Voya 2013 Annual Report Download - page 243

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
1. Business, Basis of Presentation and Significant Accounting Policies
Business
ING U.S., Inc. and its subsidiaries (collectively, “the Company”) is a financial services organization in the
United States that offers a broad range of retirement services, annuities, investment management services, mutual
funds, life insurance, group insurance and supplemental health products, guaranteed investment contracts and
funding agreements. The Company provides its principal products and services in three businesses (Retirement
Solutions, Investment Management and Insurance Solutions) and reports results through five ongoing operating
segments, including Retirement, Annuities, Investment Management, Individual Life and Employee Benefits.
The Company also has a Corporate segment, which includes the financial data not directly related to the
businesses, and Closed Block segments. See the Note 20. Segments to these Consolidated Financial Statements.
In 2009, ING Groep N.V. (“ING Group” or “ING”), a global financial services holding company based in The
Netherlands, with American Depository Shares listed on the New York Stock Exchange, announced the
anticipated separation of its global banking and insurance businesses, including the divestiture of the Company.
On April 11, 2013, the Company announced plans to rebrand in the future as Voya Financial. On May 2, 2013,
the common stock of ING U.S., Inc. began trading on the New York Stock Exchange under the symbol
“VOYA.” On May 7, 2013 and May 31, 2013, ING U.S., Inc. completed its initial public offering of common
stock, including the issuance and sale by ING U.S., Inc. of 30,769,230 shares of common stock and the sale by
ING Insurance International B.V. (“ING International”), an indirect, wholly owned subsidiary of ING Group and
previously the sole stockholder of ING U.S., Inc., of 44,201,773 shares of outstanding common stock of ING
U.S., Inc. (collectively, “the IPO”). On September 30, 2013, ING International transferred all of its shares of ING
U.S., Inc. common stock to ING Group.
On October 29, 2013, ING Group completed a sale of 37,950,000 shares of common stock of the Company in a
registered public offering (“Secondary Offering”), reducing ING Group’s ownership in the Company to 57%.
Basis of Presentation
On April 11, 2013, the Company filed an amended restated certificate of incorporation that provides for an
authorized capital stock consisting of 1,000,000,000 shares, of which 900,000,000 shares (par value $0.01 per
share) are designated as common stock and 100,000,000 shares (par value $0.01 per share) are designated as
preferred stock. In addition, the amended and restated certificate of incorporation effected a 2,295.248835-for-1
split of the Company’s then outstanding common stock, resulting in 230,079,120 shares of common stock issued,
including 79,120 shares of Treasury stock, and 230,000,000 shares of common stock outstanding and held by
ING International, prior to the IPO. The accompanying Consolidated Financial Statements and Notes to the
Consolidated Financial Statements give retroactive effect to the stock split for all periods presented. There are no
preferred shares issued or outstanding.
The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with
accounting principles generally accepted in the United States (“U.S. GAAP”).
The Consolidated Financial Statements include the accounts of ING U.S., Inc. and its subsidiaries, as well as
partnerships (voting interest entities (“VOEs”)) in which the Company has control and variable interest entities
(“VIEs”) for which the Company is the primary beneficiary. See Note 19. Consolidated Investment Entities.
Intercompany transactions and balances have been eliminated.
Certain immaterial reclassifications have been made to prior year financial information to conform to the current
year classifications.
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