Voya 2013 Annual Report Download - page 148

The following table summarizes sales, gross premiums, in-force and policy count for our Individual Life
segment for the periods indicated:
Years Ended December 31,
($ in millions) 2013 2012 2011
Sales by Product Line:
Universal life:
Guaranteed ............................................ $ 0.6 $ 72.7 $ 68.1
Accumulation .......................................... 12.7 25.3 28.7
Indexed ............................................... 27.6 33.5 28.3
Total universal life .......................................... 40.9 131.5 125.1
Variable life ................................................ 8.6 6.3 12.3
Whole life ................................................. 0.2 — —
Term ..................................................... 50.1 116.3 155.5
Total sales by product line ................................ $ 99.8 $ 254.1 $ 292.9
Total gross premiums ........................................ $ 1,997.1 $ 2,324.6 $ 2,140.7
End of period:
In-force face amount ..................................... $604,990.2 $607,975.5 $567,718.1
In-force policy count ..................................... 1,332,148 1,352,844 1,313,057
New business policy count (paid) ........................... 53,237 119,936 156,650
Individual Life—Year Ended December 31, 2013 Compared to Year Ended December 31, 2012
Operating revenues
Net investment income and net realized gains (losses) increased $1.7 million from $913.8 million to
$915.5 million primarily due to $47.2 million of net investment income from Lehman Recovery/LIHTC in the
current period compared to a $13.1 million loss on the sale of certain alternative investments in the prior period
and higher alternative investment income in the prior period. Mostly offsetting these were lower investment
income on the CMO-B investment portfolio, as a result of portfolio restructuring in the prior period and lower
yields on commercial mortgages.
Fee income decreased $2.0 million from $1,115.7 million to $1,113.7 million primarily due to lower net
contractual charges resulting from a reduction of secondary guarantee product sales. This was partially offset by
favorable unlocking of intangibles resulting from prospective assumption changes and an increase in cost of
insurance fees on the aging in-force block.
Operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders decreased $32.9 million from
$2,034.4 million to $2,001.5 million primarily due to lower benefit costs resulting from lower guarantee and term
product sales, improved UL mortality and favorable first quarter 2013 incurred but not recorded (“IBNR”)
development. In addition, favorable intangible unlocking, resulting from prospective assumption changes,
contributed to the decrease in the current period. These decreases were partially offset by higher gross claims on
the term block.
Operating expenses decreased $32.2 million from $390.5 million to $358.3 million primarily due to lower
sales related expenses partially offset by increased credit facility fees supporting reinsurance transactions.
Net amortization of DAC/VOBA increased $13.9 million from $162.3 million to $176.2 million primarily
due to changes in unlocking of DAC/VOBA, excluding other intangibles unlocking. The favorable DAC
unlocking in the current period was $22.5 million lower than the prior period favorable unlocking largely due to
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