2020:
Amortized Cost Basis Before Other-than-Temporary ImpairmentOther-than-Temporary Impairment Recognized
InterestNon-interestFair Value
(In Thousands)
First quarter:
Aggregate intent to sell$9,782 $1,643 $— $8,139 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total first quarter$9,782 $1,643 $— $8,139 
Second quarter:
Aggregate intent to sell$108,926 $9,894 $— $99,032 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total second quarter$108,926 $9,894 $— $99,032 
Third quarter:
Aggregate intent to sell$60,639 $1,426 $— $59,213 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total third quarter$60,639 $1,426 $— $59,213 
Fourth quarter:
Aggregate intent to sell$32,104 $624 $— $31,480 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total fourth quarter$32,104 $624 $— $31,480 
TotalN/A$13,587 $— N/A
34
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table discloses in aggregate the OTTI’s recognized by the Company in accordance with structured securities subject to SSAP No. 43R due to intent to sell or inability or lack of intent to hold to recovery in 2019:

Amortized Cost Basis Before Other-than-Temporary ImpairmentOther-than-Temporary Impairment Recognized
InterestNon-interestFair Value
(In Thousands)
First quarter:
Aggregate intent to sell$267 $44 $— $223 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total first quarter$267 $44 $— $223 
Second quarter:
Aggregate intent to sell$6,821 $1,559 $— $5,262 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total second quarter$6,821 $1,559 $— $5,262 
Third quarter:
Aggregate intent to sell$20,691 $163 $— $20,528 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total third quarter$20,691 $163 $— $20,528 
Fourth quarter:
Aggregate intent to sell$60,304 $1,529 $— $58,775 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total fourth quarter$60,304 $1,529 $— $58,775 
TotalN/A$3,295 $— N/A
35
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table discloses in aggregate the OTTI’s recognized by the Company in accordance with structured securities subject to SSAP No. 43R due to intent to sell or inability or lack of intent to hold to recovery in 2018.

Amortized Cost Basis Before OTTIOther-than-Temporary Impairments
InterestNon-interestFair Value
(In Thousands)
First quarter:
Aggregate intent to sell$1,685 $374 $— $1,311 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total first quarter$1,685 $374 $— $1,311 
Second quarter:
Aggregate intent to sell$654 $85 $— $569 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total second quarter$654 $85 $— $569 
Third quarter:
Aggregate intent to sell$7,040 $1,650 $— $5,390 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total third quarter$7,040 $1,650 $— $5,390 
Fourth quarter:
Aggregate intent to sell$10,495 $2,532 $— $7,963 
Aggregate inability or lack of intent to hold to recovery— — — — 
Total fourth quarter$10,495 $2,532 $— $7,963 
TotalN/A$4,641 $— N/A


36
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table discloses in detail the OTTI’s due to present value of cash flows being less than amortized cost recognized by the Company in accordance with structured securities subject to SSAP No. 43R, exclusive of intent impairments, in 2020:
CUSIPBook/Adjusted Carrying Value Amortized Cost Before Current Period OTTIPresent Value of Projected Cash FlowsRecognized Other-Than-Temporary ImpairmentAmortized Cost After Other-Than-Temporary ImpairmentFair Value at Time of OTTI
(In Thousands)
12667GTM5$156 $156 $— $156 $140 
12669GUL3127 106 21 106 99 
17307GE87875 853 23 853 819 
225458PN2330 325 5 325 301 
362341FQ71,636 1,629 7 1,629 1,437 
362341XE4720 710 10 710 709 
36242DT522,629 2,544 85 2,544 2,207 
46627MBY22,925 2,895 30 2,895 2,589 
57643MMM3166 146 20 146 146 
75116CAA4182 176 6 176 158 
761118JH2220 213 7 213 213 
761118VY199 94 5 94 92 
92913BAL2111 47 65 47 47 
94983JAC6418 410 8 410 394 
05948KN70363 361 2 361 361 
12667GTM5148 148 1 148 140 
12669EEH5152 53 99 53 53 
12669GJB889 87 2 87 82 
225458PN2313 308 5 308 303 
46627MBY22,769 2,708 61 2,708 2,698 
92915KAC0425 220 205 220 220 
92915XAE81,149 605 544 605 605 
92916NAB5996 450 546 450 450 
92916PAC8442 237 205 237 237 
92916UAB9428 245 182 245 245 
92916YAE5347 171 176 171 171 
92917TAE5547 342 206 342 342 
12667GTM5140 134 6 134 134 
12669EEH574 52 22 52 52 
12669GJB883 79 4 79 79 
225458PN2299 295 4 295 295 
36242DT522,390 2,299 92 2,299 2,231 
59020UDN266 63 3 63 63 
93935EAC8162 162 — 162 158 
12667GTM5125 125 — 125 125 
12669EEH5150 52 98 52 52 
2254582D9192 180 12 180 180 
37
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
CUSIPBook/Adjusted Carrying Value Amortized Cost Before Current Period OTTIPresent Value of Projected Cash FlowsRecognized Other-Than-Temporary ImpairmentAmortized Cost After Other-Than-Temporary ImpairmentFair Value at Time of OTTI
(In Thousands)
225458PN2280 279 1 279 280 
3623417S22,227 2,218 8 2,218 2,218 
36242DT522,241 2,237 4 2,237 2,191 
$2,780 
Securities with no amount disclosed represents an OTTI of less than $1.
The total amount of OTTI’s recognized by the Company arising from the present value of expected cash flows being less than the amortized cost of structured securities subject to SSAP No. 43R was $2.8, $0.3 and $0.3 in 2020, 2019 and 2018, respectively.

The following table discloses, in the aggregate, all structured securities in an unrealized loss position for which an OTTI has not been recognized in accordance with the requirements of SSAP No. 43R. This includes securities with a recognized OTTI for non-interest related declines when a non-recognized interest related impairment remains:
December 31, 2020
Aggregate Amount of Unrealized LossesAggregate Fair Value of Securities with Unrealized Losses
(In Thousands)
Less than 12 months$13,342 $412,784 
Greater than 12 months5,009 144,599 
Total$18,351 $557,383 
December 31, 2019
Aggregate Amount of Unrealized LossesAggregate Fair Value of Securities with Unrealized Losses
(In Thousands)
Less than 12 months$6,694 $432,758 
Greater than 12 months5,036 166,405 
Total$11,730 $599,163 

Impairments on joint venture, partnerships and limited liability company holdings are taken when the market value is less than 90% of book value, and it is determined that the decline below book value is not recoverable. The fair value of these investments is based upon the Company’s overall proportional ownership interest in the underlying partnership. The

38
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
investment and the amount of the impairments for the years ended December 31, 2020, 2019 and 2018 are as follows:

Year ended December 31
Description202020192018
(In Thousands)
ABRY PARTNERS VII LP$— $119 $— 
AEOLUS PROP CATA KEYSTONE PF FUND5 — — 
AMERICAN SECURITIES PARTNERS VIII LP101 17 — 
APOLLO HYBRID VALUE FUND LP— 2 — 
APOLLO INVESTMENT FUND IX LP— 33 — 
BERKSHIRE FUND IX LP— 616 — 
BLACKSTONE EQ MANAGED ACCT PORT LP120 — — 
BLACKSTONE GRP FUND— — 353 
BOSTON MILLENNIA FUND II, LP PRVT— — 111 
CARLYLE REALTY PARTNERS VIII LP— 49 — 
CERBERUS RM FUND31 — — 
CHAMBERS ENERGY CAPITAL III1,962 198 — 
CHARLESBANK CAP PTNS IX LP— 24 — 
CHARLESBANK CAP PTNS IX OVERAGE PR— 5 — 
CLARION CAPITAL PARTNERS III— 25 — 
CORVEX PARTNERS LP— 629 — 
CVC CREDIT PARTNERS EURO MID MARKET479 — — 
DYAL CAPITAL PARTNERS IV90 29 — 
EAST LODDGE EUROPEAN ABS FUND215 — — 
ENCAP ENERGY CAPITAL FUND XI LP— 75 — 
ENERGY CAPITAL PARTNERS, LP PRVT31 129 1,845 
EQT INFRASTRUCTURE IV— 36 — 
ESG CROSS BORDER EQUITY FUND LP— — 1,251 
FS EQUITY PARTNERS VIII LP— 20 — 
FUNDAMENTAL PARTNERS L.P. PRVT— — 517 
GCG INVESTORS IV LP— 100 — 
GENERAL ATLANTIC INV PTNS 201943 — — 
GENSTAR CAPITAL PARTNERS IX— 9 — 
HARVEST PARTNERS VII LP342 — — 
J. W. CHILDS EQUITY PARTNERS II, L PRVT— — 49 
KAYNE SENIOR CREDIT FUND III199 20 — 
KAYNE SENIOR CREDIT FUND IV183 — — 
KINDERHOOK CAPITAL FUND V-B282 — — 
KKR GLOBAL INFRASTRUCR INVEST III— 21 — 
MACHINE ZONE COMMON STOCK1,022 205 — 
MACHINE ZONE SERIES D1,692 322 — 
MARANON SR CREDIT STRATEGIES FND V250 77 — 
39
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Year ended December 31
Description202020192018
OAKTREE REDF II FUND235 — — 
PEAK ROCK CAP CREDIT FUND II— 15 — 
POMONA VOYA HOLDINGS II LP— 148 — 
QUAD-C PARTNERS IX1 — — 
QUANTUM ENERGY PARTNERS VII433 — — 
SILVER OAK SVS PARTNERS III LP484 254 — 
SHELTER GROWTH OPPOR FUND LTD846 — — 
SOLOUS LLC2,090 — — 
TAILWIND CAPITAL PARTNERS III LP— 33 — 
THOMA BRAVO FUND XIII— 9 — 
TRICADIA CS— — 30 
VISIUM BALANCED FUND— 29 8 
VISTA EQUITY PARTNERS FUND VII LP— 27 — 
Total$11,136 $3,275 $4,164 

Investment Income

Major categories of net investment income are summarized as follows:
Year ended December 31
202020192018
(In Thousands)
Income:
Equity securities$5,895 $4,687 $4,127 
Bonds615,438 633,372 642,790 
Mortgage loans87,124 101,997 103,293 
Derivatives1,234 6,762 10,339 
Contract loans25,284 25,123 28,906 
Real estate7,044 7,032 5,862 
Other99,032 58,427 71,086 
Total investment income841,051 837,400 866,403 
Investment expenses(47,082)(50,962)(46,276)
Net investment income$793,969 $786,438 $820,127 

Securities Lending

The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. As of December 31, 2020 and 2019, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $21.2 and $48.9, respectively.
40
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The Company had loaned securities, which are reflected as invested assets on the balance sheets, with a fair value of approximately $41.4 and $372.0 at December 31, 2020 and 2019, respectively.

The aggregate fair value amount of collateral received, by specific time period, for securities lending agreements at December 31, 2020 and 2019 are shown below:
20202019
(In Thousands)
Open$21,594 $336,624 
30 days or less— — 
31 to 60 days— — 
61 to 90 days— — 
Greater than 90 days— — 
Securities received— — 
Total collateral received$21,594 $336,624 

The Company uses cash collateral received for income generation and general liquidity purposes. At the end of the loan term, the Company will take back its securities, and the counterparty will receive the amount loaned, together with the agreed upon interest.

The aggregate amount of collateral reinvested, by specific time period, for securities lending agreements at December 31, 2020 and 2019 are shown below:
20202019
Amortized CostFair ValueAmortized CostFair Value
(In Thousands)
Open$— $— $— $— 
30 days or less15,432 15,432 137,036 137,040 
31 to 60 days6,162 6,162 50,970 50,974 
61 to 90 days— — 25,789 25,792 
91 to 120 days— — 21,725 21,732 
121 to 180 days— — 53,039 53,040 
181 to 365 days— — 48,065 48,080 
1 to 2 years— — — — 
2 to 3 years— — — — 
Greater than 3 years— — — — 
Securities received— — — — 
Total collateral reinvested$21,594 $21,594 $336,624 $336,658 

The maturity dates of the liabilities appropriately match the invested assets in the securities lending program.
41
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
There were no amounts held as collateral for transactions that extend beyond one year at December 31, 2020 and 2019.


Federal Home Loan Bank Agreements

The Company is a member of the FHLB of Des Moines. The Company has determined the estimated maximum borrowing capacity from the FHLB as $5.9 billion at December 31, 2020. The Company has the ability to obtain funding from the FHLB based on a percentage of the value of its assets and subject to the availability of eligible collateral. The limit across all programs is 30% of the general and separate accounts total assets of the Company, one quarter in arrears.

