Voya 2013 Annual Report Download - page 354

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Assets and liabilities from transactions with related parties as of December 31, 2013 and 2012 are shown in the
following table:
2013 2012
Assets Liabilities Assets Liabilities
INGV........................................... $ 0.5 $0.2 $ 0.3 $501.9
ING Group ....................................... 1.3 0.9 3.4 0.1
ING Bank ........................................ 13.8 5.8 33.6 33.6
Other ............................................ 2.6 2.0 2.2 1.1
Total ............................................ $18.2 $8.9 $39.5 $536.7
The material agreements whereby the Company generates revenues and expenses with affiliated entities are as
follows:
Credit Facilities
The Company is a borrower in several credit facility agreements with ING Bank, in which ING Bank provides
LOC capacity. The Company had accrued payables of $4.9 and $18.4 as of December 31, 2013 and 2012,
respectively. The Company incurred expenses of $38.2, $98.2, and $43.7 for the years ended December 31, 2013,
2012 and 2011, respectively.
During 2011, 2012 and 2013, the Company utilized $825.0 of capacity from a committed LOC facility, maturing
in December 2013, with ING Bank completed in September 2008 to support the reinsurance obligations of SLDI.
See Note 19. Consolidated Investment Entities-Collateral Support for Reinsurance Contracts to these
Consolidated Financial Statements for further discussion. Additionally, on July 1, 2011, the Company entered
into a $625.0 bilateral LOC facility agreement with ING Bank. Effective October 4, 2012, the LOC facility was
reduced to $300.0 and extended for another year until June 30, 2013. Effective October 30, 2013, SLDI
completed a $1.125 billion LOC facility with ING Bank which replaced the $300.0 LOC facility which matured
June 30, 2013 as well as the $825.0 LOC facility maturing December 2013. The new $1.125 billion LOC facility
matures effective October 29, 2020.
On April 20, 2012, ING U.S., Inc. entered into the Revolving Credit Agreement. ING Bank has committed to
providing $250.0 of the $3.5 billion in total financing under the Revolving Credit Agreement.
The Company provided a $15.0 LOC for a captive reinsurance subsidiary which was issued by ING Bank and
was scheduled to expire in 2026. ING V was the guarantor of the LOC and indemnifies ING Bank up to $15.0.
On January 14, 2014, the LOC was cancelled and the corresponding guarantee obligation of ING V was
extinguished.
On December 31, 2011, the Company entered into a $1.5 billion contingent capital LOC facility with ING Bank
to support the reinsurance obligations of SLDI to another of the Company’s wholly-owned subsidiaries, which
was unconditional and irrevocable and scheduled to expire on December 31, 2031. Following the deposit by
SLDI of contributed capital as cash collateral into a funds withheld trust account to support its reinsurance
obligations to ING USA, the $1.5 billion contingent capital LOCs issued under the contingent capital LOC
facility were cancelled and on May 14, 2013, the $1.5 billion contingent capital LOC facility was terminated.
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