Voya 2014 Annual Report Download - page 162

Operating earnings before income taxes
Operating earnings before taxes increased $191.6 million from $102.2 million to $293.8 million as a result
of several factors including improved margins related to MYGA run-off, favorable changes in DAC/VOBA and
other intangibles unlocking, a Net gain from Lehman Recovery/LIHTC and the loss on the sale of certain
alternative investments in the prior period. Partially offsetting these increases was a decline in investment income
on the CMO-B portfolio.
Investment Management
The following table presents Operating earnings before income taxes of our Investment Management
segment for the periods indicated:
Year Ended December 31,
($ in millions) 2014 2013 2012
Operating revenues:
Net investment income and net realized gains (losses) . . $ 19.7 $ 37.0 $ 41.6
Fee income .................................... 591.1 530.8 474.7
Other revenue .................................. 44.6 39.9 29.2
Total operating revenues ............................. 655.4 607.7 545.5
Operating benefits and expenses:
Operating expenses ............................. 445.1 429.6 411.0
Total operating benefits and expenses ................... 445.1 429.6 411.0
Operating earnings before income taxes ............... $210.3 $178.1 $134.5
Our Investment Management operating segment revenues include the following intersegment revenues,
primarily consisting of asset-based management and administration fees.
Year Ended December 31,
($ in millions) 2014 2013 2012
Investment Management intersegment revenues ........... $157.3 $157.8 $157.6
The following table presents certain notable items that resulted in volatility in Operating earnings before
income taxes for the periods indicated:
Year Ended December 31,
($ in millions) 2014 2013 2012
Net gain from Lehman Recovery ....................... $— $13.2 $—
Gain on sale of certain alternative investments ............ — — 2.2
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