The amount of FHLB capital stock held by the Company is as follows:

20202019
General AccountSeparate AccountTotalGeneral AccountSeparate AccountTotal
(In Thousands)
Membership stock - Class A$— $— $— $— $— $— 
Membership stock - Class B10,000 — 10,000 10,000 — 10,000 
Activity stock— — — — — — 
Excess stock— — — — — — 
Aggregate total$10,000 $— $10,000 $10,000 $— $10,000 


42
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
All FHLB membership stock is not eligible for redemption.

The amount of collateral pledged to FHLB at the end of the reporting period, and the maximum amount that was pledged to FHLB during the reporting period is as follows:

Amount Pledged at End of Reporting PeriodMaximum Amount Pledged During Reporting Period
Fair ValueCarrying ValueAggregate Total BorrowingFair ValueCarrying ValueAggregate Total Borrowing
(In Thousands)
As of December 31, 2020
General account$389,481 $335,250 $— $389,481 $335,250 $— 
Separate account$— $— $— $— $— $— 
Total$389,481 $335,250 $— $389,481 $335,250 $— 
As of December 31, 2019
General account$123,390 $111,388 $— $123,390 $111,388 $— 
Separate account$— $— $— $— $— $— 
Total$123,390 $111,388 $— $123,390 $111,388 $— 




43
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Restricted Assets
The following table shows assets pledged as collateral or restricted at December 31, 2020:
Gross (Admitted & Nonadmitted) Restricted
General AccountSeparate AccountTotal AssetsTotal From Prior YearIncrease/(Decrease)Total Nonadmitted RestrictedTotal Admitted RestrictedGross (Admitted & Nonadmitted) Restricted to Total AssetsAdmitted Restricted to Total Admitted Assets
Restricted Asset CategoryTotal AssetsSupporting Separate Account Activity*Total AssetsSupporting General Account Activity**
(In Thousands)
Subject to contractual obligation for which liability is not shown$— $— $— $— $— $— $— $— $— — %— %
Collateral held under security lending agreements36,582 — — — 36,582 335,096 (298,514)— 36,582 0.2 %0.2 %
Letter stock or securities restricted as to sale - excluding FHLB capital stock— — — — — — — — — — %— %
FHLB capital stock10,000 — — — 10,000 10,000 — — 10,000 0.1 %0.1 %
On deposit with states30,147 — — — 30,147 27,050 3,097 — 30,147 0.2 %0.2 %
On deposit with other regulatory bodies— — — — — — — — — — %0.0 %
Pledged collateral to FHLB (including assets backing funding agreements)335,250 — — — 335,250 111,388 223,862 — 335,250 1.7 %1.7 %
Derivative Pledged Collateral45,673 — — — 45,673 45,323 350 — 45,673 0.2 %0.2 %
Total restricted assets$457,652 $— $— $— $457,652 $528,857 $(71,205)$— $457,652 2.4 %2.4 %
* Subset of Total General Account Gross Restricted Assets

There were no restricted assets within the separate accounts at December 31, 2020.

44
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

The following table shows assets pledged as collateral or restricted at December 31, 2019:
Gross (Admitted & Nonadmitted) Restricted
General AccountTotal AssetsTotal From Prior YearIncrease/(Decrease)Total Nonadmitted RestrictedTotal Admitted RestrictedGross (Admitted & Nonadmitted) Restricted to Total AssetsAdmitted Restricted to Total Admitted Assets
Restricted Asset CategoryTotal AssetsSupporting Separate Account Activity*
(In Thousands)
Subject to contractual obligation for which liability is not shown$— $— $— $— $— $— $— — %— %
Collateral held under security lending agreements335,096 — 335,096 399,583 (64,487)— 335,096 1.7 %1.7 %
Letter stock or securities restricted as to sale - excluding FHLB capital stock— — — — — — — — %— %
FHLB capital stock10,000 — 10,000 10,000 — — 10,000 0.1 %0.1 %
On deposit with states27,050 — 27,050 78,773 (51,723)— 27,050 0.1 %0.1 %
On deposit with other regulatory bodies— — — — — — — — %— %
Pledged collateral to FHLB (including assets backing funding agreements)111,388 — 111,388 — 111,388 — 111,388 0.6 %0.6 %
Derivative pledged collateral45,323 — 45,323 40,594 4,729 — 45,323 0.2 %0.2 %
Total restricted assets$528,857 $— $528,857 $528,950 $(93)$— $528,857 2.7 %2.7 
* Subset of Total General Account Gross Restricted Assets
There were no restricted assets within the separate accounts at December 31, 2019.
45
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table shows collateral received and reflected as assets at December 31, 2020:
Collateral AssetsBook/Adjusted Carrying Value (BACV)Fair Value% of BACV to Total Assets (Admitted and Nonadmitted)*% of BACV to Total Admitted Assets**
(In Thousands)
Cash, Cash Equivalents and Short-Term Investments$13,920 $13,920 0.08 0.08 
Reinvested collateral assets owned21,594 21,594 0.13 0.13 
Total collateral Assets$35,514 $35,514 0.21 %0.21 %
*BACV divided by total assets excluding Separate Accounts
**BACV divided by total admitted assets excluding Separate Accounts
Amount% of Liability to Total Liabilities
(In Thousands)
Recognized Obligation to Return Collateral Asset (General Account)*$35,514 0.23 %
Recognized Obligation to Return Collateral Asset (Separate Account)**$— — %
*BACV divided by total liabilities excluding Separate Accounts
**BACV divided by total liabilities on Separate Accounts

















46
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table shows collateral received and reflected as assets at December 31, 2019:
Collateral AssetsBook/Adjusted Carrying Value (BACV)Fair Value% of BACV to Total Assets (Admitted and Nonadmitted)*% of BACV to Total Admitted Assets**
(In Thousands)
Cash, Cash Equivalents and Short-Term Investments$23,922 $23,952 0.14 %0.14 %
Reinvested collateral assets owned336,624 336,657 1.94 1.94 
Total collateral assets$360,546 $360,609 2.08 %2.08 %
*BACV divided by total assets excluding Separate Accounts
**BACV divided by total admitted assets excluding Separate Accounts
Amount% of Liability to Total Liabilities*
(In Thousands)
Recognized Obligation to return Collateral Asset (General Account)*$360,546 2.28 %
Recognized Obligation to Return Collateral Asset (Separate Account)**$— — %
*BACV divided by total liabilities excluding Separate Accounts
**BACV divided by total liabilities on Separate Accounts

Troubled Debt Restructuring

The Company has a high quality, well performing, portfolio of commercial mortgage loans and private placement debts. Under certain circumstances, modifications to these contracts are granted. Each modification is evaluated as to whether troubled debt restructuring has occurred. A modification is a troubled debt restructure when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include: reduction of the face amount or maturity amount of the debt as originally stated, reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or reduction of accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment.

47
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
As of December 31, 2020, the Company held 1 private placement troubled restructuring loan with a carrying value of $18.2. As of December 31, 2019, the Company held 1 private placement troubled restructuring loan with a carrying value of $17.3.

For the years ended December 31, 2020 and 2019, the Company’s total recorded investment in restructured debts was $18.2 and $17.3, respectively. The Company realized losses related to these investments of $0.0, $11.2, and $0.0 during 2020, 2019, and 2018, respectively.

The Company has no contractual commitments to extend credit to debtors owing receivables whose terms have been modified in troubled debt restructurings.

The Company accrues interest income on impaired loans to the extent it is deemed collectible, that is delinquent less than 90 days, and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis.


48
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
4.    Derivative Financial Instruments Held for Purposes Other than Trading
The Company’s use of derivatives is primarily for economic hedging purposes to reduce the Company’s exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, and market risk. The Company enters into the following type of derivatives: Credit Contracts, Equity Contracts, Foreign Exchange Contracts and Interest Rate Contracts. The Company's use and hedging strategy of derivatives is detailed in Note 1.
Upfront fees paid or received on derivative contracts are included on the balance sheets as an asset or liability and are being amortized to investment income over the remaining terms of the contracts.

Periodic payments from such contracts are included in investment income on the statements of operations. Accrued amounts payable to or receivable from counterparties are included in other liabilities or accrued investment income on the balance sheet. Gains or losses realized as a result of early terminations are recognized in income in the statement of operations or deferred into IMR and amortized into investment income.
The Company is exposed to credit loss in the event of nonperformance by counterparties on certain derivative contracts; however, the Company does not anticipate nonperformance by any of these counterparties. The amount of such exposure is generally the unrealized gains in such contracts. The Company manages the potential credit exposure from interest rate contracts through careful evaluation of the counterparties’ credit standing, collateral agreements, and master netting agreements.

    Under the terms of the Company’s Over-The-Counter ("OTC") Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that all terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported on the balance sheet.


49
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The table below summarizes the Company's types and amounts of collateral held, pledged and delivered related to OTC derivative contracts and cleared derivative contracts:
As of December 31, 2020As of December 31, 2019
Collateral Type:(In Thousands)
Cash
Held - OTC contracts$717 $2,963 
Held - cleared contracts— — 
Pledged- Cleared Contracts104,053 38,039 
Securities
Delivered45,673 45,323 

The table below summarizes the Company’s derivative contracts, which are reflected as invested assets and a liability on the balance sheets, at December 31, 2020 and 2019:
Notional AmountCarrying ValueFair Value
(In Thousands)
December 31, 2020
Derivative contracts:
Credit contracts$33,165 $(524)$(311)
Equity contracts43,062 847 847 
Foreign exchange contracts144,852 (8,856)(6,354)
Interest rate contracts6,174,160 (64,773)(103,907)
Total derivatives$6,395,239 $(73,306)$(109,725)
December 31, 2019
Derivative contracts:
Credit contracts$51,044 $(284)$(284)
Equity contracts44,274 861 861 
Foreign exchange contracts123,104 (1,734)(1,085)
Interest rate contracts4,974,062 (16,673)(39,410)
Total derivatives$5,192,484 $(17,830)$(39,918)


The Company does not have any derivative contracts with financing premiums.


50
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
5.    Concentrations of Credit Risk
The Company held below investment grade corporate bonds with an aggregate book value of $618.1 and $547.9 and an aggregate market value of $689.2 and $579.9 at December 31, 2020 and 2019, respectively. Those holdings amounted to 5.0% and 4.4% of the Company’s investments in bonds and 3.6% and 3.2% of total admitted assets at December 31, 2020 and 2019, respectively. The holdings of below investment grade bonds are widely diversified and of satisfactory quality based on the Company’s investment policies and credit standards.

The Company held unrated bonds with a carrying value of $135.5 and $21.3 with an aggregate fair value of $146.8 and $21.9 at December 31, 2020 and 2019, respectively. The carrying value of these holdings amounted to 1.1% and 0.2% of the Company’s investment in bonds and 0.8% and 0.1% of the Company’s total admitted assets at December 31, 2020 and 2019.

The Company's commercial mortgage loan portfolio is diversified by geographic region and property type to manage concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates all mortgage loans based on relevant current information including a review of loan-specific credit, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. This review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

The Company rates all commercial mortgages to quantify the level of risk. The Company places those loans with higher risk on a watch list and closely monitors these loans for collateral deficiency or other credit events that may lead to a potential loss of principal and/or interest.


51
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of commercial mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the value of the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property's net income (loss) to its debt service payments. A DSC ratio of less than 1.0 indicates that property's operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. LTV and DSC ratios as of the dates indicated are presented below:
20202019
Carrying Value%Carrying Value%
(In Thousands)(In Thousands)
Origination Loan-to-Value
0% - 50%$225,125 11.6 %$269,088 13.3 %
50% - 60%501,931 25.8 %478,735 23.7 %
60% - 70%1,109,214 56.9 %1,093,754 54.1 %
70% - 80%110,149 5.7 %173,418 8.6 %
80% - 90%— — %5,818 0.3 %
Total$1,946,419 100.0 %$2,020,813 100.0 %
Debt Service Coverage Ratio
Greater than 1.5x$1,550,275 79.6 %$1,632,897 80.9 %
1.25x to 1.5x208,167 10.7 %192,596 9.5 %
1.0x to 1.25x123,824 6.4 %136,245 6.7 %
Less than 1.0x64,153 3.3 %59,075 2.9 %
Not Applicable*— — %— — %
Total$1,946,419 100.0 %$2,020,813 100.0 %
*Commercial mortgage loans secured by land or construction loans
If the value of any mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect on all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to either the present value of expected cash flows from the loan, discounted at the loan’s effective interest rate, or fair value of the collateral.


