Voya 2013 Annual Report Download - page 405

ING U.S., Inc.
Schedule II
Notes to Condensed Financial Information of Parent
(Dollar amounts in millions, unless otherwise stated)
4. Return of Capital
ING U.S., Inc. received returns of capital from the following subsidiaries for the periods indicated:
Years Ended December 31,
2013 2012 2011
Lion Connecticut Holdings Inc. ...................... $ 987.0 $733.0 $ —
Security Life of Denver Insurance Company ............ 447.0 80.0 200.0
Total ........................................... $1,434.0 $813.0 $200.0
5. Income Taxes
As of December 31, 2013 and 2012, ING U.S., Inc. held deferred tax assets related to loss and credit
carryforwards, which have not been realized by its subsidiaries but have been reimbursed to the subsidiaries by
ING U.S., Inc. pursuant to the intercompany tax sharing agreement. These deferred tax assets were primarily
comprised of payments associated with federal net operating loss, state net operating loss, federal tax capital loss,
and credit carryforwards.
Valuation allowances have been applied to these deferred tax assets as of December 31, 2013 and 2012.
Character, amount, and estimated expiration date of the carryforwards and the related allowances are disclosed in
Note 15. Income Taxes to the Consolidated Financial Statements.
As of December 31, 2013 and 2012, ING U.S., Inc. has recognized deferred tax assets of $204.4 and $127.4,
respectively, related to Alternative Minimum Tax (“AMT”) credit carryforwards, which do not expire and are not
subject to a valuation allowance.
Tax Sharing Agreement
ING U.S., Inc. has entered into a federal tax sharing agreement with members of an affiliated group as defined in
Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of
calculation and the amounts/timing of the payments between the parties as well as other related matters in
connection with the filing of consolidated federal income tax returns. For 2012 and prior years, the federal tax
sharing agreement requires ING U.S., Inc. to pay its subsidiaries for the tax benefits of ordinary and capital
losses as they are incurred, and in turn requires its subsidiaries to pay ING U.S., Inc. for the taxes payable on
their ordinary income and capital gains. Under the agreement, ING U.S., Inc. is required to make payments even
if losses do not offset other subsidiaries’ ordinary income or capital gains. Effective January 1, 2013, the parties
have entered into a federal tax sharing agreement which provides that for 2013 and subsequent years, ING U.S.,
Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the
consolidated tax group actually uses the tax benefit of losses generated.
ING U.S., Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are
parties to the agreement. The state tax agreement applies to situations in which ING U.S., Inc. and all or some of
the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated,
combined or unitary basis.
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