Voya 2013 Annual Report Download - page 151

The following table summarizes sales, gross premiums and in-force for our Employee Benefits segment for
the periods indicated:
Years Ended December 31,
($ in millions) 2013 2012 2011
Sales by Product Line:
Group life ................................ $ 58.3 $ 47.9 $ 36.8
Group stop loss ............................ 153.4 151.6 140.9
Other group products ........................ 24.1 31.1 19.8
Total group products ............................ 235.8 230.6 197.5
Voluntary products ............................. 27.2 24.5 28.0
Total sales by product line ................... $ 263.0 $ 255.1 $ 225.5
Total gross premiums and deposits ................. $1,261.5 $1,252.1 $1,244.6
Total annualized in-force premiums ................ 1,294.6 1,286.6 1,259.5
Loss Ratios:
Group life (interest adjusted) ................. 78.7% 76.9% 77.5%
Group stop loss ............................ 75.3% 72.9% 82.9%
Employee Benefits—Year Ended December 31, 2013 Compared to Year Ended December 31, 2012
Operating revenues
Net investment income and net realized gains (losses) increased $3.3 million from $114.3 million to
$117.6 million primarily due to $4.3 million of net investment income from Lehman Recovery/LIHTC in the
current period and a loss on the sale of certain alternative investments in the prior period. Excluding the impact
of these asset sales, Net investment income and net realized gains (losses) decreased due to lower investment
income on the CMO-B investment portfolio, as a result of portfolio restructuring in the prior period.
Premiums increased $7.8 million from $1,078.1 million to $1,085.9 million primarily due to higher group
life premiums resulting from higher sales and favorable persistency and a new voluntary product introduced in
2013. This was partially offset by lower group stop loss premiums.
Operating benefits and expenses
Interest credited and other benefits to contract owners/policyholders increased $11.3 million from
$892.1 million to $903.4 million primarily due to higher group life claims, partially offset by improved retained
disability results. The current period loss ratios were lower than or within expected ranges although higher than
the prior period.
Net amortization of DAC/VOBA increased $3.4 million from $13.5 million to $16.9 million primarily due to
increased amortization resulting from terminated cases and higher gross profits on the UL block.
Operating earnings before income taxes
Operating earnings before income taxes decreased $3.3 million from $109.4 million to $106.1 million
primarily due to higher group life claims and higher DAC/VOBA amortization. Partially offsetting these items
was higher group life premiums and higher investment income, resulting from the Net gain from Lehman
Recovery/LIHTC in the current period and a loss on the sale of certain alternative investments in the prior period.
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