52
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table shows the Company's mortgage loan portfolio diversification by property type:
As of December 31, 2020As of December 31, 2019
Property TypeCarrying Value%Carrying Value%
(In Thousands)(In Thousands)
Apartments$518,117 26.6 $538,241 26.6 %
Hotel/Motel50,670 2.6 55,410 2.7 %
Industrial389,232 20.0 392,089 19.4 %
Mixed Use16,590 0.9 17,264 0.9 %
Office291,334 15.0 286,386 14.2 %
Other115,747 5.9 121,246 6.0 %
Retail564,729 29.0 610,177 30.2 %
Total$1,946,419 100.0 $2,020,813 100.0 %

The following table shows the Company's mortgage loan portfolio diversification by region:
As of December 31, 2020As of December 31, 2019
RegionCarrying Value%Carrying Value%
(In Thousands)(In Thousands)
Pacific$603,165 31.0 $620,049 30.7 %
South Atlantic424,137 21.8 439,152 21.7 %
West South Central165,030 8.5 181,475 9.0 %
East North Central157,118 8.1 154,302 7.6 %
Middle Atlantic289,486 14.9 301,602 14.9 %
Mountain188,296 9.7 200,104 9.9 %
West North Central59,847 3.1 63,575 3.1 %
New England28,420 1.5 33,151 1.6 %
East South Central30,920 1.6 27,403 1.4 %
Total$1,946,419 100.0 $2,020,813 100.0 %


53
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table shows the carrying value of the Company's mortgage loan portfolio breakdown by year of origination:
Year of Origination20202019
(In Thousands)
2020$78,004 $— 
2019188,123 186,774 
2018128,230 138,387 
2017182,582 190,928 
2016239,095 246,163 
2015227,965 243,317 
2014 and prior902,421 1,015,244 
Total$1,946,419 $2,020,813 


54
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
6.    Reserves
At December 31, 2020 and 2019, the Company’s annuity reserves, including those held in separate accounts and deposit fund liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:
General AccountSeparate Account with GuaranteesSeparate Account Non-GuaranteedTotalPercent of Total
December 31, 2020(In Thousands)
Individual Annuities:
Subject to discretionary withdrawal:
With market value adjustment$36,251 $16,230 $— $52,481 0.9 %
At book value less current surrender charge of 5% or more57,698 — — 57,698 0.9 
At fair value— — 1,101,453 1,101,453 17.9 
Total with market value adjustment or at fair value93,949 16,230 1,101,453 1,211,632 19.7 
Subject to discretionary withdrawal (without adjustment):
At book value without adjustment (minimal or no charge or adjustment)4,756,372 — — 4,756,372 77.2 
Not subject to discretionary withdrawal193,878 — 82 193,960 3.1 
Total gross individual annuities reserves5,044,199 — 16,230 — 1,101,535 — 6,161,964 100.0 %
Less reinsurance ceded575,732 — — 575,732 
Total net individual annuities reserves$4,468,467 $16,230 $1,101,535 $5,586,232 
Amount at book value with surrender charge in the current year that will move to at book value without adjustment for the first time within the year after the statement date$22,633 $— $— $22,633 
Group Annuities:
Subject to discretionary withdrawal:
With market value adjustment$— $— $— $— — %
At book value less current surrender charge of 5% or more1,116 — — 1,116 — 
At fair value— — — — — 
Total with market value adjustment or at fair value1,116 — — 1,116 — 
Subject to discretionary withdrawal (without adjustment):
At book value without adjustment (minimal or no charge or adjustment)2,133,279 — — 2,133,279 93.9 
Not subject to discretionary withdrawal138,013 — — 138,013 6.1 
Total gross group annuities reserves2,272,408 — — — — — 2,272,408 100.0 %
Less reinsurance ceded35,974 — — 35,974 
Total net group annuities reserves$2,236,434 $— $— $2,236,434 
Amount at book value with surrender charge in the current year that will move to at book value without adjustment for the first time within the year after the statement date$502 $— $— $502 
55
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
General AccountSeparate Account with GuaranteesSeparate Account Non-guaranteedTotalPercent of Total
Deposit Type Contracts (no life contingencies):
Subject to discretionary withdrawal:
With market value adjustment$— $— $— $— — %
At book value less current surrender charge of 5% or more— — — — — 
At fair value— — — — — 
Total with market value adjustment or at fair value— — — — — 
Subject to discretionary withdrawal (without adjustment):
At book value without adjustment (minimal or no charge or adjustment)575,366 — — 575,366 71.9 
Not subject to discretionary withdrawal225,003 — — 225,003 28.1 
Total gross deposit type contracts reserves800,369 — — 800,369 100.0 %
Less reinsurance ceded6,048 — — 6,048 
Total net deposit type contracts reserves$794,321 $— $— $794,321 
Amount at book value with surrender charge in the current year that will move to at book value without adjustment for the first time within the year after the statement date$— $— $— $— 

56
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
General AccountSeparate Account with GuaranteesSeparate Account Non-GuaranteedTotalPercent of Total
December 31, 2019(In Thousands)
Individual Annuities:
Subject to discretionary withdrawal:
With market value adjustment$83,473 $18,115 $— $101,588 1.6 %
At book value less current surrender charge of 5% or more23,065 — — $23,065 0.4 
At fair value— — 1,000,907 $1,000,907 16.1 
Total with market value adjustment or at fair value106,538 18,115 1,000,907 1,125,560 18.1 %
At book value without adjustment (minimal or no charge or adjustment)4,879,552 — — 4,879,552 78.3 
Not subject to discretionary withdrawal225,603 — 2,483 228,086 3.6 
Total gross individual annuities reserves5,211,693 18,115 1,003,390 6,233,198 100.0 %
Less reinsurance ceded657,822 — — 657,822 
Total net individual annuities reserves$4,553,871 $18,115 $1,003,390 $5,575,376 
Amount at book value with surrender charge in the current year that will move to at book value without adjustment in the year after the statement date$10,379 $— $— $10,379 
Group Annuities:
Subject to discretionary withdrawal:
At book value less current surrender charge of 5% or more$17,011 $— $— $17,011 0.7 
Total with market value adjustment or at fair value17,011 — — 17,011 0.7 %
At book value without adjustment (minimal or no charge or adjustment)2,166,547 — — 2,166,547 93.1 
Not subject to discretionary withdrawal144,744 — — 144,744 6.2 
Total gross group annuities reserves2,328,302 — — 2,328,302 100.0%
Less reinsurance ceded— — — — 
Total net group annuities reserves$2,328,302 $— $— $2,328,302 
Amount at book value with surrender charge in the current year that will move to at book value without adjustment in the year after the statement date$4,279 $— $— $4,279 

57
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
General AccountSeparate Account with GuaranteesSeparate Account Non-GuaranteedTotalPercent of Total
(In Thousands)
Deposit-Type Contracts (no life contingencies):
Subject to discretionary withdrawal:
At book value without adjustment (minimal or no charge or adjustment)$570,770 $— $— $570,770 71.9 %
Not subject to discretionary withdrawal222,549 — — 222,549 28.1 
Total gross deposit-type contract reserves793,319 — — 793,319 100.0 %
Less reinsurance ceded6,224 — — 6,224 
Total net deposit-type contract reserves$787,095 $— $— $787,095 
Amount at book value with surrender charge in the current year that will move to at book value without adjustment in the year after the statement date$— $— $— $— 





58
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
At December 31, 2020 and 2019, the Company’s life insurance reserves, including those held in separate accounts that are subject to discretionary withdrawal and not subject to discretionary withdrawal provisions are summarized as follows:
Account ValueCash ValueReserve
(In Thousands)
December 31, 2020
General Account
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value$— $96,731 $632,163 
Universal Life1,060,936 1,079,364 1,474,447 
Universal Life with Secondary Guarantees1,249,358 1,226,776 2,397,542 
Indexed Universal Live— — — 
Indexed Universal Life with Secondary Guarantees— — — 
Indexed Life— — — 
Other Permanent Cash Value life Insurance303,780 651,248 1,089,082 
Variable Life2,836 2,836 2,721 
Variable Universal life153,251 152,854 143,733 
Miscellaneous Reserves— — 2,148 
Not subject to discretionary withdrawal
Term Policies without Cash ValueXXXXXX7,935,012 
Accidental Death BenefitsXXXXXX914 
Disability- Active LivesXXXXXX30,595 
Disability- Disabled LivesXXXXXX286,816 
Miscellaneous ReservesXXXXXX622,063 
Total gross life insurance reserves2,770,161 3,209,809 14,617,236 
Less reinsurance ceded505,811 527,872 10,225,736 
Total net life insurance reserves$2,264,350 $2,681,937 $4,391,500 
Separate Account with Guarantees
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value$— $— $— 
Universal Life— — — 
Universal Life with Secondary Guarantees— — — 
Indexed Universal Live— — — 
Indexed Universal Life with Secondary Guarantees— — — 
Indexed Life— — — 
Other Permanent Cash Value life Insurance— — — 
Variable Life— — — 
Variable Universal life— — — 
Miscellaneous Reserves— — — 
59
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Account ValueCash ValueReserve
(In Thousands)
Not subject to discretionary withdrawal
Term Policies without Cash ValueXXXXXX— 
Accidental Death BenefitsXXXXXX— 
Disability- Active LivesXXXXXX— 
Disability- Disabled LivesXXXXXX— 
Miscellaneous ReservesXXXXXX— 
Total gross life insurance reserves— — — 
Less reinsurance ceded— — — 
Total net separate account with guaranteed life insurance reserves$— $— $— 
Separate Account Non-guaranteed
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value$— $— $— 
Universal Life— — — 
Universal Life with Secondary Guarantees— — — 
Indexed Universal Live— — — 
Indexed Universal Life with Secondary Guarantees— — — 
Indexed Life— — — 
Other Permanent Cash Value life Insurance— — — 
Variable Life31,138 31,138 31,138 
Variable Universal life1,452,056 1,449,165 1,447,374 
Miscellaneous Reserves— — — 
Not subject to discretionary withdrawal
Term Policies without Cash ValueXXXXXX— 
Accidental Death BenefitsXXXXXX— 
Disability- Active LivesXXXXXX— 
Disability- Disabled LivesXXXXXX— 
Miscellaneous ReservesXXXXXX— 
Total gross life insurance reserves1,483,194 1,480,303 1,478,512 
Less reinsurance ceded— — — 
Total net separate account with non-guaranteed life insurance reserves$1,483,194 $1,480,303 $1,478,512 

60
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
General Account
Separate Account- Guaranteed
 and Nonguaranteed
Account ValueCash ValueReserveAccount ValueCash ValueReserve
(In Thousands)
December 31, 2019
Subject to discretionary withdrawal, surrender values, or policy loans:
Term Policies with Cash Value$— $75,444 $570,404 $— $— $— 
Universal Life1,113,191 1,124,167 1,584,800 — — — 
Universal Life with Secondary Guarantees1,314,147 1,278,783 2,380,009 — — — 
Other Permanent Cash Value life Insurance313,803 668,848 1,120,581 — — — 
Variable Life3,105 3,105 2,976 28,924 28,924 28,924 
Variable Universal life155,487 154,800 145,400 1,280,764 1,275,959 1,274,181 
Miscellaneous Reserves— — 2,338 — — — 
Not subject to discretionary withdrawal
Term Policies without Cash ValueXXXXXX7,915,644 XXXXXX— 
Accidental Death BenefitsXXXXXX905 XXXXXX— 
Disability- Active LivesXXXXXX30,912 XXXXXX— 
Disability- Disabled LivesXXXXXX293,240 XXXXXX— 
Miscellaneous ReservesXXXXXX613,322 XXXXXX— 
Total gross life insurance reserves2,899,733 3,305,147 14,660,531 1,309,688 1,304,883 1,303,105 
Less reinsurance ceded528,104 534,332 10,166,708 — — — 
Total net life insurance reserves$2,371,629 $2,770,815 $4,493,823 $1,309,688 $1,304,883 $1,303,105 
61
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2020 and 2019 are as follows:
TypeGrossNet of Loading
(In Thousands)
December 31, 2020
Ordinary new business$2,121 $57 
Ordinary renewal(30,947)(31,634)
Group Life(89,792)(93,149)
Totals$(118,618)$(124,726)
December 31, 2019
Ordinary new business$2,239 $(15)
Ordinary renewal(19,743)(24,053)
Group Life(94,900)(98,381)
Totals$(112,404)$(122,449)


62
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
7.    Employee Benefit Plans
Defined Benefit Plan: Voya Services Company (“VSC”) sponsors the Voya Retirement Plan (the “Qualified Plan”). The Qualified Plan is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation (“PBGC”). The Qualified Plan operates under a cash balance plan where participants earn a credit equal to 4% of eligible pay.  The accrued vested balance is portable. The costs allocated to the Company for its employees’ participation in the Qualified Plan were $4.3, $5.3 and $5.1 for 2020, 2019 and 2018, respectively. VSC is responsible for all Qualified Plan liabilities.

