Voya 2014 Annual Report Download - page 163

The following table presents AUM and AUA for our Investment Management segment as of the dates
indicated:
As of December 31,
($ in millions) 2014 2013 2012
AUM:
Institutional/retail ....................
Investment Management sourced .... $ 69,644.3 $ 66,362.2 $ 54,061.9
Affiliate sourced(1) ................ 58,956.2 53,935.0 47,284.6
General account ...................... 77,630.2 78,988.8 80,404.8
Total AUM ......................... 206,230.7 199,286.0 181,751.3
AUA:
Affiliated sourced(2) ................... 52,396.5 58,462.8 54,695.5
Total AUM and AUA ..................... $258,627.2 $257,748.8 $236,446.8
(1) Affiliated sourced AUM includes assets sourced by other segments and also reported as AUM or AUA by
such other segments.
(2) Affiliated sourced AUA includes assets sourced by other segments and also reported as AUA or AUM by
such other segments.
The following table presents net flows for our Investment Management segment for the periods indicated:
Year Ended December 31,
($ in millions) 2014 2013 2012
Net Flows ....................................
Investment Management sourced .............. $1,136.4 $7,777.7 $3,939.8
Affiliated sourced .......................... 1,879.4 978.7 5,905.7
Total ........................................ $3,015.8 $8,756.4 $9,845.5
Investment Management—Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
Operating revenues
Net investment income and net realized gains (losses) decreased $17.3 million from $37.0 million to $19.7
million primarily due to net investment income from Lehman Recovery in the prior period that did not reoccur
and lower alternative investment income.
Fee income increased $60.3 million from $530.8 million to $591.1 million primarily due to growth in
Institutional/retail AUM resulting in higher management and administrative fees earned. The increase in AUM is
predominately driven by improved equity markets and the cumulative impact of positive net flows, including
sub-advisor replacements.
Other revenue increased $4.7 million from $39.9 million to $44.6 million primarily due to higher
performance fees partially offset by lower servicing fees.
Operating benefits and expenses
Operating expenses increased $15.5 million from $429.6 million to $445.1 million primarily due to higher
variable compensation due to growth in AUM and Operating earnings before income taxes, partially offset by
lower variable expenses associated with lower sales in the current period.
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