Voya 2013 Annual Report Download - page 404

ING U.S., Inc.
Schedule II
Notes to Condensed Financial Information of Parent
(Dollar amounts in millions, unless otherwise stated)
Effective January 1, 2014, the surplus maintenance agreement was terminated when the reinsurance
agreements with WWIII were novated to Roaring River IV.
Effective January 15, 2014, ING U.S., Inc. entered into a surplus maintenance agreement with Langhorne I,
LLC (“Langhorne I”), a wholly owned captive reinsurance subsidiary, whereby ING U.S., Inc. agrees to
cause Langhorne I to maintain capital of at least $85.0.
The maximum potential obligations associated with the above surplus maintenance agreements are not
specified in the agreements and therefore, it is not possible to determine the maximum potential amounts
due under these guarantees.
ING U.S., Inc. entered into a guaranty agreement on December 31, 2013 with a third-party bank in order to
guarantee certain reimbursement obligations of Security Life of Denver International Limited, a wholly owned
subsidiary of ING U.S., Inc., under a $250.0 letter of credit facility with a third party.
ING V issued a $500.0 loan to Lion Connecticut Holdings Inc. on August 9, 2007. This loan had an interest rate
of LIBOR plus .05% and was scheduled to mature on April 29, 2016. Upon issuance of this loan, ING U.S., Inc.
entered into an agreement in which it guaranteed all obligations under the loan agreement to ING V. On July 5,
2013 all amounts outstanding under this loan were repaid.
Lion Connecticut Holdings Inc. issued $50.0 of 8.424% Trust Originated Preferred Securities (“ToPR”) on
April 3, 1997 due on April 1, 2027. As of December 31, 2013, $13.0 total par value amount is outstanding. On
January 27, 2003, ING U.S., Inc. entered into an agreement in which it guaranteed the full payment when due of
all obligations under ToPR. Under the same guarantee agreement, ING U.S., Inc. also unconditionally guarantees
the payment of any principal or interest due in respect of Lion Connecticut Holdings notes (“Aetna Notes”). As
of December 31, 2013, the remaining par amounts of the Aetna Notes outstanding were $506.1.
Lion Connecticut Holdings Inc. entered into a Capital Assurance Agreement with ING National Trust effective
May 23, 2007. ING National Trust is required to maintain a minimum capital level of $2.0 to comply with Office
of the Comptroller of the Currency (“OCC”) capital and liquidity requirements. Pursuant to the Capital
Assurance Agreement, if at any time ING National Trust’s capital level falls below the minimum capital
requirement, Lion Connecticut Holdings agrees to contribute capital up to the minimum capital requirement. This
agreement is effective until terminated upon mutual agreement of ING National Trust and Lion Connecticut
Holdings Inc. The maximum potential obligation is not specified or applicable. Since these obligations are not
subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees.
Additionally, should Lion Connecticut Holdings Inc. be unable to contribute capital under the Agreement, ING
U.S., Inc. has agreed to perform such duties.
Effective February 25, 2000, ING U.S., Inc. entered into a Corporate Guarantee Agreement with a third-party
ceding insurer where ING U.S., Inc. guarantees the reinsurance obligations of one of its wholly owned
subsidiaries assumed under a reinsurance agreement with the third-party cedent. The maximum potential
obligation is not specified or applicable. Since these obligations are not subject to limitations, it is not possible to
determine the maximum potential amount due under these guarantees.
There were no assets or liabilities recognized by ING U.S., Inc. as of December 31, 2013 and 2012 in relation to
these intercompany indemnifications and support agreements. As of December 31, 2013 and 2012, no
circumstances existed in which ING U.S., Inc. was required to currently perform under these indemnifications
and support agreements.
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