Defined Contribution Plans: VSC sponsors the Voya 401(k) Savings Plan (the “Savings Plan”). Substantially all employees of VSC and its subsidiaries and affiliates (excluding certain employees) are eligible to participate, including the Company’s employees other than Company agents. The Savings Plan is a tax qualified defined contribution plan. Savings Plan benefits are not guaranteed by the Pension Benefit Guaranty Corporation (“PBGC”). The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax basis. VSC matches such pretax contributions, up to a maximum of 6% of eligible compensation. All matching contributions are subject to a 4 year graded vesting schedule (although certain specified participants are subject to a 5 year graded vesting schedule). All contributions made to the Savings Plan are subject to certain limits imposed by applicable law. Amounts allocated to the Company for the Savings Plan were $7.3, $6.4 and $5.6 for 2020, 2019 and 2018, respectively.

The Omnibus Plan: Certain employees of the Company participate in the Voya Financial, Inc. 2013, 2014 and 2019 Omnibus Employee Incentive Plans (the "Omnibus Plans"). The Omnibus Plans each permit the granting of a wide range of equity-based awards, including restricted stock units ("RSUs"), performance share units ("PSUs"), and stock options.The costs allocated to the Company under these holding company arrangements for employee participation were $16.3, $14.5 and $14.5 for 2020, 2019 and 2018, respectively.

The Company also offers deferred compensation plans for eligible employees and certain other individuals who meet the eligibility criteria. The Company’s deferred compensation commitment for employees is recorded on the balance sheet in other liabilities and totaled $34.6 and $29.6 for the years ended December 31, 2020 and 2019, respectively.

As of August 1, 2009, Voya's Postretirement Welfare Plans are no longer eligible for the Medicare Retiree Drug Subsidy (“RDS”) that was being shared with retirees and beneficiaries.

Other Benefit Plans: In addition to providing retirement plan benefits, the Company, in conjunction with VSC, provides certain supplemental retirement benefits to eligible employees and health care and life insurance benefits to retired employees and other eligible
63
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
dependents. The supplemental retirement plan includes a nonqualified defined benefit pension plan and a nonqualified defined contribution plan, which means all benefits are payable from the general assets of the Company. The postretirement health care plan is contributory with retiree contribution levels adjusted annually. The life insurance plan provides a flat amount of noncontributory coverage and optional contributory coverage. Prior to April 1, 2017, coverage for Medicare eligible retirees was provided through a fully insured Medicare Advantage plan. Effective April 1, 2017, the fully insured Medicare Advantage Plan was replaced with access to individual coverage through a private exchange. The Company's premium subsidy ended and was replaced with a monthly health reimbursement arrangement ("HRA") contribution.

A summary of assets, obligations and assumptions of the non-qualified defined benefit and other postretirement benefit plans are as follows:
OverfundedUnderfunded
2020201920202019
(In Thousands)
Pension Benefits
Benefit obligation at beginning of year$— $— $26,692 $26,640 
Service cost— — — — 
Interest cost— — 856 1,133 
Contribution by plan participants— — — — 
Actuarial (gain) loss— — 1,258 1,898 
Foreign currency exchange rate changes— — — — 
Benefits paid— — (2,754)(2,979)
Plan amendments— — — — 
Business combinations, divestitures, curtailments, settlements and special termination benefits— — — — 
Benefit obligation at end of year$— $— $26,051 $26,692 
Postretirement Benefits
Benefit obligation at beginning of year$— $— $3,936 $3,946 
Service cost— — — — 
Interest cost— — 97 162 
Contribution by plan participants— — 223 497 
Actuarial (gain) loss— — (338)228 
Foreign currency exchange rate changes— — — — 
Benefits paid— — (557)(897)
Plan amendments— — — — 
Business combinations, divestitures, curtailments, settlements and special termination benefits— — — — 
Benefit obligation at end of year$— $— $3,361 $3,936 
64
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
OverfundedUnderfunded
2020201920202019
(In Thousands)
Special or Contractual Benefits Per SSAP No. 11
Benefit obligation at beginning of year$— $— $— $— 
Service cost— — — — 
Interest cost— — — — 
Contribution by plan participants— — — — 
Actuarial (gain) loss— — — — 
Foreign currency exchange rate changes— — — — 
Benefits paid— — — — 
Plan amendments— — — — 
Business combinations, divestitures, curtailments, settlements and special termination benefits— — — — 
Benefit obligation at end of year$— $— $— $— 
A reconciliation of the beginning and ending balances of the fair value of plan assets is as follows:
Pension BenefitsPostretirement BenefitsSpecial or Contractual Benefits Per SSAP No. 11
202020192020201920202019
(In Thousands)
Fair value of plan assets at beginning of year$— $— $— $— $— $— 
Actual return on plan assets— — — — — — 
Foreign currency exchange rate changes— — — — — — 
Reporting entity contribution2,754 2,979 334 400 — — 
Plan participants' contributions— — 223 497 — — 
Benefits paid(2,754)(2,979)(557)(897)— — 
Business combinations, divestitures and settlements— — — — — — 
Fair value of plan assets at end of year$— $— $— $— $— $— 


65
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The funded status of the plans are as follows:
Pension BenefitsPostretirement Benefits
2020201920202019
(In Thousands)
Components:
Prepaid benefit costs$— $— $— $— 
Overfunded plan assets— — — — 
Accrued benefit costs18,322 18,123 7,339 8,374 
Liability for pension benefits7,729 8,569 (3,978)(4,437)
Assets and Liabilities recognized:
Assets (nonadmitted)$— $— $— $— 
Liabilities recognized26,051 26,692 3,361 3,936 
Unrecognized liabilities$— $— $— $— 

The amount of the net periodic benefit cost recognized is shown below:
Pension BenefitsPostretirement BenefitsSpecial or Contractual Benefits Per SSAP No. 11
202020192018202020192018202020192018
(In Thousands)
Service cost$— $— $— $— $— $— $— $— $— 
Interest cost856 1,133 1,097 97 162 153 — — — 
Expected return on plan assets— — — — — — — — — 
Transition asset or obligation821 821 821 — — — — — — 
Gains and losses1,276 834 1,721 (271)(246)(246)— — (10)
Prior service cost or credit— — — (527)(542)(758)— — — 
Gain or loss recognized due to a settlement or curtailment— — — — — — — — — 
Total net periodic benefit cost$2,953 $2,788 $3,639 $(701)$(626)$(851)$— $— $(10)



66
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost are as follows:
Pension BenefitsPostretirement Benefits
202020192018202020192018
(In Thousands)
Items not yet recognized - prior year$8,569 $8,326 $12,149 $(4,437)$(5,453)$(6,209)
Net transition asset or obligation recognized(821)(821)(821)— — — 
Net prior service cost or credit arising during the period— — — — — — 
Net prior service cost or credit recognized— — — 527 542 758 
Net gain and loss arising during period1,258 1,898 (1,281)(338)228 (248)
Net gain and loss recognized(1,276)(834)(1,721)271 246 246 
Items not yet recognized - current year$7,730 $8,569 $8,326 $(3,977)$(4,437)$(5,453)

The amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic benefit cost are as follows:
Pension BenefitsPostretirement Benefits
202020192018202020192018
(In Thousands)
Net transition asset or obligation$— $821 $1,643 $— $— $— 
Net prior service cost or credit— — — (1,421)(1,948)(2,490)
Net recognized gains and losses7,729 7,748 6,683 (2,557)(2,489)(2,963)

Assumptions used in determining year-end liabilities for the defined benefit plans as of December 31, 2020 and 2019 were as follows:
20202019
Weighted average discount rate2.67 %3.36 %

The weighted-average discount rate used to determine year-end liabilities of other benefit plans was 1.98% and 2.96% as of December 31 2020 and 2019, respectively.
    
Assumptions used in determining expense for the defined benefit plans as of January 1, 2020, 2019 and 2018 were as follows:
202020192018
Weighted average discount rate3.36 %4.46 %3.85 %

The weighted-average discount rate used to determine expense of other benefit plans was 2.96%, 4.18% and 3.64% as of January 1, 2020, 2019, and 2018 respectively.

67
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The annual assumed rate of increase in the per capita cost of covered benefits (i.e. health care cost trend rate) for the medical plan is 6.50%, decreasing gradually to 5.00% over five years.

The amount of accumulated benefit obligation for defined benefit pension plans was $26.1 and $26.7 as of December 31, 2020 and 2019, respectively.

The Company expects to pay the following benefits in future years:
Year ending December 31,Benefits
(In Thousands)
2021$2,677 
20222,616 
20232,526 
20242,416 
20252,323 
2026 through 203010,013 

The Company’s expected future contributions are equal to its expected future benefit payments.

The Company has multiple postretirement welfare benefit plans. The medical plans are contributory, with plan premiums and participants’ contributions adjusted annually. The life insurance plan for retirees is contributory based on retirement date.

The Company does not have any regulatory contribution requirements for 2021, and the Company currently intends to make voluntary contributions of $2.7 to the defined benefit pension plan for 2021.

68
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
8.    Separate Accounts
Separate account assets and liabilities represent funds segregated by the Company for the benefit of certain policy and contract holders who bear the investment risk. Revenues and expenses on the separate account assets and related liabilities equal the benefits paid to the separate account policy and contract holders.

The general nature and characteristics of the separate accounts business is as follows:
IndexedNonindexed Guarantee Less Than/Equal to 4%Nonindexed Guarantee More Than 4%Non-Guaranteed Separate AccountsTotal
(In Thousands)
December 31, 2020
Premium, consideration or deposits for the year$— $— $— $64,208 $64,208 
Reserves for separate accounts with assets at:
Fair value$— $16,230 $— $2,585,558 $2,585,558 
Amortized cost— — — — — 
Total reserves$— $16,230 $— $2,585,558 $2,585,558 
Reserves for separate accounts by withdrawal characteristics:
Subject to discretionary withdrawal:
With market value adjustment$— $16,230 $— $— $— 
At book value without market value adjustment and with
current surrender charge of 5% or more— — — — — 
At fair value— — — 2,585,476 2,585,476 
At book value without market value adjustment and with
current surrender charge less than 5%— — — — — 
Subtotal— — — 2,585,476 2,585,476 
Not subject to discretionary withdrawal— — — 81,759 82 
Total separate account aggregate reserves$— $— $— $2,585,558 $2,585,558 
69
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

IndexedNonindexed Guarantee Less Than/Equal to 4%Nonindexed Guarantee More Than 4%Non-Guaranteed Separate AccountsTotal
(In Thousands)
December 31, 2019
Premium, consideration or deposits for the year$— $— $— $73,707 $— 
Reserves for separate accounts with assets at:
Fair value$— $18,115 $— $2,306,495 $— 
Total reserves$— $18,115 $— $— $— 
Reserves for separate accounts by withdrawal characteristics:
Subject to discretionary withdrawal:
With market value adjustment$— $18,115 $— $— $— 
At fair value— — — 2,304,012 — 
Subtotal— 18,115 — — — 
Not subject to discretionary withdrawal— — — 2,483 — 
Total separate account aggregate reserves$— $18,115 $— $— $— 
The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business. For the years ended December 31, 2020 and 2019, the Company reported assets and liabilities from Individual Annuity, Individual Life and Market Value Adjustment (“MVA”) product lines in separate accounts.

