Voya 2013 Annual Report Download - page 364

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Before
Consolidation(1) CLOs VOEs
CLOs
Adjustments(2)
VOEs
Adjustments(2) Total
December 31, 2012
Revenues:
Net investment income ...... $4,830.0 $ 0.5 $ — $(20.7) $(111.9) $ 4,697.9
Fee income ................ 3,565.6 — — (14.4) (35.8) 3,515.4
Premiums ................. 1,861.1 — — — — 1,861.1
Net realized capital losses .... (1,280.8) — — — — (1,280.8)
Other income .............. 384.5 — — (6.0) — 378.5
Income related to consolidated
investment entities ........ — 21.5 415.1 6.6 — 443.2
Total revenues ................. 9,360.4 22.0 415.1 (34.5) (147.7) 9,615.3
Benefits and expenses:
Policyholder benefits and
Interest credited and other
benefits to contract
owners ................. 4,861.6 — — — — 4,861.6
Other expense ............. 4,031.0 — — — — 4,031.0
Operating expenses related to
consolidated investment
entities ................. — 142.1 44.9 (34.5) (35.8) 116.7
Total benefits and expenses ....... 8,892.6 142.1 44.9 (34.5) (35.8) 9,009.3
Income (loss) before income
taxes ....................... 467.8 (120.1) 370.2 — (111.9) 606.0
Income tax expense (benefit) ..... (5.2) — — — — (5.2)
Net income (loss) 473.0 (120.1) 370.2 — (111.9) 611.2
Less: Net income (loss)
attributable to
noncontrolling interest ..... — (120.1) — — 258.3 138.2
Net income (loss) available to ING
U.S., Inc.’s common
shareholder ................. $ 473.0 $ — $370.2 $ — $(370.2) $ 473.0
(1) The Before Consolidation column includes the Company’s equity interest in the investment products
accounted for as equity method (private equity and real estate partnership funds) and available-for-sale
investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other
investors in these CLOs, as the Company’s share has been eliminated through consolidation.
(2) Adjustments include the elimination of intercompany transactions between the Company and its
consolidated investment products, primarily the elimination of the Company’s management fees expensed
by the funds and recorded as operating revenues (before consolidation) by the Company.
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