Voya 2013 Annual Report Download - page 162

The following table summarizes dividends permitted to be paid by our Principal Insurance Subsidiaries to
ING U.S., Inc. or Lion Holdings without the need for insurance regulatory approval for the periods presented:
Dividends Permitted without
Approval
($ in millions) 2014 2013 2012
Subsidiary Name (State of domicile):
ING USA Annuity and Life Insurance Company (IA) ...... $216.3(3) $— $—
ING Life Insurance and Annuity Company (CT) .......... 371.4(4) 264.1(1) 190.0(2)
Security Life of Denver Insurance Company (CO) ......... 32.5(3) ——
ReliaStar Life Insurance Company (MN) ................ 194.0(3) ——
(1) $264.1 million could have been paid without approval after June 26, 2013. $174.0 million was paid on
May 8, 2013 as an extraordinary distribution. $90.0 million was paid as an ordinary dividend on
December 9, 2013.
(2) $190.0 million was paid as part of the June 26, 2012 distribution of $800.0 million.
(3) These can be paid as ordinary dividends after May 8, 2014.
(4) $281.4 million can be paid as ordinary dividends after May 8, 2014. $90.0 million can be paid as ordinary
dividends after December 9, 2014.
The following table summarizes dividends and return of capital distributions paid by each of the Company’s
principal insurance subsidiaries to ING U.S., Inc. or Lion Holdings for the periods indicated:
Dividends Paid
Return of Capital
Distributions
Years Ended
December 31,
Years Ended
December 31,
($ in millions) 2013 2012 2013 2012
Subsidiary Name (State of domicile):
ING USA Annuity and Life Insurance Company (IA)(1) .... $ — $ — $230.0 $250.0
ING Life Insurance and Annuity Company (CT)(2) ........ 264.0 190.0 — 150.0
Security Life of Denver Insurance Company (CO)(3) ....... — — 447.0 80.0
ReliaStar Life Insurance Company (MN)(4) .............. — 130.0 583.0 —
(1) Iowa Insurance Division approved ING USA’s 2013 and 2012 return of capital distributions.
(2) Connecticut Insurance Department approved ILIAC’s $174.0 million extraordinary dividend as part of the
May 8, 2013 extraordinary distribution. In December 2013, ILIAC paid a $90.0 million ordinary dividend.
In 2012, ILIAC paid $340.0 million in distributions, which included a $190.0 million ordinary dividend.
(3) Colorado Insurance Division approved SLD’s 2013 and 2012 return of capital distributions.
(4) Minnesota Insurance Division approved RLI’s 2013 distribution and 2012 dividend.
In March and April 2013, in response to requests made in 2012 and refreshed in 2013, our insurance
subsidiaries domiciled in Colorado, Connecticut, Iowa and Minnesota received approvals or notices of non-
objection, as the case may be, from their respective domiciliary insurance regulators to make extraordinary
distributions to ING U.S., Inc. or Lion Holdings, a wholly owned subsidiary of ING U.S., Inc., in the aggregate
amount of $1,434.0 million, contingent upon completion of the IPO and the use of the extraordinary distribution
funds solely for Company operations. The approved distributions of $1,434.0 million were made on May 8, 2013.
In addition, on May 8, 2013, our Principal Insurance Subsidiaries domiciled in Colorado, Iowa and
Minnesota each reset, on a one-time basis, their respective negative unassigned funds account as of December 31,
2012 (as reported in their respective 2012 statutory annual statements) to zero (with an offsetting reduction in
gross paid-in capital and contributed surplus). These resets were made pursuant to permitted practices in
accordance with statutory accounting practices granted by their respective domiciliary insurance regulators.
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