Voya 2013 Annual Report Download - page 139

Results of Operations—Segment by Segment
Retirement Solutions—Retirement
The following table summarizes Operating earnings before income taxes of our Retirement segment for the
periods indicated:
Years Ended December 31,
($ in millions) 2013 2012 2011
Operating revenues:
Net investment income and net realized gains (losses) ...... $1,569.6 $1,499.9 $1,435.9
Fee income ....................................... 759.9 715.0 713.5
Premiums ......................................... 5.7 4.9 8.1
Other revenue ..................................... 64.2 52.1 67.9
Total operating revenues ................................. 2,399.4 2,271.9 2,225.4
Operating benefits and expenses:
Interest credited and other benefits to contract owners/
policyholders .................................... 848.4 842.2 826.2
Operating expenses ................................. 839.9 824.9 844.5
Net amortization of DAC/VOBA ...................... 115.3 155.0 111.1
Interest expense .................................... — 1.2 1.7
Total operating benefits and expenses ...................... 1,803.6 1,823.3 1,783.5
Operating earnings before income taxes ................... $ 595.8 $ 448.6 $ 441.9
The following table summarizes certain notable items that represented the volatility in Operating earnings
before income taxes for the periods indicated:
Years Ended December 31,
($ in millions) 2013 2012 2011
DAC/VOBA and other intangibles unlocking(1)(2) ............. $45.6 $ 5.8 $44.2
Net gain from Lehman Recovery/LIHTC .................... 12.9 — —
Loss on sale of alternative investments ...................... — (48.1) —
(1) Unlocking related to the Net gain from Lehman Recovery/LIHTC is excluded from DAC/VOBA and other
intangibles unlocking for the year ended December 31, 2013 (and included in Net gain from Lehman
Recovery/LIHTC).
(2) Includes the impacts of the annual review of assumptions. See “—Unlocking of DAC/VOBA and other
Contract Owner/Policyholder Intangibles” for further description.
The following tables summarize AUM and AUA for our Retirement segment as of the dates indicated:
As of December 31,
($ in millions) 2013 2012 2011
Corporate market ......................... $ 40,123.7 $ 33,265.9 $ 29,134.4
Tax exempt market ....................... 53,200.5 46,986.1 42,691.3
Total full service plans ................ 93,324.2 80,252.0 71,825.7
Stable value(1) ........................... 8,914.3 7,792.1 5,560.9
Individual market ........................ 2,998.4 2,427.1 2,091.1
Total AUM ......................... 105,236.9 90,471.2 79,477.7
AUA .................................. 237,777.1 213,675.5 208,366.0
Total AUM and AUA ..................... $343,014.0 $304,146.7 $287,843.7
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