Voya 2013 Annual Report Download - page 241

ING U.S., Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2013, 2012 and 2011
(In millions)
Years Ended December 31,
2013 2012 2011
Cash Flows from Operating Activities:
Net income (loss) ........................................ $ 790.6 $ 611.2 $ 102.8
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Capitalization of deferred policy acquisition costs, value of
business acquired and sales inducements ................ (439.2) (642.7) (692.2)
Net amortization of deferred policy acquisition costs, value of
business acquired and sales inducements ................ 495.5 784.9 401.0
Net accretion/amortization of discount/premium ............ 54.9 70.8 133.4
Future policy benefits, claims reserves and interest credited . . . 493.2 949.2 2,946.0
Deferred income tax (benefit) expense .................... (110.8) (44.5) 236.6
Net realized capital losses .............................. 2,534.8 1,280.8 1,531.4
Depreciation and amortization .......................... 85.4 90.5 96.0
Employee retirement (benefit) cost ....................... (384.8) 190.3 204.5
Employer retirement contributions ....................... (57.4) (105.9) (178.0)
Share-based compensation ............................. 80.0 52.4 60.5
Gains on consolidated investment entities ................. (214.5) (265.4) (315.3)
(Gains) losses on limited partnerships/corporations .......... (91.0) 138.3 42.6
Change in:
Accrued investment income ........................ (33.6) 18.2 (35.9)
Reinsurance recoverable ........................... 467.8 344.1 35.0
Other receivables and assets accruals ................. 24.8 125.4 12.1
Other payables and accruals ........................ (91.2) 78.3 (293.2)
Funds held under reinsurance agreements ............. (55.1) (71.0) 47.1
(Increase) decrease in cash held by consolidated
investment entities .............................. (269.9) (303.8) 57.7
Other, net ........................................... (16.1) (19.0) (35.1)
Net cash provided by operating activities .......................... 3,263.4 3,282.1 4,357.0
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities ...................................... 16,681.3 17,015.2 17,312.4
Equity securities, available-for-sale ...................... 51.6 66.8 206.9
Mortgage loans on real estate ........................... 1,580.0 1,991.8 1,542.5
Loan—Dutch State obligation ........................... — 1,781.9 505.6
Limited partnerships/corporations ....................... 466.1 895.9 121.3
Acquisition of:
Fixed maturities ...................................... (19,014.8) (17,292.3) (18,598.9)
Equity securities, available-for-sale ...................... (47.6) (41.8) (52.7)
Mortgage loans on real estate ........................... (2,206.0) (1,969.0) (2,057.9)
Limited partnerships/corporations ....................... (97.0) (178.9) (156.4)
Short-term investments, net ................................ 4,943.1 (2,397.4) (763.2)
Policy loans, net ......................................... 53.3 63.6 127.9
Derivatives, net .......................................... (2,623.7) (1,395.8) (1,216.7)
Other investments, net ..................................... 53.0 43.4 (8.4)
Sales from consolidated investment entities .................... 3,203.0 1,781.7 2,422.8
Purchase of consolidated investment entities ................... (4,257.9) (2,851.6) (3,044.6)
Collateral (delivered) received, net ........................... (629.3) 139.9 756.7
Purchases of fixed assets, net ............................... (40.7) (29.3) (32.9)
Other, net ............................................... — — (16.1)
Net cash used in investing activities .............................. (1,885.6) (2,375.9) (2,951.7)
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