Voya 2013 Annual Report Download - page 360

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
activities that most significantly impact the Master Trust’s economic performance under the VIE model. The
Company also determined it has the obligation to absorb losses under the securities lending guarantees. Based on
these conclusions, the Company determined it is the primary beneficiary under the VIE model and should
consolidate the Master Trust.
Following the Company’s review of the Master Trust assets, liabilities, revenues and expenses, a determination
was made that although the VIE is subject to consolidation, the securities lending arrangements were not subject
to consolidation since the Borrower is not required to recognize borrowed securities on its balance sheet. The
obligation to return borrowed securities is only recorded if the securities are sold by the borrower; otherwise, the
borrowed securities are disclosed in the financial statements. The Master Trust reported no other assets,
liabilities, revenues or expenses.
The following table summarizes the components of the consolidated investment entities, excluding collateral
support for certain reinsurance contracts, as of the dates indicated:
December 31,
2013
December 31,
2012
Assets of Consolidated Investment Entities
VIEs—CLO entities:
Cash and cash equivalents ......................... $ 642.5 $ 360.6
Corporate loans, at fair value using the fair value
option ....................................... 4,965.3 3,559.3
Other assets .................................... 83.1 —
Total CLO entities ........................... 5,690.9 3,919.9
VOEs—Private equity funds and single strategy hedge funds:
Cash and cash equivalents ......................... 68.2 80.2
Limited partnerships/corporations, at fair value ........ 3,218.6 2,931.2
Other assets .................................... 21.7 34.3
Total investment funds ........................ 3,308.5 3,045.7
Total assets of consolidated investment entities ............ $8,999.4 $6,965.6
Liabilities of Consolidated Investment Entities
VIEs—CLO entities:
CLO notes, at fair value using the fair value option ..... $5,161.6 $3,829.4
Other liabilities .................................. 468.0 —
Total CLO entities ........................... 5,629.6 3,829.4
VOEs—Private equity funds and single strategy hedge funds:
Other liabilities .................................. 435.3 292.4
Total investment funds ........................ 435.3 292.4
Total liabilities of consolidated investment entities ......... $6,064.9 $4,121.8
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