Assets in the separate account are considered legally insulated from the general account, providing protection of such assets from being available to satisfy claims resulting in the general account. The assets legally and not legally insulated from the general account are summarized in the following table, by product or transaction type, as of December 31, 2020 and 2019:
Product or TransactionLegally Insulated AssetsNot Legally Insulated Assets
(In Thousands)
December 31, 2020
Individual Annuity$1,107,081 $— 
Individual Life1,480,238 — 
MVA17,435 — 
$2,604,754 $— 
December 31, 2019
Individual Life$1,306,604 $— 
Individual Annuity1,007,427 — 
MVA17,603 — 
$2,331,634 $— 
70
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
As of December 31, 2020 and 2019 separate account assets for products registered with the SEC totaled $2.6 billion and $2.3 billion, respectively.

In accordance with the products/transactions recorded within the separate account, some separate account liabilities are guaranteed by the general account. To compensate the general account for the risk taken, the separate account paid the following amounts in risk charges:
Year endedRisk Charges
(In Thousands)
2020$12,302 
201912,114 
201812,499 
201712,107 
201611,068 

Total separate account guarantees paid by the Company’s general account are as follows:
Year endedGuarantees Paid
(In Thousands)
2020$452 
2019487 
2018246 
2017307 
2016275 

The Company does not engage in securities lending transactions within the separate account.
A reconciliation of the amounts transferred to and from the separate accounts is presented below:
Year ended December 31
202020192018
(In Thousands)
Transfers as reported in the Summary of Operations
of the Separate Accounts Statement:
Transfers to separate accounts$63,552 $73,359 $79,632 
Transfers from separate accounts(187,246)(216,327)(214,738)
Transfers as reported in the Statements of Operations$(123,694)$(142,968)$(135,106)


71
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Assets supporting separate accounts with additional insurance benefits and minimum investment return guarantees are comprised of fixed maturities, equity securities, including mutual funds, and other invested assets. The aggregate fair value of the invested assets as of December 31, 2020 and 2019 was $2.6 billion and $2.3 billion, respectively.

The Company has separate account accounts for which less than 100% of investment proceeds, net of contract fees and assessments, are attributable to a contract holder. The reinvestment of investment proceeds within the separate account did not result in the Company having a combined investment portfolio that exceeded the state investment limitations imposed on the general account.
72
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
9.    Federal Income Taxes
The Company has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only to the extent the consolidated tax group actually uses the tax benefit of losses generated.

The following is a list of all affiliated companies that participate in the filing of this consolidated federal income tax return:

IIPS of Florida, LLCVoya Financial Advisors, Inc.
ILICA LLCVoya Financial Holdings I, LLC
Langhorne I, LLCVoya Financial Holdings II, LLC
Midwestern United Life Insurance CompanyVoya Financial Partners, LLC
Pen-Cal Administrators, Inc.Voya Financial Products Company, Inc.
Pomona Management LLCVoya Financial, Inc.
Rancho Mountain Properties, Inc.Voya Funds Services, LLC
ReliaStar Life Insurance CompanyVoya Holdings Inc.
ReliaStar Life Insurance Company of New YorkVoya Institutional Plan Services, LLC
Roaring River, LLCVoya Institutional Trust Company
Roaring River II, Inc.Voya Insurance Solutions, Inc.
Roaring River IV Holding, LLCVoya International Nominee Holdings, Inc.
Roaring River IV, LLCVoya Investment Management Alternative Assets LLC
Security Life Assignment Corp.Voya Investment Management Co. LLC
Security Life of Denver Insurance CompanyVoya Investment Management LLC
Security Life of Denver International LimitedVoya Investment Trust Company
SLD America Equities, Inc.Voya Investments Distributor, LLC
SLDI Georgia Holdings, Inc.Voya Investments, LLC
Voya Alternative Asset Management LLCVoya Payroll Management, Inc.
Voya Benefits Company, LLCVoya Pomona Holdings LLC
Voya Capital, LLCVoya Realty Group LLC
Voya Custom Investments LLCVoya Retirement Advisors, LLC
Voya II Custom Investments LLCVoya Retirement Insurance and Annuity Company
Voya Special Investments, Inc.Voya Services Company


73
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Under the intercompany tax sharing agreement, the Company had a (payable)/receivable of $(5.9) at December 31, 2020 and $11.1 at December 31, 2019, respectively, to/from Voya Financial, Inc., an affiliate, for federal income taxes.

Current income taxes incurred consisted of the following major components:
Year ended December 31
202020192018
(In Thousands)
Federal tax expense on operations$42,668 $62,132 $86,359 
Federal tax (benefit) expense on capital gains and losses7,718 (3,707)580 
Total current tax expense incurred$50,386 $58,425 $86,939 

The components of deferred tax asset and deferred tax liability that make up a Net Deferred Tax Asset (DTA) at December 31, 2020 and 2019 are as follows:
12/31/202012/31/2019Change
OrdinaryCapitalTotalOrdinaryCapitalTotalOrdinaryCapitalTotal
(In Thousands)
Gross DTAs$273,969 $37,020 $310,989 $253,685 $28,515 $282,200 $20,284 $8,505 $28,789 
Statutory Valuation Allowance Adjustments— — — — — — — — — 
Adjusted gross DTAs273,969 37,020 310,989 253,685 28,515 282,200 20,284 8,505 28,789 
Defered Tax Assets Nonadmitted— — — — — — — — — 
Admitted Adjusted Gross DTAs273,969 37,020 310,989 253,685 28,515 282,200 20,284 8,505 28,789 
Gross Deferred tax liabilities71,216 37,020 108,236 70,814 28,515 99,329 402 8,505 8,907 
Net Admitted Adjusted Gross DTAs$202,753 $— $202,753 $182,871 $— $182,871 $19,882 $— $19,882 



74
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The admission calculation components by tax character of admitted adjusted gross deferred tax assets as the result of the application of SSAP No. 101 as of December 31, 2020 and 2019 are as follows:
12/31/202012/31/2019Change
OrdinaryCapitalTotalOrdinaryCapitalTotalOrdinaryCapitalTotal
(In Thousands)
a.Federal income taxes paid in prior years recoverable through loss carrybacks$— $— $— $— $— $— $— $— $— 
b.Adjusted gross DTAs expected to be realized (excluding the amount of DTAs from (a)) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)209,021 — 209,021 203,011 — 203,011 6,010 — 6,010 
1. Adjusted gross DTAs expected to be realized following the balance sheet date238,507 37,020 275,527 226,680 28,515 255,195 11,827 8,505 20,332 
2. Adjusted gross DTAs allowed per limitation thresholdXXXXXX209,021 XXXXXX203,011 XXXXXX6,010 
c.Adjusted gross DTAs (excluding the amount of DTAs from (a) and (b) above) offset by gross deferred tax liabilities64,948 37,020 101,968 50,673 28,515 79,188 14,275 8,505 22,780 
d.Deferred tax assets admitted as the result of application SSAP No. 101 Total$273,969 $37,020 $310,989 $253,684 $28,515 $282,199 $20,285 $8,505 $28,790 

The ratio percentage and the amount of adjusted capital and surplus used to determine the recovery period and threshold limitation are as follows:
20202019
(Amounts in Thousands)
Ratio percentage used to determine recovery period and threshold limitation amount886.65 %883.20 %
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation$1,591,746 $1,586,791 


75
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Below shows the calculation to determine the impact of tax planning strategies on adjusted gross and net admitted DTAs:
12/31/202012/31/2019Change
OrdinaryCapitalOrdinaryCapitalOrdinaryCapital
(Amounts in Thousands)
Adjusted gross DTAs$273,969 $37,020 $253,685 $28,515 $20,284 $8,505 
Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies
0.00%
0.00%
0.00%0.00%
0.00%
0.00%
Net Admitted Adjusted Gross DTAs$273,969 $37,020 $253,685 $28,515 $20,284 $8,505 
Percentage of net admitted adjusted gross DTAs by tax character admitted because of the impact of tax planning strategies69.96%0.00%20.79%0.00%49.17%0.00%

The Company’s tax planning strategies do not include the use of reinsurance.
76
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The significant components of deferred tax assets and deferred tax liabilities are as follows:
12/31/202012/31/2019Change
(In Thousands)
Deferred Tax Assets
Ordinary:
Discounting of unpaid losses$321 $321 $— 
Unearned premium reserve26 26 — 
Policyholder reserves75,379 78,205 (2,826)
Investments57,253 42,997 14,256 
Deferred acquisition costs106,277 100,794 5,483 
Policyholder dividends accrual3,130 3,412 (282)
Compensation and benefits accrual10,178 9,279 899 
Pension accrual5,567 6,763 (1,196)
Receivables - nonadmitted6,578 3,063 3,515 
Net operating loss carry-forward1,413 1,413 — 
Tax credit carry-forward4,597 4,507 90 
Other (including items <5% of total ordinary tax assets)3,248 2,904 344 
Subtotal273,967 253,684 20,283 
Admitted ordinary deferred tax assets$273,967 $253,684 $20,283 
Capital:
Investments$37,020 $28,515 $8,505 
Subtotal37,020 28,515 8,505 
Admitted capital deferred tax assets$37,020 $28,515 $8,505 
Admitted deferred tax assets$310,987 $282,199 $28,788 
Deferred Tax Liabilities
Ordinary:
Investments$32,187 $24,775 $7,412 
Fixed assets1,144 1,034 110 
Deferred and uncollected premiums12,569 17,256 (4,687)
Pension Accrural181 — 181 
Policyholder reserves8,657 9,665 (1,008)
Other (including items <5% of total ordinary tax liabilities)219 305 (86)
Subtotal$54,957 $53,035 $1,922 
Capital:
Investments$53,280 $46,294 $6,986 
Subtotal$53,280 $46,294 $6,986 
Total deferred tax liabilities$108,237 $99,329 $8,908 
Net deferred tax assets/liabilities$202,750 $182,870 $19,880 

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2020 and 2019, the Company had no valuation allowances.
77
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The provision for federal income tax expense and change in deferred taxes differs from the amount which would be obtained by applying the statutory federal income tax rate to income (including capital items) before income taxes.

The significant items causing this difference are as follows:
Year Ended December 31
202020192018
AmountEffective Tax RateAmountEffective Tax RateAmountEffective Tax Rate
(Amounts In Thousands)
Ordinary income (loss)$291,705 $104,706 $186,375 
Capital gains (losses)(35,915)(10,815)1,201 
Total pretax income (loss)255,790 93,891 187,576 
Expected tax expense (benefit) at 21% for 2020, 2019 and 201853,716 21.0 %19,717 21.0 %39,391 21.0 %
Increase (decrease) in actual tax reported resulting from:
a.Dividends received deduction(1,640)(0.6)%(1,677)(1.7)%(2,949)(1.6)%
b.Interest maintenance reserve7,313 2.8 %514 0.5 %12,842 6.8 %
c.Reinsurance(17,604)(6.9)%39,920 42.5 %(5,301)(2.8)%
d.Prior year tax— — %— — %(354)(0.2)%
f.Other(118)— %(189)(0.2)%241 0.2 %
Total income tax reported$41,667 16.3 %$58,285 62.1 %$43,870 23.4 %
Current income taxes incurred$50,387 19.7 %$58,425 62.3 %$86,939 46.4 %
Change in deferred income tax*(8,720)(3.4)%(140)(0.1)%(43,069)(23.0)%
Total income tax reported$41,667 16.3 %$58,285 62.2 %$43,870 23.4 %
*    Excluding tax on unrealized gains (losses) and other surplus items.












78
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
As of December 31, 2020, the Company's tax credits and net operating loss carryforward originated and expires as follows:
Year of OriginationYear of ExpirationAmount
(In Thousands)
Low Income Housing Tax Credit20132033$3,904 
Low Income Housing Tax Credit201420342 
Low Income Housing Tax Credit201520352 
Total Low Income Housing Credit$3,908 
Foreign Tax Credit20182028$341 
Foreign Tax Credit20192029147 
Foreign Tax Credit20202030200 
Total Foreign Tax Credit$688 
Net operating Loss20172032$6,729 

There are no amounts of federal income tax incurred that will be available for recoupment in the event of future net losses from 2020, 2019, and 2018.

There were no deposits admitted under Section 6603 of the Internal Revenue Code as of December 31, 2020 and 2019.

The Company has no unrecorded tax liability as of December 31, 2020 and 2019.

