Voya 2013 Annual Report Download - page 147

Insurance Solutions—Individual Life
The following table summarizes Operating earnings before income taxes of our Individual Life segment for
the periods indicated:
Years Ended December 31,
($ in millions) 2013 2012 2011
Operating revenues:
Net investment income and net realized gains (losses) . . . $ 915.5 $ 913.8 $ 950.0
Fee income .................................. 1,113.7 1,115.7 1,139.2
Premiums .................................... 737.9 737.8 660.9
Other revenue ................................ 24.8 26.6 34.9
Total operating revenues ............................ 2,791.9 2,793.9 2,785.0
Operating benefits and expenses:
Interest credited and other benefits to contract owners/
policyholders ............................... 2,001.5 2,034.4 1,855.1
Operating expenses ............................ 358.3 390.5 332.8
Net amortization of DAC/VOBA ................. 176.2 162.3 298.9
Interest expense ............................... 1.1 10.5 18.9
Total operating benefits and expenses ................. 2,537.1 2,597.7 2,505.7
Operating earnings before income taxes .............. $ 254.8 $ 196.2 $ 279.3
The following table summarizes certain notable items that resulted in 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) ............. $ 4.8 $ 3.4 $(6.4)
Net gain from Lehman Recovery/LIHTC ................... 39.7 — —
Loss on sale of alternative investments ..................... — (13.1) —
(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.
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