Voya 2014 Annual Report Download - page 324

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
5. Deferred Policy Acquisition Costs and Value of Business Acquired
Activity within DAC and VOBA was as follows for the years ended December 31, 2014, 2013 and 2012:
DAC VOBA Total
Balance at January 1, 2012 ...................... $3,666.9 $ 685.4 $ 4,352.3
Deferrals of commissions and expenses ........ 590.3 17.3 607.6
Amortization:
Amortization ......................... (846.4) (210.3) (1,056.7)
Interest accrued(1) ...................... 243.6 90.8 334.4
Net amortization included in Consolidated
Statements of Operations .................. (602.8) (119.5) (722.3)
Change in unrealized capital gains/losses on
available-for-sale securities ................ (432.8) (148.5) (581.3)
Balance at December 31, 2012 ................... 3,221.6 434.7 3,656.3
Deferrals of commissions and expenses ........ 395.8 13.7 409.5
Amortization:
Amortization ......................... (669.0) (98.1) (767.1)
Interest accrued(1) ...................... 233.9 90.4 324.3
Net amortization included in Consolidated
Statements of Operations .................. (435.1) (7.7) (442.8)
Change in unrealized capital gains/losses on
available-for-sale securities ................ 1,133.8 594.8 1,728.6
Balance at December 31, 2013 ................... 4,316.1 1,035.5 5,351.6
Deferrals of commissions and expenses ........ 371.6 12.7 384.3
Amortization:
Amortization ......................... (535.2) (166.1) (701.3)
Interest accrued(1) ...................... 233.8 88.2 322.0
Net amortization included in Consolidated
Statements of Operations .................. (301.4) (77.9) (379.3)
Change in unrealized capital gains/losses on
available-for-sale securities ................ (495.4) (290.3) (785.7)
Balance at December 31, 2014 ................... $3,890.9 $ 680.0 $ 4,570.9
(1) Interest accrued at the following rates for DAC: 0.5% to 7.4% during 2014, 0.8% to 7.4% during 2013 and
1.5% to 7.4% during 2012. Interest accrued at the following rates for VOBA: 3.1% to 7.5% during 2014,
3.0% to 7.5% during 2013 and 2.0% to 7.4% during 2012.
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