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

The Company’s transferable state tax credit assets at December 31, 2020 and 2019 are as follows:

Method of Estimating Utilization of Remaining Transferable State Tax CreditStateCarrying ValueUnused Credit Remaining
(In Thousands)
December 31, 2020
Fixed Credit at time of purchaseAL$118 $— 
Total State Tax Credits$118 $— 
December 31, 2019
Fixed credit at time of purchaseAL$157 $— 
Fixed credit at time of purchaseNC605 640 
Total State Tax Credits$762 $640 

79
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The Company does not have any non-transferable or nonadmitted state tax credit assets at December 31, 2020 or 2019.

The Company estimated the utilization of the remaining transferable and non-transferable state tax credits by projecting future premiums taking into account policy growth and rate changes, projecting future tax liability based on projected premiums, tax rates and tax credits, and comparing projected future tax liability to the availability of remaining transferable tax credits.

A reconciliation of the change in the tax contingencies tax benefits is as follows:
202020192018
(In Thousands)
Balance at beginning of year$— $— $4,151 
Additions for tax positions related to current year— — — 
Reduction for tax positions related to prior year— — 4,151 
Balance at end of year$— $— $— 

The Company had $0.0, $0.0 and $0.0 of tax contingencies as of December 31, 2020, 2019 and 2018, respectively.  

The Company recognizes accrued interest and penalties related to tax contingencies in Federal income taxes and Federal income tax expense on the balance sheet and statements of operation, respectively. The Company had no accrued interest or penalties as of December 31, 2020, 2019 and 2018.

For the tax years 2017 through 2020, Voya Financial, Inc. participates in the IRS Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. The IRS finalized the audit of Voya Financial, Inc. for the period ended December 31, 2018. For the periods ended December 31, 2019 and December 31, 2020, the IRS has determined that Voya Financial, Inc. would be in the Compliance Maintenance Bridge (Bridge) phase of CAP. In the Bridge phase, the IRS does not intend to conduct any review, or provide any letters of assurance for the tax year.

The Coronavirus Aid, Relief, and Economic Security ("CARES") Act, which became effective on March 27, 2020 and the Consolidated Appropriations Act, which became effective on December 27, 2020, have not had any material impact on corporate income taxes.

80
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
10.    Investment in and Advances to Subsidiaries
The Company has two wholly owned insurance subsidiaries at December 31, 2020 and 2019, RNY and RR.

Amounts invested in and advanced to the Company’s subsidiaries are summarized as follows:
December 31
20202019
(In Thousands)
Common stock (cost - $283,016 in 2020 and $283,016 in 2019)$242,761 $303,362 
Limited liability companies (cost - $28,250 in 2020 and $21,750 in 2019)— — 
$242,761 $303,362 

Summarized financial information as of and for the year ended December 31 for these subsidiaries is as follows:
December 31
202020192018
(In Thousands)
Revenues$316,241 $307,434 $324,303 
(Loss) Income before net realized gains and losses(54,647)13,649 (17,715)
Net (loss) income(48,152)(11,404)(15,240)
Admitted assets3,325,113 3,360,435 3,301,782 
Liabilities3,012,492 2,991,836 2,961,316 

Asset and liability amounts for the year ended December 31, 2020, 2019, and 2018 for RNY and RR are included in the above table, however the Company's carrying amount for RR is zero.

The Company received no cash dividends from RNY during years ended December 31, 2020, 2019 and 2018.


81
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
On September 12, 2008, the Company created a Missouri domiciled, wholly owned subsidiary, RR, as a limited liability company. RR received its licensure as a Captive pursuant to Missouri Revised Statutes Chapter 379 Sections 379.1353 to 379.1421 and the rules, regulations and interpretations of the Missouri Department of Insurance. After receiving all required and customary regulatory approvals, RR commenced doing business as a Captive on January 1, 2009. The following table summarizes key financial information related to RR:
December 31
202020192018
(In Thousands)
Carrying Value of RR$— $— $— 
Contributed Capital to RR6,500 — — 
Return of Capital from RR— — 7,500 
Ceded Premium to RR38,083 40,521 42,984 
Ceded Reserves to RR457,651 432,114 405,974 
Ceded Insurance In Force to RR28,698,543 29,374,938 30,177,568 

The Company's share of losses in RR exceeds its investment in the entity for the years ended December 31, 2020 and 2019:
YearReporting Entity's Share of Net Income (Loss)
Accumulated Share
 of Net Income (Losses)
Reporting Entity's Share of Equity, Including Negative EquityGuaranteed Obligation/Commitment for Financial Support (Yes/No)Reported Value
(In Thousands)
2020$(29,308)$(377,747)$(362,497)No$— 
2019$(25,352)$(348,812)$(327,062)No$— 

82
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
11.    Reinsurance
The Company is involved in both ceded and assumed reinsurance with other companies for the purpose of diversifying risk and limiting exposure on larger risks. To the extent that the assuming companies become unable to meet their obligations under these treaties, the Company remains contingently liable to its policyholders for the portion reinsured. To minimize its exposure to significant losses from the reinsurer insolvencies, the Company evaluates the financial condition of the reinsurer and monitors concentrations of credit risk.

Effective January 1, 2019, the Company recaptured a block of 2013 Individual Term Life business previously ceded to FNL Insurance Company, Ltd. Concurrent with the recapture, the Company ceded the business to SLDI, an affiliate. The approximate effects of the transaction on the Company’s 2019 financial statements was a decrease in net income of $129.4 and an increase in surplus of $10.8; the result of $140.2 of a deferred gain.

Effective October 1, 2019, the Company ceded certain life business to New Re, a Swiss reinsurer being part of the Munich Re Group and a certified reinsurer in the state of Minnesota. The Company ceded $248.5 in premiums to New Re; the approximate effects of the transaction on the Company’s 2019 financial statements was an increase in pre-tax income of $29.3 and an increase in surplus of $127.4; the result of a deferred gain.

In connection with the closing of the Transaction, the Company reinsured certain of its fixed annuity business to two wholly owned subsidiaries of Athene. The business being reinsured includes substantially all in-force individual fixed and fixed index deferred and fixed payout annuities of the Company. As a result of the Transaction, the Company no longer issues fixed annuity or fixed indexed annuity contracts. The impact of the reinsurance transaction on the Company's 2018 financial statement was a decrease in net income of approximately $12.0 primarily due to the ceding commission the Company paid to Athene.

Effective December 31, 2018 the Company and its affiliate SLD entered into an Automatic Retrocession Agreement whereby SLD assumed certain life insurance business from the Company on a modified coinsurance basis. The Company ceded $872.8 in premiums to SLD; the approximate effects of the transaction on the Company’s 2018 financial statements was an increase in pre-tax income $10.6 and an increase in surplus of $40.3; the result of a deferred gain.

Assumed premiums amounted to $94.7, $88.5 and $1,213.7 for 2020, 2019 and 2018, respectively.
83
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

The Company’s ceded reinsurance arrangements reduced certain items in the accompanying financial statements by the following amounts:
202020192018
(In Thousands)
Premiums for the year ended$2,086,674 $2,502,311 $3,041,384 
Benefits paid or provided for the year ended1,892,597 2,228,698 1,960,684 
Policy and contract liabilities at year end11,518,475 11,890,454 11,475,126 

The amount of reinsurance credits taken for new agreements executed since January 1, 2020 to include policies or contracts that were in force or which had existing reserves established by the Company were $0.

The Company has reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement. The aggregate reduction in surplus of a unilateral cancellation by the reinsurer which results in a net obligation of the reporting entity to the reinsurer is $0.1 as of December 31, 2020, and the total amount of reinsurance credits taken for these agreements is $0.4 and $0.4 as of December 31, 2020 and 2019, respectively.

The Company estimates that an aggregate reduction in surplus of $7.8 billion would occur in the event that all reinsurance agreements were terminated, by either party, as of December 31, 2020. The amount estimated as of December 31, 2019 and 2018 was $8.0 billion and $7.4 billion, respectively. This excludes any agreements under which the reinsurer may unilaterally cancel for reasons other than nonpayment of premium or other similar credits.


84
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
12.    Capital and Surplus
Under Minnesota insurance regulations, the Company is required to maintain a minimum total capital and surplus of $2.0. Under Minnesota insurance law, an extraordinary dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (1) 10% of the insurer’s policyholder surplus as of the preceding December 31 or (2) the insurer's net gain from operations for the twelve-month period ended the preceding December 31, in each case determined in accordance with statutory accounting principles. In addition, under Minnesota insurance law, no dividend or other distribution exceeding an amount equal to an insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval. An extraordinary dividend or distribution cannot be paid without the prior approval of the Minnesota Department of Commerce-Insurance Division.

The Company's surplus notes as of December 31, 2020:

Date IssuedInterest RateOriginal Issue Amount of NoteIs Surplus Note Holder a Related Party (Y/N)Carrying Value of Note Prior YearCarrying Value of Note Current Year*Unapproved Interest And/Or Principal
12/1/20011.17%$100,000 Y$100,000 $100,000 $528 
XXXXXX$100,000 XXX$100,000 $100,000 $528 
Current year Interest Expense RecognizedLife-To-Date Interest Expense RecognizedCurrent Year Interest Offset Percentage (not including amounts paid to a 3rd party liquidity provider).Current Year Principal PaidLife-To-Date Principal PaidDate of Maturity
$2,295 $66,383 —%$— $— 9/15/2021
$2,295 $66,383 XXX$— $— XXX
Are Surplus Note payments contractually linked? (Y/N)Surplus Note payments subject to administrative offsetting provisions? (Y/N)Were Surplus Notes proceeds used to purchase an asset directly from the holder of the surplus note? (Y/N)Is Asset Issuer a Related Party (Y/N)Type of Assets Received Upon Issuance
NNNN
XXXXXXXXXXXXXXX
Principal Amount of Assets Received Upon IssuanceBook/Adjusted Carry Value of AssetsIs Liquidity Source a Related Party to the Surplus Note Issuer? (Y/N)
$— $— N
$— $— XXX



85
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
A surplus note with a carrying value and par value of $100.0 was issued by the Company to Voya Holdings on December 1, 2001 with September 15, 2021 as the date of maturity. On November 25, 2009, the surplus note transferred beneficial ownership from Voya Holdings to SLDI Georgia Holdings, Inc.("SGH"). For the years ended December 31, 2020, 2019 and 2018, interest paid totaled $2.3, $3.1 and $2.6, respectively. There is no accrued interest for the years ended December 31, 2020 and 2019. The interest rate associated with this surplus debenture varies. The amount of unapproved interest and/or principal associated with this surplus debenture is $0.5, $0.9, and $0.8 as of December 31, 2020, 2019 and 2018, respectively.

Payment of the note and related accrued interest is subordinate to payments due to policyholders, claimant and beneficiary claims, as well as debts owed to all other classes of debtors, other than surplus note holders of the Company in the event of (a) the institution of bankruptcy, reorganization, insolvency, or liquidation proceedings by or against the Company, or (b) the appointment of a Trustee, receiver or other conservator for a substantial part of the Company’s properties. Any payment of principal and/or interest made is subject to the prior approval of the Minnesota Insurance Commissioner.

Capital Contributions and Extraordinary Dividends

On August 11, 2020, the Company paid a capital contribution in the amount of $6.5 to its subsidiary, RR.

On April 4, 2019, the Company declared an extraordinary distribution, which has been recorded as a reduction to paid in capital, in the amount of $360.0 to its sole shareholder, Voya Holdings Inc., for ultimate distribution to Voya Financial, Inc., subject to approval of the Minnesota Department of Commerce-Insurance Division, which was paid on April 30, 2019, after receipt of such approval.

On December 21, 2018, the Company received a return of capital of $7.5 from RR.

The Company did not receive any capital contributions from Voya Holdings during 2020, 2019 and 2018.

Life and health insurance companies are subject to certain Risk Based Capital ("RBC") requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. The Company exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein.


86
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
13.    Fair Values of Financial Instruments
The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes more significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the financial instrument. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying value of the Company.

Life insurance liabilities that contain mortality risk and all nonfinancial instruments have been excluded from the disclosure requirements. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

    The Company’s composition of asset mix can change from period to period and all assets described below may not be held at December 31, 2020.

The following methods and assumptions are used by the Company in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes there to:

Cash, cash equivalents and short term investments: The carrying amounts reported in the accompanying balance sheets for these financial instruments approximate their fair values.

