Voya 2013 Annual Report Download - page 386

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2011
Parent
Issuer
Subsidiary
Guarantor
Non-Guarantor
Subsidiaries
Consolidating
Adjustments Consolidated
Revenues:
Net investment income ................... $ 10.9 $ 1.8 $ 4,968.5 $ (12.4) $ 4,968.8
Fee income ............................ — — 3,603.6 — 3,603.6
Premiums ............................. — — 1,770.0 — 1,770.0
Net realized gains (losses):
Total other-than-temporary
impairments ..................... — — (550.6) — (550.6)
Less: Portion of other-than-temporary
impairments recognized in Other
comprehensive income (loss) ........ — — (47.9) — (47.9)
Net other-than-temporary impairments
recognized in earnings ............. — — (502.7) — (502.7)
Other net realized capital gains
(losses) ......................... (42.2) — (986.5) — (1,028.7)
Total net realized capital gains
(losses) ......................... (42.2) — (1,489.2) — (1,531.4)
Other revenue .......................... 19.7 1.1 412.1 (4.7) 428.2
Income (loss) related to consolidated
investment entities:
Net investment income (loss) .......... — — 528.4 — 528.4
Changes in fair value related to
collateralized loan obligations ....... — — (48.8) — (48.8)
Total revenues ............................. (11.6) 2.9 9,744.6 (17.1) 9,718.8
Benefits and expenses:
Policyholder benefits .................... — — 3,286.5 — 3,286.5
Interest credited to contract owner account
balance ............................. — — 2,452.3 3.2 2,455.5
Operating expenses ..................... 11.9 3.2 3,023.6 (7.9) 3,030.8
Net amortization of deferred policy acquisition
costs and value of business acquired ...... — — 387.0 — 387.0
Interest expense ........................ 61.7 56.4 33.6 (12.4) 139.3
Operating expenses related to consolidated
investment entities:
Interest expense .................... — — 68.4 — 68.4
Other expense ...................... — — 73.5 — 73.5
Total benefits and expenses ............... 73.6 59.6 9,324.9 (17.1) 9,441.0
Income (loss) before income taxes .......... (85.2) (56.7) 419.7 — 277.8
Income tax expense (benefit) .............. 363.0 (17.1) (354.0) 183.1 175.0
Net income (loss) before equity in earnings
(losses) of unconsolidated affiliates ....... (448.2) (39.6) 773.7 (183.1) 102.8
Equity in earnings (losses) of subsidiaries, net
oftax............................... 360.1 481.9 — (842.0) —
Net income (loss) including noncontrolling
interest ............................. (88.1) 442.3 773.7 (1,025.1) 102.8
Less: Net income (loss) attributable to
noncontrolling interest ............. — — 190.9 — 190.9
Net income (loss) available to ING U.S., Inc.’s
common shareholder .................. $ (88.1) $442.3 $ 582.8 $(1,025.1) $ (88.1)
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