Voya 2013 Annual Report Download - page 376

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
• Immediate recognition of net actuarial gains (losses) related to the Company’s pension and other
postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and
• Other items, including restructuring expenses (severance, lease write-offs, etc.), integration expenses
related to the Company’s acquisition of CitiStreet and certain third-party expenses and deal incentives
related to the divestment of the Company by ING Group.
Operating earnings before income taxes also does not reflect the results of operations of the Company’s Closed
Block Variable Annuity segment, since this segment is managed to focus on protecting regulatory and rating
agency capital rather than achieving operating metrics. When the Company presents the adjustments to Income
(loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to
the Company’s Closed Block Variable Annuity segment.
The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before
income taxes for the years ended December 31, 2013, 2012 and 2011:
2013 2012 2011
Retirement Solutions:
Retirement ................................ $ 595.8 $ 448.6 $ 441.9
Annuities ................................. 293.8 102.2 387.6
Investment Management ......................... 178.1 134.5 87.5
Insurance Solutions:
Individual Life ............................. 254.8 196.2 279.3
Employee Benefits .......................... 106.1 109.4 83.3
Total Ongoing Businesses ........................ 1,428.6 990.9 1,279.6
Corporate ..................................... (210.6) (182.3) (230.2)
Closed Blocks:
Closed Block Institutional Spread Products ...... 35.9 45.7 83.2
Closed Block Other ......................... 14.7 64.0 (13.0)
Closed Blocks ................................. 50.6 109.7 70.2
Total operating earnings before income taxes ......... 1,268.6 918.3 1,119.6
Adjustments:
Closed Block Variable Annuity ................ (1,209.3) (692.3) (564.5)
Net investment gains (losses) and related charges
and adjustments .......................... 212.1 455.5 71.8
Net guaranteed benefit hedging gains (losses) and
related charges and adjustments ............. 19.4 97.2 (269.4)
Loss related to businesses exited through
reinsurance or divestment .................. (59.8) (45.8) (35.1)
Income (loss) attributable to noncontrolling
interests ................................ 190.1 138.2 190.9
Immediate recognition of net actuarial gains
(losses) related to pension and other
postretirement benefit obligations and gains
(losses) from plan amendments and
curtailments ............................. 405.2 (165.0) (157.8)
Other adjustments to operating income .......... (68.2) (100.1) (77.7)
Income (loss) before income taxes ................. $ 758.1 $ 606.0 $ 277.8
366