Voya 2013 Annual Report Download - page 117

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
(Dollar amounts in millions, unless otherwise stated)
For the purposes of this discussion, the “Company,” “we,” “our,” “us” and “ING U.S., Inc.” refer to ING U.S.,
Inc. and its subsidiaries. As of the date of this Annual Report on Form 10-K, ING Group is our majority
shareholder.
The following discussion and analysis of our financial condition and results of operations should be read in
conjunction with the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K.
In addition to historical data, this discussion contains forward-looking statements about our business, operations
and financial performance based on current expectations that involve risks, uncertainties and assumptions.
Actual results may differ materially from those discussed in the forward-looking statements as a result of various
factors. See “Note Concerning Forward-Looking Statements.”
Overview
We provide our principal products and services in three ongoing businesses—Retirement Solutions,
Investment Management and Insurance Solutions—and report our results for these ongoing businesses through
five segments.
The Retirement Solutions business provides its products and services through two segments: Retirement and
Annuities:
• Our Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and
administrative services in corporate, education, healthcare and government markets. Our Retirement
segment also provides rollover IRAs and other retail financial products as well as comprehensive
financial advisory services to individual customers. Our retirement products and services are
distributed through multiple intermediary channels, including TPAs, independent and national
wirehouse affiliated brokers and registered investment advisors, in addition to independent sales agents
and consulting firms. We also have a direct sales team for large defined contribution plans and stable
value business, as well as a team of affiliated brokers who sell our products both in person and via
telephone.
• Our Annuities segment provides fixed and indexed annuities, tax-qualified mutual fund custodial
products and payout annuities for pre-retirement wealth accumulation and post-retirement income
management. Annuity products are primarily distributed by independent marketing organizations,
independent broker-dealers, banks, independent insurance agents, pension professionals and affiliated
broker-dealers.
The Investment Management business provides its products and services through a single segment, also
called Investment Management:
• Our Investment Management business provides investment products and retirement solutions to both
individual and institutional customers by offering domestic and international fixed income, equity,
multi-asset and alternative products and solutions across a range of asset classes, geographies, market
sectors, investment styles and capitalization spectrums. Investment Management products and services
are primarily marketed to institutional clients, including public, corporate and union retirement plans,
endowments and foundations and insurance companies, as well as individual investors and the general
accounts of our insurance company subsidiaries. Investment Management products and services are
distributed through a combination of our direct sales force, consultant channel and intermediary
partners (such as banks, broker-dealers and independent financial advisers).
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