Voya 2013 Annual Report Download - page 304

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The estimated amount of VOBA amortization expense, net of interest, is presented in the following table. Actual
amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/
or changes in best estimates of future results.
Year Amount
2014 .............................................. $105.9
2015 .............................................. 93.0
2016 .............................................. 82.7
2017 .............................................. 78.6
2018 .............................................. 74.4
6. Reserves for Future Policy Benefits and Contract Owner Account Balances
Future policy benefits and contract owner account balances were as follows as of December 31, 2013 and 2012:
2013 2012
Future policy benefits:
Individual and group life insurance contracts ..... $ 8,253.9 $ 8,132.4
Guaranteed benefits on annuity contracts, and
payout contracts with life contingencies ....... 4,931.7 6,371.5
Accident and health ......................... 912.8 989.7
Total ........................................ $14,098.4 $15,493.6
Contract owner account balances:
GICs .................................... $ 2,581.9 $ 3,642.8
Universal life type contracts .................. 16,851.5 16,915.0
Fixed annuities and payout contracts without life
contingencies ............................ 37,563.5 37,577.2
Fixed indexed annuities ...................... 12,911.4 12,427.1
Total ........................................ $69,908.3 $70,562.1
7. Guaranteed Benefit Features
While the Company ceased new sales of certain retail variable annuity products in 2010, its currently-sold retail
variable annuity contracts with separate account options guarantee the contract owner a return of no less than
(i) total deposits made to the contract less any partial withdrawals, (ii) total deposits made to the contract less any
partial withdrawals plus a minimum return, or (iii) the highest contract value on a specified date minus any
withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at
specified dates.
The Company also issues variable life, UL and VUL contracts where the Company contractually guarantees to
the contract owner a death benefit even when there is insufficient value to cover monthly mortality and expense
charges, whereas otherwise the contract would typically lapse (“no lapse guarantee”).
In addition, the Company’s Stabilizer and MCG products have guaranteed credited rates. Credited rates are set
either quarterly or annually. Most contracts have a zero percent minimum credited rate guarantee, although some
contracts have minimum credited rate guarantees up to 3% and allow the contract holder to select either the
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