Voya 2013 Annual Report Download - page 163

These permitted practices have no impact on total capital and surplus of these insurance subsidiaries and were
recorded in their second quarter statutory financial statements. See “Item 1. Business-Regulation—Insurance
Regulation—Insurance Holding Company Regulation—Dividend Payment Restrictions”.
In June 2012, our Principal Insurance Subsidiaries domiciled in Colorado, Connecticut, Iowa and Minnesota
received regulatory approvals or notices of non-objection from their respective domiciliary insurance regulators
to make distributions to ING U.S., Inc. or Lion Holdings in the aggregate amount of $800.0 million. Such
distributions were made on June 26, 2012. These domiciliary state regulatory actions were taken by the relevant
domiciliary state insurance regulators in response to requests that stated the intended use of the proceeds was to
provide $500.0 million to our captive reinsurance subsidiary, SLDI, and retain the balance at ING U.S., Inc. for
general corporate purposes. On June 26, 2012, ING U.S., Inc. made a capital contribution to SLDI in the amount
of $400.0 million. Additionally, ING U.S., Inc. repaid $100.0 million of intercompany loans from a subsidiary of
SLDI and, on June 28, 2012 the proceeds of this loan repayment were used by such subsidiary to pay a dividend
to SLDI.
Effective December 20, 2013, SLDI redomesticated from the Cayman Islands to the State of Arizona. SLDI
may not declare or pay dividends other than in accordance with its annual capital and dividend plan as approved
by the ADOI, which includes a minimum capital requirement. SLDI did not declare or pay a dividend for the
years ended December 31, 2013 and 2012.
We may receive dividends from or contribute capital to our wholly owned non-life insurance subsidiaries
such as broker-dealers, investment management entities and intermediate holding companies. For the years ended
December 31, 2013 and 2012, dividends net of capital contributions received by ING U.S., Inc. and Lion
Holdings from non-life subsidiaries were $100.0 million and $93.0 million, respectively.
Description of Certain Indebtedness
We borrow funds to provide liquidity, invest in the growth of the business and for general corporate
purposes. Our ability to access these borrowings depends on a variety of factors including, but not limited to, the
credit rating of ING U.S., Inc. and of its insurance company subsidiaries and general macroeconomic conditions.
The following table summarizes our borrowing activities for the year ended December 31, 2013:
($ in millions)
Beginning
Balance Issuance
Maturities and
Repayment
Other
Changes
Ending
Balance
Short-Term Debt:
Commercial paper ............................. $ 192.0 $ 474.9 $ (666.9) $— $ —
Current portion of long-term debt ................. 872.6 — (873.0) 0.4 —
Total short-term debt ........................... $1,064.6 $ 474.9 $(1,539.9) $ 0.4 $ —
Long-Term Debt:
Debt securities ................................ $1,500.4 $2,146.8 $ (138.7) $ 1.3 $3,509.8
Borrowings from ING V ........................ 500.0 — (500.0) — —
Windsor property loan .......................... 4.9 — — — 4.9
Syndicated Bank Term Loans .................... 1,350.0 — (1,350.0) — —
Surplus notes ................................. 688.4 — (688.4) — —
Subtotal ..................................... $4,043.7 $2,146.8 $(2,677.1) $ 1.3 $3,514.7
Less: Current portion of long-term debt ............ 872.6 — (873.0) 0.4 —
Total long-term debt ........................... $3,171.1 $2,146.8 $(1,804.1) $ 0.9 $3,514.7
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