Voya 2014 Annual Report Download - page 145

The following table presents the adjustment to Income (loss) before taxes related to Total investment gains
(losses) and the related Net amortization of DAC/VOBA and other intangibles for the periods indicated:
Year Ended December 31,
($ in millions) 2014 2013 2012
Other-than-temporary impairments ............................ $(20.3) $ (35.7) $ (55.1)
CMO-B fair value adjustments(1) .............................. 188.0 (87.3) 221.1
Gains (losses) on the sale of securities .......................... 42.3 116.0 436.2
Other, including changes in the fair value of derivatives ............ 2.6 170.9 10.7
Total investment gains (losses) ................................ 212.6 163.9 612.9
Net amortization of DAC/VOBA and other intangibles on above ..... 2.1 60.8 (130.8)
Net investment gains (losses), including Closed Block Variable
Annuity ................................................ 214.7 224.7 482.1
Less: Closed Block Variable Annuity net investment gains (losses) and
related charges and adjustments ............................. (0.4) 12.6 26.6
Net investment gains (losses) ................................. $215.1 $212.1 $ 455.5
(1) For a description of our CMO-B portfolio, see Investments—CMO-B Portfolio in Part II, Item 7. of this
Annual Report on Form 10-K.
The following table presents the adjustment to Income (loss) before taxes related to Guaranteed benefit
hedging gains (losses) net of DAC/VOBA and other intangibles amortization for the periods indicated. This table
excludes CBVA.
Year Ended December 31,
($ in millions) 2014 2013 2012
Gain (loss), excluding nonperformance risk ..................... $(105.9) $113.0 $ 188.2
Gain (loss) due to nonperformance risk ........................ 74.5 (55.8) (114.2)
Net gain (loss) prior to related amortization of DAC/VOBA and sales
inducements ............................................ (31.4) 57.2 74.0
Net amortization of DAC/VOBA and sales inducements ........... 18.6 (37.8) 23.2
Net guaranteed benefit hedging gains (losses) and related charges and
adjustments ............................................ $ (12.8) $ 19.4 $ 97.2
Notable Items
We believe the following tables will help investors identify more easily some of the larger causes of
changes in our Operating earnings before income taxes during the periods discussed. The tables highlight notable
items that are included in Operating earnings before income taxes from the following categories: (1) large gains
(losses) that are not indicative of performance in the period; (2) significant gains (losses) resulting from
transactions to change our capital structure; and (3) items that typically recur but can be volatile from period to
period (e.g., DAC/VOBA and other intangibles unlocking). In addition, we included the historic Interest expense
because Interest expense has changed significantly over the period given the change in debt. There may be other
items not included in the following tables that caused increases (decreases) in Operating earnings before taxes for
the periods presented.
Each quarter, we update our DAC/VOBA and other intangibles based on actual historical gross profits and
projections of estimated gross profits. Also, generally during the third quarter, we complete our annual review of
assumptions, including projection model inputs, in each of our segments (except for Investment Management, for
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