87
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Bonds and equity securities: The Company utilizes a number of valuation methodologies to determine the fair values of its bonds, preferred stocks and common stocks reported herein in conformity with the concepts of “exit price” and the fair value measurement as prescribed in SSAP No. 100R, Fair Value ("SSAP No. 100R"). Valuations are obtained from third party commercial pricing services, brokers, and industry-standard vendor-provided software that models the value based on market observable inputs. The valuations obtained from brokers and third-party commercial pricing services are non-binding. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades, or monitoring of trading volumes.

Fair values of privately placed bonds are determined using a matrix-based pricing model. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer, and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees, and the Company’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values which the Company considers reflective of the fair value of each privately placed bond.

Fair values for actively traded marketable bonds are determined based upon quoted market prices and are classified as Level 1 assets. Corporate bonds, ABS, U.S. agency bonds, and foreign securities use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2. All other bonds are classified as level 2 or 3.

For securities not actively traded, fair values are estimated using values obtained from independent pricing services or, in the case of private placement investments, are estimated by discounting the expected future cash flows. The discount rates used vary as a function of factors such as yield, credit quality, and maturity, which fall within a range between 0.7% and 8.4% over the total portfolio. The Company’s statutory fair values represent the amount that would be received to sell securities at the measurement date (i.e. “exit value” concept).

Mortgage loans: Estimated fair values for commercial real estate loans were generated using a discounted cash flow approach. Loans in good standing are discounted using interest rates determined by U.S. Treasury yields on December 31 and spreads applied on new loans with similar characteristics. The amortizing features of all loans are incorporated in the valuation. Where data on option features is available, option values are determined using a binomial valuation method, and are incorporated into the mortgage valuation. Restructured loans are valued in the same manner; however, these loans were discounted at a greater spread to reflect increased risk.

88
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Derivative financial instruments: Fair values for derivative financial instruments are based on broker/dealer valuations or on internal discounted cash flow pricing models, taking into account current cash flow assumptions and the counterparties’ credit standing.

    The carrying value of all other financial instruments approximates their fair value.

Included in various investment related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or for certain bonds and preferred stock when carried at the lower of cost or market.

Derivatives are carried at fair value, which is determined using the Company’s derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, Standard & Poor's ("S&P") 500 Index prices and London Interbank Offered Rates ("LIBOR") and Overnight Index Swap Rates ("OIS"). For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Derivatives which qualify for special hedge accounting treatment are reported in a manner that is consistent with the accounting for the hedged asset or liability.

The Company's financial assets and liabilities have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the balance sheets are categorized as follows:

▪Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market.

▪Level 2 - Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
a)Quoted prices for similar assets or liabilities in active markets;
b)Quoted prices for identical or similar assets or liabilities in non-active markets;
c)Inputs other than quoted market prices that are observable; and
d)Inputs that are derived principally from or corroborated by observable market data through correlation or other means.
89
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
▪Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

The following valuation methods and assumptions were used by the Company in estimating the reported values for the investments and derivatives described below:

Bonds and other invested assets: Securities that are carried at fair value on the balance sheet are classified as Level 2 or Level 3. Level 2 bond prices are obtained through several commercial pricing services, which incorporate a variety of market observable information in their valuation techniques, including benchmark yields, broker-dealer quotes, credit quality, issuer spreads, bids, offers and other reference data to provide estimated fair values. Fair value for privately placed bonds and other invested assets is determined using a matrix-based pricing model and are classified as Level 2 assets. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. The Company’s level 3 fair value measurements of its bonds and other invested assets are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis.

Preferred and common stock: Fair values of publicly traded equity securities are based upon quoted market price and are classified as Level 1 assets. Certain preferred stock and common stock prices are obtained through commercial pricing services and are classified as Level 2 assets. Other equity securities, typically private equities or equity securities not traded on an exchange are valued by other sources such as analytics or brokers and are classified as Level 3 assets.
Cash equivalents and short-term investments: The fair values for cash equivalents and short-term investments are generally determined based on most quoted market prices.

Assets held in separate accounts: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. Mutual funds, short-term investments and cash are based upon a quoted market price and are included in Level 1. The underlying instruments in bonds have valuations that are obtained from third-party commercial pricing services and brokers and are classified in the fair value hierarchy consistent with the policies described above for bonds.

Derivatives: The carrying amounts for these financial instruments, which can be assets or liabilities, reflect the fair value of the assets and liabilities. Certain derivatives are carried at fair value (on the balance sheets), which is determined using the Company’s derivative accounting system in conjunction with observable key financial data, such as yield curves, exchange rates, S&P 500 Index prices, LIBOR, and OIS, which are obtained from third party
90
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
sources and uploaded into the system. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. The Company’s own credit risk is monitored by comparison of credit ratings from national rating services. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company also has certain swaps and options that are priced using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. Futures and TBA forwards are valued based on quoted prices and listed as level 1. However, all other derivative instruments are valued based on market observable inputs and are classified as Level 2.

Mortgage loans: The fair values for mortgage loans are estimated on a monthly basis using discounted cash flow analyses and rates currently being offered in the marketplace for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. Mortgage loans are classified as Level 3.

Contract loans: The fair value of policy loans approximates the carrying value of the loans. Contract loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 2.

Deposit type contracts: Fair value is estimated as the present value of expected cash flows associated with the contract liabilities discounted using risk-free rates plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

For certain deposit type contracts, fair value is estimated by discounting cash flows at rates that are risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 2.

Supplementary contracts and immediate annuities: Fair value is estimated as the present value of expected cash flows associated with the contract liabilities discounted using risk-free rates plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 2 and 3.


91
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table shows the Company’s financial instruments and the Level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2020:

Aggregate Fair ValueCarrying ValueLevel 1Level 2Level 3
(In Thousands)
Assets:
Bonds, including securities pledged$14,526,452 $12,281,330 $529,046 $13,246,810 $750,596 
Preferred stock94,193 73,875 6,942 5,916 81,335 
Common stock20,880 20,880 41 10,000 10,840 
Mortgage loans2,099,753 1,946,419 — — 2,099,753 
Contract loans484,588 484,588 — 484,588 — 
Other invested assets288,053 206,127 — 288,053 — 
Cash equivalents and short-term investments32,563 32,323 28,116 4,447 — 
Derivatives
Equity contracts4,673 4,673 — 4,673 — 
Foreign exchange contracts734 286 — 734 — 
Interest rate contracts12,700 12,315 624 12,076 — 
Separate account assets2,604,754 2,604,754 2,594,055 9,945 754 
Total Assets$20,169,343 $17,667,570 $3,158,824 $14,067,242 $2,943,278 
Liabilities:
Supplementary contracts and immediate annuities$73,883 $103,665 $— $— $73,883 
Deposit type contracts680,076 680,076 — 680,076 — 
Derivatives
Credit contracts311 524 — 311 — 
Equity contracts3,826 3,826 — 3,826 — 
Foreign exchange contracts7,088 9,142 — 7,088 — 
Interest rate contracts116,608 77,088 35 116,573 — 
Total Liabilities$881,792 $874,321 $35 $807,874 $73,883 

The Company did not have any financial instruments for which it was not practicable to estimate fair value or measured and reported at net asset value (NAV) as of December 31, 2020.


92
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table shows the Company’s financial instruments and the Level within the fair value hierarchy in which the fair value measurements fall as of December 31, 2019:
Aggregate Fair ValueCarrying ValueLevel 1Level 2Level 3
(In Thousands)
Assets:
Bonds, including securities pledged$13,941,832 $12,514,130 $489,570 $12,887,924 $564,338 
Preferred stock92,703 80,899 6,632 5,579 80,492 
Common stock21,093 21,094 36 10,000 11,057 
Mortgage loans2,148,258 2,020,813 — — 2,148,258 
Contract loans523,256 523,256 — 523,256 — 
Other invested assets264,590 204,773 — 264,590 — 
Cash equivalents and short-term investments29,844 29,846 29,794 50 — 
Derivatives
Equity contracts2,813 2,813 — 2,813 — 
Foreign exchange contracts1,626 1,301 — 1,626 — 
Interest rate contracts18,972 18,645 489 18,483 — 
Separate account assets2,331,634 2,331,634 2,320,047 10,607 980 
Total Assets$19,376,621 $17,749,204 $2,846,568 $13,724,928 $2,805,125 
Liabilities:
Supplementary contracts and immediate annuities$89,223 $103,584 $— $— $89,223 
Deposit type contracts683,511 683,511 — 683,511 — 
Derivatives
Credit contracts284 284 — 284 — 
Equity contracts1,952 1,952 — 1,952 — 
Foreign exchange contracts2,710 3,035 — 2,710 — 
Interest rate contracts58,382 35,318 79 58,303 — 
Total Liabilities$836,062 $827,684 $79 $746,760 $89,223 

The Company did not have any financial instruments for which it was not practicable to estimate fair value or measured and reported at net asset value (NAV) as of December 31, 2019.

93
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The table below shows assets and liabilities measured and reported at fair value as of December 31, 2020:
Level 1Level 2Level 3Total
(In Thousands)
Assets:
Common stock$41 $10,000 $10,840 $20,880 
Derivatives
Equity contracts— 4,673 — 4,673 
Interest rate contracts624 11,691 — 12,315 
Separate account assets2,594,055 9,945 754 2,604,754 
Total assets$2,594,720 $36,309 $11,594 $2,642,622 
Liabilities:
Supplementary contracts and immediate annuities$— $— $40,817 $40,817 
Deposit type contracts— 680,076 — 680,076 
Derivatives
Credit contracts— 318 — 318 
Equity contracts— 3,826 — 3,826 
Foreign exchange contracts— 1,028 — 1,028 
Interest rate contracts— 77,088 — 77,088 
Total liabilities$— $762,336 $40,817 $803,153 



94
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The table below shows assets and liabilities measured and reported at fair value as of December 31, 2019:
Level 1Level 2Level 3Total
(In Thousands)
Assets:
Common stock$36 $10,001 $11,057 $21,094 
Derivatives
Equity contracts— 2,813 — 2,813 
Interest rate contracts478 18,166 — 18,644 
Separate account assets2,320,047 10,607 980 2,331,634 
Total assets$2,320,561 $41,587 $12,037 $2,374,185 
Liabilities:
Deposit type contracts$— $683,511 $— $683,511 
Supplementary contracts and immediate annuities— — 40,599 40,599 
Derivatives
Credit contracts— 284 — 284 
Equity contracts— 1,952 — 1,952 
Foreign exchange contracts— 433 — 433 
Interest rate contracts— 35,318 — 35,318 
Total liabilities$— $721,498 $40,599 $762,097 




95
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities for the year ended December 31, 2020:
DescriptionBeginning of the YearTransfers into Level 3Transfers Out of Level 3Total Gains and (Losses) Included in Net IncomeTotal Gains and (Losses) Included in SurplusPurchasesIssuancesSalesSettlementsEnd of the Year
(In Thousands)
Assets
Bonds
Common Stock$11,057 $— $— $(3,182)$1,155 $2,949 $— $— $(1,140)$10,839 
Separate accounts980 — — — (151)— — — (75)754 
Total$12,037 $— $— $(3,182)$1,004 $2,949 $— $— $(1,215)$11,593 
Liabilities
Supplementary contracts and immediate annuities40,599 — — — — — — — 218 $40,817 
Total$40,599 $— $— $— $— $— $— $— $218 $40,817 

There were no transfers into or out of Level 3 during the year ended December 31, 2020. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the most recent quarterly reporting period.

The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities for the year ended December 31, 2019:
DescriptionBeginning of the YearTransfers into Level 3Transfers Out of Level 3Total Gains and (Losses) Included in Net IncomeTotal Gains and (Losses) Included in SurplusPurchasesIssuancesSalesSettlementsEnd of the Year
(In Thousands)
Common Stock$3,808 $— $— $(8,696)$3,262 $12,683 $— $— $— $11,057 
Separate accounts71 — (57)— 16 1,000 — — (50)980 
Total$3,879 $— $(57)$(8,696)$3,278 $13,683 $— $— $(50)$12,037 
Liabilities
Supplementary contracts and immediate annuities$— $42,426 $— $— $— $— $— $— $(1,827)$40,599 
Total$— $42,426 $— $— $— $— $— $— $(1,827)$40,599 

Transfers into or out of Level 3 during the year ended December 31, 2019 are due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes, when prices are not available from one of the commercial pricing services, are reflected as transfers into Level 3. These securities are generally less liquid with very limited trading activity or where less transparency exists corroborating the inputs to the valuation methodologies. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

96
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
Transfers into Level 3 during the year ended December 31, 2019 are the result of a re-evaluation of certain supplementary contracts and immediate annuities previously classified as Level 2. Based on this evaluation, Level 3 classification has been deemed appropriate.


