Voya 2014 Annual Report Download - page 395

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
• Immediate recognition of net actuarial gains (losses) related to the Company’s pension and other
postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and
• Other items, including restructuring expenses (severance, lease write-offs, etc.), certain third-party
expenses and deal incentives related to the divestment of the Company by ING Group and expenses
associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.
Operating earnings before income taxes also does not reflect the results of operations of the Company’s CBVA
segment, since this segment is managed to focus on protecting regulatory and rating agency capital rather than
achieving operating metrics. When the Company presents the adjustments to Income (loss) before income taxes on
a consolidated basis, each adjustment excludes the relative portions attributable to the Company’s CBVA segment.
The summary below reconciles Operating earnings before income taxes for the segments to Income (loss) before
income taxes for the periods indicated:
Year Ended December 31,
2014 2013 2012
Retirement Solutions:
Retirement .................................. $ 517.8 $ 595.8 $ 448.6
Annuities ................................... 262.0 293.8 102.2
Investment Management ........................... 210.3 178.1 134.5
Insurance Solutions:
Individual Life ............................... 237.3 254.8 196.2
Employee Benefits ........................... 148.9 106.1 109.4
Total Ongoing Business ........................... 1,376.3 1,428.6 990.9
Corporate ....................................... (170.4) (210.6) (182.3)
Closed Blocks:
Closed Block Institutional Spread Products ........ 19.5 35.9 45.7
Closed Block Other ........................... 5.2 14.7 64.0
Closed Blocks ................................... 24.7 50.6 109.7
Total operating earnings before income taxes .......... 1,230.6 1,268.6 918.3
Adjustments:
Closed Block Variable Annuity ................. (255.2) (1,209.3) (692.3)
Net investment gains (losses) and related charges and
adjustments ............................... 215.1 212.1 455.5
Net guaranteed benefit hedging gains (losses) and
related charges and adjustments ............... (12.8) 19.4 97.2
Loss related to businesses exited through reinsurance
or divestment .............................. (157.3) (59.8) (45.8)
Income (loss) attributable to noncontrolling
interest ................................... 237.7 190.1 138.2
Immediate recognition of net actuarial gains (losses)
related to pension and other postretirement benefit
obligations and gains (losses) from plan
amendments and curtailments ................. (372.7) 405.2 (165.0)
Other adjustments to operating earnings ........... (100.2) (68.2) (100.1)
Income (loss) before income taxes ................... $ 785.2 $ 758.1 $ 606.0
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