Voya 2014 Annual Report Download - page 174

Closed Block Variable Annuity
The following table presents Income (loss) before income taxes of our CBVA segment for the periods
indicated:
Year Ended December 31,
($ in millions) 2014 2013 2012
Revenues:
Net investment income ..................... $ 163.2 $ 97.6 $ 52.7
Fee income .............................. 1,251.7 1,287.1 1,235.9
Premiums ............................... 522.2 79.2 —
Net realized capital gains (losses) ............ (705.7) (2,208.6) (1,382.8)
Other revenue ............................ 14.6 18.5 24.2
Total revenues ................................ 1,246.0 (726.2) (70.0)
Benefits and expenses:
Interest credited and other benefits to contract
owners/policyholders .................... 994.8 (51.9) 113.6
Operating expenses and interest expense ....... 473.6 467.6 450.4
Net amortization of DAC/VOBA ............. 32.8 67.4 58.3
Total benefits and expenses ..................... 1,501.2 483.1 622.3
Income (loss) before income taxes ............... $ (255.2) $(1,209.3) $ (692.3)
The following table presents certain notable items that result in volatility in Income (loss) before income
taxes for the periods indicated:
Year Ended December 31,
($ in millions) 2014 2013 2012
Net gains (losses) related to incurred guaranteed
benefits and guarantee hedge program, excluding
nonperformance risk .......................... $(1,488.0) $(1,429.5) $(858.3)
Gain (losses) related to capital hedge overlay (“CHO”)
program ................................... (109.3) (244.8) (351.0)
Gain (loss) due to nonperformance risk ............. 333.7 (494.5) (443.6)
Net investment gains (losses) ..................... (0.4) 12.6 26.6
DAC/VOBA and other intangibles unlocking ........ 34.4 (4.7) 1.8
The following table presents AUM for our CBVA segment as of the dates indicated:
Year Ended December 31,
($ in millions) 2014 2013 2012
AUM
General account ............................................ $ 2,556.3 $ 1,429.1 $ 1,237.6
Separate account ........................................... 40,657.9 44,269.9 41,960.8
Total AUM ........................................... $43,214.2 $45,699.0 $43,198.4
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