Voya 2013 Annual Report Download - page 486

Voya Financial
Reconciliation of Ongoing Business Adjusted Operating Earnings to Net Income (Loss)
($ in millions)
Year ended
December 31, 2013
Ongoing Business adjusted operating earnings before income taxes .............. $1,211.8
DAC/VOBA and other intangibles unlocking ................................... 133.2
Lehman bankruptcy/LIHTC loss, net of DAC ................................... 83.6
Operating earnings before income taxes for Ongoing Business ..................... 1,428.6
Corporate ............................................................... (210.6)
Closed Blocks Institutional Spread Products and Other ............................ 50.6
Total operating earnings before income taxes ................................... 1,268.6
Income taxes (based on an assumed tax rate of 35%) ............................. (444.0)
Operating earnings, after-tax .............................................. 824.6
Closed Block Variable Annuity, after-tax ...................................... (786.0)
Net investment gains (losses) and related charges and adjustments, after-tax ........... 137.9
Other, after-tax ........................................................... 424.0
Net income (loss) available to Voya Financial, Inc.’s common shareholders ........ 600.5
Net income (loss) attributable to noncontrolling interest ........................... 190.1
Net income (loss) ......................................................... $ 790.6
Voya Financial
Reconciliation of End of Period Capital for Ongoing Business to Shareholders’ Equity
($ in millions)
As of
December 31, 2013
End of Period Capital for Ongoing Business .................................. $ 9,216.0
Closed Block Variable Annuity, Corporate, and Other Closed Blocks ................ 5,721.8
End of Period Capital ..................................................... 14,937.8
Total Debt ............................................................... (3,514.7)
Voya Financial, Inc. shareholders’ equity excluding AOCI end of period ............. 11,423.1
AOCI .................................................................. 1,849.1
Voya Financial, Inc. shareholders’ equity: end of period ........................ $13,272.2
1Assumes debt-to-capital ratio of approximately 25% for all time periods presented, a weighted average pre-
tax interest rate of 5.5% for all time periods prior to the completion of the company’s recapitalization
initiatives, and the actual weighted average pre-tax interest rate for all time periods subsequent to the
completion of these recapitalization initiatives starting with the third quarter of 2013.