Voya 2013 Annual Report Download - page 238

ING U.S., Inc.
Consolidated Statements of Operations
For the Years Ended December 31, 2013, 2012 and 2011
(In millions, except per share data)
Years Ended December 31,
2013 2012 2011
Revenues:
Net investment income ....................................... $4,689.0 $ 4,697.9 $ 4,968.8
Fee income ................................................ 3,666.3 3,515.4 3,603.6
Premiums .................................................. 1,956.3 1,861.1 1,770.0
Net realized gains (losses):
Total other-than-temporary impairments ..................... (43.7) (74.1) (550.6)
Less: Portion of other-than-temporary impairments recognized in
Other comprehensive income (loss) ....................... (8.0) (19.0) (47.9)
Net other-than-temporary impairments recognized in earnings (35.7) (55.1) (502.7)
Other net realized capital gains (losses) (2,499.1) (1,225.7) (1,028.7)
Total net realized capital gains (losses) ...................... (2,534.8) (1,280.8) (1,531.4)
Other revenue .............................................. 433.0 378.5 428.2
Income (loss) related to consolidated investment entities:
Net investment income (loss) .............................. 545.2 556.6 528.4
Changes in fair value related to collateralized loan obligations .... 3.5 (113.4) (48.8)
Total revenues .................................................. 8,758.5 9,615.3 9,718.8
Benefits and expenses:
Policyholder benefits ......................................... 2,409.4 2,613.5 3,286.5
Interest credited to contract owner account balance ................. 2,088.4 2,248.1 2,455.5
Operating expenses .......................................... 2,686.7 3,155.0 3,030.8
Net amortization of deferred policy acquisition costs and value of
business acquired .......................................... 442.8 722.3 387.0
Interest expense ............................................. 184.8 153.7 139.3
Operating expenses related to consolidated investment entities: .......
Interest expense ......................................... 180.6 106.4 68.4
Other expense .......................................... 7.7 10.3 73.5
Total benefits and expenses ....................................... 8,000.4 9,009.3 9,441.0
Income (loss) before income taxes .................................. 758.1 606.0 277.8
Income tax expense (benefit) ...................................... (32.5) (5.2) 175.0
Net income (loss) ............................................... 790.6 611.2 102.8
Less: Net income (loss) attributable to noncontrolling interest ........ 190.1 138.2 190.9
Net income (loss) available to ING U.S., Inc.’s common shareholders ...... $ 600.5 $ 473.0 $ (88.1)
Net income (loss) available to ING U.S., Inc.’s common shareholders per
common share:
Basic ..................................................... $ 2.40 $ 2.06 $ (0.38)
Diluted .................................................... $ 2.38 $ 2.06 $ (0.38)
Cash dividends declared per share of common stock ................ $ 0.02 $ — $ —
The accompanying notes are an integral part of these Consolidated Financial Statements.
228