Voya 2014 Annual Report Download - page 259

Voya Financial, Inc.
Consolidated Statements of Cash Flows
For the Years Ended December 31, 2014, 2013 and 2012
(In millions)
Year Ended December 31,
2014 2013 2012
Cash Flows from Operating Activities:
Net income (loss) ........................................ $ 2,537.4 $ 790.6 $ 611.2
Adjustments to reconcile Net income (loss) to Net cash provided by
operating activities:
Capitalization of deferred policy acquisition costs, value
of business acquired and sales inducements .......... (413.7) (439.2) (642.7)
Net amortization of deferred policy acquisition costs,
value of business acquired and sales inducements ..... 417.0 495.5 784.9
Net accretion/amortization of discount/premium ........ 13.6 54.9 70.8
Future policy benefits, claims reserves and interest
credited ...................................... 1,929.4 493.2 949.2
Deferred income tax (benefit) expense ................ (1,840.6) (110.8) (44.5)
Net realized capital losses .......................... 894.4 2,534.8 1,280.8
Depreciation and amortization ...................... 90.6 85.4 90.5
Employee retirement cost (benefit) ................... 369.1 (384.8) 190.3
Employer retirement contributions ................... (31.6) (57.4) (105.9)
Share-based compensation ......................... 92.6 80.0 52.4
Gains on consolidated investment entities ............. (213.3) (214.5) (265.4)
(Gains) losses on limited partnerships/corporations ...... 22.4 (91.0) 138.3
Change in:
Accrued investment income ........................ 5.4 (33.6) 18.2
Reinsurance recoverable ........................... (414.7) 467.8 344.1
Other receivables and assets accruals ................. 39.5 24.8 125.4
Other payables and accruals ........................ 143.4 (91.2) 78.3
Funds held under reinsurance agreements ............. (21.9) (55.1) (71.0)
Decrease (increase) in cash held by consolidated
investment entities .............................. 0.3 (269.9) (303.8)
Other, net ............................................... 9.3 (16.1) (19.0)
Net cash provided by operating activities .......................... 3,628.6 3,263.4 3,282.1
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities ...................................... 13,594.0 16,681.3 17,015.2
Equity securities, available-for-sale ...................... 70.0 51.6 66.8
Mortgage loans on real estate ........................... 1,555.3 1,580.0 1,991.8
Loan—Dutch State obligation ........................... — — 1,781.9
Limited partnerships/corporations ....................... 204.3 466.1 895.9
Acquisition of:
Fixed maturities ...................................... (12,985.3) (19,014.8) (17,292.3)
Equity securities, available-for-sale ...................... (28.4) (47.6) (41.8)
Mortgage loans on real estate ........................... (2,036.4) (2,206.0) (1,969.0)
Limited partnerships/corporations ....................... (289.0) (97.0) (178.9)
Short-term investments, net ................................ (662.0) 4,943.1 (2,397.4)
Policy loans, net ......................................... 43.0 53.3 63.6
Derivatives, net .......................................... (1,117.4) (2,623.7) (1,395.8)
Other investments, net ..................................... 33.0 53.0 43.4
Sales from consolidated investment entities .................... 3,470.1 3,203.0 1,781.7
Purchases within consolidated investment entities ............... (5,533.9) (4,257.9) (2,851.6)
Collateral received (delivered), net ........................... 401.5 (629.3) 139.9
Purchases of fixed assets, net ............................... (32.7) (40.7) (29.3)
Net cash used in investing activities .............................. (3,313.9) (1,885.6) (2,375.9)
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