Voya 2013 Annual Report Download - page 301

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Other Financial Instruments
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
December 31, 2013 December 31, 2012
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets:
Fixed maturities, including securities pledged ........ $ 72,718.8 $ 72,718.8 $75,287.1 $75,287.1
Equity securities, available-for-sale ................ 314.4 314.4 340.1 340.1
Mortgage loans on real estate ..................... 9,312.2 9,404.7 8,662.3 8,954.8
Policy loans ................................... 2,147.0 2,147.0 2,200.3 2,200.3
Limited partnerships/corporations ................. 236.4 236.4 465.1 465.1
Cash, cash equivalents, short-term investments and
short-term investments under securities loan
agreements .................................. 4,441.8 4,441.8 8,442.0 8,442.0
Derivatives ................................... 1,149.3 1,149.3 2,374.5 2,374.5
Other investments .............................. 124.6 131.1 167.0 173.7
Assets held in separate accounts ................... 106,827.1 106,827.1 97,667.4 97,667.4
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and
deferred annuities(1) ....................... 49,418.4 53,713.8 50,133.7 56,851.0
Funding agreements with fixed maturities and
guaranteed investment contracts ............. 2,692.3 2,663.9 3,784.0 3,671.0
Supplementary contracts, immediate annuities and
other ................................... 3,383.6 3,567.3 3,109.2 3,482.3
Derivatives:
Annuity product guarantees:
FIA ................................. 1,736.7 1,736.7 1,434.3 1,434.3
GMAB / GMWB / GMWBL ............. 908.9 908.9 2,035.4 2,035.4
Stabilizer and MCGs .................... — — 102.0 102.0
Other derivatives ........................... 1,351.8 1,351.8 1,944.2 1,944.2
Short-term debt ................................ — — 1,064.6 1,070.6
Long-term debt ................................ 3,514.7 3,717.8 3,171.1 3,386.2
Embedded derivatives on reinsurance ............... 79.0 79.0 169.5 169.5
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also
reflected within the Annuity product guarantees section of the table above.
The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires
disclosure of fair value information about financial instruments, whether or not recognized at fair value on the
Consolidated Balance Sheets, for which it is practicable to estimate that value. In cases where quoted market
prices are not available, fair values are based on estimates using present value or other valuation techniques.
Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of
future cash flows. In that regard, the derived fair value estimates, in many cases, could not be realized in
immediate settlement of the instrument.
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