Voya 2013 Annual Report Download - page 142

Retirement Solutions-Annuities
The following table summarizes Operating earnings before income taxes of the Annuities segment for the
periods indicated:
Years Ended December 31,
($ in millions) 2013 2012 2011
Operating revenues:
Net investment income and net realized gains (losses) ...... $1,149.9 $1,223.3 $1,321.9
Fee income ....................................... 45.1 35.5 29.8
Premiums ......................................... 36.4 35.9 34.1
Other revenue ..................................... 13.2 12.3 15.6
Total operating revenues ................................. 1,244.6 1,307.0 1,401.4
Operating benefits and expenses:
Interest credited and other benefits to contract owners/
policyholders .................................... 730.9 854.1 978.0
Operating expenses ................................. 127.0 124.7 126.7
Net amortization of DAC/VOBA ...................... 92.9 225.5 (91.5)
Interest expense .................................... — 0.5 0.6
Total operating benefits and expenses ...................... 950.8 1,204.8 1,013.8
Operating earnings before income taxes ................... $ 293.8 $ 102.2 $ 387.6
The following table summarizes certain notable items that resulted in volatility in Operating earnings before
income taxes:
Years Ended December 31,
($ in millions) 2013 2012 2011
DAC/VOBA and other intangibles unlocking(1)(2) . . $83.3 $(86.2) $266.0
Net gain from Lehman Recovery/LIHTC ......... 13.5 — —
Loss on sale of alternative investments ........... — (18.0) —
(1) Unlocking related to the Net gain from Lehman Recovery/LIHTC is excluded from DAC/VOBA and other
intangibles unlocking for the year ended December 31, 2013 (and included in Net gain from Lehman
Recovery/LIHTC).
(2) Includes the impacts of the annual review of assumptions. See “—Unlocking of DAC/VOBA and other
Contract Owner/Policyholder Intangibles” for further description.
The following table summarizes AUM for our Annuities segment as of the dates indicated:
As of December 31,
($ in millions) 2013 2012 2011
AUM:
General account ......................... $22,432.2 $22,915.8 $25,198.5
Separate account ........................ 829.6 751.7 730.4
Mutual funds ........................... 3,384.9 2,433.6 1,761.3
Total AUM ................................ $26,646.7 $26,101.1 $27,690.2
132