Voya 2013 Annual Report Download - page 274

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the Company’s investment in mortgage loans as of the dates indicated:
December 31, 2013 December 31, 2012
Commercial mortgage loans ............ $9,316.0 $8,666.2
Collective valuation allowance .......... (3.8) (3.9)
Total net commercial mortgage loans ..... $9,312.2 $8,662.3
There were no impairments taken on the mortgage loan portfolio for the year ended December 31, 2013.
Impairments taken on the mortgage loan portfolio for the years ended December 31, 2012 and 2011 were $7.7
and $9.3, respectively.
The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the
periods indicated:
December 31, 2013 December 31, 2012
Collective valuation allowance for losses, balance at
January 1 ......................................... $3.9 $4.4
Addition to (reduction of) allowance for losses ............. (0.1) (0.5)
Collective valuation allowance for losses, end of period ...... $3.8 $3.9
The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates
indicated:
December 31, 2013 December 31, 2012
Impaired loans with allowances for losses ......... $— $—
Impaired loans without allowances for losses ....... 94.3 16.8
Subtotal ................................ 94.3 16.8
Less: Allowances for losses on impaired loans ...... — —
Impaired loans, net ........................... $94.3 $16.8
Unpaid principal balance of impaired loans ........ $96.7 $31.9
The following table presents information on impaired loans, restructured loans, loans 90 days or more past due
and loans in foreclosure as of the dates indicated:
December 31, 2013 December 31, 2012
Troubled debt restructured loans ................. $86.6 $—
Loans 90 days or more past due, interest no longer
accruing, at amortized cost ................... 5.1 —
Loans in foreclosure, at amortized cost ............ — 9.0
Unpaid principal balance of loans 90 days or more
past due, interest no longer accruing ............ 5.1 —
The Company’s policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure
proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until
the loan is brought current.
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