14.Commitments and Contingencies
Operating Leases: The Company is party to certain cost sharing agreements with other affiliated Voya Financial, Inc. companies. Included in those cost sharing arrangements is rent expense, which is allocated to the Company in accordance with systematic cost allocation arrangements. During the years ended December 31, 2020, 2019 and 2018, rent expense totaled $1.7, $1.9 and $1.8, respectively.

Legal Proceedings - The Company is involved in threatened or pending lawsuits/arbitrations arising from the normal conduct of business. Due to the climate in insurance and business litigation/arbitration, suits against the Company sometimes include claims for substantial compensatory, consequential or punitive damages and other types of relief. Certain claims are asserted as class actions, purporting to represent a group of similarly situated individuals. The Company’s litigation includes Henkel of America v. ReliaStar Life Insurance Company (USDC District of Connecticut, No. 1:18-cv-00965) (filed June 8, 2018). Plaintiff alleges that the Company breached the terms of a stop loss policy it issued to Plaintiff by refusing to reimburse Plaintiff for more than $47.0 in claims incurred by participants in prior years and submitted for coverage under the stop loss policy. Plaintiff alleges a breach of contract claim or, in the alternative, that the stop loss policy be declared to cover the submitted claims, and also asserts that the Company engaged in unfair trade practices and unfair insurance practices in violation of state statutes, and did so willfully and intentionally to warrant an award of punitive damages under state law. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously.

In addition, the life insurance industry, including the Company, has experienced litigation alleging, for example, that insurance companies have breached the terms of their life insurance policies by increasing the insurance rates of the applicable policies inappropriately or by factoring into rate adjustments elements not disclosed under the terms of the applicable policies, and, consequently, unjustly enriched themselves. This litigation is generally known as cost of insurance litigation. While it is not possible to forecast the outcome of such lawsuits or arbitrations, in light of existing insurance, reinsurance and established reserves, it is the opinion of management that the disposition of such lawsuits or arbitrations will not have a material adverse effect on the Company's operations or financial position. Cost of insurance litigation for the Company includes Advance Trust & Life Escrow Services, LTA v. ReliaStar Life Insurance Company (USDC District of Minnesota, No. 1:18-cv-02863) (filed October 5, 2018), a putative class action in which Plaintiff alleges that the Company’s universal life insurance policies only permitted the Company to rely upon the policyholders’ expected future mortality experience to establish the cost of insurance, and that as projected
97
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
mortality experience improved, the policy language required the Company to decrease the cost of insurance. Plaintiff alleges that the Company did not decrease the cost of insurance as required, thereby breaching its contract with the policyholders, and seeks class certification. The Company denies the allegations in the complaint, believes the complaint to be without merit, and will defend the lawsuit vigorously.

Regulatory Matters - As with many financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with examinations, inquiries, investigations and audits of the products and practices of the Company or the financial services industry. Some of the investigations, examinations, audits and inquiries could result in regulatory action against the Company. The potential outcome of such regulatory action is difficult to predict, but could subject the Company to adverse consequences, including, but not limited to, additional payments to beneficiaries, settlement payments, penalties, fines and other financial liability, and changes to the Company's policies and procedures. The potential economic consequences cannot be predicted, but management does not believe that the outcome of any such action will have a material adverse effect on the Company's financial position. It is the practice of the Company to cooperate fully in these matters.

Investment Purchase Commitments: As part of its overall investment strategy, the Company has entered into agreements to purchase private placements and commercial mortgages of $28.3 and $30.3 at December 31, 2020 and 2019, respectively. The Company is also committed to provide additional capital contributions of $327.0 and $336.6 at December 31, 2020 and 2019, respectively, in partnerships.

Liquidity: The Company’s principal sources of liquidity are product charges, investment income, premiums, proceeds from the maturity and sale of investments, and capital contributions. Primary uses of these funds are payments of commissions and operating expenses, interest credits, investment purchases, and contract maturities, death benefits, withdrawals, surrenders and dividends to its parent.

The Company’s liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents, and short-term investments. In addition, the investment portfolio is primarily composed of high quality fixed income investments, which include holdings of U.S. Government securities, high quality corporate bonds and agency backed residential mortgage backed securities. Asset/liability management is integrated into many aspects of the Company’s operations, including investment decisions, product development, and determination of crediting rates. As part of the risk management process, different economic scenarios are modeled, including cash flow testing required for insurance regulatory purposes, to determine that existing assets are adequate to meet projected liability cash flows.

98
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)

The fixed account liabilities are supported by a general account portfolio principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the general account considers the assets available-for-sale. This strategy enables the Company to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook, and other relevant factors. The Company’s asset/liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, the Company uses derivative instruments to manage these risks. The Company’s derivative counterparties are of high credit quality.


15.    Financing Agreements
The Company has entered into a reciprocal loan agreement with Voya Financial, Inc. to promote efficient management of cash and liquidity and to provide for unanticipated short-term cash requirements. Under this agreement, which expires December 31, 2030, the Company and Voya Financial, Inc. can borrow up to 2% of the Company’s admitted assets excluding separate accounts as of December 31 of the preceding year from one another. Interest on any borrowing by a subsidiary under a reciprocal loan agreement is charged at a rate based on the prevailing market rate for similar third-party borrowing or securities. Under this agreement, the Company received interest income of $0.1, $0.3 and $0.4 for the years ended December 31, 2020, 2019, and 2018, respectively.

There was minimal interest expense incurred on borrowed money for the years ended December 31, 2020, 2019, and 2018.

As of December 31, 2020 and 2019, the Company had $0.0 and $0.0 outstanding receivable and no outstanding payable from Voya Financial, Inc. under the reciprocal loan agreement.

As of December 31, 2020, the Company is the beneficiary of letters of credit totaling $716.1; terms of the letters of credit provide for automatic renewal for the following year at December 31, unless otherwise canceled or terminated by either party to the financing.


99
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
16.    Related Party Transactions
The Company has entered into various management and services contracts with other affiliated Voya Financial, Inc. companies. The costs associated with these agreements are allocated among those companies in accordance with systematic cost allocation methods. The Company's material related party agreements are detailed below:

Investment Management: The Company has entered into an investment advisory agreement with Voya Investment Management LLC ("VIM") under which VIM provides the Company with investment management services. For the years ended December 31, 2020, 2019 and 2018, expenses were incurred in the amounts of $30.6, $30.4 and $29.3, respectively.

Services Agreements: The Company has entered into an inter-insurer services agreement with its U.S. insurance company affiliates and other affiliates (collectively, the "affiliates") whereby the affiliates provide certain administrative, management, professional, advisory, consulting, and other services to each other. For the years ended December 31, 2020, 2019 and 2018, expenses were incurred in the amounts of $2.4, $10.3 and $16.8, respectively.

For the year ended December 31, 2020, the Company transferred investment securities of $72.0 to Voya Retirement Insurance and Annuity Company ("VRIAC").

The Company has entered into a services agreement with VSC whereby VSC provides certain administrative, management, professional, advisory, consulting and other services to the Company. For the years ended December 31, 2020, 2019 and 2018, expenses were incurred in the amounts of $341.3, $247.6 and $209.6, respectively.

Tax Sharing Agreements: See Note 9 for disclosure related to the federal tax sharing agreement.

The Company has also entered into a state tax sharing agreement with Voya Financial, Inc. and each of the specific subsidiaries that are parties to the agreement.  The state tax agreement applies to situations in which Voya Financial, Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis.


100
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
17.    Accident and Health Contracts
The change in the liability for unpaid accident and health claims and claim adjustment expenses is summarized as follows:
20202019
(In Thousands)
Balance at January 1$434,279 $414,947 
Less reinsurance recoverables362,541 340,095 
Net balance at January 171,738 74,852 
Incurred related to:
Current year342,964 118,038 
Prior years239,767 (12,948)
Total incurred582,731 105,090 
Paid related to:
Current year191,477 78,408 
Prior years90,404 29,796 
Total paid281,881 108,204 
Net balance at December 31372,589 71,738 
Plus reinsurance recoverables63,809 362,541 
Balance at December 31$436,398 $434,279 

The change in incurred losses and loss adjustment expenses attributable to insured events of prior years is generally the result of ongoing analysis of recent loss development trends, but could include a reduction due to retrospectively rated contracts. Incurred and paid claims are presented net of reinsurance. Original estimates are increased or decreased as additional information becomes known regarding individual claims.

As a result of a modified coinsurance reinsurance agreement, the entire claim liability is held by the Company, while only 20% of the paid claims remain on the Company's financial statements. Incurred and paid claims are presented net of reinsurance.

The liability for unpaid accident and health claims and claim adjustment expenses is included in accident and health reserves and unpaid claims on the balance sheet.

As of December 31, 2020, a $7.5 decrease in reserves was driven by two updates to the Supplemental Benefit IBNR calculation: 1) Pegged loss ratios were updated to reflect recent trends and 2) The grading period from the pegged loss ratio to the full claims experience was updated to reflect the speed at which claims develop.

101
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
The Company currently does not actively write any health insurance premium subject to the Affordable Care Act Risk sharing provisions. The Company's existing health insurance business consists of grandfathered policies issued prior to March 23, 2010 that are not Qualified Health Plans (“QHP”), as defined in the Affordable Care Act. As a result, the Company does not have any admitted assets, liabilities or revenue elements under any program regarding the risk sharing provisions of the Affordable Care Act for the reporting periods ended December 31, 2020, 2019 and 2018.


18.    Retrospectively Rated Contracts
The Company estimates accrued retrospective premium adjustments for its group life and health insurance business through a mathematical approach using an algorithm of the Company’s underwriting rules and experience rating practices. The Company records accrued retrospective premium as an adjustment to earned premium. The amount of group life premiums written, net of reinsurance, by the Company that was subject to retrospective rating features was $16.0, $13.9, and $12.7 for December 31, 2020, 2019, and 2018, respectively. This represented $3.1%, 7.9%, and 2.3% of the total group life premiums written, net of reinsurance, for December 31, 2020, 2019 and 2018, respectively. The amount of group health premiums written, net of reinsurance, which are subject to retrospective rating features by the Company was $79.1, $1.7, and $1.6 for December 31, 2020, 2019 and 2018, respectively. This represented 5.1%, 0.6%, and 1.0% of net group health premiums written at December 31, 2020, 2019 and 2018, respectively.


102
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
19.    Direct Premiums Written/Produced by Managing General Agents/Third Party
Administrators
Name of Managing General Agent or Third Party AdministratorFEIN NumberExclusive ContractType of Business WrittenType of Authority Granted *Total Direct Premiums Written
(In Thousands)
2020
Disability Reinsurance Management Services
One Riverfront Plaza
Westbrook, ME 04092-9700
01-0483086NoDisability IncomeC,CA,B,U$161,212 
Total$161,212 
2019
Disability Reinsurance Management Services One Riverfront Plaza Westbrook, ME 04092-970001-0483086NoDisability IncomeC,CA,B,U$145,534 
Total$145,534 
2018
Disability Reinsurance Management Services One Riverfront Plaza Westbrook, ME 04092-970001-0483086NoDisability IncomeC,CA,B,U$123.535 
Total$123,535 
* C = Claims payment, CA = Claims adjustment, B = Binding authority, U = Underwriting


103
RELIASTAR LIFE INSURANCE COMPANY
Notes to Financial Statements – Statutory Basis
December 31, 2020    
_________________________________________________________________________________________________________________________________________________________
(Dollar amounts in millions, unless otherwise stated)
20.    Subsequent Events
The Company has evaluated all events occurring after December 31, 2020 through April 5, 2021, the date the financial statements were available to be issued, to determine whether any event required either recognition or disclosure in the statutory-basis financial statements. No other material subsequent events were noted other than those already disclosed.
On January 4, 2021, the Company's ultimate parent, Voya Financial, Inc., closed a transaction with Resolution Life US for the sale of Voya Financial, Inc.'s life insurance and legacy non-retirement annuity businesses and related assets. See Note 1 for more details.

On March 30, 2021, the Company received a return of capital of $52.0 from RR.

On March 31, 2021, Voya Holding Inc. contributed, Voya Financial Holding II, LLC ("VFHII") to the Company . Immediately after VFHII paid a return of capital of $20.0 to the Company. Subsequently the Company liquidated VFHII.



104